Commitments Monitoring
We have built a strong expertise on tracking and evaluating sustainability commitments and practices of financial institutions.
Between 2019 and 2024, the Observatoire de la Finance Durable was missionned by French Economy and Finance Minister and Paris financial center to monitor the ESG commitments of French financial institutions and to disclose the agregated exposure to fossil fuels of Paris financial center - this mission has been taken over by the Institut de la Finance Durable.
Our activity of commitments follow-up has been continued throughout the Net Zero Donut, a methodology and tool for the assessment of net zero commitments. We also work closely with ADEME using ACT Finance, the most comprehensive methodology of evaluation of transition plans for the financial sector. At this day, those analyses have been conducted at at the French level, based on regulatory disclosures of asset managers and owners under the 'Article 29 LEC' regulatory framework that are collected and analysed on the Climate Transparency Hub.
French Finance and Economy Minister Bruno Le Maire in 2019, during the reunion of Paris financial center:
Meet our Transparency team
Edouard Vilpoux
Lead Sustainable Finance Economist
Edouard is in charge of the Transparency pillar of our activities. After research studies in economics at the Paris School of Economics where he specialized in financial and monetary economics and banking history, he worked at Rothschild & Co for six years, in various roles related to corporate financing wealth and asset management, from corporate banker assistant to private banker. He joinded the Observatory in 2024 and his work focuses on financial institutions' climate transition plans.
Dajana Jata
Senior Sustainable Finance Analyst and Scientific Referent
Dajana has a PhD in Sustainable Finance from the University of Nantes and has worked at the IMF and ESMA. Her studies covered various subjects related to climate finance, notably transition finance products, ESG ratings and financed emissions. She joined the Observatory in 2025 as a senior analyst in the Transparency pole. She is also the Observatory's Scientific Referent and liaies with PARC's Scientific and Expert Committee.
Stanislas Ray, ADEME
Sustainable Finance Analyst
Stanislas works at ADEME, the French transition agency, where he is responsible for sustainable finance activities. He collaborates closely with the SFO team, particularly the Transparency team, to analyse French investors' SFDR/'Article 29 LEC' reports. He is also the co-designer of ACT Finance methodologies. Prior to joining ADEME, he worked for the French supervisors ACPR and AMF, as well as for an insurance company.
Raphaël Tran
Sustainable Finance Analyst and Interim Scientific Referent
Raphaël graduated from ESCP Business School and completed a research master's degree in sustainable finance at Paris Saclay University. He began his career at the French asset management company LPB AM as an SRI analyst, before joining the Observatory as an analyst within the Transparency pillar. He also held the position of Scientific Referent, collaborating closely with PARC's Scientific and Expertise Committee on sustainable finance frameworks and methodology for private and public development financial institutions.
Raphaël Lebel
Managing Director
Raphael Lebel joined Finance for Tomorrow in 2020 to launch the “Observatoire de la finance durable.” He coordinates Paris’s financial ecosystem around transition commitments, strengthens partnerships with public authorities and financial institutions, and promotes the initiative on the international stage, including at COP26. A board member of 2DII since 2024, he became General Manager of the newly merged entity, the Sustainable Finance Observatory. He holds a degree from Mines-Télécom and previously worked at WWF France, founds startups and digital companies. Alongside his executive role, Raphael teaches on climate and finance, supports impact-driven ventures, and volunteers with other NGOs