Transparency
Focused on supply for finance, this pillar of activities monitors financial institutions' sustainability practices such as net-zero commitments.
We conduct robust and data-driven research based on strong expertise in climate finance analysis. We contribute to improving science-based methodologies and reliable and transparent frameworks at international level.
Transparency and accountability are essential to ensure the financial sector contributes positively to the sustainable transition of the real economy. Improving the regulatory framework is essential to ensure consistency and credibility in sustainability disclosures.
Since the Paris Financial Center statement and launch of the Observatory
Since the Paris Financial Center statement and launch of the Observatory
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Through the Net Zero Donut methodology
Through the Net Zero Donut methodology
SFDR / Art. 29 LEC regulatory reports collected and analysed with ADEME
SFDR / Art. 29 LEC regulatory reports collected and analysed with ADEME
Focus on the Net Zero Donut
The Net Zero Donut® is a tool designed by the Sustainable Finance Observatory to monitor and assess the credibility and ambition of net-zero commitment implementation by financial institutions. It includes four components: (a) an exclusive framework assessed by PARC’s Scientific and Expertise Committee; (b) an online interactive data visualization tool; (c) a dataset of currently 60+ financial institutions including 220+ indicators; and (d) annual analysis reports based on this data. It is co-funded by ADEME and led by the Sustainable Finance Observatory with the voluntary contribution of our members and PARC’s Scientific and Expertise Committee.
Deep dive into the Net Zero Donut
Focus on the Climate Transparency Hub
Since the French Energy and Climate Law and the 2021 decree implementing Article 29, French investors have been required to publish annually, through what is known as ‘Article 29 LEC’, a report describing their practices for taking into account sustainability aspects (environmental, climate and biodiversity, social and governance criteria) in their investment activities. To give these reports greater visibility and facilitate their analysis, the law entrusts ADEME with the task of collecting and publishing these reports in a centralized manner on a publicly accessible website: the Climate Transparency Hub (CTH). ADEME, with the support of the Sustainable Finance Observatory, carries out an annual analysis of these reports, to identify statistical trends in reporting and improve financial institution reporting practices. Until 2024, this analysis was carried out with the contribution of the LIFE Finance ClimAct program.
Read more about the Climate Transparency Hub
Focus on the ADEME-Sustainable Finance Observatory partnership
The ADEME-Sustainable Finance Observatory partnership is the core program of our Transparency pillar.
Read more about ADEME-Sustainable Finance Observatory partnership
Latest Publication:
Publications • October 3, 2025
What the NZBA leaves behind
Today October 3rd 2025 the NZBA announced its end. This marks a major setback in the mobilisation of the financial sector for climate action. Last January, the GFANZ made significant changes in its strategic positioning. What legacy does the NZBA leave behind? What remains of banks’ net zero interim targets? What future for private finance contribution to the transition?
Snapshot on our content
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.
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.
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.
