The amount of Green Eligible Expenditures to which the State's 2022 green bond issues will be matched will amount to €15 billion for the year 2022, which is the same amount as for 2021.
As was announced in the 2022 Indicative State Financing Programme published last month, the Green OATs will be tapped to meet market demand, up to the limit of Eligible Green Expenditure for 2022.
There are several sources of Green Eligible Expenditures for 2022. They mainly include budgetary and fiscal expenditures that will be carried out this year under the 2022 finance law passed by Parliament. They also correspond in part to Green Eligible Expenditures incurred in 2021 but which was not matched to Green OATs issuance last year: they may therefore be eligible in 2022, in accordance with the framework document for the State's green bonds.
The State's green debt securities will continue to contribute to the financing programme defined in the initial finance law for 2022 in the same way as the other OATs. The outstanding amount of the Green OATs currently stands at €42.3 billion.
Framework for Green Eligible Expenditures
France's Green Bonds programme targets State budget spending on climate change mitigation, adaptation to climate change, biodiversity protection and pollution control, in line with the Energy Transition and Green Growth Act and France's commitment to implement the Paris Climate Agreement. The selection grid for Green Eligible Expenditures is defined in the framework document mentioned above.
The projects corresponding to Green Eligible Expenditures are identified each year ex ante by an inter-ministerial working group under the aegis of the Prime Minister. In accordance with the commitments made at the time of the inaugural issue of the 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 fourth of these reports, covering the year 2020, was published in July 2021), and (ii) environmental impact reports, the fourth of which, published in November 2021, is devoted to the innovation strategy of the investments for the future programme. 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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