The Green OATs issuance cap is set at €23 billion for the year 2026, up compared to the provisional amount communicated on 27 January 2026. It is revised based on the green eligible expenditure definitively adopted within the 2026 budget law.
The total outstanding amount of the four green OATs currently stands at €88.4 billion.
Framework for green eligible expenditure
France’s green bond programme is backed by State expenditures dedicated to the following six environmental objectives: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and reduction, and the protection and restoration of biodiversity and ecosystems.
The selection grid for green eligible expenditure is defined in the above-mentioned framework document. The projects corresponding to green eligible expenditure are identified each year ex ante by an inter-ministerial working group placed under the aegis of the Prime Minister.
In accordance with the commitments made at the time of the inaugural issue of its first green OAT, and reaffirmed in the 2025 update of the framework document, France provides civil society and investors with detailed monitoring of the expenditure matched with its green debt issues, with (i) annual allocation and performance reports (the eighth report covering the year 2024, was published in July 2025), and (ii) environmental impact reports covering the expenditure on green debt issues, the ninth of which, published in February 2026, is devoted to the environmental impact of “Landscapes, Water and Biodiversity” public policies.
The preparation of the reports on the environmental impacts of the expenditure is supervised by an Evaluation Council composed of independent experts of international repute.
Information :
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