15 March 2021: 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. The update was produced by the Vigeo Eiris agency.

As in the previous years, Vigeo Eiris reports a “reasonable level of assurance about the green credentials of the 2021 Green Expenditures identified by the interministerial working group”. Moreover, Vigeo Eiris rates France’s performance in terms of sustainable developement as “advanced” once again this year. This is the highest rating on the scale and France earned an “advanced” rating for Environmental Responsibility and also for Social and Governance Responsability.

Download the full update of Vigeo Eiris’ second party opinion of February 2021


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, 2019 and 2020 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 €15bn for 2021. The Green OAT has been taped on the 4 February 2021 for €1.5bn bringing the oustanding amount of the Green OAT to €28.9bn in the first quarter 2021.

On 15 March 2021, AFT also announced the creation of a second green OAT, the OAT 25 June 2044, whose use of proceeds will be allocated to the same Eligible Green Expenditures and that will follow the same framework as the OAT 1.75% 25 June 2039.


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