The Green OATs issuance cap is set at €15 billion for the year 2025, up compared to the provisional amount communicated on 31 January 2025, and in line with the amount for 2024. It is revised based on the green eligible expenditure definitively adopted within the 2025 budget law.
The total outstanding amount of the four green OATs currently stands at €77.2 billion.
Framework for green eligible expenditure
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 expenditure is defined in the above-mentioned framework document. The projects corresponding to green eligible expenditure 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 seventh report covering the year 2023, was published in August 2024), and (ii) environmental impact reports covering the expenditure on green debt issues, the seventh of which, published in December 2024, is devoted to the environmental impact of public subsidies for combined transport.
The preparation of the reports on the environmental impacts of the expenditure is supervised by a Green OATs Evaluation Council composed of independent experts of international repute.
Information :
01.40.04.15.50 – contact@aft.gouv.fr