Progress towards a more sustainable global economy might seem to have been delayed in 2023. Tighter macroeconomic conditions have not helped sentiment towards assets associated with the ‘green’ economy. Geopolitics and national policy changes also threaten to undermine progress. These short-term challenges notwithstanding, the fundamental long-term drivers of transition to a more sustainable economy remain firmly intact.

Key environmental issues remain in focus, including biodiversity loss ahead of the COP16 global biodiversity summit later in 2024. Meanwhile we continue to perceive a growing need for innovative cost-effective solutions to support a healthier, more productive and more inclusive global society. We will continue to investigate how applications of AI could potentially address some of these environmental and social challenges.

In addition to these long-term issues, as we look ahead to 2024, we are encouraged by indicators that the monetary cycle may be turning. We believe that this will both support companies in some of the sectors we focus on, and also create selective investment opportunities for those focused on the transition.

In this paper, we share our perspectives on key themes that we believe will shape opportunities in global markets in 2024 and beyond.


Nothing presented herein is intended to constitute investment advice and no investment decision should be made solely based on this information. Nothing presented should be construed as a recommendation to purchase or sell a particular type of security or follow any investment technique or strategy. Information presented herein reflects Impax Asset Management’s views at a particular time. Such views are subject to change at any point and Impax Asset Management shall not be obligated to provide any notice. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary. While Impax Asset Management has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third-party information presented herein. No guarantee of investment performance is being provided and no inference to the contrary should be made.

Hubert Aarts

Deputy Chief Investment Officer (CIO), Listed Equities

Hubert serves as Deputy CIO, Listed Equities and is a co-Portfolio Manager of the Impax Leaders and Water strategies. Hubert is a key figure overseeing Impax Asset Management’s investment strategies in the listed equities space and is jointly responsible for the development of our investment process, research, and team. He also researches stocks globally, specialising in industrials and consumer discretionary companies.

Prior to joining Impax in 2007, Hubert was a partner at Cambrian Capital. He also spent nearly a decade at BlackRock working as a portfolio manager in European equities. His first role was at MeesPierson in The Netherlands.

Hubert has a master’s degree in Economics and Business Administration from Maastricht University.

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Lisa Beauvilain

Global Head of Sustainability & Stewardship, Co-Head Sustainability Centre

Lisa co-heads the Impax Sustainability Centre. As the Global Head of Sustainability & Stewardship she is responsible for sustainability and stewardship in Impax’s investments and for the sustainability insights in the firm’s Beyond Financial Returns activities, such as product development and reporting. She co-chairs Impax’s Sustainability Lens committee and is a member of Impax’s Senior Leadership Team.

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.

She is actively participating in industry working groups and advisory councils furthering sustainable practices in industry organisations such as the Glasgow Financial Alliance for Net Zero (GFANZ) and the International Corporate Governance Network (ICGN). She is a member of the Nominations Board of Kemira Oyj, Finland and a former Trustee of the International Institute of Environment and Development (IIED).

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

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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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Charles French

Co-Chief Investment Officer (CIO), Listed Investments

Charles serves as the Co-Chief Investment Officer providing 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. He also focuses on overseeing the growth of Impax’s fixed income proposition, as well as the further development of research. Charles is also the co-Portfolio Manager of the Impax Global Social Leaders strategy.

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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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.

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Luciano Lilloy, CFA®

Portfolio Manager

Luciano is a co-Portfolio Manager of the Impax US Environmental Leaders strategy. He has been part of the Impax Asset Management team since 2017 and specialises in Digital Infrastructure and New Energy, as well as the Information Technology and Industrials sectors.


In his pre-MSc career, Luciano worked at Naked Energy where he helped develop high-energy-density solar PVT panels.

He studied physics at Universidad de Granada in Spain and undertook research in astrophysics at Tohoku University in Japan. Luciano earned a master’s degree in Climate Change, Management and Finance from Imperial College London. Luciano is a CFA Charterholder.

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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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Portrait of Shahbano Soomro

Shahbano Soomro

Deputy Head of Policy and Public Advocacy

As Deputy Head of Policy and Advocacy Shahbano works closely with investment teams to provide insights on the risks and opportunities created by policy changes and trends relevant to Impax’s portfolio. Her insights support the listed investment team’s idea generation process, company risk analysis and portfolio management decisions. Shahbano also supports the development of public policies and standards by working with regulators and industry bodies to shape policies that catalyse a more sustainable transition. She is a member of the Impax Sustainability Centre.

Prior to joining Impax Shahbano was an Engagement Manager at Vivid Economics and Mckinsey, where she worked with governments, corporates and financial institutions on net-zero transition pathways, energy decarbonisation and sustainable finance.

Shahbano has an MSc in International Economics and Public Policy at Sciences Po, Paris, and a BA in Philosophy, Politics and Economics from University of Oxford.

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