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Three-quarters of investors want sustainable
investment, says Dutch survey. "A new study
has found that three-quarters of Dutch investors are
willing to give up a portion of their pension income
if it means their investments are in line with their
environmental and social values. However, [the
authors], also found some inconsistencies in the way
investors make financial decisions. Over a third of
survey respondents reported inconsistencies and the
authors linked this to low levels of financial
understanding."
[COMMENTARY]
To me, the findings of this study by
Arian Borgers and Rachel Pownall of Tilburg
University, reinforce the requirement that financial
advisors should be required to truly understand the
personal values of their clients. Only by knowing a
client's values can they really satisfy the client's
goals. Of course, any really good advisor is already
doing this--but the majority in the industry clearly
don't. Not in The Netherlands or anywhere else for
that mater.
Three-quarters of investors want sustainable
investment, says Dutch survey, by Charlotte
Malone, December 6, 2013, Blue & Green Tomorrow, UK.
Large Companies Prepared to Pay Price on
Carbon. "More than two dozen of the nation’s
biggest corporations, including the five major oil
companies, are planning their future growth on the
expectation that the government will force them to
pay a price for carbon pollution as a way to control
global warming."
[COMMENTARY]
This is a good sign that even some oil companies
are preparing for eventual carbon taxes. However, as
per my previous comments, carbon based extraction
companies are still counting their reserves at 'full
value.' It's quite likely that much of their
reserves will prove of little value as they'll be
restricted from being used.
Large Companies Prepared to Pay Price on Carbon,
by Coral Davenport, December 5, 2013, The New York
Times, USA.
Novethic 2013 Survey - ESG Strategies of
European Asset Owners. "This unique survey
assesses the views of 165 long-term investors
(pension funds, insurance companies…) in 12
countries who between them hold assets worth over €5
trillion... Awareness of ESG approaches is rising...
ESG integration in practice is running out of
steam... Responsible investment policies remain
abstract commitments... New asset classes, new
obstacles."
[COMMENTARY]
The above quotes are their key findings. Nothing
too unusual in the survey results.
Novethic is an excellent French SR/ethical
investment research firm. This survey is worth
reading for all SR/ethical investors. Download it
here.
Novethic 2013 Survey - ESG Strategies of European
Asset Owners, December 3, 2013, Responsible
Investor, UK.
Islamic finance to sustain double-digit growth
in next 2 years: S&P. "The growth of the
Islamic finance market globally has continued
unabated this year, undeterred by the uncertain
recovery elsewhere in the world’s financial markets,
according to rating agency Standard & Poor’s. In its
report ‘Islamic finance 2014: We expect double digit
growth and a push for regulation and standards’, the
agency said that worldwide, Sharia-complaint assets
estimated at more than $1.4 trillion were expected
to sustain double digit growth in the next two to
three years."
[COMMENTARY]
The western financial world is slowly coming to
the realization that Islamic finance is becoming a
major financial force around the globe. Together
with SR/ethically oriented financial/investments
products, mainstream finance will change, adopting a
SR/ethical approach. The growing influence of
Islamic finance is good news for ethical investors.
Islamic finance to sustain double-digit growth in
next 2 years: S&P, December 3, 2013, Oman
Tribune, Sultanate of Oman.
Study: Educated Dutch women favouring
SR/ethical investing more relaxed about returns.
"Investors with a large proportion of educated
female members have extra reason to take socially
responsible investing seriously, but can possibly
relax about poor returns. That is a fascinating
finding of Rachel Pownall, an associate professor of
Tilburg University, who has published groundbreaking
work on the nuances of responsible investing."
[COMMENTARY]
Would this be the same for American, Canadian,
or British women? This would be an interesting
question to ask them. If the answer was similar, it
might change the way the SR/ethical funds industry
in those countries market to women. However, as many
studies demonstrate there really is no need to
expect lower returns from SR/ethical funds or
portfolios.
A new understanding of responsible investing
preferences, by Dan Billingham, November 27,
2013, Top 1000 Funds, Australia.
New index says GlaxoSmithKline and Unilever
among most sustainable investments. "Swiss
sustainability rating agency Inrate has released a
new index that ranks Stoxx Europe 50 companies on
their environmental and social performances."
[COMMENTARY]
As usual with these ratings, one must understand
the methodology underlying them--then decide whether
they make sense according to your values.
New index says GlaxoSmithKline and Unilever among
most sustainable investments, by Ilaria Bertini,
November 24, 2013, Blue & Green Tomorrow, UK.
