New Web Tool Reveals Fossil Fuel Companies Hidden in Mutual Funds FossilFreeFunds.org accelerates the transition to a clean energy future
OAKLAND, CA - September 15, 2015 - FossilFreeFunds.org was unveiled today by shareholder advocacy nonprofit As You Sow, using Morningstar fund holding data, in collaboration with Fossil Free Indexes, Carbon Tracker Initiative, BrightScope, and HIP investor. This new, free-to-the-public web tool reveals where fossil fuel holdings are hiding in 1,500 of the most-held mutual funds. Consumers are empowered to find where their money is invested and avoid the financial risk of a weak oil industry, align their investments with their values, and avoid supporting companies fueling climate change.
The five major fund families including Fidelity, Vanguard, and TIAA-CREF, that control recordkeeping at 75 percent of all employer-sponsored retirement plans valued at $5.6 trillion for 91 million Americans, do not offer any socially responsibly, diversified, mutual funds that are free of the 200 companies with the largest oil, gas, and coal reserves called the Carbon Underground 200TM which is the minimum requirement of the Divest-Invest pledge.
For investors wishing to more rigorously define "fossil free," screens for coal, fossil-fired utilities, and service companies like Halliburton are available. Funds clear of investments in a screen, earn a green badge with a maximum of five. Out of 1,500 funds with the highest plan count, only 12 diversified and SRI funds earned five badges, including Parnassus Endeavor (PARWX), Portfolio 21 Global Equity (PORTX), USA Mutuals Barrier (VICEX), Brown Advisory Sustainable Growth (BAWAX), PAX World Growth (PXGAX), Green Century Balanced (GCBLX), Gabelli SRI (SRIGX), and Shelton Green Alpha (NEXTX).
"We developed FossilFreeFunds.org after we realized our own 401(k) had funds holding oil, gas, and coal extraction companies - but we had no idea," said Andrew Behar, As You Sow's CEO. "We figured if we didn't know, then no one did. This tool gives everyone the power to know what they own, so they can own what they own."
According to Joanna McGinley, Head of Global Alliances and Redistributor Solutions for Morningstar, "With comprehensive fund holdings data, we are able to provide greater transparency and help investors better evaluate the sustainable and ethical effect of their investments."
As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. www.asyousow.org
New Web Tool Reveals Fossil Fuel Companies Hidden in Mutual Funds FossilFreeFunds.org accelerates the transition to a clean energy future
OAKLAND, CA - September 15, 2015 - FossilFreeFunds.org was unveiled today by shareholder advocacy nonprofit As You Sow, using Morningstar fund holding data and in collaboration with Fossil Free Indexes (The Carbon Underground 200TM,) the Carbon Tracker Initiative, BrightScope, and HIP investor. This new, free-to-the-public web tool reveals where fossil fuel holdings are hiding in 1,500 of the most-held mutual funds. With this knowledge, consumers can be empowered to find out exactly what their money is invested in. The five major fund families including Fidelity, Vanguard, and TIAA-CREF that control recordkeeping at 75 percent of all employer-sponsored retirement plans, valued at $5.6 trillion for 91 million Americans, do not offer any socially responsibly diversified mutual funds that are free of the 200 largest fossil fuel companies with the most oil, gas, and coal reserves.
Fossil Free Funds is filling this information gap, providing consumer awareness for those who wish to avoid the financial risk of a weak oil industry and the impact of the "carbon bubble." This tool empowers investors who want to align their investments with their values and avoid supporting any company directly fueling climate change. It is the first-ever, publicly available, no cost site that allows investors to compare mutual funds' holdings against the 100 largest coal and 100 largest oil/gas companies - known as the "Carbon Underground 200" - as measured by proven reserves. Stripping these companies from one's portfolio is the minimum requirement of the Divest-Invest pledge.
For investors wishing to more rigorously define "fossil free," the easy-to-use platform allows screens for coal, smaller oil/gas companies, service industries (e.g. Halliburton), and fossil-fired utilities. Funds that are clear of investments in a given segment earn a green badge. Funds can earn a maximum of five badges. Out of the 1,500 funds with the highest plan count, only 12 diversified and SRI funds have earned the five badge rating, including Parnassus Endeavor fund (PARWX), Portfolio 21 Global Equity (PORTX), USA Mutuals Barrier (VICEX), Brown Advisory Sustainable Growth (BAWAX), PAX World Growth (PXGAX), Green Century Balanced (GCBLX), Gabelli SRI (SRIGX), and Shelton Green Alpha (NEXTX).
