23 January 2023: Green OATs: Announcement of the amount of Green Eligible Expenditures for 2023

The amount of Green Eligible Expenditures to be matched by green government bonds will amount to €11 billion for the year 2023, an increase of €1 billion compared to 2022.

The Green Eligible Expenditures for 2023 mainly include budgetary and fiscal expenditures that will be carried out this year within the framework of the 2023 finance law voted by Parliament. They also correspond, to a lesser extent, to eligible green expenditure carried out in 2022 that were not matched by the Green OATs issuance last year: they may therefore be eligible in 2023, in accordance with the framework document for the State's green bonds.

As announced last month when the 2023 indicative financing programme was published, the three green OATs (OAT 2039, OAT 2044 and OAT €i 2038) OATs will be tapped to meet market demand, up to the limit of Eligible Green Expenditures for 2023. The State's green debt securities will continue to contribute to the financing programme in the same way as the other OATs. The total outstanding amount of the three green OATs currently stands at €52 billion.

Framework for Green Eligible Expenditures

France's green bond programme targets State budget spending on climate change mitigation, adaptation to climate change, biodiversity protection and pollution control, in line with France's commitments to implement the Paris Climate Agreement. The selection grid for Green Eligible Expenditures is defined in the above-mentioned framework document. The projects corresponding to Green Eligible Expenditures 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, 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 fifth of these reports covering the year 2021, was published in August 2022), and (ii) environmental impact reports covering the expenditure on green debt issues, the fifth of which, published in July 2022, is devoted to public weather forecasting and satellite Earth observation activities.

The preparation of the reports on the environmental impacts of the expenditures is supervised by an Evaluation council composed of independent experts of international repute.

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