Fund Seeks Investment in Alternative Energy Overseas Finding Few Alternatives Domestically
This Press Release dated November 4, 2003 announces the intent of the New Alternatives Fund, a socially responsible mutual fund, to expand its investment overseas by 20 percent (to 35 % of its assets). The reason?
The Fund's major interest is alternative sources of energy and the Fund managers suggest that the present US administration is not appropriately viewing or serving national environmental concerns. In the Proxy Statement filed with the SEC, Fund Managers state:
For example, more new large wind turbines are coming out of Europe (Denmark). European countries are sponsoring ocean energy (tidal, wave energy) (Scotland) at a greater rate than the United States. Competitive solar cells are coming out of the Far East (Japan) and organic food products are profitable in Canada. We seek more foreign investment opportunities to be made available to our Fund. For example, we expect that there may soon be opportunities to invest in companies involved with ocean energy. The foreign countries appear to us have more experience in that developing area of technology. The Fund's current foreign investments have shown reasonably good results in wind turbines, organic food and solar cells. Of course our orientation to alternate energy and the environment and our social concerns will remain the same.
It is too bad that similar opportunities have not been identified in the United States.