Green Calgary

Putting our Money Where our Mouth Is

Reader Question

Hi Ashley,

I am torn as to where to invest my money.  I’ve spoken to different investment advisors and many of them direct me to SRI (socially responsible investments) but still those investments are with companies that in my personal and professional life stand against.  Where, then, would someone looking to invest responsibly put his or her money?

Yours truly,

Investly Stuck

Ashley's Answer

Dear Investly Stuck,

Firstly, I want to say that I share your pain and frustration and, secondly, I have no quick or easy answers. Citizen’s Bank, which many of Green Calgary’s staff happily banked with for several years, is closing its doors in early December. They will, however, continue to offer their ‘Shared Interest’, Amnesty International and Oxfam Visa cards and because these cards are unique to Citizens’ Bank, they offer a good option for those looking to do some ‘good’ each time their credit card is used. For other services I, like many others, am in the unfortunate position of having to find another bank. Luckily though, Calgary has a number of member-owned credit unions, which have a history of reinvesting money into the local community.

Now, when it comes to investments, there are a number of alternatives offered by banks and investment brokers. Many credit unions offer Ethical Funds, while some of the larger banks offer ‘socially responsible investments’ based on the Dow Jones Sustainability Indexes, Jantzi Social Index, FTSE4Good Index, among others. These indexes help to define what is considered “socially responsible” and each differs in the way it assesses companies. But while these indexes narrow the field, they do not represent the pinnacle of ethical investing. Many of the companies appearing in these indexes - companies considered either “ethical” or “socially responsible” – are companies that have histories of committing deplorable acts against the planet and humanity. I get the sense you want better.

The Canadian Community Investment Network Co-op (CCINC) offers some great resources on community investment and micro credit opportunities across Canada. Organizations from coast-to-coast are working to get money into the hands of individuals that are looking to improve the vibrancy and health of their local community. Many of these organizations loan money for these purposes but several allow their clients to directly invest in projects that are good for communities and the environment. For instance, Van City, which is the parent company of Citizens’ Bank, offers a term deposit that returns social, environmental and economic benefits to local communities, and another in which funds are directed to community loans used for the purpose of addressing poverty issues around the world. Similar opportunities exist across Canada but, unfortunately, I have yet to learn about opportunities here in Calgary. But, and this is a big but, just because I do not know about such opportunities does not mean they are non-existent. This is where you, the reader, will get a moment in the spotlight.

Green Calgary has recently enabled a number of forums throughout its website, including one for Ask Ashley, for which people can create an account and leave comments and ideas for others to read. This, I hope, will serve as a portal for readers to enlighten me, and others, on ethical investing opportunities in our city. I have received countless emails on this subject and despite doing a great deal of research and speaking to a number of “investment professionals”, I still feel at a loss. I am confident, however, that we can do better if we demand it.

The challenge, as far as I see it, is to reframe the way we think about money. Our obsession with the growth of money, versus the good that can be generated with it, tends to drive the type of development, and destruction, that we see around us. It is our willingness to give our money to those individuals that will make it grow fastest, rather than those whose aim it is to create the most good, that we find ourselves in our current situation. We will continue to experience instability in financial markets, global ecosystems and in our local communities until the day we ask for, and demand, change. Only then will our options to invest in building healthy and vibrant communities become more straightforward.

Curiously,

Ashley

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