06 July 2020: Update of the second party opinion on the French Republic's Green OAT by the independant agency Vigeo Eiris

In accordance with its approach to issuance and taps of the Green OAT, Agence France Trésor is releasing the update of the second party opinion on the sustainability performance of the Green OAT 1.75% 25 June 2039. The update was produced by the Vigeo Eiris agency.

Vigeo Eiris deems that “France’s sustainability performance as a sovereign bond issuer is stable”, rating its performance as “advanced” once again this year. This is the highest rating on the scale and France earned an “advanced” rating for Environmental Responsibility. Vigeo Eiris also reports a “reasonable level of assurance about the green credentials of the 2020 Green Expenditures identified by the interministerial working group”.

Download the full update of Vigeo Eiris’ second party opinion dated 11 May 2020


Agence France Trésor commissioned Vigeo Eiris as an independent third-party expert to update its earlier opinion on the sustainability credentials and management of the Green OAT. The second party opinion produced for the launch of the Green OAT and the 2018 and 2019 updates are available on the Agence France Trésor website.

On 24 January 2017, AFT launched the first benchmark sovereign green bond with a maturity of 22 years and an initial issuance of €7bn. Thus, France confirmed its role as a driving force for reaching the goals set out in the Paris Climate Agreement of December 2015.

As it does for other OATs, AFT regularly taps the Green OAT in response to market demand and up to the limit of eligible green expenditure, which stands at €8bn for 2020. The Green OAT has been taped three times in the course of 2020. The total amount auctioned with respect to 2020, following the auction held on 2nd July 2020, stands at €6.7bn.The oustanding amount of the Green OAT now reaches €27.4bn.

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