NextGenerationEU is a temporary recovery instrument of some €800 billion in current prices to support Europe's recovery from the coronavirus pandemic and help build a greener, more digital and more resilient Europe. To finance NextGenerationEU, the European Commission – on behalf of the EU – will raise from the capital markets up to around €800 billion between now and end-2026. This will translate into borrowing volumes of an average of roughly €150 billion per year.
Following the release of the framework, the launch of NextGenerationEU green bonds is imminent, with the first issuance already planned for October 2021, using the syndicated issuance format.
In line with standard practice, the framework will report on both allocation and impact. For the allocation reporting, the Commission will use Member States' data on spending on green projects. An independent external auditor will verify the allocation reporting.