Testimonial from Aldo Diaz Sanchez – ESG & Sustainability Infrastructure Manager at Eurazeo

As infrastructure funds increasingly position themselves as key enablers of the energy transition, Eurazeo has launched ETIF (Eurazeo Transition Infrastructure Fund) with a clear ambition: to accelerate the decarbonization of the real economy through high-impact environmental investments. To structure this ambition and enhance the clarity of its approach, Eurazeo chose to integrate Carbone 4’s CIARA methodology.

A targeted and managed impact strategy

At Eurazeo, Aldo Diaz Sanchez serves as ESG & Sustainability Infrastructure Manager. The ETIF fund, classified as Article 9, follows a dual climate strategy:

• Supporting decarbonization solutions (renewable energy, EV charging infrastructure, etc.);
• Transforming existing assets to align them with a climate-compatible trajectory (“grey to green”).
   

Each investment is tracked using company-specific impact indicators (e.g., energy efficiency, carbon intensity, share of renewable energy). However, given the diversity of activities across the portfolio, the need for a consistent, aggregated indicator quickly became clear.

Why CIARA? Moving from manual aggregation to a consolidated strategic vision

“With CIARA, we found a framework that provides homogeneous monitoring indicators at asset and portfolio level—both in the short and long term,” explains Aldo.

This need was particularly strong for less obvious assets, beyond renewable energy—such as data centers or treatment infrastructure.
In these complex cases, CIARA enables an objective analysis of each asset’s contribution to the transition, through a structured approach focused on avoided emissions, improvements in carbon intensity, or efficiency gains.

An operational collaboration in service of impact

The CIARA methodology was applied ex post, once the assets had been integrated into the portfolio. The tool made it possible to:

• Harmonize impact indicators across companies, while preserving asset-specific KPIs;
• Facilitate internal discussions on portfolio alignment and coherence;
• Provide a forward-looking view by incorporating the project development pipeline over a 3–7 year horizon.

Climate reporting and investor dialogue

The 2025 analysis (covering 2024 data) highlighted ETIF’s strong climate performance, keeping it below the +2°C threshold and as close as possible to a +1.5°C trajectory. The results generated through CIARA are now actively used in investor reporting.

A structuring, long-term vision

Beyond calculations and reporting, CIARA helps validate investment decisions and provides a structured, long-term perspective to ETIF’s climate strategy.
As Aldo Diaz Sanchez sums it up: “It’s both a decision-support tool and a driver of external credibility.”