Climate Trust puts funds to work in Portland

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Climate Trust President Ben Vitale said the nonprofit sought out investment advisers with a social and environmental focus.

Community Capital Management, a Florida investment adviser, announced Monday that it invested in City of Portland bonds that support the Cleaner Energy Works program among others.

The investment was prompted by The Climate Trust of Portland which hired Community Capital as an investment adviser for 20 percent of its committed capital. Climate Trust helped provide funding for the city's Interstate Corridor Urban Renewal and Redevelopment Bonds through its investment in a fund run by Community Capital that invests in local community projects.

The trust's available capital, previously managed by Shorebank Pacific, is invested in funds that achieve social and environmental goals before it is committed to carbon-mitigation projects.

"Basically, we're making our dollars work twice," said Ben Vitale, president of The Climate Trust.

The Climate Trust, which hired Vitale as its president in 2009, invests money set aside by utilities for carbon emissions into the actual projects that remove carbon from the atmosphere. The nonprofit was formed in 1997 to administer the Oregon Carbon Dioxide Standard. As of the end of 2010, The Climate Trust had overseen projects offsetting 2.7 million metric tons of carbon.

Community Capital, based in Fort Lauderdale, Fla., has $1.5 billion under management. Portland-based Meyer Memorial Trust is also a Community Capital Client.

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