Agence France Trésor has published today the seventh allocation and performance report on green OATs, covering the funds raised in 2023, i.e. EUR 10.2 billion. This report presents the 2023 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: "The 2023 allocation and performance report details the green expenditure financed by the funds raised in 2023, ensuring full transparency for investors in line with current best market practice.”
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 €72.5 billion.
Download the 2023 Green OAT allocation and performance report by clicking on this link (Executive summary only, full English version available soon).
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. 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. In January 2024, Agence France Trésor announced the successful syndication of the fourth French sovereign green bond with a maturity of 25 years. The Green OAT 3.00% 25 June 2049 issuance amount at a yield of 3.201% reached an all-time high of €8 billion. 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 fourteen occasions and seven occasions for the OAT 2044 and the OAT€i 2038 since their launch.
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 2023.
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 Renov'), the French Waterways Office, the French National Forestry Office , the investments for the future programme, activities related to weather forecasting and public support to renewable energies.
Contact:
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