How are badge requests (badge-request) handled?

Question

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.

Answer 1

Status tags (colored red) indicate requests status. They are useful for badge-requests and for feature-requests as well.

These tags are moderator only tags, so they are the only ones who can apply them.

You can read more about how meta works in this question.