Armed with specific knowledge, investors can sell mutual funds that don't align with their objectives and reinvest in funds that do, or work with their financial advisors to divest and reinvest. Employees without fossil free alternatives can download a toolkit to help them advocate with their retirement plan administrators to include fossil free investment options. This follows a trend noted by the Morgan Stanley Institute for Sustainable Investing, which reported that 71 percent of active individual investors describe themselves as interested in sustainable investing, while nearly 65 percent believe sustainable investing will become more prevalent over the next five years. The survey finds millennials and women at the forefront of sustainable investing. Fossil Free Funds helps consumers get to the bottom of where oil, gas, and coal investments are hiding in their portfolios.
Thousands of foundations and individuals, with assets totaling over $50 billion, as of September 2014, have already taken the Divest-Invest pledge to decarbonize their portfolios. This number will increase exponentially, as will be discussed more during an announcement planned for a September 21 Divest-Invest press conference to be held at MSCI Headquarters in New York. But many investors are unaware that they even own fossil fuels, which are often hidden in retirement plans and buried deep inside mutual funds. Many people who have taken the divestment pledge work at U.S. companies that have no fossil free employee-sponsored retirement investment options to fulfill their commitment.
"Since the beginning of the divestment movement, investors have been clamoring for transparency and a way to identify how they can use their portfolios to actively combat climate change," said Andrew Behar, As You Sow's CEO. "We developed FossilFreeFunds.org after we realized that our own 401(k) was composed of mutual funds that had major oil, gas, and coal extraction companies - but we had no idea. We figured that if we didn't know, then probably no one did. This tool gives everyone the power to truly know what they own, so they can own what they own."
According to Joanna McGinley, Head of Global Alliances and Redistributor Solutions for Morningstar, "With comprehensive fund holdings data, we are able to provide greater transparency and help investors better evaluate the sustainable and ethical effect of their investments."
FossilFreeFunds.org empowers consumers to know exactly what they own, whether their mutual funds are held directly or through employer-provided 401(k) or 403(b) retirement plans. With this information in hand, investors can decide for themselves if they want to continue owning fossil fuel companies, or if they will divest and reinvest in funds and companies working for a clean energy future.
When investors hold mutual funds that contain fossil fuel extraction companies, fossil-fired utilities, and related service industries, they become owners of companies directly contributing to climate change. The United Nations and 98 percent of the world's scientists agree that "business as usual" will lead to catastrophic damage to ecosystems, economies, and global populations, and cause potentially hundreds of millions of climate refugees.
"None of us want to fund the destruction of the planet - here's an easy tool to make sure you're not, and to turn you into a champion of solutions," said Bill McKibben, 350.org co-founder, environmentalist and author.
Additional Quotes to be used and/or turned into blog-bites and tweets
According to Joanna McGinley, head of global redistributor solutions for Morningstar, "With comprehensive fund holdings data, we are able to provide greater transparency and help investors better evaluate the sustainable and ethical effect of their investments."
According to Stuart Braman, Founder and Chairman of Fossil Free Indexes, "Fossil Free Funds is a huge step forward for individual investors who want to go fossil free. Until now, it was very cumbersome for investors to assess their exposure to fossil-fuel-reserve-owning companies. We applaud this important step in empowering individual investors who are ready to address the climate risk and stranded asset risk in their portfolios and we expect this will help accelerate the appearance of more fossil free investment opportunities for individual investors. Fossil Free Indexes is proud to do its part in empowering investors by publishing and maintaining The Carbon Underground 200TM, thereby providing the core data to support carbon-responsible investors."
