May 2023
Green Bond 
Allocation & Impact Reporting 2023

“The success of this inaugural green bond issuance illustrates the investors’ 
conﬁdence in Air Liquide’s ability to implement projects that will contribute to building 
a sustainable future. It is in line with the ambitious sustainable objectives we 
announced in March, particularly in terms of reducing CO2 emissions, and will allow us 
to materialize them. With the ambition to become a regular issuer of sustainable 
bonds, Air Liquide is more than ever committed to put performance and ESG at the 
heart of its growth strategy.
Fabienne Lecorvaisier (May 2021), Executive Vice President and member of 
Executive Committee (until May 3 2023)
”
€500m issued in 
May 2021
10 year  maturity
21 green projects 
ﬁnanced
0.375% 
coupon rate
€500m allocated as 
of 31 December 2022
101 investors of which
66% Green 
Highlights:
Becancour PEM electrolyzer, Canada
2
©Mourad Mokrani

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Contents
1
Air Liquide’s Sustainable Business and Financial Strategy
2
Sustainable Financing Framework at a glance 
3
Inaugural Green Bond Issuance Summary
4
Allocation Reporting
5
Impact Reporting
6
Case Studies
3
Anaerobic digester, France
Limited assurance report 
p. 4-7
p. 8-9
p. 10
p. 11-12
p. 13
p. 14-17
p. 18-20

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AL issues the ﬁrst ISR bond ever to ﬁnance 
Healthcare acquisitions of LVL and Gasmedi.
33% reduction in CO2 absolute emissions (Scope 
1 & 2)
CO2 emissions start decreasing in absolute value 
(around 2025)
30% reduction in carbon intensity
May - AL publishes its ﬁrst Green Bond Allocation 
and Impact reporting.
March - AL presents ADVANCE, its new strategic plan 
for 2025 combining ﬁnancial and extra-ﬁnancial 
performance.
May - AL releases its Sustainable Financing 
Framework and issues its ﬁrst €500m green bond. 
AL links its €2.5 bn Syndicated Credit Facility to three 
ESG KPIs.
4
2012
2035
2019
March - AL presents its plan for a sustainable future - 
First Air Gases corporate to announce carbon 
neutrality objective for 2050.
Reach Carbon Neutrality by 2050
2021
2022
2025
Air Liquide as a pioneer 
2050
Innovation fair in Paris, 19th century
1
May - AL publishes its second Green Bond 
Allocation and Impact reporting, accounting for the 
full allocation of the €500m May 2021 green bond 
proceeds. 
2023
Air Liquide’s Sustainable Business and Financial Strategy

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Air Liquide ranks in the top 10% of 
companies in the running, earning ISS 
“Prime” status.
Air Liquide has been recognized by Sustainalytics as an “ESG 
Industry Top Rated” company. Sustainalytics has assessed Air 
Liquide as being at low risk of experiencing material ﬁnancial 
impacts related to ESG factors.
For the 6th consecutive 
year, Air Liquide has won 
the Gold EcoVadis 
Sustainability medal, 
ranking in the top 3%.
Air Liquide remained a Level A leader in its 
category, scoring an A- on both climate and 
Water performance.
Air Liquide’s A rating 
in the MSCI indices 
places it in the top 
22% in terms of 
social responsibility.
In January 2022, the French Sustainable Investment Forum 
and A2 Consulting awarded Air Liquide the Best Progress 
Award for its Vigilance Plan published in 2021, after an 
assessment by a multistakeholder jury of the plans of CAC 
40 companies.
5
Extra ﬁnancial performance
Top rated
★
In 2022, the Group responded to key extra-ﬁnancial rating agencies and organizations known for 
their rigorous methodology and the quality of their reports.
★
Air Liquide is recognized and placed in the top quartile of most leading extra ﬁnancial ratings 
agencies. Below the ratings and distinctions obtained by the Group in 2022 for some key ESG 
assessments.
A-
A
1
Air Liquide’s Sustainable Business and Financial Strategy

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6
Group ESG Strategy
1
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Air Liquide’s Sustainable Business and Financial Strategy
6

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Air Liquide’s Sustainable Business and Financial Strategy
1
Focus on Low-carbon Society
7
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16.3
23.0
22.1
13.3
64.1
Scope 1 - direct emissions 
generated by all emission 
sources owned or controlled 
by Air Liquide
Scope 2 - indirect emissions 
related to the production of 
electricity or steam purchased 
outside the Group
Scope 3 - other indirect 
emissions related to the life 
cycle of products sold by Air 
Liquide

