The Green OATs issuance cap is set at €11 billion for the year 2025. It is based on the green eligible expenditure for 2025 mainly including budgetary and fiscal expenditure that will be carried out this year within the framework of the special law.
They also correspond, to a lesser extent, to green eligible expenditure carried out in 2024 that were not matched by the Green OATs issuance: they may therefore be eligible in 2025, in accordance with the framework document for the State's green bonds.
This cap is provisional and may be revised upwards depending on the 2025 Budget Law.
As announced last month, when the 2025 indicative financing programme 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 green eligible expenditure.
The total outstanding amount of the four green OATs currently stands at €76 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 an Evaluation Council composed of independent experts of international repute.
Information :
01.40.04.15.50 – contact@aft.gouv.fr