The amount of Green Eligible Expenditures to be matched by green government bonds will amount to €15 billion for the year 2024, an increase of €4 billion compared to 2023, in line with the government’s commitment to ecological transition.
The Green Eligible Expenditures for 2024 mainly include budgetary and fiscal expenditures that will be carried out this year within the framework of the 2024 finance law. They also correspond, to a lesser extent, to eligible green expenditures carried out in 2023 that were not matched by the Green OATs issuance: they may therefore be eligible in 2024, in accordance with the framework document for the State's green bonds.
As announced last month, when the 2024 indicative financing programme approved by Bruno Le Maire, Minister of Economy, Finances and Industrial and Digital Sovereignty was published, the State's green debt securities will continue to contribute to the financing programme in the same way as the other OATs, within the limit of eligible green expenditures.
The total outstanding amount of the three green OATs currently stands at €61.9 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 sixth report covering the year 2022, was published in September 2023), and (ii) environmental impact reports covering the expenditure on green debt issues, the sixth of which, published in December 2023, is devoted to the environmental impact of renewable energy subsidies.
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.
Contact:
+33 1 40 04 15 50 – contact@aft.gouv.fr