29 September 2023: Publication of the 2022 allocation and performance report for green OATs

In accordance with the commitments made in 2017 when the first green OAT was launched, Agence France Trésor is publishing the sixth allocation and performance report on green OATs, covering the funds raised in 2022, i.e. EUR 10 billion. This report presents the 2022 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.
For the first time, the report evaluates the allocation of the funds raised via the green OAT indexed to the European inflation launched in May 2022 by AFT, which already stands at 6.7 billion euros.

This new report notably analyses the link between the issuance of green bonds and the development of the Green Budget. Since 2020, it provides citizens with information on the environmental impact of the government's green spending. This report analyses further Green eligible expenditures in line with the European Taxonomy, in the context of evolving good practices in green finance.

Cyril Rousseau, Chief Executive Officer of Agence France Trésor, said: " With the successful launch of the inflation-linked green bond, we expanded the AFT’s green products offer to continue supporting the State's actions against climate change and in favour of the environment. The reports published each year attest to the high degree of transparency and monitoring that we apply to our green OATs, and that investors value."

A report of the Green OATs Evaluation Council, analysing public subsidies for renewable energy, will be published this autumn.
The total amount of green debt issued by France, through its three green OATs (the OAT 2039, the OAT 2044 and the OAT€i 2038) currently stands at €59 billion.
Download the full 2022 Green OAT allocation and performance report by clicking on the cover picture (French only, English version available soon):



All of the allocation and performance reports are available on the Green OAT page.


In June 2017, AFT launched the first green sovereign bond for a benchmark amount (initially €7 billion), the OAT 2039. By launching a second green bond in March 2021 (the OAT€i 0.50% 25 June 2044), followed by a third in May 2022 (the OAT€i 0.10% 25 July 2038), it is confirming France's leading role in achieving the ambitions set out in the Paris Climate Agreement of December 2015.

A single framework document governs all these bonds and takes into account the specificities of the green indexed OATs. 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 twelve thirteen occasions and five occasions for the OAT 2044 and the OAT€i 2038 since their launch.

At the same time, AFT is today publishing an update of the second opinion review on the green nature of eligible expenditure associated with green OAT issues for 2022.

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, the French Waterways Office, the French National Forestry Office, the investments for the future programme, and activities related to weather forecasting.

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