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GreenMoney Journal - publishing since 1992
Fall 2010 issue
Socially Responsible Investing – Better Companies, Better Communities
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Green News Column - Expanded Version
Triple Bottom Line Simulation Exceeding Benchmarks
by Susan Davis, Capital Missions
Last May more than forty high-profile treasurers met in New York to create five different
Simulations, each one seeking to maximize a different social dividend (screening, shareholder
activism, community development, social venture capital and overall SRI). Their intent was to track
the returns each quarter, comparing them to their existing managers so as to consider using more
social investment managers.
After two quarters, all five simulations in the Triple Bottom Line
Simulation have been outperforming their financial benchmarks, according to George Gay, CEO of
First Affirmative Financial Network, which does the analysis for the Simulation. The Simulations
show treasurers how $100 million portfolios can be invested across all asset classes in 14 varied
investment products and generate market returns.
"The Simulation is a very innovative
program created by institutional treasurers for institutional treasurers, and allows us to
experience social investing without taking risk," says Gale Whitson-Schmidt, long-time head of
treasury for the General Board of Pensions for the United Methodist Church.
"Frankly, I'm
gladdened by the good returns," said Larry Amon, CFO of the National Wildlife Federation. "We think
of social investing as something we do with a small part of our portfolio. To see a portfolio that
is 100 percent socially invested meet its benchmarks is making us take a much closer look at this
field."
The treasurers will meet again June 10, 2002 in New York City at the Roosevelt
Hotel to evaluate the 2001 returns and to change the asset allocation strategy for 2002 to reflect
changed market conditions. The treasurers will also be reviewing a number of additional social
product offerings, representing additional asset classes.
The program includes case
studies by treasurers about how they began social investing, how they developed an institutional
strategy for it, what actual social investments they made and how those investments performed.
Attendance in June is open only to financial officers responsible for making investments. Products
included are leading products of leading companies who belong to the Social Investment Forum, the
industry trade group. Registration costs $495.
Capital Missions Company of Elkhorn, WI
launched the Simulation in 2001 through its contacts with institutional treasurers. In ten years
Capital Missions has designed and launched ten networks of investors who seek market returns plus
social dividends. For further information on CMC and the Triple Bottom Line Simulation, go to-
http://www.capitalmissions.com
or call 815-577-0844.
SAN FRANCISCANS GO SOLAR
Last November San Francisco voters overwhelmingly approved two solar energy revenue bond
measures that will transform the fog-shrouded city into the nation's largest municipal producer of
solar electricity. The bonds will help finance solar and wind power systems throughout the city,
including solar panel installations on rooftops of city-owned buildings and schools within the
year. The final result will be a near doubling of the nation's solar energy capacity.
NEW
ENERGY AND CLIMATE WEB SITES LAUNCHED
The Center for Energy & Climate Solutions, a division of
the Global Environment & Technology Foundation recently launched a major overhaul of its website
at- www.coolcompanies.org, which spotlights innovative, real world business applications of energy
efficient and clean power technologies. The web site features strategic and technical guidance,
along with case study information on both environmental and financial performance of more than 100
projects. The web site was made over as part of a newspaper advertising campaign by the Energy
Foundation and the David and Lucile Packard Foundation spotlighting corporate best practices in
energy management. The web site is the reference destination for ads that appeared throughout last
summer in The Wall Street Journal and The New York Times. The Center also launched a new website
at- www.energyandclimate.org featuring news and information about the Center's projects, programs,
capabilities, and staff.
GO EXPLORE EARTHTRENDS ON THE WEB
EarthTrends: The
Environmental Information Portal at- http://earthtrends.wri.org
is the World Resources
Institute's new interactive website. EarthTrends is intended to be the first place to go for timely
and accurate global environmental and sustainable development information.
Lack of access
to information continues to impede the creation and implementation of good public and corporate
policy. EarthTrends was developed to make relevant, high-quality information easily accessible and
free to all. The site contains something for policy-makers in government and private industry,
NGOs, educators, students, and the general public.
EarthTrends offers five ways to
explore the website: a searchable database, maps, country profiles, text and graphics "features"
pieces, and pre-formatted data tables. You can use these five tools to access information in ten
topic areas: coastal and marine ecosystems; forests and grasslands; water resources and freshwater
systems; agriculture and food; climate and atmosphere; population, health, and human well-being;
economics and business; energy; biodiversity and protected areas; and environmental governance.
EarthTrends is sponsored by the United Nations Development Programme, the United Nations
Environment Programme, the World Bank, the David and Lucile Packard Foundation, the Ford Motor
Company, and the V. Kann Rasmussen Foundation.
