A Future Green
By Cliff Feigenbaum and Ted Ketcham

America is at a crossroads on the journey towards a more sustainable, restorative future with safe, clean energy and an economy that works for everyone.

On our Spring 2010 cover we asked the question: Where to now? I was hoping things would be a little clearer by this time, but as we all know, the waters of recovery have become murkier. BP’s oil spill has been deadly and disastrous for the Gulf and its residents, and now there is an oil spill in China’s Yellow Sea, not to mention the deadly coalmine explosions in both our countries. Are these just the costs of our energy intensive economies?

We still have a jumbled economic recovery and now, in spite of the overwhelming need for it, no U.S. comprehensive energy plan. Unemployment continues with more underemployment ahead, we’re still in two wars (remember?), and we still see crippling deficits at every level of government. Granted, Congress has legislated some financial regulations that should help, and European and US banks are stabilizing.

But how hard will times get? It depends on how long this recession lasts.

Wired magazine's editor-in-chief Chris Anderson says some good may come from the Gulf catastrophe. "What comes out of this is awareness of the costs and tradeoffs we're making," Anderson said during an interview at a recent WIRED Business Conference. "If [the spill] makes us more aware of the big picture of drilling, carbon [and] our traditional energy path, it will allow us to make smarter choices going forward."

“The implicit costs of drilling” are now all too explicit, Anderson explains.

But are we listening? My editor recently stood waiting for a north side Spokane traffic light during the morning rush hour. He counted among the fifty in-bound cars and pickups that passed in one cycle to see how many carried passengers. The answer: zero. An anomaly? Not at all.

Yes, the oil spill is bad. But do we hate it or BP enough to share rides or alter our lives in ways that are not so energy intensive? If not, we can expect many more such events. A case in point: a leaking oil pipeline polluted twenty miles of the Kalamazoo River and was threatening to reach Lake Michigan in
late July. The economic slowdown can be an opportunity for us to look at how we do things and at what we expect. But it may take $5-$6 a gallon gasoline to make us finally change our ways.

For the power of technology and innovation to work, we must be willing to invest in green companies and local banks, to shop locally (and maybe even less), and to car-pool once in awhile.

So guess what. The future is up to us. Collectively. Catastrophic impacts are shared worldwide as this Gulf oil spill could reach the UK. Icelandic volcanoes caused disruptions around the globe. The financial meltdown has been painfully felt everywhere.

There is no one way out of trouble. The global economic recovery will require hard work, green technology, and long-term sustainability planning in all areas of commerce and government.

We need to be accountable for our financial lives. Perhaps it's time for many of us to take a class in financial literacy–and we probably should invite some bank executives, too. The financial system might not be completely broken but we've all seen the cracks.

This is a packed-full issue because, well, we need a lot of solutions. Our Fall 2010 issue brings together some great minds to outline some of where we've been,–but mostly it's about where we are going and what will help get us there. How can we better meet people's needs, build wealth and create more sustainable and resilient communities?

We begin with Bennett Freeman over-viewing the aggressive new SAGE strategy from Calvert that is expanding their approaches to SRI; next, continuing the theme of positive changes through corporate engagement Heidi Welsh offers a close look at the recent shareholder resolutions proxy season. We continue our ICONS interview series as Jean Pogge of ShoreBank questions green business leader Jeffery Hollender of Seventh Generation. And finally Shari Berenbach of the Calvert Foundation shows us a road map to the future of community investing.

You’ll also find: The Cooperative Fund of New England tells us how they have been growing and strengthening co-ops for 35 years; Rob Thomas of Social(k) speaks to our retirement and investing for a future we choose. There are even more articles on SRI below, plus check out our constantly updated Global Calendar of Green Events. So stay active, stay informed and remember to Vote on November 2nd.

