First Impact Report on "Green Bonds - Made by KfW"

Frankfurt am Main (ots) -

- Evaluated environmental and social impact exceeds expectations
- KfW offers utmost in transparency on its green bonds: Impact
Report fulfils all recommendations of the "Harmonized Framework
for Impact Reporting"

Today KfW publishes its first report on the environmental and
social impact (Impact Report) of "Green Bonds - Made by KfW". With
its green bond issuance programme launched in 2014, KfW supports the
growing market segment for green bonds, and thereby gives impetus to
the stronger involvement of capital markets in the financing of
climate protection activities.

"Climate and environmental protection requires capital. Green
bonds are a suitable instrument for anchoring sustainability in the
international capital markets and promoting the allocation of capital
for climate protection. Transparency and credibility play a
particularly important role in this context. We offer investors the
utmost in transparency with our first Impact Report because it
comprehensively documents the evaluated environmental and social
impact of our green bonds issued in 2014", explains Dr Frank
Czichowski, Treasurer of KfW Group.

The Impact Report provides detailed information about the green
bond issuance year 2014, focusing on the evaluated environmental and
social impact. Its two green bonds enabled KfW to raise funds in the
amount of EUR 2.7 billion to finance projects under its loan
programme "Renewable Energies - Standard".

The independent Centre for Solar Energy and Hydrogen Research
Baden-Württemberg (ZSW) has assessed the "Renewable Energies -
Standard" programme and recently published the results for the
promotional year 2014. In that period, KfW granted EUR 3.8 billion
under its "Renewable Energies - Standard" programme and co-financed
projects summing up to EUR 5.9 billion. The supported plants have a
total electrical power of 3,669 MW and the cumulated annual
electricity production amounts to 7 TWh.

The ZSW evaluation reveals the specific environmental and social
impact of KfW's green bonds issued in 2014. With an investment of EUR
1 million:

- 1,271 tons of CO2 equivalent in greenhouse gas emissions are
saved per year,
- the costs for energy imports to Germany and for fossil fuels are
reduced by EUR 67,155 per year, and EUR 129,606 is saved in
external costs every year - for example, by avoiding
environmental and health damage,
- the construction and operation of the supported plants create or
secure 25 jobs.

The evaluated impact relates to the underlying 20-year lifetime of
the plants.

When KfW launched its green bond programme in 2014, the estimated
social and environmental impact was based on ZSW data for the
previous 5 years. For example, greenhouse gas emissions were expected
to be lowered by 800 tons of CO2 equivalent per year; this figure has
now been exceeded by roughly fifty percent. The number of created or
secured jobs is almost twice as high as previously estimated.

The Impact Report was compiled in accordance with the
recommendations of the "Harmonized Framework for Impact Reporting",
which was worked out by leading international issuers, including KfW,
to further the standardization of the green bond market, and was
published in December 2015. Amongst other things, it is recommended
to report at least once a year on the use of bond proceeds as well as
on the expected environmental and social impact. KfW reports
quarterly on the use of proceeds until full allocation and publishes
the evaluation of the environmental and social impact for each
issuance year as soon as it is available.

Service: Detailed information may be retrieved by following these
links:

- Green Bonds - Made by KfW: Impact Report 2014

http://ots.de/poWLs

- ZSW Assessment

http://ots.de/W4Aq9

- Harmonized Framework for Impact Reporting

http://ots.de/XDsEx

- Green Bonds - Made by KfW

https://www.kfw.de/greenbonds

Pressekontakt:
KfW, Palmengartenstr. 5 - 9, 60325 Frankfurt
Kommunikation (KOM) Nathalie Cahn
Tel. +49 (0)69 7431 2098, Fax: +49 (0)69 7431 3266,
E-Mail: Nathalie.cahn@kfw.de, Internet: www.kfw.de