NRW.BANK has commissioned the Wuppertal Institute to evaluate its social bonds. These relate to a three-year portfolio and are evaluated and described in accordance with the Social Bond Principles of the International Capital Market Association (ICMA).
The Wuppertal Institute determines the social impacts of NRW.BANK's loan programmes in the following areas
The researchers are developing their own methodology for this. Suitable measures (indicators) are identified, qualified and, where possible, quantified.
The focus of the research is on the development of a robust Theory of Change (ToC) as well as a best-practice for impact assessments. This theory of change maps the cause-effect chain of investments and activities on the one hand versus the impact on money recipients and regions on the other. The associated measures (indicators) are assigned along a five-level hierarchy as described in the associated methods paper:
During the three years of the project, the methodology will be regularly adapted and further developed.