Whatever 2023 has in store, corporate winners will continue to be created by transformations in the global economy. The economic case for clean energy is more compelling than ever. Efforts to accelerate climate action highlight the need to up investments into adaptation alongside reducing emissions.  

Short-term volatility in global markets will create long-term opportunities for active investors in the new year. Closer scrutiny of sustainability claims should meanwhile strengthen demand for investment products whose authenticity can be demonstrated.

Here, we share our perspective on key themes that will shape global markets in 2023 as the transition to a more sustainable economy continues.

Executive summary

  • Innovative companies with pricing power in growing niches can shine in inflationary, higher interest rate environments
  • The renewable transition will accelerate because it offers an energy system that is cheaper, cleaner and more secure
  • Despite progress on implementing climate policies ahead of COP27, policymakers must redouble efforts to attract private capital to achieve climate goals and adapt to unavoidable impacts
  • Rising costs of living create opportunities for companies whose products and services can solve persistent social challenges
  • Greater coordination between regulators will help both companies and investors’ reporting against sustainability claims

Charles French

Deputy Chief Investment Officer, Listed Investments

Charles provides support and leadership in the development and growth of the Impax Asset Management’s listed investments business, covering research, idea generation, portfolio management, ESG integration, and trading.

Prior to joining Impax Asset Management in 2022, Charles worked at Newton Investment Management where he started out as a global financial analyst before becoming a portfolio manager and heading up Newton’s multi-asset and equity opportunities teams. He was also deputy chief investment officer, providing leadership and oversight to a global investment team.

Charles graduated with a bachelor’s degree in Economics from the University of Nottingham. He is also a member of the Institute of Chartered Accountants (ICAEW) in England and Wales.

Recent Insights

Kirsteen Morrison

Senior Portfolio Manager

Kirsteen co-manages the Global Opportunities strategy and is an interim manager on the Asian Environmental and Asian Opportunities strategies. She is also a member of the Pax Sustainable Allocation Fund portfolio management team.

Kirsteen joined Impax in September 2009. She began her career in the investment industry in 1987, investing in Asian equities as a portfolio manager at Royal London and Henderson Global Investors.  She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London. Subsequently, Kirsteen worked within global equities, as a Financial analyst for Odey Asset Management before joining JP Morgan to run a long/short Financials portfolio for the internal hedge fund.

Kirsteen has an MA in Metallurgy and Science of Materials from Oxford.

Recent Insights

Additional Insights

Nathan Moser, CFA®

Senior Portfolio Manager

Nathan Moser is a Senior Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Impax Funds. He is Senior Portfolio Manager of the US Small Cap Strategy, including the Impax Small Cap Fund. Nathan has been a member of the Impax Sustainable Allocation Fund portfolio management team since 2015.

Nathan has managed the Impax Small Cap Fund since its inception in 2008, which is the year he joined the firm. Prior to that, he worked at Citizens Funds, first as an Equity Analyst then as a Portfolio Manager. Nathan started his career with John Hancock Funds, where he was an Equity Analyst.

Nathan holds a Bachelor of Science from Babson College. He is a CFA® charterholder and a member of the CFA Society Boston.

Recent Insights

Chris Dodwell

Head of Policy & Advocacy

Chris is a climate change and environmental policy expert with over 25 years’ public and private sector experience. He is responsible for managing Impax’s engagement in the development of policy issues and providing insights on policy to the firm’s investment teams.

Before joining Impax in 2019 Chris worked at Ricardo Energy & Environment for eight years as Director of Climate Change, Clean Growth and Strategic Partnerships. Here he was responsible for overseeing key projects in the aforementioned areas as well as building relationships with clients in the public and financial services sectors. Prior to this he worked for 10 years at the heart of the UK Government’s work on climate change, including leading the UK’s implementation of the EU Emissions Trading System and heading the UK Delegation to the United Nations Framework Convention on Climate Change (UNFCCC). Chris began his career as a solicitor at Freshfields Bruckhaus Deringer where he worked on a variety of civil, criminal and public law litigation relating to the impact of pollution on the environment and human health.

Chris graduated with a BA Hons in Classics from the University of Cambridge in 1990 and later went on to achieve a Master of Laws in Environmental Law from University College London in 2002.

Recent Insights

Julie Gorte, Ph.D.

Senior Vice President for Sustainable Investing

Julie Gorte is Senior Vice President for Sustainable Investing at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Impax Funds.

She oversees environmental, social and governance-related research on prospective and current investments as well as the firm’s shareholder engagement and public policy advocacy. Julie is also a member of the Impax Gender Analytics team.

Prior to joining the firm, Julie served as Vice President and Chief Social Investment Strategist at Calvert. Her experience before she joined the investment world in 1999 includes a various number of roles. Julie spent nearly 14 years as Senior Associate and Project Director at the Congressional Office of Technology Assessment. Additionally, she has held the roles of Vice President for Economic and Environmental Research at The Wilderness Society, and Program Manager for Technology Programs in the Environmental Protection Agency’s policy office and Senior Associate at the Northeast-Midwest Institute.

Julie serves on the boards of the Endangered Species Coalition, E4theFuture, Clean Production Action and is the board chair of the Sustainable Investments Institute.

Julie received a Ph.D. and Master of Science in resource economics from Michigan State University and a Bachelor of Science in forest management at Northern Arizona University.

Recent Insights

Charlie Donovan

Senior Economic Advisor

Charlie Donovan is a Senior Economic Advisor at Impax and Visiting Professor of Sustainable Finance at the Foster School of Business at the University of Washington.

Charlie’s role at Impax deepens the firm’s expertise in understanding the opportunities arising from a global energy transition. His role contributes to Impax’s thought leadership initiatives and provides insights on North American policy developments to Impax’s clients and investment teams.

Before joining Impax in 2022, Charlie was previously Professor of Practice at Imperial College London and Founding Executive Director of Imperial’s Centre for Climate Finance and Investment. In his corporate career, Charlie was Head of Structuring and Valuation for Global Power at BP plc and part of the team that launched BP Alternative Energy in 2005 with an $8 billion funding commitment. He began his career as an Energy Policy Analyst at the US Environmental Protection Agency during the Clinton Administration.

Charlie serves as academic co-chair of the Coalition for Climate Resilient Investment (CCRI), an investor body representing $20 trillion of assets under management, and is co-author and editor of Renewable Energy Finance: Powering the Future, now in its second edition. Charlie holds a BA from the University of Washington, an MBA from Vanderbilt University, and gained his doctoral degree from IE Business School.

Recent Insights

The transition will not be televised – Part 1

Charlie Donovan, Senior Economic Advisor, sets out Impax’s views on the prospects for clean power in the US as solar and wind are poised to play fast-growing roles in electricity generation

31 Oct 2022
Scroll to top
User Agent: LinkedInBot/1.0 (compatible; Mozilla/5.0; Apache-HttpClient +http://www.linkedin.com)