Australian news, and some related international items

Australia’s”ethical” investments not always ethical when it comes to uranium

what about uranium mining?…. many consider uranium mining to be one of the most unethical activities of all.

A world of opportunities, Sydney Morning Herald, David Potts. September 6, 2010 -Ethical investment is a moral minefield …..there’s a fine line between what’s ethical and what’s mainstream.The Perpetual Wholesale Ethical SRI Fund eschews alcohol, gambling and tobacco stocks but was the best performer because it has a big holding in the banks.Which just goes to show that ethics are in the eye of the beholder.

A bank might tick all the boxes for its relations with staff and shareholders or efforts at promoting renewable energy — Westpac has won awards for being Australia’s most socially responsible company — but you don’t know to whom it has been lending.

And what about uranium mining? Nuclear power might be clean and green but many consider uranium mining to be one of the most unethical activities of all.

Perpetual’s ethical fund, for example, leaves out BHP Billiton, which owns the world’s biggest uranium mine………

The fact is a deeply green fund has to look offshore for stocks.

One fund is so frustrated by the lack of progress on achieving a price for carbon that it has invested its whole portfolio on offshore green chips — and reaped the results.

“Australia has the best technology and scientists in the world. We’d love to invest in Australian clean tech stocks,” the joint managing director of Arkx Investment Management, Tim Buckley, says.”The Australian sharemarket as a whole is the best performer globally but the worst for clean energy stocks. We need a price on carbon.”

The wholesale Arkx Clean Energy Fund returned 20 per cent last financial year.

Keep an eye on its website at as the partly Westpac-owned investment manager is planning a fund for mum and dad investors.

A world of opportunities

September 8, 2010 - Posted by | AUSTRALIA - NATIONAL, business, religion and ethics, uranium | , , , , ,

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