Betting On the Energy Transition Has Turned Painful for UK's Impax.

Impax Asset Management, the world's largest publicly traded fund manager focused on sustainability, has experienced a decline in fee revenue and the performance of clean energy companies in its portfolio. The company has also faced fund outflows, partly due to weaker demand from BNP Paribas Asset Management, its largest shareholder. The transition from carbon to clean energy has lost momentum globally, as indicated by a World Economic Forum report. Despite these challenges, Impax's CEO, Ian Simm, remains optimistic about the long-term investment potential of the energy transition. The company has diversified its holdings beyond pure sustainability investments and is seeking to reduce client outflows and lower costs. Analysts believe that a recovery for Impax may be slow but expect the transition to clean energy to continue. [Extracted from the article]