Nuclear-related utilities in Praxis' equity portfolios include Wisconsin Energy Corp., PG&E and NextERA Energy. MidAmerican Energy Co. is in its bond fund. All meet Everence's screens, which includes a requirement to generate less than 30% of energy from nuclear power.
Nonetheless, Regier says Everence ultimately wants to reduce its nuclear holdings because it's a costly energy source that poses waste storage and transport risks. "We would hate to be misconstrued that somehow we bless these companies," Regier says.
Over at Calvert Investments, the company excludes nuclear-related companies from its core Signature funds but permits them in its global alternative energy, global water and SAGE advocacy funds.
"Even with the risks, it's still important to invest in companies looking to be leaders in alternative energy," says Bennett Freeman, Calvert's senior vice president of sustainability research and policy. "If companies have legacy nuclear, we'll accept it as a tradeoff."
Calvert expects much of the world to keep depending on conventional energy sources, including nuclear power, because renewables won't be able to meet demand.
The company has long engaged with Duke Energy, a leader in trying to put a price on carbon. "They're listening and they're very engaged and open, but they can't move [on greater accountability and transparency] unless the NRC moves," says Lily Donge, Calvert's senior analyst for environment and climate change issues.
Calvert has begun dialogue with General Electric about how it expects to incorporate lessons from Fukushima to enhance processes for safety design, risk assessment and emergency preparedness at nuclear facilities where its equipment is used. It's also encouraging GE to advocate for stronger government oversight of nuclear safety globally.
"We've been very unhappy with what we view as dangerously weak and inconsistent oversight, Freeman says. "We hope this triple wakeup call [Fukushima, BP's Gulf of Mexico oil spill and the Massey Energy mine explosion] gets the attention of political leaders and regulators around the world for more emphasis on renewables."
Calvert's other nuclear-related holdings include NextERA Energy, a leader in wind power; Iberdrola Renovables, a global leader in renewable energy; and Tetra Tech, a provider of sustainable infrastructure services.
As these three companies show, sometimes it's hard to separate nuclear operations from so-called green energy investments and the overall energy equation.