I saw a badge request for Polymath badge, which was my idea too. You can see an accepted answer there, but the badge doesn't seem to be available in SO.
Then, I thought that probably the badge process hasn't been closed yet and Someone Important Enough hasn't made up his/her mind yet, right?
My question is: What is the process of creating a new badge? How is the status of the proposal encoded?
I tried to look for answer in meta, but to no avail. Also tag wiki for 'badge-request' didn't contain any information.