Green OAT

Presentation

On 24 January 2017, Agence France Trésor launched the first French sovereign green bond, the Green OAT 1.75% 25 June 2039 for an issuance amount of €7bn.By becoming the first country in the world to issue a sovereign green benchmark bond, France confirmed its role as a driving force for the implementation of the goals of the December 2015 Paris Climate Agreement.

France's Green OAT funds central government budget expenditure and expenditure under the “Invest for the Future” programme to fight climate change, adapt to climate change, protect biodiversity and fight pollution.

The funds raised are handled like funds from a conventional OAT and managed in compliance with the general budget rule. However, they are matched to an equivalent amount of Eligible Green Expenditure and the aggregate of such expenditure in a given year sets the limit for Green OAT issuance.

Framework for the Green OAT

Investors presentation

AFT has regularly taped the Green OAT since the initial issuance to maintain its liquidity, as it does for conventional benchmark OATs. Consequently, the outstanding amount of the Green OAT has been increased by successive tap issues. The proceeds from tap issues are also matched to Eligible Green Expenditure, as the cumulative amount of such expenditure has rised over the years (see Green OAT fact sheet).

France provides several types of report to investors: an annual report on allocation and performance indicators and a report on ex post impacts at an appropriate frequency. The ex-post impact reporting is reviewed by an independent Council.

Allocation and performance report

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Download the first Green OAT allocation and performance report overview

 

Press releases

27 November 2020: Green OAT: publication of the third impact assessment report devoted to the public subsidy to the French forest national office (Office national des forêts)

06 July 2020: Release of the 2019 Green OAT allocation and performance report

28 November 2019: Publication of the Second Impact Assessment Report on the subsidy to the French Waterways Office

19 July 2019: Release of 2018 Green OAT allocation and performance report

10 April 2019: Update of the second party opinion on the sustainability of the French Republic’s Green OAT

24 January 2019: Green OAT: Announcement of the amount of Eligible Green Expenditure for 2019

29 November 2018: Green OAT: first impact report on the energy transition tax credit issued

06 September 2018 : Agence France Trésor rewarded again by Euromoney/Global Capital

26 June 2018 : Results: Syndicated tap issue of the Green OAT 1.75% 25 June 2039

25 June 2018 : Announcement: Syndicated tap issue of the Green OAT 1.75% 25 June 2039

20 June 2018 : Release of 2017 Green OAT allocation and output report

04 April 2018 : Update of the second party opinion on the sustainability of the French Republic’s Green OAT

21 March 2018 : France's Green OAT wins award from Climate Bonds Initiative

24 January 2018: Green OAT: Announcement of the amount of Eligible Green Expenditure for 2018

19 December 2017: IFR offers a triple crown to France’s Green OAT

11 December 2017: The membership of the Green OAT Evaluation Council is announced and the Council holds its first meeting

08 September 2017:Euromoney/GlobalCapital present three awards to AFT for the launch of the Green OAT

23 January 2017: Creation of the Green OAT

24 January 2017: Launch of the Green OAT 1.75% 25 June 2039

 

Learn more about the green OAT

(video only available in French)