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Socially Responsible Investing - Greening the Global Economy
By Cliff Feigenbaum
After a 15th anniversary year of big issues, exciting interviews and excellent articles, many of
which were widely reprinted, we return with even more information for this Spring 2008 edition.
It all took time, especially the highly anticipated "SRI Trends Report," which reveals that the SRI
expansion has led to new possibilities in sustainable investments for institutional and individual
investors, private and public pension plans, university endowments, foundations and expanding SRI
mutual funds.
It's exciting that the world is catching up to the ideas we've shared
together over the last decade and a half. The multibillion-dollar Green Business sectors of the
U.S. and global economies will prove vital in the years ahead. Thus, venture capital seeks
innovative green companies and technologies while mutual funds reflect soaring demand for cleaner
energy and greener investments.
SRI growth in community investing and shareholder
activism also continues. Community development loans are stimulating local economic development and
social change around the world. Community investing and microfinance resources like kiva.org and
Microplace, a new subsidiary of EBay, are providing impactful investment opportunities around the
world.
Could the Greening of America actually be happening?
Publications such
as Business Week, NY Times, Wall Street Journal, Bloomberg, and US News and World Report have given
SRI more mainstream coverage then ever before, encouraging discussions in many new arenas including
the now frequent 'Going Green' segments on CNBC.
Indeed, the green spectrum is getting a
bit thin in places. Although we appreciate the increasing media coverage and stated corporate
commitments, we are concerned about greenwashing. Standards must be applied to green claims.
Authenticity matters.
Is there a way to enjoy growth and prosperity…and save our planet
too?
This issue offers some answers. We begin with the new SRI Trends Report from the
Social Investment Forum, Joe Keefe of Pax World Funds continues his series on SRI and sustainable
investing, and GreenMoney's Ted Ketcham looks into ten of the new green mutual funds. We close with
vital insights for our future: Al Gore's Nobel Peace Prize acceptance speech, a blueprint (or
greenprint) for a more sustainable world.
Here on greenmoney.com you'll find more then a
dozen additional SRI articles, including three exclusively for GreenMoney: SRI in the UK & Europe
by Lisa Hayles and Stephanie Maier of EIRIS (Ethical Investment Research Service Ltd.), and a
profile of the New Mexico Environmental Law Center as well as a look inside a new book by Richard
Asplund entitled "Profiting from Clean Energy." Also, see the 2008 Social Capitalist awards from
Fast Company.
Green and sustainability-focused conferences around the globe are yet
another indicator of increasing awareness. In the coming year on our greenmoney.com calendar we
currently count over 150 conferences and events. Participate. Educate yourself so you may educate
others.
Globally much is happening with SRI, including the new UK Ethical Investment Week
in May, marking the first occasion on which the financial services industry and grassroots
organizations will join to encourage people to consider ethical investment, details at-
http://www.neiw.org . Also in May, the Triple Bottom Line Investing (TBLI) Asia conference will be
held in Bangkok, Thailand, details at- http://www.tbli.org. See our global green events calendar
(http://www.greenmoneyjournal.com/page.mpl/calendar.html ) for more spring events like the Green
Festivals in Seattle and Chicago as well as the BALLE Conference in Boston.
A bit closer
to home, at the LOHAS 12 Forum on June 18-21 in Boulder, CO, leaders will gather to promote and
discuss the $209 billion lifestyles of health and sustainability marketplace. Global executives
from various sectors will intersect to share common interests and develop unique business
relationships. The expected 700 attendees can attend keynote speeches as well as sessions on the
LOHAS Market Size and Consumer Trends, Conscious Money, How to Pitch to Conscious Investors, The
Future of Green Media, Authentic Leadership, Ethical and Fair Trade Sourcing, and Sustainable
Product Design. More details at- http://www.lohas.com
This year, join us and become more
active both politically and financially,
- Cliff Feigenbaum, founder and publisher, cliff@greenmoney.com
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Feature articles
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The 2007 Report on Socially Responsible Investing Trends in the United States
Every two years a very exciting report comes out on the socially responsible investing (SRI) industry. It covers the scope of SRI in the U.S. - screening, shareholder advocacy, and community investing. Before we reveal the Trends Report's positive findings it is helpful to understand the definitions of SRI used by the Social Investment Forum, the national trade association for the socially and environmentally responsible investing industry, who released the report in March:
by the Social Investment Forum (Lisa Woll, CEO)
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Sustainable Investing and Values
In the Summer 2007 issue of this publication, I wrote an article ("From SRI to Sustainable Investing") arguing that sustainable investing is the next stage in the evolution of socially responsible investing (SRI).[1] This shift from SRI to sustainable investing is not only taking shape in the real world, but the interest in and uptake in sustainability is accelerating. I think it's also true that whereas SRI has always been understood more as an "alternative" investment strategy, sustainable investing has the potential to be a transformative investment strategy.[2] Thus, the change is more than just semantics; it is fundamental, both stylistically and substantively.
by Joseph F. Keefe, CEO and President of Pax World Funds
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Ten New Green Mutual Funds
As 2008 begins, mutual fund investors have ten new opportunities to make money and make a difference. The US, Europe, Asia, and the UK figure prominently in the following selection of new or recent portfolios, as do green, sustainable, and profitable companies.
by Ted Ketcham, editor of the GreenMoney Journal
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Nobel Peace Prize Acceptance Speech by Al Gore
Delivered on December 10, 2007 in Oslo, Norway
Your Majesties, Your Royal Highnesses, Honorable members of the Norwegian Nobel Committee, Excellencies, Ladies and gentlemen.
