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- Jason Zibarras
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- Andrew Zaroulis
Jason Zibarras, Founder and Managing Partner, Argo Infrastructure Partners
By CorpGov Editorial Staff
As institutional investors become accustomed to greater transparency on sustainability outcomes, infrastructure managers are working hard to demonstrate both long-term resilience and real-world impact. Argo Infrastructure Partners, a long-term owner and operator of essential infrastructure assets, continues to show leadership through its disciplined, sustainability-integrated investment model. With high accolades – Secor Leader – in the 2025 GRESB Infrastructure Assessment, Argo’s results reflect an operational commitment to lower-carbonization, active risk management, and stakeholder engagement across sectors such as water, energy, transport, and digital infrastructure.
We spoke with Jason Zibarras, Founder and Managing Partner of Argo Infrastructure Partners, and Andrew Zaroulis, Chair of Argo’s Risk and Performance Committee, to explore how the firm has operationalized sustainability across its platform, and how partnerships have driven outperformance.
CorpGov: Jason, congratulations on Argo’s strong performance in this year’s GRESB Infrastructure Assessment. What does this recognition represent for the firm?
Jason Zibarras: Thank you. We are, of course, very pleased to be recognized as a “2025 Sector Leader”. This is a global standard for assessing sustainability in infrastructure, and we treat it as a meaningful performance indicator. These results reflect our entire team and investment process approach to long-term investing and active asset management, which is centered on resilience, transparency, and operational excellence. They also reflect the dedication of our partners, such as TierPoint and Laz, as well as co-shareholders, including Violia and Brookfield, as well as the dedicated work of all the teams across the portfolio whose efforts power this performance.
CorpGov: Argo had 13 of 14 assets score in the 90s, and several ranked first or second in peer groups. What drove that consistency?
Jason Zibarras: It comes down to aligned execution. We work closely with our asset management teams to set clear targets, measure what matters, and integrate sustainability into every layer of operations. The consistency you see across the portfolio is the result of shared principles, local accountability, and a commitment to continuous improvement.
CorpGov: One of the standout improvements came from LAZ Parking, which improved materially in the two years. What does that tell you, from your role at Argo and as a Laz Board Director?
Andrew Zarouis: LAZ’s performance trajectory tells a powerful story about outstanding culture, focused execution, and collaborative progress. Since 2023, they have made major strides across several areas, particularly in climate evidence, employee engagement, and data tracking. The score increases in just two years was material, and that did not happen by chance. LAZ expanded its emissions-tracking, introduced ESG-linked incentives, improved stakeholder engagement, and formalized data-collection systems across its portfolio. That kind of progress reflects serious commitment from leadership, backed by operational alignment and trust. We are so proud to partner with them on that journey.
CorpGov: How does ESG fit into Argo’s broader sustainability framework?
Jason Zibarras: ESG is one of several lenses we use to benchmark performance, identify gaps, and raise the bar year over year. It complements our internal asset monitoring processes and aligns with our investment stewardship philosophy. We see it as a year-over-year challenge to improve, not just a score to maintain. It also provides our stakeholders, including investors and regulators, with an independent lens on how we are performing.
CorpGov: What other frameworks and partnerships shape Argo’s sustainability approach?
Jason Zibarras: ESG is a core benchmark for us, but our approach is designed to align with several other leading standards. We are signatories to the United Nations Principles for Responsible Investment (PRI), and we align our reporting practices with frameworks such as the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosures (TCFD), and the Global Reporting Initiative (GRI). We also engage with platforms like NABTU, ICGN, and LTIIA, and we are actively pursuing membership in the UN Global Compact. These affiliations help ensure that we are learning, improving, and contributing to the evolution of best practices in sustainable infrastructure investing. They also provide a structure for accountability, both for our stakeholders and the broader communities our assets serve.
CorpGov: You often talk about operationalizing sustainability. What does that look like in practice?
Jason Zibarras: It means making sustainability part of how infrastructure is run, not just how it is reported. That includes embedding climate risk into asset management plans, setting decarbonization targets at the board level, aligning incentives to sustainability outcomes, and building the data infrastructure to measure real performance. We focus on making these actions repeatable, auditable, and impactful.
CorpGov: How does Argo define success in sustainability beyond benchmarks and scores?
Andrew Zaroulis: We define success by impact, longevity, and adaptability. Are our assets prepared for physical climate risks? Are they operating efficiently with minimal environmental footprint? Are they supporting their workforces and communities? If the answer is yes, and we can measure it, then we are moving in the right direction. The ultimate test is how our assets perform and endure over decades, not quarters.
CorpGov: How does sustainability tie into investment returns and long-term value?
Jason Zibarras: For us, sustainability is not a trade-off. It is ingrained in our investing philosophy. Well-managed infrastructure that minimizes emissions, integrates climate resilience, and engages stakeholders tends to be more reliable, cost-efficient, and better positioned to secure long-term contracts or favorable financing. Sustainability reduces downside risk and expands opportunity. That is how we protect and grow value for our investors.
CorpGov: Many of your investments are in critical infrastructure. How do you balance sustainability goals with reliability and cost?
Jason Zibarras: That balance is at the center of our work. Whether we are managing a hydro plant, a gas utility, or a data center, our goal is to make the infrastructure more resilient, not less. Sustainability is not in conflict with reliability. In fact, the more efficient, transparent, and well-managed an asset is, the more reliable it tends to be. It is about optimization, not compromise.
CorpGov: Argo’s portfolio includes Ice Energy, which provides thermal energy storage solutions. How does that investment align with your sustainability impact?
Jason Zibarras: Ice Energy is a great example of where innovation meets infrastructure. Its thermal energy storage systems are designed to reduce peak electricity demand, lower emissions, and improve grid reliability. This work aligns directly with our sustainability focus on decarbonization and resilience. What we find compelling about Ice Energy is that it supports a smarter, cleaner energy future without requiring wholesale changes to existing infrastructure. It integrates into the grid, delivers measurable environmental benefits, and supports utility cost savings. That kind of impact is what we look for in every investment.
CorpGov: What other areas are you focusing on?
Jason Zibarras: We are working to improve systems, develop more advanced data platforms, refine climate modeling, and enhance reporting tools. We are expanding our work on biodiversity and human rights, particularly in sectors like water and energy where those issues intersect. And we are supporting our partners’ needs in addressing Scope 3 greenhouse gas (GHG) emissions and supply chain engagement, which are increasingly important.
CorpGov: Final question. What would you like to say to the teams and partners who helped deliver this result?
Jason Zibarras: I want to thank everyone who contributed from our internal team – it is their passion and effort that drive this, as well as our partners at Veolia, LAZ, Brookfield, and TierPoint. These results represent thousands of hours of planning, collaboration, and reporting. It takes real discipline and shared purpose to achieve performance like this, and we are proud to work alongside partners who approach sustainability with the same seriousness and long-term mindset that we do.
Argo Infrastructure Partners
Argo Infrastructure Partners LP, founded by Jason Zibarras, is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure businesses and assets that provide essential services to their communities over their long operational lives, including investments in utilities, renewable energy, digital infrastructure, and other long duration infrastructure assets. Argo’s investment philosophy couples sound investment return with responsible and sustainable investing. As of October 2025, Argo manages ~$6.5 billion in assets on behalf of its investor partners. For more information, visit www.argoip.com.
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