We are delighted to report the latest developments in our impact metrics for the Impax Specialists and Leaders strategies, as well as sharing the impact of our Asia-Pacific strategy for the first time.

Over the past four years Impax has been publishing quantitative metrics demonstrating the environmental outcomes of the investment portfolios. Although the objective of our strategies is to achieve sustainable, above market financial returns for long-term investors, environmental benefits are a natural outcome of our investment style.

Impax Specialists strategy
(known as Impax Environmental Markets in the UK)
During 2017 the portfolio managers reduced exposure to the water treatment sector in favour of a larger exposure to companies within the materials recovery and recycling value chain. As a result, the water treated metric has fallen compared with the previous year while the waste recovered or treated metric has risen. The renewable electricity generated metric has fallen following the exit of a Chinese wind developer and a reduced exposure to a geothermal energy company. Despite this, the net CO2 emissions avoided for the portfolio remained quite similar between the two years due to the emissions avoided in the waste treatment value chain.

Environmental impact of £10m investment

20162017
Net CO2 emissions avoided7,740 tCO27,850 tCO2
Equivalent to taking 4,080 cars off the road for a year in 2017.
Total renewable electricity generated2,920 MWh2,090 MWh
Equivalent to 520 households’ electricity consumption in 2017.
Total water treated, saved, or provided3,030 megalitres2,390 megalitres
Equivalent to 18,500 households’ water consumption in 2017.
Total materials recovered / waste treated780 tonnes1,330 tonnes
Equivalent to 1,340 households’ waste arising in 2017.

Source: Impax Asset Management

Impax Leaders strategy
The strategy’s addition of a renewable energy developer in China, and waste management and recycling names globally, has resulted in an increase in both of these metrics in comparison to the previous year. The CO2 emissions directly attributable to utility companies, and a smaller exposure to pure water treatment companies, has resulted in decreases in the CO2 emissions avoided and water treated metrics.

Environmental impact of £10m investment

20162017
Net CO2 emissions avoided350 tCO2170 tCO2
Equivalent to taking 90 cars off the road for a year in 2017.
Total renewable electricity generated2,210 MWh2,640 MWh
Equivalent to 700 households’ electricity consumption in 2017.
Total water treated, saved, or provided2,670 megalitres640 megalitres
Equivalent to 4,890 households’ water consumption in 2017.
Total materials recovered / waste treated2,470 tonnes2,690 tonnes
Equivalent to 2,720 households’ waste arising in 2017.

Source: Impax Asset Management

Impax Asia-Pacific strategy

Tackling urban pollution is a common theme within our global strategies, and a particular focus in our Asia-Pacific strategy. The fast pace of economic development in recent decades, effective at raising income levels and standards of living, has resulted in significant local air, water and soil pollution and an infrastructure deficit in areas such as water treatment and waste management.

The impact metrics we have chosen for the Asia-Pacific strategy reflect this local context, in considering coal displaced and its impact on urban air quality, alongside water and waste treatment outcomes.

In comparison with the Leaders and Specialists strategies the Asian impact metrics indicate a material environmental outcome, particularly in the water and waste metrics. The fossil fuel intensity of Chinese and Indian power generation (primarily coal) result in a more polluting baseline comparison for the improvements delivered by the portfolios versus our global strategies.

Environmental impact of £10m investment

Source: Impax Asset Management

For information on the impact metrics related to a specific vehicle within any of these strategies, please contact clientservices@impaxam.com or your usual sales contact.

Lisa Beauvilain

Head of Sustainability & ESG, Executive Director

Lisa is responsible for the development and oversight of Impax’s Sustainability and Environmental, Social and Governance (ESG) analysis, including overseeing stewardship work in the Listed Equity team. She is the Chair of Impax’s ESG, Sustainability Lens and Environmental Committees and also Co-Heads Impax’s impact investment work.

Lisa joined Impax in 2010. She started working in the financial industry in 1999 and previously worked as an executive director in the Investment Management Division of Goldman Sachs in London. Lisa has also worked as an independent consultant, focusing on environmental policy research and analysis.

She is active within working groups and advisory councils relating to impact investing, water, governance and ESG standard setting with several external industry organisations.

Lisa has an MSc in Environment and Development from the London School of Economics as well as an MSc in Finance from the Hanken School of Economics, Finland.

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