I have a purpose here today. It is a purpose I have tried to serve for many years. I have prayed that God would show me a way to accomplish it.
Sometimes, without warning, the future knocks on our door with a precious and painful vision of what might be. One hundred and nineteen years ago, a wealthy inventor read his own obituary, mistakenly published years before his death. Wrongly believing the inventor had just died, a newspaper printed a harsh judgment of his life's work, unfairly labeling him "The Merchant of Death" because of his invention - dynamite. Shaken by this condemnation, the inventor made a fateful choice to serve the cause of peace.
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The 2007-2008 Shareholder Advocacy Overview - A New Era For Responsible Investors
Leading social investment manager finds companies increasingly receptive to sustainability issues, shareholder engagement
by Walden Asset Management
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Exclusive Articles
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SRI in Europe and the UK
Exciting times are afoot for socially responsible investment (SRI) in Europe.
by Lisa Hayles, Senior Client Relationship Manager and Stephanie Maier, Head of Research - Ethical Investment Research Services (EIRIS) Ltd
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Spotlight on New Mexico: Yesterday, Today and NMELC
New Mexico is the fifth largest state in the United States with a population approaching 2 million people. Its incredible scenic vistas and landscapes, fascinating history and culture, and abundance of sunshine and fair weather have made it a destination spot for travelers and traders for hundreds of years and inspiring the “land of enchantment” description.
by Sebia Hawkins, Director of Development and Shelbie Knox, Development Associate, New Mexico Environmental Law Center
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Clean Energy Stocks - Ready for prime time with socially responsible investors?
The debate will continue about the stock performance of socially responsible investing relative to standard benchmarks. However, there is one sector in which investors can be much more confident that their socially responsible investing will lead to strong investment performance over the long term--the clean energy sector.
by Richard Asplund, author of "Profiting from Clean Energy: A Complete Guide to Trading Green in the Solar, Wind, Ethanol, Fuel Cell, Carbon Credit Industries, and more."
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Additional Online Articles
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The 2008 Social Capitalist Awards
Change the world. Make some money. It's an appealing prospect. Nonprofits were born because for-profits weren't addressing some market failures--pollution, poverty, illiteracy. Profit won't cure those ills, but it's becoming a bigger part of more solutions. Below you will find the organizations that are granted the Fast Company/Monitor Group Social Capitalist Award. Along with the 45 world-changing nonprofits, we also honor ten companies not only striving to make a profit, but to also make a difference.
by Fast Company magazine and the Monitor Group
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MicroPlace Launches Investment Website to Address Global Poverty
New service allows U.S. consumers to invest in microfinance with as little as $100. Calvert Social Investment Foundation is the first issuer to sell investments on MicroPlace.com
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Virgin Money Launches New 'Climate Change Fund'
As consumers increasingly look to go green, research reveals that investing in environmentally aware companies can improve investment performance
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Pennsylvania Treasurer Selects Green Century Balanced Fund for $5 million Investment
Green Century Balanced Fund selected as part of Pennsylvania's new green investments strategy; State takes long-term view that seeks competitive returns and includes sustainability and climate change issues
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100 Best Corporate Citizens 2008
This list - CRO's 100 Best Corporate Citizens 2008 - matters.
by Dennis Schaal, The CRO magazine
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The Atlantic: The Conscientious Investor
The goal of "socially responsible investing," or SRI, is to make lucrative investment choices that have a positive impact on the world. SRI comes in many forms, but one of the most common is avoiding investments in "bad" companies. You, of course, are eager to be part of this pioneering movement that will help the environment and your fellow human beings-to do well by doing good. So let's play a game.
by Henry Blodget (The Atlantic Monthly, October 2007)
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2008 Advocacy Priorities of Trillium Asset Management
For the 2007-2008 shareholder resolution season (which roughly parallels an academic year), Trillium Asset Management Corporation ("Trillium") has filed 18 shareholder proposals addressing a wide range of environmental and social justice concerns. Thirteen resolutions on which we are acting as lead* filer are highlighted in this article. All the proposals we are involved in are posted on our web site.
by Susan Baker Martin
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Plan B 3.0: Mobilizing to Save Civilization
Press Release for Mr. Brown's Newest Book
by Lester R. Brown
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HSBC, Other European Banks Receive Top Scores in First-Ever Ranking of 40 Leading Banks on Climate Change Strategies
Citigroup and Bank of America post Highest Scores Among 16 U.S. Banks
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Standard & Poor's ESG India Index Launched
IFC-backed index provides avenue to invest in leaders in environmental, social and corporate governance issues
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Top Five Socially Responsible Investing News Stories of 2007
New alternative energy and green funds fuel expansion of socially responsible investing; climate change is pushed to the forefront; community development organizations flourish despite the subprime mortgage debacle; consumers demand healthy products and work environments; and SEC limits shareholder rights.
by Anne Moore Odell, socialfunds.com
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