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Impax Asset Management

PRI reporting framework 2019

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成果および結果

PE 14. ESG issues affected financial/ESG performance

14.1. プライベートエクイティ投資における責任投資へのアプローチが業績やESGパフォーマンスに及ぼす影響を測定しているかどうかを記載してください。

以下への影響を説明してください: 

影響

投資対象の財務業績

以下への影響を説明してください: 

影響

投資対象のESGパフォーマンス

14.2. こうした結果を決定する方法について説明してください。

ESG issues and full compliance with them are a prerequisite for the implementation and financial success of our renewable energy infrastructure projects.

Building, developing and operating renewable energy projects generates clean energy, allowing us to measure and report on carbon avoidance from our projects.

We report annually on renewable generation and carbon avoidance from our on-going renewable energy private equity projects:

https://www.impaxam.com/sites/default/files/Impax_Impact_Environmental_Impact_Report-2018.pdf

 

Impax's latest renewable energy fund "NEF III" has also been awarded the independently audited Novethic Energy and Ecological Transition for the Climate, (EETC), green label due to these three assessed pillars:

 

  • Pillar 1: Fund's objectives and methodologies for the selection of assets contributing to the energy and ecological transition.
  • Pillar 2: Consideration of ESG criteria in the construction and life of the portfolio
  • Pillar 3: Highlighting positive impact on energy and ecological transition

 

Having the right governance systems is imperative to the success of our portfolio investments and time is taken to establish these immediately after acquisition. Protocols are reviewed annually.

We rely on the local teams engaged to provide services to our investments and the monthly and annual reporting provides the information that we need to know if issues have been correctly addressed. We review performance annually.


PE 15. Examples of ESG issues that affected your PE investments

15.1. 報告年度中に潜在的および/既存のプライベートエクイティ投資において特定したESG問題の事例を挙げてください。

投資段階
ESG問題

ESG問題

          Environmental impacts.
        
セクター
          Small-scale hydro development (Norway).
        
投資への影響(またはその可能性)

Small-scale hydro development (Norway) requires detailed environmental plans to be developed and approved by the relevant regulatory body (NVE). Relevant studies being completed as necessary to develop plan (for portfolio of assets).

Permitting delays, or amendments to detailed designs prior to (and monitoring during) construction.

投資に影響するために実施する活動およびその反応

On-going engagement with local experts understanding issues relating to hydro project design and authorities during approval process and local stakeholders necessary to achieve approval.

投資段階
ESG問題

ESG問題

          Noise and environmental impacts.
        
セクター
          Re-powering a wind farm in France.
        
投資への影響(またはその可能性)

Noise and other studies being undertaken to check the environmental impacts of the proposal and to obtain required permitting.

 

投資に影響するために実施する活動およびその反応

Appointment of French development experts to manage the process as well as engagement with authorities and local stakeholders.

投資段階
ESG問題

ESG問題

          Governance structures for joint venture
        
セクター
          Norwegian small-scale hydro development joint venture platform
        
投資への影響(またはその可能性)

Joint venture structure established with governance systems developed to ensure accountability, align interests, maintain control and independence (appointment of non-executive director).

投資に影響するために実施する活動およびその反応

Assistance from local lawyers to assist with governance best practices for the structures being established.

15.2. ESG要因の重大性をどのように定義し評価しているのか記載して下さい。

Environmental and social factors are material, as they have a direct effect on permitting, which is a prerequisite for successful renewable energy infrastructure projects.

ESG factors are identified and defined during the investment process through due diligence reports commissioned by expert advisers presented and analysed by our investment team and investment committee. Consideration goes beyond simply complying with the applicable environmental laws and other permitting procedures. These are integrated in the investment structuring and strategy building process and follow through into the business planning process. Our Investment Committee must approve all potential investments against our ESG-parameters and any breach prevents us from making an investment.

Material environmental factors will be required under permits which are necessary to develop and build renewable energy projects. Concessions must be awarded through transparent processes. We work through the environmental risk factors during the development and construction phase with dedicated experts and obtain the necessary reviews and sign off by regulatory bodies. During the operational phases these risks are usually reduced (as they have been considered thoroughly during the design process), so we outsource the ongoing responsibility to manage these to local teams who review regularly and ensure that we keep up with best practice. To date investments have been made in Europe and adhere to EU EIA Directive and Water Framework Directive. If a new build project has the potential to affect a Natura 2000 site protected under the Habitats Directive or Birds Directive, additional care is taken, and a more detailed assessment is completed to ensure no negative impact as a result of the build. We develop calendars to ensure that the requirements under permits are monitored with the correct frequency and with sufficient time to put the proper considerations in place. 

Social issues are considered during the management of portfolio companies and design of management reporting systems. Local communities are closely involved in the permitting phase of the projects we invest in and under EU-standard permitting procedures local citizens have a right to participate in the procedure. Where investments have employees we adhere to EU directives on social matters such as European Principles for the Environmental and Human Rights Law. We always insist that all applicable employment laws and health and safety regulations are duly observed, and comprehensive insurance policies are in place. Compliance checks are completed on all outsourced providers and suppliers engaged.

We seek to address and resolve any material governance issues prior to investing. Our preferred approach is to acquire 100% of the ownership interest in our targets, otherwise investments are structured so that we maintain control. Then we can implement straight forward oversight and governance systems. Compliance checks are completed on all counterparties we engage with and all suppliers adhere to anti money laundering policies. Quarterly board meetings at joint venture company levels ensure that enough time is dedicated to review governance issues. Annual review meetings identify any risk areas, whilst monthly investment meetings can implement regular reviews if issues arise in the meantime.


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