A six-year wait for a return green bond issue by Poland was rewarded with a €1.25 billion ($1.5 billion) green tranche in June 2025, which matched scale with enhanced reporting.

It surpassed the inaugural €750 million deal in 2016, which saw Poland become the first sovereign green bond issuer globally, and its most recent green bond in 2019.

The follow-up deal expanded eligible expenditures into climate change adaptation, green infrastructure and water systems, supported by multi-ministerial ESG governance, Poland said.

Dedicated 'green' investors captured 65% of allocations in the deal.

One Environmental Finance Sustainable Debt Awards judge commended the issuance for its "enhanced alignment to International Capital Market Association principles, the EU Taxonomy, and the EU Green Bond Standard ... positioning Poland as a scaled and credible sovereign green issuer".

Another judge called it "a remarkable comeback to the green bond market".