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You’d think that given the striking performance of The Dow Jones Sustainability Group World Index which is up 33 percent year-to-date (outperforming the Dow Jones Global Index) and the outstanding performance of many renewable energy stocks of late, that social mutual funds would contain these stocks. Yes, social mutual funds are winners. The Domini 400 Index has outperformed the S&P Index for nine years by 2 percentage points annually. Citizens Global Equity Fund’s one-year performance is a jaw-dropping 74 percent. All three of Citizen’s equity funds brought in three-year returns of 35 percent or better. In fact, Credit Suisse found in a recent survey that the world’s 20 largest social mutual funds averaged returns five percentage points higher than the S&P 500 Index. Interestingly, they found they achieved this sterling performance by investing in many of the same stocks favored by the conventional investing community. The top five holdings in many of the funds are not the Ben & Jerry’s of the world, but familiar large tech companies that have been pushing the stock market forward in general: Microsoft, Intel, IBM, Cisco, Lucent, AOL (The current issue of Tomorrow Magazine lists the top 30 stocks held by over 200 social […]
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In a June 1999 workshop, U.S. photovoltaics industry leaders gathered to analyze technology barriers and research needs of the industry and to create a roadmap for the industry to reach its full market potential. The PV Roadmap Steering Committee suggests an aggressive growth strategy with a goal of providing 15 percent of new U.S. peak generating capacity by 2020, at a growth rate of 25 percent a year. Some of the areas selected as high priorities include creating an effective industry coalition, educating the public, and long-term, low interest financing. In a thoughtful paper,
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Over the last few months, SustainableBusiness.com has been contacted by more than a dozen venture capital funds forming to invest in sustainable business worldwide. As a result of our long term healthy economy and stock market venture capital firms are proliferating around the world with sustainable business the recipient of a small, but rapidly growing share of investor interest. The capital markets are finally starting to take notice of sustainable business, with the renewable energy currently at the center of attention. Yes, folks, even the president of the Trends Institute named “Energy” – the transition from fossil fuels to clean energy – as THE most significant trend of the coming century. Clean energy is on the verge of becoming commercially successful. Can renewable energy companies become the darlings of Wall Street? Steve Oshinsky, who just launched a VC group, The Fuel Cell Venture Capital Fund, says, “the growth of the fuel cell industry is anticipated to be as great as the growth of the PC.” FAC Equities First Albany, an investment bank, recently announced a new research and investment team dedicated to alternative energy and power technology. Eric Prouty, who heads up the new group, believes this sector “could provide […]
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At a recent retreat, members of the Chefs Collaborative discussed how to measure their progress toward running a sustainable restaurant (partner with farmers, choose food based on the seasons, compost, recycle) and how to purchase fish from well-managed sources. This group of 1500 chefs promotes sustainable cuisine by teaching children to connect what they eat and where it comes from, supporting local farmers, educating each other, and inspiring the public to choose good, clean food. Among their many activities, they publish Chef guides that cover issues such as Buying Clean Food, Running a Green Restaurant, Purchasing Sustainable Fish, and Working With Farmers. One source for a reliable fish vendor (Chefs Collaborative Meet EcoFish!) is a new company called EcoFish. Some of the featured fish for sale on the EcoFish website are: Dungeness Crab from the sustainably managed low by-catch trap fishery in Oregon; Pacific Halibut from the well-managed quota-based Alaskan long-line fishery; and environmentally friendly farmed Blue Mussels from Prince Edward Island Canada. That’s a mouthful, but it reflects the complicated issues involved in sourcing seafood obtained responsibly. By providing people with “environmental quality control,” EcoFish’s goal is to reduce pressure on depleted and threatened species and guide individuals toward […]
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The Executive Committee of the Multilateral Fund for the Implementation of the Montreal Protocol approved US$82 million for a World Bank project that will allow India to completely phase-out of production of CFCs. India is the second largest producer of CFCs in the world. With this project, CFCs are eliminated from 71 percent of developing countries and transition economies. Earlier this year an agreement was reached to permanently close down all CFC production facilities in China and Russia.
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The European Commission published a 5-year plan to integrate environmental concerns into the air transport industry, even while the UN-based International Civil Aviation Organization is working on a world-wide policy to be completed by 2001. According to a recent study the EU cited, carbon emissions from the aviation industry are increasing by 3 percent annually and in 50 years, the industry’s emissions may account 15 percent of climate change. According to the European Environmental Agency, air transport is projected to grow by a whopping 182 percent in the period 1990-2010. The EU plan employs three types of financial incentives to improve industry energy efficiency by 4-5 percent: a ticket surcharge, a charge based on distance and emissions per kilometer, and a take-off and landing charge. An energy tax on aviation fuel was omitted because a study showed that carbon emissions would only be reduced by a quarter of a percent.
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Starting this July, UK Pension fund trustees must expand disclosure to include whether the fund’s investment strategy considers social and environmental factors. The new regulations are aimed at increasing public awareness of socially responsible investing.
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Several national investing concerns recently announced plans to create socially responsible mutual funds, including The Vanguard Group and TIAA-CREF. Fidelity Investments is developing an index fund pegged to the Calvert Social Index. Over $1 trillion are invested in social funds in the U.S., although the funds vary widely in terms of their definition of socially responsible companies. TIAA-CREF is the object of a campaign to direct a percentage of their investment dollars toward positive investing, investing in leading companies in social and environmental considerations, rather than simply screening out companies with negative track records. According to Emily Hall of Morningstar, Inc., the new funds promise the competition needed to bring fees down. The average social investing mutual fund charges fees about 15 percent higher than conventional funds.
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The goal of providing 10 percent of the U.S. western states’ power through geothermal is achievable by 2020, according to Bill Richardson, Energy Secretary. The U.S. Department of Energy’s “GeoPowering the West” is a new initiative to capitalize on the abundant geothermal resources found in the western United States, including Alaska and Hawaii. Geothermal plants in California currently produce about 1,600 megawatts of power, about seven percent of the states annual power needs. $4.8 million in research grants for geothermal energy technology development projects will be disbursed. The plan calls for eight states to have geothermal electric power facilities by 2006, and seven million homes to be powered with geopower by 2010. Public comments are being accepted until April 30 on the draft action plan: [sorry this link is no longer available]
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The UK Department of Environment, Transport and Regions is funding a day of free energy efficiency and environmental design advice to architects through the Building Research Establishment’s (BRE) Design Advice Service. BRE assigns one of its approved practitioners to review design plans and offer recommendations for improvement. Rather than being resistant to having another professional review their designs, architects are responding positively to the service and are offering it as a value-added extra to clients. Last year, over 300 projects of all sizes used the service. When longer consulting sessions are called for clients receive a 30 percent discount. Contact BRE Design Advice Service
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