License to Ill: The Effects of
Corporate Social Responsibility and CEO Moral
Identity on Corporate Irresponsibility. "They
[the study authors] found firms that engaged in
prior socially responsible behavior are more likely
to then engage in socially irresponsible behavior
and that this tendency is stronger in firms with
CEOs who attempt to put forth a moral image."
[COMMENTARY]
What an extraordinary finding! The study by
researchers Elaine Wong at the University of
California and Margaret Ormiston of the London
School of Economics, examined the CEO comments and
subsequent actions of Fortune 500 companies from
2002. What ethical investors should know is that
company actions are more important than the
comments of their executives.
License to
Ill, by Sean Nealon, November 20, 2013, UCR
Today, USA.
Lawmakers Want Feds to Have Socially
Responsible Retirement Investment Options.
"Federal employees and retirees should be able to
invest their retirement savings in socially
responsible companies, according to a new bill
proposed by a group of Democratic lawmakers."
[COMMENTARY]
I love the following quote as to why a previous
attempt failed to have such an offering for US
Federal workers, "As the board members, we are
responsible only for the participants' best
interest, not for the best interest of the United
States," Andrew Saul, then-chairman of the board
[The Federal Retirement Thrift Investment Board],
said at the time. "You're not wearing the hat of a
United States citizen; you're wearing the hat of
a fiduciary for the plan." Note the section
underlined! Again, as I said in the piece directly
below, these fund managers have their fiduciary
understanding completely screwed-up. Of course
federal workers should have SRI/ESG plan options!
Lawmakers Want Feds to Have Socially Responsible
Retirement Investment Options, by Eric
Katz, November 21, 2013, Government Executive, USA.
Callan: One-fifth of institutional investors
incorporate ESG into investing. "Only about
one-fifth (22%) of U.S. institutional investors
incorporate environmental, social and governance
strategies into their investment decision-making,
with only an additional 7% considering it, according
to a new survey conducted by Callan Associates... By
asset owner type, 35% of foundations incorporate ESG
strategies; 22% of endowments; 15% of public pension
funds; and 14% of corporate pension funds."
[COMMENTARY]
Notice that only 14% of US corporate pension
fund managers incorporate ESG strategies! Many
pension fund managers (as well as other asset
managers) wrongly believe that they can't legally
incorporate ESG strategies into their pension
management activities as it is not a fiduciary
responsibility. In fact, there's evidence they have
it backwards. Not accounting for ESG performance in
companies they invest in could expose them to legal
action by clients if losses occur due to the manager
ignoring ESG factors. In time, the vast majority of
asset managers will have to incorporate ESG analysis
in their stock selections.
Callan: One-fifth of institutional investors
incorporate ESG into investing, by James Comtois,
November 21, 2013, Pensions & Investments, USA.
Big US Banks Lag in Social-Responsibility
Scores: Report. "Bank of America (BAC), Bank
of New York Mellon (BK), Citigroup (NYSE: C),
Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan
Stanley (MS) and Wells Fargo (WFC) all scored 60 or
below out of a possible 100 points in a study by the
Interfaith Center on Corporate Responsibility. The
study measured the seven banks’ performance in
responsible lending, risk management, executive
compensation and political contributions."
[COMMENTARY]
No surprises from this study. As US companies
significantly lag their European counterparts in CSR
activities, it's unsurprising that America's major
financial institutions also score poorly in this
dimension.
Big Banks Lag in Social-Responsibility Scores:
Report, by Sarah Todd, November 20, 2013,
American Banker, USA.
European Parliament votes for Sustainable
Investment 'Label.' "MEPs [Members of the
European Parliament] supported a Green proposal to
create a sustainable investment label. This would be
a crucial provision: setting basic standards as
regards what can be considered as a sustainable
investment, ensuring consumers who want to invest in
sustainable and ethical products can be sure they
are doing so. Greenwashing in the investment market
will become much more difficult. Clear standards
will give the ethical investment market a boost."
[COMMENTARY]
The idea of a 'green label' for appropriate
investment products is a good one. I'm keenly
looking forward to seeing the criteria for it! I'll
post further information here whenever it's
available. If Europe does this, other
non-European developed nations may well follow suit.
Investment products MEPs vote for sustainable
investment label and better consumer information,
press release, November 20, 2013, Greens/EFA group
in the European Parliament, Belgium.
