Socially Responsible Investing (SRI) to the Rescue
Cliff Feigenbaum

Now is SRI's time to shine. This may seem a simple answer to complex challenges, but since first writing about the Green economy back in 1991 we have believed in Socially Responsible Investing's ability to influence the global economy in a positive and balanced way through disclosure, transparency and accountability. In the midst of financial meltdown, the triple bottom line of people, planet and profits is where we begin anew, from Main Street and from Wall Street. Welcome to a new era of economic reform and responsible regulation along with ethical business practices and environmental restoration.

Of course financial recovery based on the Green economy is essential. The Green economy will need on-going innovation and capital, both of which will help provide green jobs and energy independence while meeting the long-term needs of the planet and its creatures. There could be millions of jobs in recycling, solar, wind, water, and biofuels, as well as in energy conservation (homes and buildings) and greener transportation. Look, too, for safe, local organic food production as yet another answer to global health and quality of life challenges. We believe that sustainable business means long-term profits, and that renewable energy will power the future.

Yes, the Obama administration, which does in fact listen to good ideas, has begun to address SRI issues such as executive compensation, human rights, climate change (science based) and corporate governance. But let's make sure that in our own portfolios we continue to question the products and services from which we profit. Never has the need been greater for microfinance, community investing, and shareholder activism. The SRI community is poised to offer sustainable, market-tested solutions for all investors as we consider the best ways out of this current market mess.

The scope of the global financial crisis ushered in by unethical and greedy behavior makes clear that you must protect yourself. I repeat from our fall 2008 issue, "GreenMoney has long recommended that socially responsible investors begin by getting out of debt, if even just one bill at a time." I was encouraged by a recent headline that said "Americans saving more, spending less." We believe that reducing consumption and getting our financial life in order are keys to a greener future. We are here to help.

Yet another gift offered by this financial crisis is the opportunity to examine more closely our own relationships with money and spending. New economic sobriety today means financial health and well-being tomorrow. What does real financial prosperity look like to you?

We begin this GreenMoney Journal with our new Icons Series in which SRI leaders and visionaries interview other such leaders. In our first article, SRI pioneer Amy Domini asks important questions of Jay Falk, founder of socialfunds.com. We also profile 1% for the Planet, a nonprofit organization that continues its important environmental work even in this economic downturn. Dr. Michael Kiernan of Innovest Strategic Value Advisors offers a scholarly take on current environmental, social and governance (ESG) challenges and opportunities, and the issue wraps up with GreenMoney's Ted Ketcham and his yearly report on new Green funds.

You'll also find a lot of SRI News on all aspects of the industry, i.e. screening, community investing, and shareholder advocacy, as well as new investment products. Also visit our newly updated global calendar of green events with hundreds of events listed.

Take this year to educate yourself further and become more involved in SRI, Green Business and Corporate Social Responsibility (CSR) by attending conferences in your area and beyond. We've included some of the leading events for the next 18 months on our calendar.

And finally, here's a great way to become more involved in our 2009 Green conversation: talk to us. What does the green economy look like to you? How do you define "real prosperity"? What's your part in SRI and how is it changing the way your world works? How do you use your economic power to create a more sustainable world? Email your comments about these or related issues to cliff@greenmoney.com and we'll post them on our website. Also look for the GreenMoney blog starting soon

