Objectives
Analyse, compare and monitor financial institution practices in light of voluntary climate accountability frameworks.
Decipher regulatory data and financial institution disclosures (CSRD, SFDR, Pillar 3 ESG, Taxonomy, Art 29 LEC etc.).
Contribute to strengthening the methodological robustness of sustainable finance research in the EU and internationally.
Ensure transparency and accountability and promote best practice through open access online data visualisation tools and direct engagement with stakeholders.
The ADEME Sustainable Finance Observatory partnership is the core program of our Transparency pillar.
Focused on supply of finance, this pillar of activities monitors financial institution sustainability practices such as net-zero commitments, addresses their lack of accountability and comparability and provides in-depth analysis on the financial sector’s contribution to the transition.
Since the launch of the ‘Observatoire de la Finance Durable’ by the French Finance Minister in 2019, we have been monitoring alignment, net-zero and ESG commitments of the Paris Financial Center (banks, asset owners, asset managers etc.). We conduct robust data-driven research based on strong expertise in climate finance analysis, and contribute to improving science-based methodologies for reliable and transparent frameworks at international level.
Our work uses both voluntary and regulatory sources of information, from voluntary net zero targets and metrics to data disclosed under regulatory requirements such as Pillar 3, or SFDR.
The Sustainable Finance Observatory has developed the Net-Zero Donut®, an exclusive analytical framework including data visualisation for monitoring and assessing the climate transition plans of financial institutions.
We release public reports on financial institution disclosures at French and EU level, such as analysis of net zero transition plans of EU signatories of the Net-Zero Banking Alliance (NZBA). We provide online tools to understand and analyse financial institution sustainability disclosures.
We manage, together with ADEME, the Climate Transparency Hub, which collects and analyses SFDR /Art 29 LEC reports of French investors and produce an annual report reviewing disclosures of 800+ financial institutions.
We also provide extensive regulatory and policy analyses along with recommendations for sustainable finance frameworks, including the EU Taxonomy and other international standards.
Discover the Net Zero Donut:
of monitoring financial institution ESG commitments since the Paris Financial Center statement and launch of the Observatory
climate transition plans analysed throught the Net Zero Donut methodology
Art 29 LEC regulatory reports collected and analysed with ADEME
Discover the latest publications from the ADEME Sustainable Finance Observatory partnership:
“What the NZBA leaves behind: stocktake on banks’ net zero interim targets”
https://sustainablefinanceobservatory.org/resource/what-the-nzba-leaves-behind/
“Sustainable Finance Observatory’s Response to EBA Consultation on Pillar 3 ESG Reporting Framework”
Our publications from this programme
Our data visualisation tools from this programme
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
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.
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.