European apathy spells end for corporate
social responsibility rules. "A pledge made
by heads of state and government this summer to beef
up corporate social responsibility (CSR) reporting
for European companies is to be ditched because too
few member states are prepared to support it,
EurActiv has learned."
[COMMENTARY]
It seems that there was an attempt to have small
and medium size enterprises comply with the proposed
regulations but various business groups and
officials believed it'll be to costly to do so. Oh
well, they should at least have the larger companies
comply!
European apathy spells end for corporate social
responsibility rules, by Jeremy Fleming,
November 19, 2013, The Guardian, UK.
Ceres campaigns that fossil fuel companies
bear enormous financial risks due to climate change.
"As the world moves toward a low-carbon future,
these [increasing] energy reserves [of fossil fuel
companies] could actually become a financial
liability for both the fossil fuel companies and
their investors - meaning billions of dollars of
carbon assets could be stranded in the ground."
[COMMENTARY]
This is a theme getting increasing play
now--especially with some US companies boasting of
their hugely growing oil reserves due to fracking,
etc. But what some experts are saying is that
because future governments will likely have to
impose significant restraints on fossil fuel usage,
that much of these new reserves will not be used.
Thus, these reserves are probably bogus with hugely
negative financial implications for the firms
boasting them.
Ceres campaigns that fossil fuel companies bear
enormous financial risks due to climate change,
press release, November 13, 2013, Ceres, USA.
PwC Poll Shows Increasing Focus on
Sustainability Factors in Dealmaking.
"Environmental, social and governance (ESG) matters
are becoming increasingly important in the deal
market, according to a recent poll of over 300
professionals conducted by PwC US. The poll,
conducted during PwC's recent webcast, Integrating
environmental, social and governance (ESG) issues in
deals and valuing their impact, found that 68
percent of participants who are planning a
divestiture, acquisition, merger or IPO in the next
12 months plan to evaluate ESG considerations when
planning their transactions."
[COMMENTARY]
It's the recognition that all stakeholders are
increasingly aware that ESG issues play an important
role in valuing companies and assets. For instance,
who wants to buy an asset that might have
significant environmental problems--and costs!
PwC Poll Shows Increasing Focus on Sustainability
Factors in Dealmaking, press release, November
13, 2013, PwC's Sustainable Business Solutions, USA.
Stock exchanges at forefront of developing
sustainability initiatives. "Stock exchanges
across the world, in both developed and emerging
markets, are increasingly at the forefront in
developing sustainability initiatives, according to
a new report. EIRIS, a global provider of research
into corporate environmental, social and governance
(ESG) performance, interviewed 11 stock exchanges
for the report."
[COMMENTARY]
It's interesting that some stock
exchanges believe that they first must deal with
their own sustainable issues before tightening ESG
regulations for the companies they list. It's good
that
stock exchanges are creating new ESG rules for their
listed companies, but they can only do so much. They
don't want to make ESG rules so strict that they
frighten away companies to other exchanges. In the
end, it's up to investors to demand that companies
improve their performance on ESG issues, and nothing
will work better than stock prices exhibiting
premiums for companies that excel on ESG.
Stock exchanges at forefront of developing
sustainability initiatives, by Charlotte Malone,
November 11, 2013, Blue & Green Tomorrow, UK.
Survey reveals sustainability is stalled at
most companies. "The findings, from the '2013
BSR/GlobeScan State of Sustainable Business Survey,'
tell us two things: Sustainability professionals
recognize that integrating sustainability across the
business is a critical priority; but the vast
majority of companies are still some distance from
full integration."
[COMMENTARY]
Chris Coulter, the author of this survey and
article--and who I know--has given us great insight
into this area. Sustainability for most company
managers is 'nice to have, but not really important
to me.' Until the public demands governments act
more on sustainability issues and for companies to
see a premium stock price as a result of increasing
their sustainability practices, most companies
are unlikely to make sustainability a true core
issue. It all comes down to public perception and
the need for action concerning climate change.
In the US, for instance, the public is evenly
split between those that believe in human-caused
climate change and those that don't.
Survey reveals sustainability is stalled at most
companies, by Chris Coulter, November 5, 2013,
GreenBiz.com, USA.
UBS: China can make ‘generational leap’ in
responsible investment. "Socially responsible
investment (SRI) has the potential to grow rapidly
in China, according to a report from finance giant
UBS. Despite the concept of social enterprise sill
being nascent in the country, the younger generation
is driving growth in the sector."
