Agence France Trésor has published today the eighth allocation and performance report on green OATs, covering the funds raised in 2024, i.e. EUR 14.2 billion. This report presents the 2024 expenditure matched to the green OAT issues, as well as the related performance indicators. It highlights the extent of the State's actions in favour of the environment and to fight climate change, in line with the Paris Agreement.
This new report shows the contribution of green OAT issuance to the financing of national environmental policies. It analyses the link between green bond issuance and the development of the Green Budget, which provides citizens with information on the environmental impact of government spending since its first publication in 2020. It also takes a closer look at the analysis of eligible green expenditure in relation to the European Taxonomy.
Antoine Deruennes, Chief Executive Officer of Agence France Trésor, said:
" This report continues a cycle that began in 2017 with the launch of the first Green OAT. It reflects France’s ongoing commitment to ensuring transparency and robustness in its sustainable finance actions.”.
The total amount of green debt issued by France, through its four green OATs (the OAT 2039, the OAT 2044, the OAT€i 2038 and the OAT 2049), currently stands at EUR 83 billion.
Download the 2024 Green OAT allocation and performance report by clicking on this link.
All of the allocation and performance reports are available on the Green OAT page.
Background:
In June 2017, AFT launched the first green sovereign bond for a benchmark amount (initially €7 billion), the OAT 2039. AFT confirmed France's leading role in achieving the ambitions set out in the Paris Climate Agreement of December 2015, by launching a second green bond in March 2021 (the OAT€i 0.50% 25 June 2044), a third in May 2022 (the OAT€i 0.10% 25 July 2038), followed by a fourth in January 2024 (the OAT 3.00% 25 June 2049).
After their inaugural issue, these securities are subject to reissue up to the limit of Eligible Green Expenditures each year: this has been the case for the OAT 2039 on fourteen occasions, seven occasions for the OAT 2044, six occasions for the OAT€i 2038, and once for the OAT 2049 since their launch.
A single framework document governs all these bonds and takes into account the specificities of the green indexed OATs. As announced in the indicative financing programme for 2025 and following consultations with primary dealers in the first half of the year, Agence France Trésor published on 16 May 2025 an update of the Green OAT Framework . The updated framework aims to align with best market practices, developments in European regulation, as well as with the analytical methodologies introduced with the creation of the Green Budget in 2020.
At the same time, AFT is publishing today an update of the second opinion review on the green nature of eligible expenditure associated with green OAT issues for 2024.
Since 2017, France has been monitoring the environmental impacts of expenditure associated with green bond issues. This assessment, supervised by a board of independent, internationally renowned experts, results in specific reports. To date, the Green OATs Evaluation Council published reports dedicated to the following topics: the Energy Transition Tax Credit (Ma Prime Rénov'), the French Waterways Office, the French National Forestry Office, the Investments for the Future programme, activities related to weather forecasting and earth observation, public support to renewable energies, and public support to combined transport.
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