According to Matthew Patsky, CEO of Trillium Asset Management, "Trillium's Portfolio 21 Global Equity Fund has been fossil fuel free since its inception in 1999. Our investment management team integrates financial and ESG research to seek high quality growth companies at a reasonable price, working to provide both impact and performance to our investors. Also, the Q2 2015 Fund Fact Sheet, including performance information can be found here." http://portfolio21.com/wp-content/uploads/2015/08/Global-Equity-Fund-Fact-Sheet-Q2-2015.pdf
According to Vidya Nathu, Manager of Advisor Relations at Parnassus Investments, "Over the past few years, university endowments and large investors have been encouraged by students and alumni to divest from investments in fossil-fuel-based companies as part of an effort to halt climate change. Investors and prospective clients have also suggested that Parnassus Investments should address this concern. The Parnassus Endeavor Fund first added the screen in May 2014. After much consideration, the Founder and President of Parnassus Investments Jerome Dodson added the screen to the Parnassus Fund in February 2015."
According to Julie Fox Gorte, Senior Vice President for Sustainable Investing, Pax World Management LLC, "There are many things investors can do to address the risks created by climate change, especially the risks created by combustion of fossil fuels. One is to avoid fossil fuel stocks. At some point, fossil fuels will be stranded assets; this is already happening to coal, the dirtiest of fossil fuels. Michael Bloomberg recently noted that in his blog, 'Obama Didn't Kill Coal, the Market Did.' Citigroup recently reported that if we are to limit future warming to 2 degrees C, $100 trillion worth of fossil fuel reserves will become stranded assets. This won't happen overnight, but however it does, investors who are not prepared for it will wish they were."
According to Leslie Samuelrich, President, Green Century Capital Management, "Green Century has been avoiding the biggest polluters from the start—and we officially made the Balanced Fund fossil fuel free in 2008 to reflect our strong critique of the industry's role in driving climate change. Since then, the financial reasons to invest fossil fuel free in the sustainable companies and green bonds in the Balanced Fund just keeps growing, as evidenced by our track record of competitive returns. As the first family of fossil fuel free funds, we're thrilled that this new tool will help investors see what's under the hood at mutual fund companies, finding authentic funds committed to a clean energy future."
According to Garvin Jabusch, co-founder of asset management firm Green Alpha Advisors, "Green Alpha's approach to investing is simple - don't invest in causes of global systemic risks, notably fossil fuels, and do invest in solutions to those risks. A stock portfolio is a vision for the future, so when investing it is critical to look at holdings and make sure they represent the future you believe is emerging economically, and also that they reflect the world you want to see. Why do we manage NEXTX that way? Because we've reached the point in history where it's obvious that no investment portfolio should contain the causes of our great systemic risks - climate change and resource scarcity - ever again. And, by extension, if the aggregate activities of a company aren't providing solutions to those risks, no one should invest in its stock, ever again."
According to R. Paul Herman, CEO of HIP Investor, "How can investors reduce future risk? By eliminating exposure to polluting energy (oil, gas, coal) and investing in clean, renewable energy. FossilFreeFunds.org is an essential tool for investors, advisers, fund managers and 401k plans to reduce future risk, enhance future return potential, and build a better world free of fossil free energy," says R. Paul Herman, CEO of HIP Investor, which rated several thousand stock and bond holdings of the mutual funds in As You Sow's 401(k) plan. "It's your money -- so you need to keep mutual fund managers accountable to your future, or switch fund managers who see the world as you do. Reducing exposure to fossil-fuel producers can strengthen your portfolio."
According to Timothy Yee, President of Green Retirement, Inc., "Most working people's savings are in their retirement plans. It is, therefore, of utmost importance that companies that sponsor these plans should observe prudence in choosing and monitoring the investment line up that they offer. Fiduciary responsibility dictates that all risks need to be evaluated and the potential financial downside that fossil fuel investments hold should be considered. It is entirely reasonable to include fossil fuel free choices in an organization's retirement plan. Experience has shown us that a completely fossil fuel free investment menu for retirement plans can also be adopted."
According to Vanessa Green, Director of Divest-Invest Individual, "This is the game-changing tool individual investors have been waiting for. Fossil Free Funds will enable people across the economic spectrum to cut financial ties with fossil fuel companies that prioritize their own short-term gains over our health, safety, and security and deepen the climate crisis. Now, average working Americans have more power to avoid the risks of stranded fossil fuel assets and influence the very structures and systems that drive an economy - the markets."
According to Ben Cohen co-founder of Ben & Jerry's Ice Cream, "The majority of people are carbon complicit and they don't even know it. Now is the time to take the divestment pledge and move your money away from the fossil fuel companies that are destroying our future. Fossil Free Funds is a game-changer - it enables the majority of people who are invested in mutual funds to know what they own so they can commit to shifting capital and accelerating the transition to a clean energy future."