FIGHTING POVERTY ONE CLICK AT A TIME
An interesting new web site is PovertyFighters.com which helps Microfinance Institutions work
together to raise funds, while strengthening public awareness and support for microcredit, in
support of the Microcredit Summit Campaign's mission:
To ensure that 100 million of the
world's poorest families, especially the women of those families, are receiving credit for
self-employment and other financial and business services by the year 2005. Go visit the site-
http://www.povertyfighters.com
RENEWABLE ENERGY HELPS SECURE AMERICA'S FUTURE
PBS
television program to illustrate how renewable energy can help secure America's future
Production began last Fall on a new television program designed to serve as a guide to
renewable energy installation, solar electricity generation, and energy independence. Bringing
renewable energy directly to the mainstream consumer market, This Renewable House is intended to
air on PBS in early 2002. Production begins as concerns heighten regarding safety and security
throughout the world, and the issue of energy production and its sources gains national attention.
This Renewable House is believed to be the first major television program produced using
renewable energy technology. Solar electric power will run the production equipment used to film
and edit the program, as well as power administrative offices. Hybrid-electric vehicles are being
used to transport production staff.
"Renewable energy can help secure our future. The
technology has matured, prices have come down, and significant purchase incentives are available
today, making renewable energy a practical choice for consumers," says Scott Cronk, Executive
Producer.
Filming of This Renewable House began last October in Santa Rosa, California.
The program will likely air in early 2002.
"By producing This Renewable House with solar
energy we are demonstrating the practical and important role renewable energy can play in American
commerce and the American way of life," says Bob Andruszkiewicz, Co-Producer and Director.
Following the broadcast, an expanded home video/DVD version of This Renewable House will be
offered as a free, public service rental to consumers through major video rental stores in
California.
The production team recently completed filming of a public service
announcement (PSA) about renewable energy, which features Lee Iacocca, former Chairman of Chrysler
Corporation, and now Chairman of Lido Motors USA. The PSA was filmed using solar energy and will be
broadcast on radio and television stations later this year. It will invite consumers to visit
www.calenergy.org, a website that enables California consumers to determine if renewable energy is
right for them, and allows them to facilitate the installation of renewable energy systems.
"Renewable energy is a way for Americans to take control of their energy future, to help make
the planet a cleaner, safer place for our children and grandchildren," said Iacocca.
Recently, Governor Gray Davis announced a plan to increase the State's renewable energy
generation to 17 percent by the year 2006. S. David Freeman, Chairman of California's new Power
Authority, said: "The Power Authority is intent on ensuring that California's energy portfolio is
diverse enough to meet the State's needs, as well as the Governor's call for 17 percent renewable
energy sources. We are giving renewable energy the first priority for a change." The State is
working with renewable energy technology manufacturers to determine ways to power California with
renewable resources for decades to come.
In this fiscal year, the California Energy
Commission's Buydown program is releasing $76 million as incentives to consumers who choose
renewable energy. These funds pay up to half the cost of renewable energy systems, including
installation. New funds are planned for 2002, and beyond.
This Renewable House is
partially underwritten by the California Energy Commission. The production will run on solar
electric power and hybrid-electric cars thanks to the support of Astro Power Inc. (NASDAQ: APWR),
Xantrex Technology Inc., Trojan Battery Company, and Toyota Motor Sales, U.S.A., Inc. (NYSE: TM).
For more Information contact Scott Cronk, Executive Producer, This Renewable House (707)
546-6919 or Email him at- scott@calenergy.org or go to- http://www.calenergy.org
BANK OF
AMERICA RELEASES ENVIRONMENTAL PROGRESS REPORT
Bank of America recently released its
Environmental Progress Report detailing activities undertaken during 2000 in support of the
corporation's environmental commitment.
As part of the bank's effort to reduce paper
consumption throughout the company, the report this year is being published online. It can be
accessed at http://www.bankofamerica.com/environment.
"At Bank of America, our
environmental policies are shaped by our conviction that the health of our company is dependent on
the health of our communities and our society. Understanding that every part of our business has a
potential impact on our environment, we strive to integrate environmental policy into our company's
operations at every level," said Ken Lewis, Chairman and CEO of Bank of America.
Bank of
America is committed to help make economic development and environmental protection compatible, the
report says, by:
Reducing the environmental impact of the company's operations
Demonstrating environmental sensitivity in core business products and services such as
credit, investment, underwriting and payments
Taking a leadership role in activities that
form a bridge between business and the environment
Engaging associates to apply a
conservation ethic in their jobs, commutes and homes.
In the report, the bank provides an
overview of its financing and support for activities helping to build more livable communities
across the country.
As a proponent of Smart Growth, the bank stands firmly on the side of
planning for growth that fuels economic prosperity, environmental protection and equitable
opportunities and benefits -- in short, planning that protects quality of life.
During
2000, a total of 52 transactions were documented as having Smart Growth components. In Atlanta, for
example, the construction of 400 single family homes is reinvigorating a formerly distressed area
and other efforts are underway to provide mass-transit-oriented housing in low- to moderate-income
neighborhoods. In Houston, the bank financed construction of a mass-transit oriented 360-unit low-
to moderate-income apartment community whose innovative, modular design means lower costs and
larger units. In San Francisco, an affordable mixed-use infill project was made possible by the
bank's sale of inner-city land to a public-private group for $6 million less than market value.