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The eligible categories listed above will generate positive environmental impacts and advance the UN 
Sustainable Development Goals, speciﬁcally SDGs 7, 9, 11 and 13. 
Overview Of Air Liquide’s Green projects
In line with its sustainability strategy and its new ‘ACT for a Sustainable future’ program released in 2021, Air 
Liquide published in May 2021 a Sustainable Financing Framework aligned with best market practices to 
ﬁnance sustainable projects with a clear beneﬁt to environment (green projects) and society (social 
projects).
Air Liquide Green Eligible Projects are primarily capital expenditures but may also include maintenance 
costs, equity shares and investment in dedicated funds as well as R&D and innovation expenses for projects 
related to the Abatement of CO2 emissions pillar of its ACT priorities.
Biogas
Energy 
eﬃciency
Air gases
Hydrogen
Green 
buildings
Air Liquide invests in buildings designed to reduce energy consumption and environmental impact. As 
part of our sustainable development approach, those buildings are aiming for high level of recognized 
certiﬁcations.
8
Through its outsourcing business model, Air Liquide implements highly eﬃcient, state-of-the art 
technologies with reduced footprint and for the beneﬁt of its customers.
Air Liquide deploys new processes, implements digital tools and develops Smart Innovative 
Operations (SIO) to optimize the Group’s energy consumption.
Presentation of the eligible project categories:
Air Liquide deploys hydrogen production and supply technologies across the entire value chain,  from 
production to storage, to distribution, to support the wider use of hydrogen in the Energy Transition. 
Air Liquide develops industrial systems designed to purify the biogas that comes from sanitary 
landﬁlls or anaerobic digesters. The objective is to generate biomethane that is produced in 
compliance with clear sustainability criteria and is commercialized to displace fossil fuel.
Sustainable Financing Framework at a glance 
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9
“Sustainalytics is of the opinion that the Air Liquide Sustainable Financing Framework is robust and transparent.
Sustainalytics is conﬁdent that Air Liquide is well-positioned to issue green, social, and sustainability bonds”.
Evaluation summary
Sustainable Financing Framework at a glance 
Air Liquide Sustainable Financing Framework is 
aligned with the Green Bond Principles (2018), 
Green Loan Principles (2020), Social Bond 
Principles (2020), Social Loan Principles 
(2021) and Sustainability Bond Guidelines 
(2018). 
A dedicated governance - The Air Liquide Sustainable Financing working group, which 
evaluates and selects the eligible projects, is chaired by the Group CFO and made up of 
various business heads from throughout the Company. This working group meets at least 
once a year plus once at the upstream of each new bond issuance.
Management of proceeds - Air Liquide’s Treasury Department is in charge of the eligible 
proceeds tracking managed on a portfolio basis. The Sustainable Register including the 
amount of allocation per eligible project category is annually reviewed by the Sustainable 
Financing working group. 
Reporting - Air Liquide hereby reports on its annual performance, both in terms of the 
allocation of funds and the positive impact achieved or expected. This reporting will provide 
an annual update until the full allocation of the proceeds.
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Key ﬁgures
In May 2021, after several days of roadshows presenting its Sustainable Financing Framework, Air Liquide 
successfully launched its inaugural green bond issuance with a ten year maturity and an annual coupon of 0.375%. 
v
Issuer / Guarantor
Air Liquide Finance (the “Issuer”), guaranteed by L’Air Liquide S.A. (the “Parent Guarantor”)
Form of Issue
Green bond Senior, Unsecured Global Notes
Documentation
EMTN programme
Active Bookrunners
Crédit Agricole, BNP Paribas, HSBC, Société Générale, Natixis 
ISIN
FR0014003N69
Tenor
10-year 
Indicative size
€500m 
Second Opinion
Sustainalytics
10
66%
34%
57%
16%
11%
8%
8%
This new bond was largely oversubscribed (3.5x) and attracted a majority of Green investors (66%), predominantly 
Fund managers (57%). The purpose of this inaugural Green Bond is to contribute to the ﬁnancing of the ambitious 
sustainable projects the Group announced on March 23, 2021 (Sustainability day) and reaﬃrmed on March 22, 2022 
(Capital Markets day).
Inaugural Green Bond Issuance Summary
Re-offer yield / Spread
0.461% / MS + 28bps
Investor proﬁle
Share of green investors
Fund managers
Insurers & PFs
CBs & Ois
Banks & PBs
Corporates
Green investors
Other investors
3