As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. For more information visit www.asyousow.org
Q: What is FossilFreeFunds.org? A: Fossil Free Funds is a free online web platform from Oakland-based nonprofit As You Sow. Fossil Free Funds will help accelerate the transition to a clean energy future by enabling investors to search for hidden fossil fuel companies in their mutual funds. Knowing what you own is the first step toward owning what you own. Whether mutual funds are owned directly or through an employer-sponsored retirement plan, Fossil Free Funds instantly gives 91 million investors the ability and freedom to see all of the fossil fuel companies held within mutual funds they may be offered. This enables anyone to decide if they want to keep their current holdings or search for the cleanest, greenest mutual funds available and divest from fossil fuel financial risk and the associated climate impact.
Q: Why do I care what my mutual funds hold? Aren't everyone's the same? A: Every mutual fund is different and many hold fossil fuel companies that are financially risky and hold vast reserves of fossil fuels. If you are invested in a mutual fund that contains fossil fuel extraction companies, fossil-fired utilities, or related service industries, you may unknowingly be carbon complicit, owning the very companies contributing to climate change. Many forward-looking investors have already pledged to divest from dirty fuels and used Fossil Free Funds to decarbonize their investments and speed the creation of a clean energy future.
Q: What exactly is the definition of "fossil free?" A: If you take the Divestment Pledge then the definition is to sell your equities in the Carbon Underground 200. These are the 100 oil/gas companies and 100 coal companies with the most carbon intensive proven reserves. Some investors prefer to employ a more stringent definition of fossil free that includes the fossil fuel companies in their mutual funds that are fossil-fired utilities, service companies that do the drilling and fracking (like Halliburton), and oil, gas, or coal extraction companies that are smaller than the top 100. Fossil Free Funds lets investors screen against five accepted lists and standardized industry classifications, allowing investors to create a personalized definition of "fossil free" by letting users select and de-select for any combination of:
>Carbon Underground 200: The largest 100 oil/gas and 100 largest coal companies by fossil fuel reserves updated quarterly by Fossil Free Indexes.
>Filthy 15: Ten largest coal-fired utilities and five largest coal extraction companies assembled by As You Sow and described in the Reinvestment Handbook.
>Oil/Gas: Morningstar Standardized Business Classification that includes service industry, pipelines, and smaller extraction companies.
>Coal: Morningstar Standardized Business Classification for coal extraction companies.>Utilities: Morningstar Standardized Business Classification for fossil fuel-fired power generators.
Q: How do I find out what's in my mutual funds? A: Fossil Free Funds is a web tool that utilizes Morningstar holding data and Brightscope plan count data. It analyzes 1,500 of the most commonly held mutual funds in U.S. employer-sponsored retirement plans that are at least 50% invested in equities. It provides up-to-date information on the fossil fuel companies held in those funds. Fossil Free Funds is available to everyone, at no cost. Just log onto www.fossilfreefunds.org, follow the prompts to put your fund name or ticker into the search window, and with a click of the button, you'll instantly see exactly what percentage of your fund is invested in which coal, oil, gas, or related companies.
Q: OK, I've done that. Now what?
A: Whether you own your mutual funds directly or through your employer-sponsored retirement plans plan, you can choose to sell the funds that don't align with your objectives and reinvest in the funds that do. If you haven't already, you can take the divestment pledge at Divest-Invest Individual. If you work with a financial advisor, you can discuss re-aligning your investments armed with this crucial knowledge about your current fossil fuel exposure. This new transparency will hold financial and mutual fund managers to a common standard based on a common language, and enable informed discussion around the specifics of fossil-free investing.
Q: What if my employer-sponsored retirement plan does not offer any Fossil Free funds to switch to?
A: If your employer-sponsored retirement plan doesn't offer any fossil free options, you can advocate for a change with your plan administrator. In fact, 75 percent of employer-sponsored retirement plans have their record keeping with five major companies including Fidelity, Vanguard, and TIAA-CREF. These three mutual fund companies do not offer any diversified funds that are socially responsibly invested and Carbon Underground 200 free. So it's up to you to talk to your plan administrator and let them know that the market demand for Fossil Free Funds is growing and they must meet this need. Fossil Free Funds will provide a downloadable toolkit to help you talk with other employees at your workplace and your plan administrator about your fossil free options.