If you are looking for our quarterly Mutual Fund performance chart, it is available exclusively in our quarterly Print edition. Subscribe for the special rate of $25 by calling (800) 849-8751 or click on the bright green square ad on the top left of this page

In closing, a question for discussion: What does prosperity look like to you these days? Please email your thoughts to cliff@greenmoney.com

Feature articles
	Calvert's SAGE Strategy - A New Pathway towards Sustainability In December 2008 Calvert launched a large cap value fund with some unusual holdings for us—Royal Dutch Shell and BP, Dow Chemical and Southern Company, GE and Wal-Mart—among them. Indeed, nearly half of the approximately sixty holdings in this first Calvert SAGE™ strategy do not meet the minimum environmental, social and governance (ESG) criteria required by our traditional Calvert Signature™ strategies. But that is precisely the point—to challenge the sustainability commitment and performance of companies we have never held before and to broaden the impact of SRI at the same time. by Bennett Freeman
	Unprecedented Investor Approval for 2010 Social Shareholder Resolutions When activists want U.S. companies to change, they can write letters to management or the board, organize public protests, or boycott a company's products. But since the early 1970s investors also have had a more inside option—filing shareholder resolutions. by Heidi Welsh
	GMJ interview – ICONS series: Jean Pogge interviews Jeffrey Hollender In GreenMoney's Icons Series we invite socially responsible business and investment industry leaders to interview others who have also assumed leadership positions, resulting in lively and informative conversations.
	The Future of Community Investing: Empowering the poor creates a win-win for both low-income communities and investors As a young single mother, Arga wanted a way to make a positive impact on her family and community. With hard work and dedication, she opened Sunfired Foods, a natural organic food restaurant and nutritional store serving a low-income neighborhood of Houston, Texas. After one year in business, however, Arga needed more capital to fund her growing business. Unable to find what she needed from traditional channels, Arga received a loan and technical assistance from community organization ACCION Texas, and Sunfired Foods has now grown into a fully equipped store that sells herbs, vegetarian cuisine, and freshly squeezed juices. By Shari Berenbach
Exclusive Online Articles
	Thirty-Five Years Growing Co-ops: The Cooperative Fund of New England The recent crisis in the global financial system has contributed to a renewed search for economic alternatives that can better meet people's needs, build wealth and create more sustainable, resilient communities. Severe unemployment, shuttered businesses, and millions lost on the stock market have caused quite a bit of soul-searching, especially among socially responsible investors. A host of new buzzwords have emerged in recent years, including green jobs, slow money, local investing, and social entrepreneurship. By Erbin Crowell
	"Eschatological Investing or Eschewing Apocalypse: Investing for a Future You Choose" I became licensed to sell securities in 1998, a great time to be investing in stocks and bonds. Qualcomm was going to $1000 and Cisco was going to be worth more than most countries. That lasted until March 2000 when the dot.com boom went bust. My interests then took me to retirement plans. For over ten years I advised companies on pension benefits as an advisor for UBS. Defined contributions plans, 401(k), 403(b) 457 and profit sharing plans, to name a few, are a part of most companies' benefit programs. The defined benefit plan, the traditional pension plan, is not as popular. Working with companies to offer plans that makes sense, and are embraced by employees, is where I have focused my efforts with Social(k). Since 1999 I offered a 401(k) platform with more socially responsible funds than any other provider. In 2005 I greatly expanded the socially responsible fund offerings on the platform and branded it Social(k). by Rob Thomas
Additional Online Articles
	Reclaiming our Capital, Greening our Economy, and Launching the Next New Deal The Gulf Oil spill disaster riveted the attention of the world over the Spring and Summer. Unfortunately, this accident was just one in April alone that caused 49 worker deaths in drilling rigs, mines and refineries. And we watched for days the real environmental destruction and profound harm to the people and the coastal economies in the American gulf south. The death and destruction were just the tip of the iceberg. By Thomas Croft
	Understanding Stewardship Investing at Eventide Gilead Fund The concept of Environmental Stewardship has been a mainstay within Socially Responsible Investing, and it has included a company's environmental policies and track record, along with a company's health and safety track record, carbon footprint, and sustainable products and practices. At Eventide Gilead Fund, we take an even broader approach to the concept of stewardship as we analyze our companies because we believe that business has the great ability to impact society, for both good and for bad. We determine whether the company chooses to “serve” or to “be served.” While some companies choose to profit at the expense of the customer and society, others can be found that are, in fact, creating value for the customer and for society. Coincidentally, companies that are most concerned about the employee, customer, and society tend to engage in more sustainable practices and are better investments for the shareholder. By Robin Cheriakalath John
