« Since 2017, we have committed over 424 million euros to infrastructure projects, 78% of which are climate co-benefit related. They all work towards achieving our Sustainable Development Goals (SDGs) targets. »*

Jean-Pierre Barral, Deputy CEO

*Figures at the end of December 2022


Mitigating the effects of climate change and adapting to its impacts is at the heart of everything we do. All our investment opportunities are therefore studied in the light of the commitments made by the countries where the projects are implemented, within the framework of the Paris Agreement.

This strategy is based on three pillars:

STOA’s mandate consists in catalyzing international financial commitments to fight climate change. STOA’s goal is to allocate a specific part of its investments to climate finance. The goal is today set at 50%.


For each project, we evaluate its consistency with the Paris Agreement objectives. A systematic analysis framework is integrated into our Environmental and Social Management System (ESMS). Besides the exclusion thermal coal projects, this framework enables us to identify investments that are inconsistent with STOA’s strategy because of their high emissions and/or their non-alignment with the Paris Agreement.

Our process is based on three key steps:

  1. Calculation of the project’s carbon footprint by applying the Carbon Footprint method of Agence Française de Développement
  1. Selection of the project according to the country where it will be implemented and to CO2 emission thresholds, through the use of a selectivity matrix based on its carbon footprint
  1. Detailed analysis of the climate context in which the compatibility of the project with the country’s low-carbon trajectory, as well as its vulnerability and resilience, are studied in particular. Depending on the case, the risk of carbon lock-in* is also analysed.

(*) This phenomenon refers to the self-perpetuating inertia of fossil fuel combustion as the main energy source, thereby promoting physical, economic and social factors that are mutually reinforced. The result is that the introduction of low-carbon alternatives is inhibited.


STOA endorses the Climate Action in Financial Institutions initiative and recognizes the guidance provided by the Voluntary Principles for Mainstreaming Climate Action in Financial Institutions. STOA welcomes the opportunity to participate in the development of ongoing work in support of these voluntary principles.

Dernière mise à jour/Last update : 23/11/16