Q: This sounds like sustainable investing. I've heard of it but don't know much about. Can you explain?
A: Sustainable, Responsible, and Impact Investing, or SRI, is an investment strategy that considers environmental, social, and governance criteria to generate both financial return and social good.
Sustainable investors encourage positive environmental, social, and governance practices, such as addressing climate change and human rights violations. Areas of concern recognized by the SRI industry are often under the banner of Environmental, Social, and Governance (ESG) issues; In June 2015 the Chartered Financial Analyst (CFA) Institute published a survey that states that 73 percent of investment professionals worldwide take environmental, social, and governance (ESG) issues into consideration in the investment process. US SIF: The Forum for Sustainable and Responsible Investment website offers a wealth of information about SRI investing and you will find that US SIF members are leaders in this area. Additionally, please see Fossil Fuel, Divestment & Reinvestment that provides retail and institutional investors with a broad framework for thinking through reinvestment options.
Q: What prompted you to create this new web platform? A: Fossil Free Funds was developed when As You Sow staff realized that we didn't know the carbon content of the organization's own 401(k) retirement plan. We assumed our fund options were green - as an organization focused on shareholder advocacy, and aligning investment with values, As You Sow staff are by any measure informed investors. We were truly surprised to find out that our retirement plan was filled with mutual funds holding fossil fuel companies. We then embarked on a path, taking sustained dedication to design and build a system to shine a light on this information. Working with partners at HIP investors, we built the alpha version and tested it. We then began to work with Morningstar and Carbon Underground 200 for data access. We codified all our work into a simple, easy-to-use tool so individual investors and other organizations could benefit from our experience.
Q: What's the Divest-Invest movement your materials mention?
A: More than 20 organizations are working together to encourage investors to divest from their investments in the fossil fuel companies that are contributing to climate change and polluting our air and water. Divest-Invest is a critical and major contributor to moving the necessary $1 trillion/year for the next two decades away from fossil fuels into clean energy infrastructure. In September 2014, $50 billion in divestment was announced, including Rockefeller Brothers Foundation and Stanford University. These numbers have grown exponentially and major faith leaders, including the Pope, a coalition of Muslim Imams, and Protestant groups, together representing over 2 billion people, have made public statements against fossil fuels and for divestment. Fossil fuel companies are risky investments and pose an existential threat to society and to our planet, ecosystems, and economies. According to the United Nations, climate change may cause hundreds of millions of climate refugees. The Divest-Invest Movement is taking away the moral authority of these fossil fuel companies to continue their destructive practices.
Q: What's next? A: After the September 15 launch, we will then launch the Hong Kong and United Kingdom versions. After that we plan to add features and functionality to display performance data for each fund. We then plan to work with partners to display carbon footprint data for each mutual fund aggregated from company scope 1, 2 and 3 carbon footprint data on a kilogram of carbon per dollar basis. After that we plan to develop functionality to save user funds to a profile so we can alert users when Morningstar updates the holding information of a user's funds and when the Carbon Underground 200 list is updated each quarter.
Q: What are your other goals?
A: Financial transparency and empowering investors to own what they own is a critical part of our mission to build a shareholder movement and to shift capital away from fossil fuels and into a clean energy future. We believe that this tool will also be used by mutual fund managers to construct and offer fossil free and environment, social, and governance aligned investment vehicles that robustly answer this market demand. Market participants need to have a common language and common narrative to enable meaningful action and forestall potential greenwashing.
AS YOU SOW BOILERPLATE
About As You Sow. Founded in 1992, As You Sow is one of the nation's leading practitioners of corporate engagement and shareholder advocacy. Founded on the belief that many environmental and human rights issues can be resolved by increased corporate responsibility, we promote that responsibility through shareholder advocacy, coalition building, reports and benchmarking, and innovative legal strategies.
As You Sow created Fossil Free Funds to accelerate the transition to a clean energy future. For 20 years, As You Sow has been getting big corporations to make big changes that encourage corporations to promote environmental stewardship and human rights. Fossil Free Funds is the next evolution in transparency and accountability, allowing individuals to know what they own and begin to invest their values.