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A Well Balanced Portfolio for Inaugural Green Bond 
11
Europe 
14 projects
1
1
Asia - Japan
1 project
Fontanella *
Becancour *
Campus Saclay *
Americas 
6 projects
21 eligible 
green projects 
ﬁnanced
€500m 
bond 
proceeds
21 Projects located all over the world
Allocation reporting
* Case studies of these projects below
H2M cash call *
Number of projects by category
Financing and Reﬁnancing breakdown
4
Trailblazer *

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1
1
€47.5m
€11.1m
Biogas
€27.2m
Energy
Eﬃciencies
€39.3m
€28.4m
Hydrogen
3 Hydrogen production
4 Hydrogen mobility
1
€85.5m
Air gases
1 project
€113.4m
Green 
building
2 projects
As of 31 December 2022, the full €500m proceeds of the inaugural green bond are allocated.
12
€500m allocated as of December 31, 2022
In addition, €50.6m are assigned to R&D OpEx for the above project categories, leading to a total amount allocated 
of €500m as of December 31, 2022. 
Allocation reporting
7 Digesters
2 Landﬁlls
Countries:
Cash-outs:
7 projects
9 projects
2 projects
★
 
★
★
 
★
4
As of Dec. 2021
As of Dec. 2022
€69.4m
€37.8m
€27.2m
€50.7m
€29.1m
€121.8m
€113.4m

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Impact reporting
Output indicators and CO2 emissions avoided by project
*Avoided 
emissions 
are 
the 
greenhouse 
gas 
emissions, 
expressed 
in 
tCO2equivalent, that are avoided by the ﬁnanced projects (when feasible) ; they are 
estimated by comparing with a reference case for each category of project or, when 
a generic reference is not available, an estimate of savings based on energy savings 
realized.
Total:
305,830 tCO2eq/y
avoided
5
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Case studies - Green Production
Zoom on the Trailblazer electrolyzer, Germany 
6
Over 1,400 tons per year of carbon-free hydrogen to be produced as of 2023.
Capacity of 20 megawatts powered 
by hydraulic and renewable energy
Integrated into Air Liquide’s existing 
hydrogen pipeline
20 MW
30 MW
2023
The PEM electrolyser will be the largest 
production 
facility 
of 
climate-neutral 
hydrogen to be connected to an existing 
pipeline.
For industrial use and emission-free 
mobility in North Rhine-Westphalia
Final 
objective
14
Gilles Le Van - Air Liquide, Vice-President Large Industries and Energy Transition Central Europe, 
Frank-Walter Steinmeier - Federal President, and Johanna Hess - Air Liquide, Project Manager 
Trailblazer (from left to right) 
@Dirk Jochmann

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15
Case studies - Green Production
Zoom on the Becancour electrolyzer, Canada
Zoom on the Fontanella anaerobic digester, Italy
Integration in existing 
AL basin, with H2 liqueﬁer 
1.2 MW
20 MW
> 100 MW
2018
2020
2022-23
From tons of manure to fertilizer and truck fuel.
Capacity of 20 megawatts 
powered by hydraulic energy
Production of up to 8.2 tons of 
renewable hydrogen per day
The largest PEM (Proton Exchange 
Membrane) electrolyzer running on 
hydropower (started in Q4 2020).
A circular economy project leading to 
transform agricultural wastes into a fertilizer 
and bioLNG valorized locally.
Over 1,500 tons of renewable hydrogen sold in 2021.
An Air Liquide investment in the 
overall biomethane value chain, in 
partnership with DIS, long term Air 
Liquide partner.
23 
GWh/y 
biomethane 
capacity 
equivalent to the yearly consumption 
of 35 Heavy-Duty Vehicles .
Participates to make Air Liquide leader 
as producer and distributor of bioLNG 
in Lombardy and Veneto basins.
For industrial use and 
mobility
6

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16
Case studies - Core business efﬁciencies 
Zoom on Hamilton Basin energy efﬁciencies
Zoom on Moerdijk Air Separation Unit (ASU)
Built with the proprietary 
solution Alive
For industrial, food and 
medical markets
Production capacity of 2,200 
tons of oxygen per day
Highly eﬃcient plant: 10% 
less electricity consumption 
The ﬁrst world-scale ASU for oxygen production with an energy storage system that helps 
facilitate more renewable energy on the electricity grid. This project illustrates Air Liquide’s 
strategy to grow in strategic industrial basins, and the Group’s ability to design and implement 
innovative solutions contributing to the energy transition.
1st world-scale oxygen production plant ﬁt to accommodate renewable energy in the grid.
Energy Savings initiative recognized 
by the Ontario’s independent 
Electricity System Operator
Site power consumption to decrease 
by 2MW
Indirect CO2 Emissions reduction by 
1.3kt/y
The installation of a new single compressor will reduce power consumptions and indirect CO2 
emissions along with increased compressor agility to avoid high cost energy peaks. In line 
with Group ambition and with Provincial Government support, the project is also enabling SIO 
readiness compressor conﬁguration.
Improving site efﬁciency and CO2 emissions through modernizing old equipment. 
6

