« STOA succeeded in building a € 300 million investment portfolio, three quarters of which are projects with inherent climate benefits and two thirds support French interests. »

Olivier Sichel, Deputy CEO of Caisse des Dépôts Group

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:

  1. Redirecting financial flows to leverage investment in climate co-benefit projects in developing countries.
  2. Promoting low carbon trajectories: we are committed to dedicating 50% of our investments to projects with inherent climate benefits and positive impacts on climate-change mitigation or adaptation.
  3. Financing climate-resilient projects.

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%, while the initial objective at STOA’s foundation in 2017 was 30%.


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. Calculating the project’s climate footprint, thanks to the AFD Carbon Footprint methodology;
  2. Running the project through a selectivity matrix taking into account the country where the project takes place, and the level of the project’s carbon emissions;
  3. When the project’s climate impact is potentially too high, conducting a detailed analysis of the project’s country climate context, which includes a study of the project’s compatibility with the country’s low-carbon strategy, an assessment of the project’s vulnerability and resilience and a qualitative estimation of the carbon lock-in risk.

Since 2017, we have committed over 279 million euros to infrastructure projects, 74% of which are climate co-benefit related. The companies we support operate in a variety of sectors, ranging from energy to transportation and telecoms. They all work towards achieving our Sustainable Development Goals (SDGs) targets.


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.