The many companies whose policies and practices have been impacted by our work include ExxonMobil, Chevron, Duke Energy, Southern Company, FirstEnergy, Monsanto, Dow, DuPont, Proctor & Gamble, Abbott Labs, General Electric, McDonald's, Safeway, Whole Foods, Yum! Brands, Apple, Best Buy, Coca-Cola, Pepsi, Nestle Waters, Starbucks, and Target. For more, visit: www.asyousow.org
Fossil fuel investments carry real financial risks and are directly linked to climate change. On September 15 you can find out just how many fossil fuel stocks are in your mutual funds.
"Where capital goes over the next fifteen years is going to decide whether we're actually able to address climate change and what kind of a century we are going to have."
-Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change
Know what you own. Own what you own.
Brought to you by As You Sow, with financial data provided by Morningstar.
PRESENTERS:
Andrew Behar
CEO
AsYouSow.org
Andrew Behar, As You Sow CEO, has 30 years of experience as a Senior Executive and strategist in the clean-tech, communications, and life science sectors. Prior to joining As You Sow, Andrew founded and was CEO of a clean-tech start-up developing innovative fuel cell technologies. He served as COO for a social media agency focused in the sustainability space and has been a strategic consultant in the nonprofit sector. He has founded and run start-ups in the medical device and communications areas and serves on the boards of several high-tech innovation companies. Andrew is also an elected board member of US-SIF, the Forum for Sustainable and Responsible Investment.
Joanna McGinley
Head of Global Alliances and Redistributor Solutions
Morningstar, Inc.
Joanna McGinley leads the Alliances and Redistributor Segment globally for Morningstar, Inc., responsible for developing solutions to meet the market's needs and working with the Sales team to implement those solutions across the client base.
McGinley joined Morningstar in 1993 as an account manager, responsible for sales and business development with top financial institutions. In 1995, she was promoted to sales manager, overseeing Morningstar's institutional sales team. McGinley took on a product management role in 1997, for which she evaluated new product opportunities and managed existing institutional product sales, including data feeds and fund profiles. She was served as Product Manager for Morningstar Direct, Morningstar's institutional research platform starting in 2006. She moved into a Solutions role in May, 2013.
McGinley holds a bachelor's degree in economics from the Wharton School of the University of Pennsylvania. She also holds the chartered financial analyst (CFA) designation and is a member of the CFA Society of Chicago.
Matthew Patsky
Partner, CEO and Portfolio Manager
Trillium Asset Management
Matthew Patsky, CEO of Trillium Asset Management, joined Trillium 2009 and has three decades of experience in investment research and investment management. Matt began his career at Lehman Brothers as a technology analyst. In 1994, he became the first sell side analyst in the U.S. to publish on the topic of socially responsible investing. Matt previously served at Winslow Management Company as director of research, chairman of the investment committee and portfolio manager for the Green Solutions Strategy and the Winslow Green Solutions Fund.
Matt currently serves on the board of Environmental League of Massachusetts, Shared Interest, and Pro Mujer. He recently served on the board of US SIF and Root Capital. Matt is a member of the Social Venture Network (SVN), a Chartered Financial Analyst charterholder, and a member of the CFA Institute. Matt holds a Bachelor of Science in Economics from Rensselaer Polytechnic Institute.
Thomas Kuh
Executive Director and Global Head of ESG Indexes
MSCI
As Global Head of ESG Indexes at MSCI, Thomas Kuh is responsible for managing MSCI's family of Sustainability, SRI, Environmental and Global Norms indexes. He works with MSCI's product development and client coverage teams. Thomas joined MSCI in 2010 following the acquisition of the RiskMetrics Group, where he was also Head of ESG Indexes. Thomas joined RiskMetrics in 2009 through the acquisition of KLD Research & Analytics.
During his 17-year career at KLD, Thomas progressed from Research Analyst to Business Development Director and finally Managing Director of KLD Indexes. Before KLD, Thomas was a Professor of Economics at Simmons College and a Teaching Fellow at Harvard University. Thomas, a prominent member of the ESG community, has served on the board of directors of the Social Investment Forum and the Sustainable Investment Research International (SiRi) Company. Thomas received his MA and PhD in Economics from the University of Massachusetts at Amherst.
Andy Behar, CEO, AsYouSow.org
"Find out Fossil Fuels are hidden in your Mutual Funds."
