The first Green OAT Framework Document was created in 2017, coinciding with the launch of the inaugural Green OAT. Recognised by investors for its quality, it has helped to establish the Paris financial centre as a benchmark for sustainable finance.
In May 2025, Agence France Trésor published an update to the green OAT framework document, as announced in the indicative financing programme for 2025. This update formally incorporates new market practices, particularly those introduced by European regulations and the analysis methodologies associated with the development of the French green budget in 2020, into the framework document.
The AFT has requested an external review of the overall alignment of this issuance framework with the 2021 version of the Green Bond Principles, published by the International Capital Market Association (ICMA).
Framework
Framework for the Green OATs (2025 version)
May 2025 - Second party opinion on the framework
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Framework for the Green OATs (2017 version)
Archive second party opinion
July 2024 - Update of the second party opinion on the French Republic's Green OAT by Moody's ESG Solutions (Elegible Green Expenditures 2023 ex post)
September 2023 - Update of the second party opinion on the French Republic's Green OAT by Moody's ESG Solutions (Elegible Green Expenditures 2022 ex post)
August 2022 - Update of the second party opinion on the French Republic's Green OAT by Moody's ESG Solutions (Elegible Green Expenditures 2021 ex post)
May 2022 - Update of the second party opinion on the French Republic's Green OAT by Moody's ESG Solutions(Elegible Green Expenditures 2022 ex ante)
July 2021 - Update of the second party opinion on the French Republic's Green OAT by the independant agency V.E (Elegible Green Expenditures 2021 ex ante)
March 2021 - Update of the second party opinion on the sustainability of the French Republic’s Green OAT (Elegible Green Expenditures 2020 ex post)
January 2017 - Second party opinion on the sustainability of the French Republic’s Green OAT