Boston Trust Walden seeks to invest in fixed income securities that have a positive societal benefit. These include green bonds (e.g., NY Metropolitan Transportation Authority Green Bonds that are Climate Bond Certified; Export-Import Bank of Korea Green Bond; North American Development Bank; Mid-American Green Energy Bonds) or municipal securities supporting environmental projects (e.g., Massachusetts and California tax-exempt Green Bonds), health and education (e.g. Massachusetts Health and Educational Facilities), housing, sustainability (e.g. State of Oregon Sustainability Bonds that comport with Green Bonds Principles), water (e.g., Massachusetts Water Authority Green Bonds; Massachusetts Clean Water Trust green bond that finances or refinances costs of wastewater and drinking water projects), and other infrastructure development projects. Recent corporate green bond purchases include issuances from Apple, Bank of America, NSTAR (Eversource), and Verizon.
We conduct our own due diligence on the ESG characteristics of the issuers. Certified green bonds (e.g. Climate Bonds Initiative) are viewed favorably. We have also encouraged robust reporting on impacts, sometimes through investor collaborations. In addition, we believe investments in general obligations of municipalities helps support those local economies.
*While we do invest in specific green bonds and social bonds, in addition to broader sustainability bonds, our system does not allow us to track percentages. Therefore, we have categorized everything under the broader sustainability bonds category.