Sustainable finance

Framework

Air Liquide’s refreshed Sustainable Financing Framework echoes to its new strategic plan ADVANCE, which places sustainable development at the heart of the Group’s strategy. Air Liquide supports the continued growth and development of sustainable finance, taking into consideration the evolutions in ESG regulations and market expectations.

As Air Liquide continues to develop pioneering technologies and solutions which are key for energy transition, Sustainable Finance is also an opportunity to foster the dialogue with the market on these.

This Framework is aligned with the Green Loan Principles 2023 and the Social Loan Principles 2021 overseen by the Loan Market Association (LMA) and with the Green Bond Principles 2021 (GBP), the Social Bond Principles 2023 (SBP) and the Sustainability Bond Guidelines 2021 (SBG) overseen by the International Capital Markets Association (ICMA).

Green bond issuance

In March 2025, Air Liquide has successfully issued a new 500 million euros green bond. In line with its strategic plan ADVANCE, this transaction confirms once again Air Liquide’s ambition to combine financial and extra-financial performances. The Group intends to use the proceeds from the issuance to finance or refinance flagship energy transition projects, in particular in the field of low-carbon hydrogen and air gases. This green bond issuance is the third by the Group, in line with previous issuances in 2021 and 2024, both of which were fully allocated.

Our sustainability linked RCF

In December 2019, Air Liquide signed an amendment to its 2.5 billion euros syndicated credit line so as to include, from now on, a correlation scheme between its financial costs and three of its CSR targets regarding its carbon intensity, gender diversity and safety. As an industrial player committed to sustainable development, Air Liquide demonstrates through this initiative its willingness to combine performance and sustainability.

The indexation mechanism includes an increase or decrease of the financing cost and commitment fees based on the achievement of fixed annual targets for each criteria.

These environmental and societal performance criteria are:

• The carbon intensity of the Group  (direct and indirect kg CO₂ emissions /€ Ebitda)
• The proportion of women among engineers and managers
• The loss time accident frequency rate

This syndicated credit facility was renewed in May 2024 for an amount of 3 billion euros, maintaining the same indexation mechanism.