	A New Form of Social and Environmental Research that is Collaborative and Transparent A little over a year ago Steven Gervais, then Research Associate at Benchmark Asset Managers, LLC, a Philadelphia-based sustainable investment firm, and Research Intern Mukul Sharma, a student at University of Pennsylvania, were conducting research on socially responsible and environmentally conscious companies for potential investments. Charged with the challenge of finding solutions to the world’s problems that were investable, not followed by Wall Street analysts and not overvalued, they turned to the idea of building a wiki so that a community of researchers around the world could expand Benchmark’s research reach globally. by Rachael Stephens, Jessy Joyce Nadar and G. Benjamin Bingham of Benchmark Asset Managers
	The Green 401k: Bringing Responsible Investing Into the Mainstream Why The Time Was Right There is a sea change taking place in this country. Global warming is causing us to be more conscious of our impact on the planet, and people are making more responsible choices as consumers. More and more people are purchasing hybrid vehicles, buying organic and natural products, reducing waste and recycling, and generally making an effort to live greener lifestyles. As we shift toward more sustainable lifestyles, many people also want their investments working for the greater good. Socially responsible, sustainable, green or responsible investing is simply an extension of being a responsible consumer. These types of investments consider financial and environmental, social and governance (ESG) factors into their investment decisions. If given the choice, we believe that many of us would choose to use our investment dollars to support companies that have strong environmental track records, that protect human rights, and that treat their workforce well. As more and more companies are embracing sustainability, we believe that many companies will look to incorporate responsible funds into their 401k plans. by Bud Sturmak, CFP®, AIF® / Managing Director, RLP Capital, Inc.
	Socially Responsible Investing: Where is the money going? Socially responsible investing [SRI] is broadly defined as an investment strategy which seeks to maximize both financial return and social good. It is arguable that this industry is in its infancy and, to this day, exists primarily in a select number of developed nations. Nevertheless, the amount of monies being pushed into the industry has grown exponentially in the last 10 years, reaching a staggering $2.71 trillion USD in 2007 (Social Investment Forum [SIF] 2007a:ii). Yet despite this great growth, the academic analysis of this business has lagged behind. While researching this paper, it was surprising to find how little study had been undertaken on this trillion dollar industry. Those involved rarely provide so much as a definition in their literature of what exactly SRI entails, typically leaving any explanatory statements for the more specific aspects of the industry. Those who do, generally adhere to the practice of a simple quotation from a small number of sources, namely their country’s standard forum on the industry. This is interesting as it raises a number of important questions. If they were asked to provide their own definition, would it differ and be an environment related statement? Does this indicate that SRI is such a mainstream subject that a supplied definition is no longer necessary? The purpose of this paper is to aid in closing this gap in research on the industry and to give a better understanding of SRI. Taking a look at where SRI funds are going and what these managers are doing is interesting not simply because it enables us to characterize and understand SRI but also it may uncover hints of shifts in the SRI industry’s focus. It has the potential to provide a good picture of trends within the industry and relevant conclusions will be drawn which may hint at the future direction of the SRI industry. By Carolyn D. Lamontagne
	Domini Social Equity Fund Outperforms 90% of Peers for Year Ended June 30, 2010 Domini Social Equity Fund Outperforms More Than 90% of Large Cap Core Equity in Lipper Ranking for Year Ended June 30, 2010
	Asset Management Firm Legg Mason Joins Ceres' Network of Companies Ceres is pleased to welcome Legg Mason Global Asset Management (Legg Mason) into its network of companies. Legg Mason is one of the largest asset management firms in the world, with $658 billion in assets under management as of May 31, 2010. By joining the Ceres company network, Legg Mason commits to long-term stakeholder engagement, public disclosure of its environmental and social impacts and strategies, and continuous sustainability performance improvement.
	The GREEN TRANSITION SCOREBOARD™ Tops $1.6 Trillion in 2010 The GREEN TRANSITION SCOREBOARD™ from Ethical Markets (http://www.ethicalmarkets.com ) the independent global multi-media company, tracks total private investment in companies growing the green economy since 2007. The mid-2010 update shows a rise to $1,646,719,228,993 from $1.240 trillion at the end of December 2009.