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Case studies - Innovation on ecosystems
Zoom on Saclay innovation campus
Air Liquide’s new Paris R&D Center has been fully renovated.
Electricity 100% 
renewable
Hydrogen station
A fuel cell to supply part of the 
center’s heating, cooling and 
electricity
 “Excellent” BREEAM certiﬁcation
Zoom on H2M hydrogen refuelling stations
Invest, build and operate a network H2 refuelling stations in Germany.
Hydrogen demand in Germany (in tons)
Air Liquide is involved in the entire 
hydrogen value chain. The Group has 
already 
installed 
100 
hydrogen 
stations worldwide.
Air 
Liquide 
brings 
its 
technology and experience 
to support the deployment 
of 
hydrogen 
stations 
in 
Germany.
With the ramp-up of the 
number of vehicles, up to 
400 
hydrogen 
stations 
should ensure a nationwide 
supply (from 40 stations in 
operation in July 2018).
The R&D Center is also a 
sustainable 
development 
innovation ﬂagship, as it is a 
high-performance 
energy 
building allowing to test new 
clean energies. 
The facility is the Group’s 
largest R&D Center and brings 
together almost 500 people, 
including 350 researchers, and 
48 laboratories as well as pilot 
platforms to design and test 
technologies at larger scale.
300m2 of photovoltaic 
panels
Natural Gas 
100% biomethane
6

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18
Limited assurance report
Limited assurance report from the Statutory Auditor on the Identiﬁed Sustainability Information in Air 
Liquide’s Green Bond Allocation & Impact Reporting for the year ended December 31, 2022
To the Board of Directors of Air Liquide Finance,
In our capacity as Statutory Auditor of Air Liquide Finance (hereinafter the “Company”), appointed as an 
independent external auditor in accordance with 3.5 Post issuance external review of the Sustainable 
Financing Framework published in May 2021, we have undertaken a limited assurance engagement on:
-     the information related to the allocation as of December 31, 2022 in respect of the Green bond with a ten year 
maturity issued on May 27, 2021 by the Company for a total amount of 500M€ (ISIN FR0014003N69) (the 
“Green Bond”) to the Air Liquide Group projects presented in section 4 titled “Allocation reporting” of the 
Green Bond Allocation & Impact Reporting (may 2023) (the “Eligible Green Projects”) ;
-   
the Eligible Green Projects as described in the section 3.1 titled “Use of Proceeds” of the Sustainable 
Financing Framework published in May 2021
(together the “Identiﬁed Sustainability Information”).
Our assurance does not extend to information in respect of earlier periods or to any other information 
included in the Green Bond Allocation & Impact Reporting (May 2023).
Our Limited Assurance Conclusion
Based on the procedures we have performed as described under the section ‘Summary of the Work we 
Performed as the Basis for our Assurance Conclusion’ and the evidence we have obtained, nothing has come 
to our attention that causes us to believe that Air Liquide’s Identiﬁed Sustainability Information as of 
December 31, 2022 is not prepared, in all material respects, in accordance with the section 3.1 titled “Use of 
Proceeds” of the Sustainable Financing Framework published in May 2021.
We do not express an assurance conclusion on information in respect of earlier periods or on any other 
information included in the Green Bond Allocation & Impact Reporting (May 2023).
Understanding how Air Liquide has Prepared the Identiﬁed Sustainability Information
The absence of a commonly used generally accepted reporting framework or a signiﬁcant body of 
established practice on which to draw to evaluate and measure Identiﬁed Sustainability Information allows 
for different, but acceptable, measurement techniques that can affect comparability between entities and 
over time.
Consequently, the Identiﬁed Sustainability Information needs to be read and understood with the reporting 
framework deﬁned by the Company in the section 3.1 titled “Use of Proceeds” of the Sustainable Financing 
Framework published in May 2021 (available on the Company website) (“the Reporting Criteria”), which Air 
Liquide has used to prepare the Identiﬁed Sustainability Information.

