Taking a new tack in its fight against industrial pollution, the Sierra Club is launching a mutual fund to channel individual investors’ money into companies that meet the group’s tough environmental standards, The New York Times reported July 20.
The group – the oldest, biggest and most influential environmental advocacy group in the U.S. – will hire an outside financial firm to manage the fund, choosing stocks from among those the club already uses for its own multimillion-dollar portfolio, the Times said.
Carl Pope, the group’s executive director, told the Times the club’s investment screen is tougher than those typically used by other mutual funds marketed as being environmentally responsible.
The move follows one taken last year by the Humane Society, which joined Smith Barney to set up a fund that would exclude meatpackers and other firms selling animal products, makers of hunting equipment and drug firms and others using animals in lab testing, the Times said.
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