"We developed FossilFreeFunds.org after we realized that our own 401(k) was composed of mutual funds that had major oil, gas, and coal extraction companies - but we had no idea. This tool gives everyone the power to truly know what they own, so they can own what they own."
Leslie Samuelrich, President, Green Century Capital Management "As the first family of fossil fuel free funds, we are thrilled that this new tool will help investors see what is under the hood at mutual fund companies, finding authentic funds committed to a clean energy future."
Julie Fox Gorte, Senior Vice President for Sustainable Investing, Pax World Management LLC "There are many things investors can do to address the risks created by climate change, especially the risks created by combustion of fossil fuels. One is to avoid fossil fuel stocks. At some point, fossil fuels will be stranded assets; this is already happening to coal, the dirtiest of fossil fuels."
Garvin Jabusch, co-founder of asset management firm Green Alpha Advisors "A stock portfolio is a vision for the future, so when investing it is critical to look at holdings and make sure they represent the future you believe is emerging economically, and also that they reflect the world you want to see."
Bill McKibben, 350.org co-founder, environmentalist and author "None of us want to fund the destruction of the planet — here's an easy tool to make sure you're not."
Bill McKibben, 350.org co-founder, environmentalist and author "None of us want to fund the destruction of the planet - here's an easy tool to make sure you're not, and to turn you into a champion of solutions."
Andrew Behar, As You Sow.org, CEO "Since the beginning of the divestment movement, investors have been clamoring for transparency and a way to identify where in their portfolios they can actively combat climate change. We developed FossilFreeFunds.org after we realized that our own 401(k) was composed of mutual funds that had major oil, gas, and coal extraction companies - but we had no idea. We figured that if we didn't know, then probably no one did. This tool gives everyone the power to truly know what they own, so they can own what they own."
Vidya Nathu, Manager of Advisor Relations at Parnassus "Over the past few years, university endowments and large investors have been encouraged by students and alumni to divest from investments in fossil-fuel-based companies as part of an effort to halt climate change. Investors and prospective clients have also suggested that Parnassus Investments should address this concern. The Parnassus Endeavor Fund first added the screen in May 2014. After much consideration, the Founder and President of Parnassus Investments Jerome Dodson added the screen to the Parnassus Fund in February 2015."
Julie Fox Gorte, Senior Vice President for Sustainable Investing, Pax World Management LLC "There are many things investors can do to address the risks created by climate change, especially the risks created by combustion of fossil fuels. One is to avoid fossil fuel stocks. At some point, fossil fuels will be stranded assets; this is already happening to coal, the dirtiest of fossil fuels. Michael Bloomberg recently noted that in his blog, 'Obama Didn't Kill Coal, the Market Did.' Citigroup recently reported that if we are to limit future warming to 2 degrees C, $100 trillion worth of fossil fuel reserves will become stranded assets. This won't happen overnight, but however it does, investors who are not prepared for it will wish they were."
Leslie Samuelrich, President, Green Century Capital Management "Green Century has been avoiding the biggest polluters from the start - and we officially made the Balanced Fund fossil fuel free in 2008 to reflect our strong critique of the industry's role in driving climate change. Since then, the financial reasons to invest fossil fuel free in the sustainable companies and green bonds in the Balanced Fund just keeps growing, as evidenced by our track record of competitive returns. As the first family of fossil fuel free funds, we're thrilled that this new tool will help investors see what's under the hood at mutual fund companies, finding authentic funds committed to a clean energy future."
Garvin Jabusch, co-founder of asset management firm Green Alpha Advisors "Green Alpha's approach to investing is simple - don't invest in causes of global systemic risks, notably fossil fuels, and do invest in solutions to those risks. A stock portfolio is a vision for the future, so when investing it is critical to look at holdings and make sure they represent the future you believe is emerging economically, and also that they reflect the world you want to see. Why do we manage NEXTX that way? Because we've reached the point in history where it's obvious that no investment portfolio should contain the causes of our great systemic risks - climate change and resource scarcity - ever again. And, by extension, if the aggregate activities of a company aren't providing solutions to those risks, no one should invest in its stock, ever again."