As part of its effort to encourage environmentally beneficial endeavors through its core
business operations, in 2000 the bank provided financing to develop ecologically sensitive salt
works in Venezuela. This solar evaporation project is within a marsh adjacent to a wildlife refuge
that is home to a number of rare species. Development was supervised by researchers from a local
university and favorably reviewed by the International Finance Corporation and National Audubon
Society. Because the project is insured by the Overseas Private Investment Corporation, the project
also met that organization's vigorous environmental standards.
Reducing operational
environmental impacts at the bank involves efforts as diverse as making buildings more energy
efficient, including environmental responsibility in vendor selection and contracts, and
implementing a national recycling program for all paper and nonpaper confidential items for all
U.S. locations.
During 2000, according to the report, the bank recycled 29,514 tons of
paper, a 28 percent increase over the previous year, saving a total of 501,739 trees. In addition,
the company saved 121,558,300 kwh of energy, 88,542 barrels of oil and 97,396 cubic yards of
landfill space. During the year the bank also established a baseline for paper purchases of 45,322
tons. First-quarter recycled purchases were 39 percent of total purchases and by fourth quarter
that proportion had grown to 47 percent.
A key factor in the success of the bank's
environmental commitment is the involvement of bank associates around the world. Associates
regularly participate through the 38 Team Bank of America Environmental Networks.
In
2000, these networks hosted 200 events around the world ranging from a Styrofoam elimination
campaign in Miami to Earth Day activities to planting trees at schools and cleaning up local
beaches.
"Our goal at Bank of America is to integrate our Environmental Commitment into
the bank's decision making, processes and products," said Candace Skarlatos, Environmental
Initiatives director for the bank. "If successful, the commitment will become part of our corporate
culture and mindset and be fully integrated into the way Bank of America conducts business. We are
pleased with the progress we made in 2000 towards that goal."
FLEET UNVEILS GLOBAL
ENVIRONMENTAL MANAGEMENT PROGRAM
Affirms Commitment to Environmental Protection
Endorses
CERES Principles and the UNEP Statement by Financial Institutions
FleetBoston Financial
recently announced that it is the first bank in the world to endorse the Coalition for
Environmentally Responsible Economies (CERES) Principles and the United Nations Environment
Programme (UNEP) Statement by Financial Institutions, considered two of the leading organizations
focused on responsible environmental management. Fleet has endorsed the CERES Principles, a
10-point code of corporate environmental conduct, and the UNEP Statement by Financial Institutions,
a commitment to environmental sustainability, as part of its global environmental management
program.
Fleet's environmental management program builds upon the company's existing
efforts, which include cost savings associated with facility management and bank operations, online
initiatives, and environmental policies and procedures governing business lending decisions.
"We believe that our commitment to the environment is another way to affirm our community
commitment," said Chad Gifford, FleetBoston President and Chief Operating Officer. "By endorsing
the CERES Principles and UNEP Statement by Financial Institutions, as well as expanding upon our
current environmental management efforts, products, and services, we improve our ability to
proactively manage environmental risk and generate significant cost savings for the corporation -
benefiting both the community and our shareholders."
"The Environmental Protection
Agency-New England congratulates and applauds FleetBoston Financial for its environmental
leadership in committing to both the CERES Principles and UNEP's Statement by Financial
Institutions," said Robert Varney, regional administrator of EPA's New England office. "Fleet
should also be congratulated for its efforts to implement these principles, ranging from the
cleanup and reuse of hundreds of previously contaminated brownfield sites to the installation of
energy efficient lighting and other conservation efforts in their buildings."
"Fleet is
pleased to endorse the CERES Principles and UNEP's Statement by Financial Institutions. By working
closely with these two organizations, we believe that we'll be able to further enhance our
successful environmental management practice," said Helen Sahi, FleetBoston Head of Corporate
Environmental Risk Management. "Fleet's environmental achievements range from facilitating
brownfield transactions for customers in New England to implementing efficient energy management
systems at our offices in Buenos Aires - achievements, which will be furthered through our
partnerships with CERES and UNEP."
"CERES is pleased to have Fleet as an endorsing
company, and we look forward to working together," said Robert K. Massie, Executive Director of
CERES.
"We expect that Fleet's long-standing commitment to the community and leadership
position in financial services will stimulate progress and innovation throughout the industry."
By endorsing the CERES Principles and UNEP's Statement by Financial Institutions, Fleet
commits to protect the environment by using resources responsibly, to audit its performance, and to
communicate these results with the public. As part of efforts already underway at Fleet, the
company has implemented a global procurement program, heating and energy programs, and employee
health and safety programs that have resulted in significant cost savings.
FleetBoston
Financial is the seventh-largest financial holding company in the United States. A diversified
financial services company with assets exceeding $200 billion, Fleet offers a comprehensive array
of innovative financial solutions to 20 million customers in more than 20 countries and
territories. Among the company's key lines of business are: retail banking, with more than 1,500
branches and more than 3,800 ATMs in the Northeast; corporate banking, including capital
markets/investment banking and commercial finance; investment services, including nationwide
brokerage; and full-service banking through more than 250 offices in Latin America. FleetBoston
Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the
Boston Stock Exchange (BSE: FBF).
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