- Cliff Feigenbaum, founder and publisher, Santa Fe, NM

Feature articles
	GreenMoney Interview - Icons Series - Amy Domini interviews Jay Falk GreenMoney is launching its new Icons Series, in which we invite Socially Responsible Investment industry leaders to interview others who have also assumed SRI leadership.
	Organization Profile: 1% for the Planet As we all know, charitable giving was hit hard in 2008. With few exceptions, foundations cut giving commensurate with their own loss in assets; they refused to evaluate new recipients, or they froze giving altogether. Similar trends emerged among individual donors. The early read is that giving from the 1% for the Planet network will buck this trend since the organization continues to set growth records and donations tied to sales are more insulated from movements in the financial market. It's worth a moment or two of reflection on how this all came about. Terry Kellogg
	Ten New Green Mutual Funds (Expanded Version) Charles Dickens' "worst of times" has seemed sadly appropriate in this era of financial meltdown. Nevertheless, as Dickens (and perhaps President Obama) would remind us, it may also be the "best of times" as adversity stimulates cooperation and innovation seldom observed when everything seems to be going well. Ted Ketcham, editor of the GreenMoney Journal
	Market Meltdown: Trillion-Dollar Advertorial for New Investment Approaches (parts 1 and 2) One can take no satisfaction from the current meltdown in the global capital markets. However, if there is any silver lining within that massive financial cloud, it is the fact that the entire episode should serve as a wake-up call for international investors. More precisely, it is also a trillion-dollar advertorial for the broader analytical power, perspective and insights, and potential added value of "sustainability-enhanced" investment analysis and strategies. (To be clear, I define "sustainability-enhanced" simply as "including a sophisticated analysis of environmental, social, and governance (ESG) risk and opportunity factors in one's investment analysis of companies"). If ever there were a "teaching moment" during which Wall Street's "Masters of the Universe" might finally be open to new analytical and investment approaches, it is now. Dr. Matthew J. Kiernan - CEO, Innovest Strategic Value Advisors
Special Article
	President Obama's State of the Union Address - February 24, 2009
Exclusive Online Articles
	Natural Capital Conversion: Financing the Shift The term "Natural Capital" can be loosely defined as the all-encompassing inherent value of our natural resources; Land, air, sea and all life forms. Over the years, the term "natural capital" has been defined, redefined and even undermined in ways that make a tree-hugger shudder and a venture capitalist drool. Jeffrey L. Cole
	Plant New Seeds–Yield New Wealth Let's take our own advice and grow a new financial ecosystem "one vegetable at a time", by each of us participating in a new agricultural system in which we take precious heirloom seeds-remember, a giant Sequoia grows from a seed that is the size of an oat flake-nurture them, and tug 'em up to create new wealth (well-th). The new wealth of our 21st Century Main Street Economy [1] must be based on healthy families and communities; robust soil, plants and animals-interconnected communities and ecosystems extending from where you lay your head at night to the glorious wild places-mountains, oceans, and deserts that define the eco-system you call home. No longer do we have to live with hollow calories and toxic holdings! We can shed the thrall of the "pervasive cultural story, continuously reinforced by academics, government officials, and corporate media, which led us to believe our economy was functioning splendidly even when it was quite literally killing us. Theodosia H. Ferguson
	7th Annual BALLE Conference Rising to the Challenge: Entrepreneurs Building Living Economies May 21-23, 2009 - Denver, Colorado
Additional Articles: SRI News
	Investors with $3 Trillion Urge Congress to Pass Strong Energy and Climate Change Legislation to Boost Economy Investors Call for Energy Efficiency & Renewable Energy Standards, National Cap on Carbon Pollution Among Other Policies
	The Art of Sustainable Investing Our new book, Sustainable Investing: The Art of Long-Term Performance, published by Earthscan in the UK on November 10, and Stylus Publishing in the U.S. on December 8, was conceived in the early summer of 2007 before credit markets crunched and the world economy experienced perhaps the worst financial shock since the Great Depression. Cary Krosinsky & Nick Robins, co-Authors
	Groups: 14 Bank Bailout Recipients Facing Say-On-Pay Resolutions Should Commit Now To Adopt Policy Socially Responsible Investors, Labor, Pension Funds Weigh In: 14 Bank Bailout Recipients Facing Say-On-Pay Resolutions Should Commit Now To Adopt Policy Events of Recent Days, Weeks Pushing Executive-Compensation Reform to Critical Mass In 2009; American Express, Intel, Hewlett-Packard and Occidental Latest to Get On Say-on-Pay Bandwagon.
	Grameen Foundation Announces New Guidelines To Help Socially-Focused Investors Better Evaluate Microfinance Investment Options Washington, D.C. //Grameen Foundation recently released the first ever guidelines designed to help institutional and individual investors rigorously evaluate the social returns on their microfinance investments.
	Social Investment Forum and Domini Social Investments Commend Global Innovations in Corporate Responsibility Reporting as Models for United States Innovations by governments and stock exchanges in several countries are providing publicly traded companies with strong incentives to report on corporate social responsibility, according to a new report released by leaders in the field of socially responsible investing. The report also underscores that currently the United States is at risk of losing a competitive lead in the transparency of markets.
	Pax World Invests $3 Million in Calvert Foundation $1.5 million will be directed to New Hampshire Community Loan Fund
	Wall Street's Sustainable Investment Initiative: Launching a Much Needed Market Shift For Wall Street, last year was a learning experience with almost $7 trillion of value lost from the capital markets, with our government taking on at least another trillion dollars in debt to save the global economy. Ed Mirsky, UBS; Mario Silvestri, Wells Fargo Wachovia; Pat Wilson, Clean Planet Funding; Chuck Angyal, FAIA; Mike Italiano, Capital Markets Partnership [*1]
	Michelle Chan: Fighting for Sustainability in the Bank Sector Amy Domini, founder of Domini Social Investments, believes Michelle Chan, Campaigner for Friends of the Earth in San Francisco, is taking the lead in socially responsible investing. Carmel Wroth, ODE MAGAZINE Jan/Feb 2009 issue
	TIAA-CREF Makes $40 Million Investment in Developing World Markets Microfinance Equity Fund I Microfinance Remains an Attractive Investment in this Economy
	Wachovia Next Awards For Opportunity Finance Honor Two Outstanding Community Development Financial Institutions With $8.25 Million Industry's Largest, Most Prestigious Awards Program Rewards Responsible Lending in Underserved Markets Chicago-based IFF aims to dramatically expand reach for tough times ahead: Santa Fe-based Homewise, Inc. shows innovative, sustainable models for successful homeownership