Testimonial from Gwen Colin, Partner and ESG & Research Director at Vauban IP

In response to the growing challenges of the climate emergency, Vauban Infrastructure Partners continuously refines its ESG strategy to ensure the long-term sustainability of its investments. The CIARA tool, developed by Carbone 4, has become a key component of this approach, particularly for assessing transition and physical climate risks during due diligence.   

A two-tiered climate strategy: fund level and asset level

As ESG Director at Vauban Infrastructure Partners, Gwen Colin oversees the environmental strategy across both funds and portfolios. “Our climate approach operates on two levels: we commit our funds to specific objectives—for example, 2°C for CIF IV—and we support assets in building their own transition plans.”

The management company is also aligned with the European carbon neutrality targets for 2050. The approach is intentionally ambitious: carried interest indexed to achieving the 2°C target for a future Article 9 fund, integration of net-zero criteria into investment processes, and adoption of the NZIF framework, recognized by investors as a common reference for alignment.

Why CIARA? A targeted tool for climate due diligence, regulatory reporting, and investor communication

CIARA is used in climate due diligence for assets that are more climate-sensitive, to measure their carbon footprint and temperature alignment with the Paris Agreement. “The temperature alignment indicator can become a deal breaker, particularly for an Article 9 fund where alignment with the Paris Agreement is contractual.”

CIARA is also used to meet SFDR regulatory requirements, especially for carbon footprint indicators related to Principal Adverse Impacts (PAIs). In addition, fund-specific deliverables serve as effective communication tools to inform investors of progress made. 

An operational and strategic collaboration with Carbone 4

The relationship between Vauban and Carbone 4 is long-term, involving annual analyses of existing assets and funds, as well as due diligence on new targets.

At the asset level, the strategy relies on transferring responsibility: the assets themselves define and implement their low-carbon strategies. Some even hire climate consultants to build their transition pathways. Vauban may also include indicators in shareholder agreements, though this remains confidential. “The investor’s role isn’t to manage each plan directly, but to create the right conditions for action.”

Toward an even more ambitious ESG and climate framework

Vauban goes beyond regulatory requirements. “All our funds are Article 8, but we will soon launch an Article 9 fund with an asset-by-asset alignment objective. In that case, the CIARA temperature metric will become a decisive criterion.” Another key initiative is the transition fund, designed to support the transformation of ‘grey to green’ assets.

By combining CIARA’s quantitative analysis, strong fund-level commitments, and asset-level autonomy, Vauban Infrastructure Partners is building a robust and pragmatic climate strategy. Gwen Colin concludes: “CIARA is a valuable tool to inform our decisions. But true climate ambition lies in the ability of assets to transform their business models—and that’s where we expect to see real results.”

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