2 October, 2024
The Founder and Chief Executive of one of the world’s longest-standing investment management firms specialising in the clean energy sector is the latest Commissioner to be announced as part of the Severn Estuary Commission.
Launched in March by the Western Gateway Partnership, the Severn Estuary Commission is looking to explore the potential of the estuary to provide renewable energy. With the highest tidal range in Europe, the estuary has been estimated to have the potential to provide up to 7% of the UK’s total electricity supply. It is also a site of immense ecological value and plays a major role in the UK’s economy.
One of the major hurdles faced by previous proposals to harness the power of the Severn Estuary has been on how you finance a project that may cost billions and last for over 120 years.
Ian Simm is the Founder and Chief Executive of Impax Asset Management, which today manages ca. US$45 billion and is one of the world’s leading investment managers focused on the transition to a more sustainable economy. Outside Impax, Ian is a member of the UK government’s Net Zero Innovation Board, which provides strategic oversight of public sector funding of energy innovation programmes alongside other national and international roles.
As a Commissioner, Ian will lead on the financial strategy and oversight, to determine how potential tidal energy projects may be financed in the Severn Estuary.
He joins six other Commissioners with a wide range of experts from scientific, engineering, environmental backgrounds. Together they are looking at several key areas to provide an answer on whether the time is right to harness the potential of the Estuary.
Andrew Garrad, Chair of the Severn Estuary Commission, welcomed the appointment: “The financial structuring of tidal range energy projects is as crucial as the engineering and environmental considerations. With the appointment of Ian Simm, we are bringing in the expertise needed to navigate the complex financial landscape of potentially very large and very long-term investments. His role will be vital in ensuring that, if the Severn Estuary’s potential as a major renewable energy source is realised, it is achieved in a financially sustainable manner.”
Ian said: “I am delighted to take on the role of a Commissioner for this groundbreaking project. The scale and significance of the Severn Estuary’s tidal energy potential demand a thoughtful and innovative financial approach. My focus will be on ensuring that we develop a robust and credible financial framework that supports the ambitious goals of this project and aligns with the long-term vision for sustainable energy in the UK. I look forward to collaborating with the Commission, consultants, and stakeholders to deliver a financial strategy can meet both the immediate and future needs of this transformative initiative.”