[COMMENTARY]
It wouldn't surprise me in the years ahead to
see China overtake all developed countries in the
development of SRI/ethical investing. I say this for
several reasons: their desire to rid themselves of
pollution that'll lead to an emphasis on
sustainability; that China is already outspending
all developed countries on sustainable
infrastructure; and their desire for higher ethical
business conduct after so many scandals.
UBS: China can make ‘generational leap’ in
responsible investment, by Charlotte Malone,
November 6, 2013, Blue & Green Tomorrow, UK.
Carbon tax revenues could dwarf fossil fuel
losses. "Fossil fuel companies stand to miss
out on $9 trillion to $12 trillion in profits by the
end of the century if carbon emissions are taxed at
a high enough level to meet international climate
goals... That’s because demand for coal, oil, and
natural gas would fall as prices are pushed higher,
leading companies to leave vast volumes in the
ground, according to a new study."
[COMMENTARY]
You may recall my posts a few days ago about how
fossil fuel companies might have to take big hits to
their earnings and the value of their reserves in
the years ahead. This study provides some great
background as to how that might play out.
Carbon tax revenues could dwarf fossil fuel losses,
by John Upton, November 5, 2013, grist, USA.
SRI Research: CSR-Related Shareholder Wins Get
Bottom-Line Results. "Adopting corporate
social responsibility (CSR) shareholder resolutions
leads to large increases in shareholder value and
operating performance, according to the study
winning the 2013 Moskowitz Prize for Socially
Responsible Investing... Specifically, Flammer's
[the award winner] results show that the stock
market reacts positively to the passage of close
call CSR proposals (e.g., reducing CO2 emissions,
implementing equal employment opportunities
policies, etc.)."
[COMMENTARY]
The Moskowitz Prize is the most respected award
in the socially responsible-ethical investing arena.
The 2013 winner highlights something very important
and should encourage company shareholders and
management to respond positively to shareholder
proxies that involve environmental, social and
governance (ESG) issues. This is a landmark study.
Congratulations to Caroline Flammer!
SRI Research: CSR-Related Shareholder Wins Get
Bottom-Line Results, press release, October 29,
2013, First Affirmative Financial Network,
USA.
UK PM Cameron to announce Islamic index on
LSE. "The London Stock Exchange will launch
an index to identify investment opportunities
compliant with Islamic principles, aiming to
capitalise on strong growth in the sector, Britain's
Prime Minister David Cameron will tell a
conference... Cameron will also reiterate Britain's
intention of launching its own Islamic bond worth
around 200 million pounds ($323 million) as early as
next year, making it the first Western country to do
so, according to the text of his speech distributed
by his office."
[COMMENTARY]
There is one thing about the UK--and most
especially about the City (London's financial
centre)--is its willingness to continuously reinvent
itself over the centuries and thereby maintain its
global banking leadership. In the case of
Islamic finance, London is well ahead of New York.
Can you even imagine New York trying to become the
global leader in Islamic (Sharia) finance!
Providing the doubts can be overcome about the
mandated distribution of profits to charities in
Islamic financial products--and the fears that some
of the profits might fund terrorist groups--Islamic
finance has a great future in western financial
centres. Many of its principles are strongly
ethically based and western ethical investment
products could benefit a lot from some of the principles
employed in Islamic finance
UK PM Cameron to announce Islamic index on LSE,
by Shadi Bushra, October 29, 2013, Reuters, UK.
Investors ask fossil fuel companies to assess
how business plans fare in low-carbon future.
"Coalition of 70 investors worth $3 trillion call on
world’s largest oil & gas, coal and electric power
companies to assess risks under climate action and
‘business as usual’ scenarios."
[COMMENTARY]
This follows on the 'stranded assets' item
below. How will fossil fuel companies react to a
low-carbon future? Investors must get answers from
these companies. Should companies have no plan or
seen to be irresponsible, investors must take note
of that!
Investors ask fossil fuel companies to assess how
business plans fare in low-carbon future, press
release, October 24, 2013, Ceres, USA.
Stranded assets and the fossil fuel divestment
campaign. "There are a wide range of current
and emerging risks that could result in ‘stranded
assets’, where environmentally unsustainable assets
suffer from unanticipated or premature write-offs,
downward revaluations or are converted to
liabilities. These risks are poorly understood and
are regularly mispriced, which has resulted in a
significant over-exposure to environmentally
unsustainable assets throughout our financial and
economic systems."
[COMMENTARY]
You might have heard Al Gore speaking on this
subject recently. Though these issues are very
real and I fully agree with the premise underlying
them, unfortunately, the time frame for them becoming
the issue could still be years away. Note the
US consumer's fury when gas prices rise! The
following recently released document is important
reading for all investors.
