Public Debt Ledger

Ledger · Sovereign borrowing

Where France allocated EUR 14.172 billion of 2024 green bond proceeds

Agence France Trésor’s 2024 allocation report matches EUR 14.172 billion in green government bond proceeds with eligible expenditure. Multi-sector spending was the largest grouping at EUR 3.732 billion, followed by energy at EUR 2.878 billion and building at EUR 2.706 billion.

Sources checked

Public Debt Ledger Editorial Team

Allocation of 2024 proceeds by economic sector2024 French green OAT proceeds by sector and environmental objective
  • Multi-sector3,732 EUR million
  • Energy2,878 EUR million
  • Building2,706 EUR million
  • Transport2,387 EUR million
  • Adaptation989 EUR million
  • Living resources987 EUR million
  • Pollution control and eco-efficiency493 EUR million

The chart shows the seven sector categories. The four environmental objective categories form a separate breakdown of the same allocation.

Source 1

Issuance and expenditure can fall in different years

The framework used for these bonds allowed matching to eligible expenditure made in the issuance year or the year before. For the 2024 issue proceeds, the allocation report assigns 59% to expenditure made in 2024 and 41% to expenditure made in 2023. Both portions are part of the same issue-year report. Source 1 Source 2

The sector and objective views answer different questions

The sector view describes where the expenditure was recorded, such as transport or energy. The objective view describes the environmental aim, such as mitigation. The report assigns EUR 8.913 billion to mitigation, around 63% of proceeds. Adding that to the sector totals would count the same expenditure twice. Source 1

Several securities contributed to the year’s proceeds

France raised the proceeds through four green government bonds, including a new bond maturing in 2049 and reopenings of existing lines. The report separately lists how much each bond raised. The allocation categories in this dataset concern the eligible expenditure linked to the combined proceeds. Source 1 Source 2

Allocation and environmental impact use different evidence

The allocation report identifies spending matched to the proceeds and presents performance indicators. It also describes an external audit of allocated amounts. Separate impact evaluations examine outcomes for selected programmes. A large allocation identifies the size of the spending match and does not itself measure an emissions reduction. Source 1 Source 2

Sources

Open the data and source notes