PARIS (Reuters) – The State has set as objective to the various stakeholders working on the structuring of the “Transition obligations” system The issue of a first obligation before the summer of 2025, said a spokesperson for the Ministry of Economy and Finance in Reuters.

“Place work has resumed at the end of January and will continue throughout the first quarter of 2025, with a view to quickly leading to the structuring of the entire contractual architecture with all stakeholders (State, insurers, investors, management companies, distributors). State services aim for the issue of a first obligation before the summer of 2025”, detailed Bercy in Reuters in a declaration.

The transition obligation, imagined following “bonds relaunch” launched after the COVVID, aims to accelerate the ecological transition of small and medium -sized enterprises (SMEs) and businesses of intermediate size (ETI) achieving more than two million euros in annual turnover by funding “the improvement of their environmental performance or their contribution to the ecological transition”.

If the regulatory framework has been finalized – the instrument will take the form of long -term financing guaranteed by the State up to a maximum of 5 billion euros with a period fixed at eight years and a deferral of four years – the contractual framework is still in discussions between Bercy, institutional investors who will finance the system and management companies which will distribute the obligations.

Negotiations on this contractual framework were late while the first programs were expected in early 2025 and the system will be distributable until December 31, 2029, certain participants citing political instability for several months.

The first issue revolves around the rate of transitions obligations which must be well calibrated to ensure a risk-risk torque corresponding to the expectations of investors while remaining attractive for companies targeted by the system, two sources told Reuters to discussions.

The rate of the transitional transition obligation will also be modulated according to the achievement of the objective of reducing the company’s carbon footprint.

But, according to these sources, it is above all the structuring of the program which continues to be discussed between, on the one hand, a model around a ridge manager and on the other hand the possibility of several funds benefiting from the guarantee of the State.

(Written by Bertrand de Meyer, edited by Augustin Turpin)

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