The Stranded Assets Programme, Smith School of
Enterprise and the Environment, University of
Oxford, UK.
UK financial advisors wake up to ethical and
sustainable investment. "According to
research in the Voice of Advisors Report, conducted
by Blue & Green Tomorrow in partnership with Matrix
Solutions, private investors are increasingly
expecting their IFA to be able to provide advice on
how they can take advantage of ethical and
sustainable investments:
* Three quarters (74%) of IFAs say their clients are
asking for advice on green and ethical investments.
* 8% of clients expect IFAs to be able to advise
them on how green/ethical issues may shape their
investments.
* Nearly two-thirds of IFAs (61%) believe that
requests for ethical advice are growing."
[COMMENTARY]
The ethical investment industry in the UK is
well organized and proportionately appears to
receive much greater media coverage than in any
other developed country. As for the above survey
results, they speak for themselves. Again, those
advisors that really understand their clients'
personal values will be the ones that excel in the
future.
IFAS wake up to ethical and sustainable investment,
press release, Blue & Green Tomorrow & Matrix
Solutions, UK.
Societe Generale offers more proof of how ESG
analysis can provide stock price outperformance.
See,
SRI: Beyond Integration. Q4 2013.
Report indicates US impact investment
potential. "Leading US social and
environmental investment firm Sonen Capital has
launched a new report which suggests that impact
investment can outperform traditional asset class
strategies. The report, Evolution of an Impact
Portfolio: From Implementation to Results, was
launched by Sonen Capital in partnership with the KL
Felicitas Foundation (KLF) on Monday, coinciding
with the UK’s National Ethical Investment Week."
[COMMENTARY]
The study mentioned measures the performance of
various 'impact portfolios' (money market, fixed
income, equities, etc.) of the KL Felicitas
Foundation and compares them to benchmarks of those
asset classes. The foundation's use of the term
impact investing is a little broader than the way
some use it, as it includes 'traditional' socially
responsible investments. The study is a great read
and highly encouraging to any charity or
philanthropical organization wanting to go the route
of ensuring their endowments and other funds are
used only for societal good, yet while achieving
above market returns!
Report indicates US impact investment potential,
by Nicky Stubbs, October 15, 2013, Blue & Green
Tomorrow, UK.
Survey: environmental issues concern ethical
investors the most. "Environmental issues
remain the key driver for investors who want to
invest their money ethically or sustainably,
according to an ongoing survey by Blue & Green
Investor ahead of National Ethical Investment Week
[UK]."
[COMMENTARY]
This was a survey conducted on the site of Blue
& Green Tomorrow. Naturally, those going to that
site are mostly ethical investors attracted to that
sites' great content--and the site's name might
bias who views the site too. Hence, it's
unsurprising that most survey participants chose
issues related to sustainability and the environment
as being the most important to them. Were such a
survey conducted on another ethical investing
site--such as mine--the results might have been
skewed differently. Nonetheless, the survey results
are interesting and speak to the concern about the
environment.
Survey: environmental issues concern ethical
investors the most, by Alex Blackburne, October
11, 2013, Blue & Green Tomorrow, UK.
70% of UK investors don’t know if their
investments are ethical. "Some 70% of
investors are potentially seeing growth and returns
from companies and sectors, which, when prompted,
they are ethically opposed to... fewer than
one in eight are aware it’s possible to invest
ethically in mainstream companies... only 17% of
investors believe in investment return at all costs
and saying that achieving the highest possible
return is more important than being ethical."
[COMMENTARY]
These findings would likely be similar for most
developed countries. It continues to surprise me how
investment/financial advisors, not only in the UK,
but pretty much everywhere, continue to make a
mockery of the most basic rule in their practice:
the 'know thy client' rule! It just shows how most
advisors put their preferences ahead of that of
their clients. In most cases it's not malicious but
an attitude that 'I'm not that interested in what
the client thinks' and that 'I know better' than
them. The above survey results' reveal that the
advisor who really understands their client is
likely to win-out over those that don't!
70% of investors don’t know if their investments are
ethical, by Charlotte Malone, October 11, 2013,
Blue & Green Tomorrow, UK.
Cambridge University project to ‘put the value
of sustainable investment beyond doubt.’ "The
University of Cambridge has announced it is to join
forces with leading asset managers and owners to
advance the value of sustainable investing, ahead of
National Ethical Investment Week (NEIW). The
three-year project is designed to promote
understanding of how managing environmental and
social factors can improve positive long-term
returns."
