Impax's 11th Impact Report: How our portfolio companies address global challenges

Returning from the GIIN Impact forum 2025 with mixed emotions... It’s encouraging to see Nature-Based Solutions (NBS) and climate adaptation gaining traction in institutional impact strategies. The commitment among investors to drive real change makes me hopeful. Yet, I’m worried about a growing disconnect between the supply of impact capital and the realities of nature and climate adaptation in emerging markets. - While the demand is higher than ever, many institutional investors still struggle to embrace the long-term, patient nature of NBS. - The call for de-risking mechanisms is loud. The pressure for market-rate returns brings a risk of turning NBS into short-term tradable assets — losing sight of their true long term value. - Geopolitical uncertainty is shrinking risk appetite and increasing ticket sizes across asset classes, even among DFIs. - Blended finance solutions like Dutch Fund for Climate and Development are in high demand. But raising concessional funding and grants for TA facilities remains a bottleneck for new funds. - Direct equity for SMEs is drying up, with even entrepreneurial, patient investors shifting to plain debt to preserve their capital. Thus investors start looking at each other for taking the risk in sthrengthening the balance sheet. I am hopeful that we’re in a transition. The definitions of value, assets, and returns will need to be redefined. Currently, many financial products still reflect outdated assumptions and conditions. But I remain hopeful that the financial sector will recalibrate its risk-return lens to include the non-tradable assets of nature and biodiversity. When allocated collectively and consciously, it can be an unequaled power for fundamental positive change. with Jaap de Jong and Koen Peters

Wow, its already been a week and a half since I got back from New York for UNGA / Climate Week. I wanted to share 3 quick reflections: 1. It was great to be part of so many more practical and targeted meetings. It’s no longer about putting on — or attending — a big glossy show (which, thinking back, really started at sustainable finance events in ~2018). This shift has been driven by necessity, but everyone I spoke to valued it. Smaller roundtables and interactive workshops are clearly the way forward. 2. The focus on financial fundamentals — i.e. the balance-sheet business case — has firmly re-emerged. Some might say it never really went away, but it’s now front and centre in every sustainable finance and company strategy discussion. Interestingly, that led to more coverage of nature-related topics this year (e.g. water scarcity, soil health, deforestation). What I didn’t hear much mention of was systemic risk. The focus is now squarely on demonstrating clear, idiosyncratic financial risks and opportunities. That makes sense, but I’d love to hear from anyone doing research or working on case studies where the "business case" is linked to systemic risk. (Feel free to comment or DM me!) 3. Asset managers and banks have doubled down on the message: “We serve the needs of our clients.” Understandable, given the current context. But the more I heard it, the more I wondered — will this level of agility really remain tenable in practice? Or will clients, on either “side”, increasingly expect clearer evidence of broader alignment with their values, rather than a completely customised, one-off approach? I asked this question at a closed door session I moderated and had signals this question wasn't irrelevant... #lesstalkmoreaction #sustainablefinance #nature World Benchmarking Alliance

"Outcomes-based public spending models can enable government to deliver public services at half the cost of traditional commissioning while giving a threefold fiscal return on investment, and produce an additional six-fold social and economic return from the positive outcomes achieved." Excellent column in the Financial Times on how outcomes-based models can be used to achieve social goals. How about a more widespread application of this model to finance nutrition and climate goals around the world? Read the full article: https://lnkd.in/egxxcU-U Sir Ronnie Cohen | GSG Impact | Quantified Ventures | Oshani Perera | Ammad Bahalim | Gates Foundation | Tee (Terisa) Thomas | Lysiane L. | Kamal El Harty | Better Society Capital

After a year where the mood around impact has been a bit… so-so, we wanted to find out: what’s the actual state of impact in Europe? So, we ran the largest-ever survey of the founders and investors fixing our biggest problems. 660 voices later, one thing is clear: Impact-optimism is back. Capital is ready to flow — powered by a wave of hyper-efficient innovation across energy, industrials, and healthcare. But (there’s always a but): the EU’s single market still isn’t as single as it should be. Regulatory fragmentation is slowing down half of all founders. EU–INC is long overdue. Read the European Impact Index 2025 here: https://lnkd.in/d5WbSTuc

