The European Commission has adopted a framework for green bonds, which has been independently assessed. This step is a prelude to a green bond issue of up to 250 billion euros, or 30% of the total issue of NextGenerationEU. The green bond framework assures investors that the funds raised will go to green projects and that the Commission will report about the environmental impact of these projects. Now that the framework has been adopted, the Commission will soon issue the first green bond, in October if market conditions will allow it. EU Budget and Administration Commissioner Johannes Hahn said: "If, as it is meant, the EU issues up to 250 billion euros in green bonds by the end of 2026, it will become the largest green bond issuer in the world. It also expresses its commitment to sustainability and puts sustainable finance at the heart of its recovery effort. As announced earlier this year, the Commission has also reviewed its recovery financing plan for 2021 and confirmed its intention to issue a total of around 80 billion euros in long-term bonds this year, to be complemented by the issuance of tens of billions of euros of short-term EU debt. The Commission will offer these short-term debt securities exclusively through auctions. The auction programme is scheduled to start on 15 September.