Impax Asset Management

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

Impax's entire AUM is invested in companies delivering environmental solutions — energy transition, water, waste, sustainable food, and climate resilience — with avoided GHG emissions tracked and published since 2015, and ~64% of committed AUM classified as 'climate solutions' as of end-2021 baseline; however, as a financial intermediary its direct emissions reduction is entirely mediated through portfolio companies rather than operations.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

Impax is a signed NZAM member targeting 100% of committed AUM 'transition aligned/aligning' by 2030, with at least 50% classified as aligned, and discloses annually under TCFD and PAII Net Zero Investment Framework; targets are not independently SBTi-validated at the firm level, limiting the score despite credible structural commitment.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Impax publicly discloses proxy voting guidelines, maintains a firmwide Sustainability Centre, tracks diversity metrics including women and minorities in senior roles, and engages investees on human rights and climate disclosures; a proxy-voting workflow failure affecting UCITS funds from August 2023 to January 2024 was a governance lapse but was disclosed and remediated.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

Impax publishes annual Impact Reports (since 2015), a TCFD Report, a Stewardship and Advocacy Report, and strategy-level sustainability reports with Scope 1/2/3 GHG data for portfolio companies; data gaps for Scope 3 of US portfolio companies are acknowledged, and the firm uses conservative estimation methodology to avoid overstating avoided emissions — third-party assurance of firm-level data is present but not prominently independently audited at the portfolio-impact level.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

No material controversies involving pollution, fossil-fuel lobbying, conflict-zone investments, or regulatory sanctions were found; the sole notable operational incident was the 2023–2024 proxy-vote execution failure in UCITS funds, which was self-disclosed and resolved, and a Q2 2024 workflow issue resulting in two meetings going unvoted — both minor governance lapses, not integrity-threatening events.