Sharing this important piece of work from the TransCap Initiative. A new kind of financial entity, the Financial Backbone, should be emerging to help align and orchestrate different types of capital in support of systems change. It’s a shift away from fragmented investments towards strategies built around solving real problems, with the right capital mix in place from the start. IDH Invest's Barbara Visser is one of the co-authors of the report 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘉𝘢𝘤𝘬𝘣𝘰𝘯𝘦𝘴: 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘖𝘳𝘤𝘩𝘦𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘚𝘺𝘴𝘵𝘦𝘮𝘴 𝘛𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, drawing on her deep experience in systemic investing and impact investments. As Barbara puts it: "𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐚𝐫𝐞 𝐭𝐲𝐩𝐢𝐜𝐚𝐥𝐥𝐲 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐭𝐲𝐩𝐞 𝐨𝐟 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐚𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞. 𝐈𝐧 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞, 𝐰𝐞 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐟𝐢𝐫𝐬𝐭 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐚𝐧𝐝 𝐭𝐡𝐞𝐧 𝐠𝐨 𝐟𝐢𝐧𝐝 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐭𝐨 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐢𝐭." For those managing capital with an interest in transforming food and agricultural systems, this publication offers a valuable strategic lens.

Public #capital can do more than fill gaps. It can set direction, crowd in private capital, and build real value for people and for the #planet. Also in the blue economy, this matters. Healthy oceans and thriving coastal #communities need steady finance and patient #partnership. Our Co-Founder and Managing Partner Florian Kemmerich will speak at BlueInvest’s Investor Capacity Building Session on the evolving landscape of public capital in the European Union blue economy. The panel will be moderated by Daniela Cedola, Partner at PwC. Together, we will explore three simple questions: - Where does public capital create the most leverage and why. - How do we turn policy goals into investable pipelines that deliver impact and returns. - What does integrity look like in practice for communities, nature, and investors. Our view is straightforward. Clarity beats complexity. Partnership beats silos. Data and transparency build trust. When public and private actors align around real outcomes, ocean solutions scale and last. #BlueEconomy #ImpactInvesting #Oceans #Climate #Innovation #Partnerships #Europe

Next week, I will be attending the BloombergNEF Summit in London, where I am honored to speak on a highly relevant and timely topic: After the ESG Policy Rollbacks: Financial Materiality and Useful Metrics. The BloombergNEF Summit is a flagship event that brings together leaders, experts, and innovators from diverse industries to drive progress in sustainable finance, clean energy, and the broader energy transition. While sustainable finance regulations have been impactful, they have not always achieved the anticipated outcomes. However, over the past decade, sustainability integration has advanced significantly, with financial institutions embedding sustainability considerations into core decision-making processes. ESG data platforms, climate and sustainability models, assessment processes, disclosures, and green financing frameworks have become widely adopted, equipping the industry to navigate the sustainability transition with far greater precision and impact. Yet, as policymakers shift their focus towards competitiveness and simplifying regulations, new hurdles are emerging for financial institutions and companies alike. Successfully navigating this evolving landscape will demand innovative thinking, adaptability, and collaboration. I’m looking forward to attending not just as a speaker but also as a participant, engaging and gaining insights from the many interesting sessions. #BNEFSummit

Disinformation isn’t background noise—it’s a growing challenge with real consequences. 💡 After his #MSIS25 session, we caught up with James Alexander (Chief Executive UKSIF and Chair of Global Sustainable Investment Alliance) to unpack common myths and why they matter for both investors and policymakers. Stay part of the conversation—join our mailing list for the 2026 edition of the Morningstar Sustainable Investing Summit 👉 http://spr.ly/6044AwqzA

Fran van Dijk reflects on how major financial institutions can navigate today’s economic, political, and environmental landscape, advising them to plan ahead, make long-term sustainable investments, and balance financial performance with environmental and social responsibility, a combination crucial for success in today’s changing world. #SustainableFinance #ResponsibleInvestment #ClimateFinance #NetZeroFinance #ESGInvesting #PrivateEquity #SustainableGrowth #CorporateResponsibility #FinancialInstitutions #ESG #ClimateAction #SustainabilityLeadership

💡 Last week, I had a chance to talk about Emerging Markets Investors Alliance (EMIA)'s 10th Annual Sustainability and Governance Forum in the panel: "Financing Climate Adaptation in Emerging Markets: Mobilizing Capital for Resilience". We discussed the challenges investors face in emerging markets, including limited local capacity, data gaps, and the lack of understanding on the frameworks to assess the benefits of adaptation projects. We also explored how innovative financing mechanisms and blended finance can help address these barriers. Thank you Maria Eugenia Tinedo for organising this amazing event, and much honoured to meet other outstanding panelists Swenja Surminski Özge Yüzbaşıoğlu Ashwinder Singh Bakhshi! https://lnkd.in/epqM_bQr