According to Start Braman, Founder and Chairman of Fossil Free Indexes, "Fossil Free Funds is a huge step forward for individual investors who want to go fossil free. Until now, it was very cumbersome for investors to assess their exposure to fossil-fuel-reserve-owning companies. We applaud this important step in empowering individual investors who are ready to address the climate risk and stranded asset risk in their portfolios and we expect this will help accelerate the appearance of more fossil free investment opportunities for individual investors. Fossil Free Indexes is proud to do its part in empowering investors by publishing and maintaining The Carbon Underground 200TM, thereby providing the core data to support carbon-responsible investors."
According to Timothy Yee, President of Green Retirement, Inc., "Most working people's savings are in their retirement plans. It is, therefore, of utmost importance that companies that sponsor these plans should observe prudence in choosing and monitoring the investment line up that they offer. Fiduciary responsibility dictates that all risks need to be evaluated and the potential financial downside that fossil fuel investments hold should be considered. It is entirely reasonable to include fossil fuel free choices in an organization's retirement plan. Experience has shown us that a completely fossil fuel free investment menu for retirement plans can also be adopted."
According to Vanessa Green, Director of Divest-Invest Individual, "This is the game-changing tool individual investors have been waiting for. Fossil Free Funds will enable people across the economic spectrum to cut financial ties with fossil fuel companies that prioritize their own short-term gains over our health, safety, and security and deepen the climate crisis. Now, average working Americans have more power to avoid the risks of stranded fossil fuel assets and influence the very structures and systems that drive an economy - the markets."
According to Matthew Patsky, Trillium CEO, "Trillium’s Portfolio 21 Global Equity Fund has been fossil fuel free since its inception in 1999. Our investment management team integrates financial and ESG research to seek high quality growth companies at a reasonable price, working to provide both impact and performance to our investors. Also, the Q2 2015 Fund Fact Sheet, including performance information can be found here." http://portfolio21.com/wp-content/uploads/2015/08/Global-Equity-Fund-Fact-Sheet-Q2-2015.pdf
According to R. Paul Herman, CEO of HIP Investor, "How can investors reduce future risk? By eliminating exposure to polluting energy (oil, gas, coal) and investing in clean, renewable energy. FossilFreeFunds.org is an essential tool for investors, advisers, fund managers and 401k plans to reduce future risk, enhance future return potential, and build a better world free of fossil free energy," says R. Paul Herman, CEO of HIP Investor, which rated several thousand stock and bond holdings of the mutual funds in As You Sow's 401(k) plan. "It's your money -- so you need to keep mutual fund managers accountable to your future, or switch fund managers who see the world as you do. Reducing exposure to fossil-fuel producers can strengthen your portfolio."
Fossil Free Funds enables investors to determine exactly which fossil fuel stocks are hidden in their mutual funds. #FFFunds (127 characters)
Discover hidden fossil fuel holdings in your retirement mutual funds with Fossil Free Funds. #FFFunds (103 characters)
Fossil Free Funds enables investors to determine exactly which fossil fuel stocks are hidden in their retirement accounts. #FFFunds (134 characters)
Fossil Free Funds accelerates the transition to a clean energy economy. #FFFunds #fossilfuel (94 characters)
Fossil Free Funds enables people to avoid the financial risk of a weak oil industry. #FFFunds #fossilfuel (107 characters)
Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change
"Where capital goes over the next 15 years will decide whether we're actually able to address climate change." @CFigueres #FFFunds (134 characters)
Andrew Behar, CEO, As You Sow.org "This tool gives everyone the power to truly know what they own, so they can own what they own." @andrewbehar #FFFunds (121 characters)
Bill McKibben, Author, Educator, Environmentalist and Founder of 350.org "None of us want to fund the destruction of the planet - here's an easy tool to make sure you're not." @billmckibben #FFFunds (126 characters)
"Here's an easy tool to turn you into a champion of solutions" @billmckibben #FFFunds
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Leslie Samuelrich, President, Green Century Capital Management "As the first family of fossil fuel free funds, we're thrilled that this new tool will help investors." @LSamuelrich #FFFunds (128 characters)
Garvin Jabusch, co-founder of asset management firm Green Alpha Advisors "Don't invest in causes of global systemic risks, notably fossil fuels." @Garvin1313 #FFFunds (96 characters)
Vidya Nathu, Manager of Advisor Relations at Parnassus "#Divest from investments in fossil-fuel-based companies as part of an effort to halt climate change." -Vidya Nathu #FFFunds
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