As of 12/15/23, Impax has updated its fossil fuel policy. Learn more here.

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 (CIO), Listed Investments

Charles is a co-Portfolio Manager of the Impax Global Social Leaders strategy. He 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.

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Kirsteen Morrison

Senior Portfolio Manager

Kirsteen is a co-Portfolio Manager of the Impax Global Opportunities strategy, as well as being a specialist in Financials and is a member of the Multi-Asset Sustainable Allocation team. Kirsteen has worked at Impax since 2009.

She began her career in the investment industry in 1987, investing in Asian equities at Royal London and then at Henderson Global Investors. She then worked for Odey Asset Management before joining JP Morgan. 

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

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Nathan Moser, CFA®

Senior Portfolio Manager

Nathan is a co-Portfolio Manager of the Impax US Small Cap strategy and a member of the Multi-Asset Sustainable Allocation team. He has been with Impax Asset Management since 2008.

Nathan previously worked in the portfolio management team at Citizens Funds where he initially joined as an analyst. He began his investment career at John Hancock Investment Management.

Nathan is a CFA® charterholder and member of the CFA Institute. He also holds a bachelor’s degree in investment and economics from Babson College.

Recent Insights

Disrupting the inefficient healthcare system

World-leading innovation means the US is home to a breadth of exciting – and under-researched – smaller healthcare companies that are improving outcomes for patients and providers

22 Feb 2024

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Chris Dodwell

Global Head of Policy & Advocacy, Co-Head Sustainability Centre

Chris co-heads the Impax Sustainability Centre and is the Global Head of Policy & Advocacy at Impax Asset Management, a specialist investor focused on opportunities arising from the transition to a sustainable economy.

The Policy & Advocacy team is responsible for advising Impax’s investment teams on the impacts of public policy and leads the firm’s work to support the development of new policies to accelerate a net-zero, nature-positive transition.

Chris joined Impax in 2019.  Prior to joining Impax, Chris worked on climate policy for the UK Government for more than a decade, where he led the UK implementation of the European carbon trading system and the UK delegation to the international climate negotiations. Later, as Director of Climate Change at Ricardo Energy and Environment, Chris supported more than 15 countries in developing and implementing their national climate pledges under the Paris Agreement. 

Chris is an active member of the policy committees and advisory councils of industry associations including UK Sustainable Investment and Finance Association (UKSIF), Institutional Investors Group on Climate Change (IIGCC) and the Investment Association.  He is co-chair of the Transition Plan Taskforce’s asset manager working group and a Climate Change Commission for the London Borough of Hammersmith and Fulham.

Chris has a BA Hons in Classics from the University of Cambridge and an LLM in Environmental Law from University College London.

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Julie Gorte, Ph.D.

Senior Vice President for Sustainable Investing

Julie is a leading figure in Impax Asset Management’s sustainable investing work, coordinating systemic engagement and the financial implications of integrating sustainability into investment decision-making. Julie researches the connections between sustainability and economic performance. She also tracks and develops insights into the impact of public policy on investment and communicates with public policymakers to help make public policy more favourable to sustainability and sustainable investing. Julie is a member of our Gender Analytics team and the Impax Sustainability Centre.

Prior to joining the firm, Julie headed up the social investment strategy at Calvert. She has held senior roles at the Congressional Office of Technology Assessment, The Wilderness Society, and the Environmental Protection Agency.

Julie serves on the boards of the Endangered Species Coalition, E4theFuture, Clean Production Action, the Forum for Sustainable and Responsible Investment (US SIF) and is the board chair of the Sustainable Investments Institute. She holds a Ph.D. and a master’s degree in resource economics from Michigan State University and has a bachelor’s degree in forest management from Northern Arizona University.

Recent Insights

Climate change: the impact for investors

Reviewing the research that demonstrates the financial materiality of physical, transition and adaptation risks to companies, issuers and their investors

15 Sep 2023

Charlie Donovan

Senior Economic Advisor

Charlie Donovan is Senior Economic Advisor at Impax and Professor of Practice in the Department of Finance and Business Economics 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. He contributes to Impax’s thought leadership initiatives and provides insights on North American policy developments to Impax’s clients and investment teams. He is a member of the Impax Sustainability Centre.

Before joining lmpax in 2022, Charlie was previously Professor of Practice at Imperial College London and Founding Executive Director of lmperial’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 is co-author and editor of Renewable Energy Finance: Powering the Future, now in its second edition. He holds a BA from the University of Washington, an MBA from Vanderbilt University, and gained a DBA (Doctor of Business Administration) in finance from IE Business School.

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