[COMMENTARY]
An institution as renowned as Cambridge
University getting behind ethical investing/ESG
analysis will add further prestige to the subject.
Increasingly, it is getting ever more difficult for
naysayers of ethical investing to convince others of
their case.
Cambridge University project to ‘put the value of
sustainable investment beyond doubt,’ by
Charlotte Malone, October 9, 2013, Blue & Green
Tomorrow, UK.
AUMs in Islamic finance reached $1.76 trillion
in 2012, claims Markaz. "In the executive
summary of its report on GCC Islamic Finance, Kuwait
Financial Centre “Markaz” notes that at the end of
2012, assets under management (AUMs) in Islamic
finance reached $1.76 trillion, growing at a CAGR of
24.8 per cent per annum in the preceding four
years."
[COMMENTARY]
I've written several articles on and related to
Islamic finance and its exceptionally high assets'
growth rate doesn't surprise me at all. See,
The Rise of Islamic Finance and
Ethical &
Sharia-Compliant Investing Takes Off.
AUMs in Islamic finance reached $1.76 trillion in
2012, claims Markaz, by Robin Amlôt, October 9,
2013, CPI Financial, UAE.
The Companies With the Best CSR Reputations.
"To find which companies have the very best
reputations, the consulting firm [Reputation
Institute] invited more than 55,000 consumers across
15 markets to participate in a study between January
2013 and February 2013 that ranked the world’s 100
most reputable companies–all multinational
businesses with a global presence... Microsoft, The
Walt Disney Company, Google and BMW–tied for the No.
1 spot."
[COMMENTARY]
This is a great article for all ethical
investors to read. It details exactly the Reputation
Institute's methodology as well.
The Companies With the Best CSR Reputations, by
Jacquelyn Smith, October 2, 2013, Forbes, USA.
Americans Would Rather Remain Unemployed Than
Work for Companies with Bad Corporate Reputations.
"Corporate Responsibility (CR) Magazine, in
conjunction with Allegis Group Services, today
announced the findings of the publication's annual
corporate reputation survey, which found that 69
percent of Americans would not take a job with a
company that had a bad reputation, even if they were
unemployed. This is a six percent decrease from
2012."
[COMMENTARY]
Actually, superficially this sounds quite
positive. Digging into the numbers though--when
compared to its 2012 findings--suggests workers
are increasingly likely to work for companies with
bad reputations. One example, and quoting this
article, "Subsequently the average percentage
increase in salary that it would take to entice
Americans' decision to work for a company with a bad
corporate reputation has decreased. While the
majority in 2012 said they would require more than
double their salary to consider the move, the
majority in 2013 said they would require between a
50-100% increase."
I suspect that American workers continue to
struggle more than what government statistics say!
Americans Would Rather Remain Unemployed Than Work
for Companies with Bad Corporate Reputations,
press release, CR Magazine & Allegis Group Services,
October 3, 2013, USA.
Churchgoers mostly favor socially responsible
companies, study finds. "The research showed
that companies in areas of high concentrations of
people who practice religion engage in more
environmental disclosure as opposed to social
welfare disclosure. Companies also disclose more CSR
information when the population near the corporate
headquarters has more nonevangelical Christians than
evangelicals. The authors reasoned that this might
be because some evangelical organizations promote
skepticism of climate change science and embrace
more conservative social and political values than
their nonevangelical counterparts."
[COMMENTARY]
From this study, one could perhaps argue that
since more companies than ever are reporting on
their CSR activities and that regulatory agencies
are requiring companies to report more on them too,
that nonevangelical congregations are growing???
Personally, I believe that it is higher
consciousness and ethics that are growing and
responsible for more CSR reporting and that whether
congregations are nonevangelical or evangelical
might be a secondary factor.
Churchgoers mostly favor socially responsible
companies, study finds, press release, October
2, 2013, University of California, Davis, USA.
Huge investment needs temper Green bond hype.
"Despite major advances in 2013, Green bonds look
set to remain a niche product, unlikely to make a
meaningful contribution towards the estimated
USD6trn needed to support low-carbon energy projects
by 2020."
[COMMENTARY]
For
the green bond market to really take-off,
ethical investors need to take much more interest in
this sector. They should let potential issuers know
of their interest.
Huge investment needs temper Green bond hype, by
John Geddie, October 2, 2013, Reuters, UK.
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