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19
Limited assurance report
Air Liquide’s Responsibilities 
Management of the Company is responsible for:
·    selecting or establishing suitable criteria for preparing the Identiﬁed Sustainability Information, taking into 
account, if any, applicable law and regulations related to reporting the Identiﬁed Sustainability Information;
·         the preparation of the Identiﬁed Sustainability Information in accordance with the Reporting Criteria;
·         selecting the Eligible Green Projects in accordance with the Reporting Criteria;
·      designing, implementing and maintaining internal control over information relevant to the preparation of the 
Identiﬁed Sustainability Information that is free from material misstatement, whether due to fraud or error.
Our Responsibilities
We are responsible for:
·  planning and performing the engagement to obtain limited assurance about whether the Identiﬁed 
Sustainability Information is free from material misstatement, whether due to fraud or error;
·     forming an independent conclusion, based on the procedures we have performed and the evidence we have 
obtained; and
·        reporting our conclusion to the Directors of the Company.
As we are engaged to form an independent conclusion on the Identiﬁed Sustainability Information as prepared 
by management, we are not permitted to be involved in the preparation of the Identiﬁed Sustainability 
Information as doing so may compromise our independence.
Professional Standards Applied
We performed our limited assurance engagement in accordance with the professional guidance issued by the 
French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) applicable to such 
engagement and the International Standard on Assurance Engagements 3000 (Revised), Assurance 
Engagements other than Audits or Reviews of Historical Financial Information, issued by the International Auditing 
and Assurance Standards Board.
Our Independence and Quality Control
We have complied with the independence and other ethical requirements of the French Code of Ethics for 
Statutory Auditors (Code de Déontologie) as well as the provisions set forth in Article L.822-11 of the French 
Commercial Code (Code de Commerce) and the International Code of Ethics for Professional Accountants 
(including International Independence Standards) issued by the International Ethics Standards Board for 
Accountants (IESBA Code) which is founded on fundamental principles of integrity, objectivity, professional 
competence and due care, conﬁdentiality and professional behavior.
Our ﬁrm applies International Standard on Quality Management 1, which requires the ﬁrm to design, implement 
and operate a system of quality management including policies or procedures regarding compliance with ethical 
requirements, professional standards, and applicable legal and regulatory requirements.
Our work was carried out by an independent and multidisciplinary team with experience in sustainability 
reporting and assurance.

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20
Limited assurance report
Summary of the Work we Performed as the Basis for our Assurance Conclusion
We are required to plan and perform our work to address the areas where we have identiﬁed that a 
material misstatement of the Identiﬁed Sustainability Information is likely to arise. The procedures 
performed were based on our professional judgement. In carrying out our limited assurance engagement 
on the Identiﬁed Sustainability Information, we:
·        evaluated the suitability in the circumstances of Air Liquide’s use of the Reporting Criteria;
·   through inquiries, including inspection of Minutes of the 2022 and 2023 meetings of the 
Sustainable Finance Working Group, obtained an understanding of the process for selecting, 
collecting and reporting the Identiﬁed Sustainability Information;
·     obtained the internal listing of Eligible Green Projects to which the proceeds from the Green 
Bond were allocated as of December 31, 2022, and conﬁrmed that this was consistent with the 
section 4 of Air Liquide’s Green Bond Allocation & Impact Reporting (May 2023);
·   performed limited substantive testing on a selective basis of the Identiﬁed Sustainability 
Information to verify that the identiﬁed Eligible Green Projects were in line with the Reporting 
Criteria and that the allocated amounts had been appropriately measured, recorded, collated 
and reported, including:
○ 
inspecting the purpose of Eligible Green Projects to conﬁrm that the use of proceeds 
was consistent with the Reporting Criteria; and
○ 
performing the necessary reconciliations between the allocated amounts and the 
accounting records, verifying that the information agrees with the data used to prepare 
the consolidated ﬁnancial statements for the year ended December 31, 2022, December 
31, 2021, December 31, 2020 or December 31, 2019.
·       assessed the appropriateness of the presentation of the Identiﬁed Sustainability Information in 
the section 4 of Air Liquide’s Green Bond Allocation & Impact Reporting (May 2023).
The procedures performed in a limited assurance engagement vary in nature and timing from, and are 
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance 
obtained in a limited assurance engagement is substantially lower than the assurance that would have 
been obtained had we performed a reasonable assurance engagement.
Neuilly-sur-Seine, May 23, 2023
The Statutory Auditor
PricewaterhouseCoopers Audit
 
Sébastien Lasou

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May 2023
www.airliquide.com
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Corporate Headquarters:
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Group Financing and Rating
Guillaume Serey
guillaume.serey@airliquide.com
+33 (0)1 40 62 56 70
Thomas Lemée
thomas.lemee@airliquide.com
+33 (0)1 40 62 58 25
Chloé Audrin
chloe.audrin@airliquide.com
+33 (0)1 40 62 56 64 
21