Green building is one of the most exciting areas of the green economic boom. An emerging segment of the overall construction and building products industry, the concept of green building encompasses more energy efficient structures and appliances, new lighting technologies, recycled building materials and a host of products and services offering better environmental performance from residential, commercial and industrial buildings, which are responsible for a large percentage of our overall energy use and carbon footprint. In this edition of Winslow Environmental News we take a look at just a few of the exciting developments in this branch of the green economy.

MAIN ARTICLE: Green Lighting

We've heard about new technologies coming along to replace the traditional, energy-sucking incandescent light bulb for years. But now it is official – much of the developed world, including the U.S., is banning or phasing out the use of the Edison light bulb within the next five years. Already, the lighting industry and its backers are investing heavily in a variety of technologies that promise to fill the void. In this article Ethan Berkwits takes a look at why the incandescent bulb is no longer king of the hill, and at some of the technologies poised to knock it off its throne.

MARKETBEAT: Rising Trends In Green Building

Although the construction industry is not currently viewed by most investors as a very attractive opportunity, portfolio manager Jack Robinson believes that the green building segment stands apart from the rest of the industry. In this issue’s Marketbeat he reviews a number of data points that suggest green building is poised for strong growth in the coming years.

FEATURED COMPANY: Quanex

Quanex Building Products is the most recent incarnation of an 80 year old company that has mastered the art of reinvention. Its products provide the energy-efficiency backbone for many of the windows and doors in America, and the company is set to benefit significantly from the rising importance of environmentally-friendly and energy efficient building products within the construction industry. Ellen Pfeifer takes a closer look at Quanex's history and its current green offerings.

At Winslow, we are hopeful that global leaders can come together in 2009 and 2010 to deliver meaningful international agreements to address climate change. But as investors we have to face reality: the worldwide wake up call regarding climate change occurred relatively late in the game, and no matter how the world responds to this looming threat, our economy and society now face inevitable and potentially severe consequences. In this issue of Winslow Environmental News, we take a look at how even moderate climate change may impact the world in the future - and indeed, is already impacting the world today - and how investors can respond by focusing on climate change adaptation.

MAIN ARTICLE

If global warming can't be stopped in its tracks, can human society effectively adapt to new climate conditions as it has in the past? Ellen Pfeifer examines the issue of climate change adaptation through the eyes of leading academics - what are the available policy options? How much might adaptation cost? And how can the burden on developing nations - likely suffering the heaviest impact, while being least capable of funding adaptation solutions - be fairly shared across the globe?

MARKETBEAT: ADAPTING YOUR PORTFOLIO TO CLIMATE CHANGE

In a scenario where climate change can't be avoided, some companies and industry sectors are likely to suffer significant blows to growth and profitability. At the same time, newly created demands from a changed global marketplace may create massive new opportunities for companies that can help us to adapt to a new reality. In this edition of Marketbeat, portfolio manager Jack Robinson looks through the lens of climate change adaptation and considers the risks and opportunities facing investors.

FEATURED COMPANY: Telvent

Telvent (TLVT) is a unique technology company which offers a wide range of solutions to corporations seeking to squeeze greater resource and energy efficiencies from their supply and distribution chains. Through a strategy dedicated to address environmnetal sustainability issues, and a driven, high quality management team, Telvent has generated a remarkable track record of success. Winslow analyst Ben Smolley provides some insight into this company's impressive story.

Plus: An update on recent developments in the race to effectively transmit and distribute the nation's growing renewable energy reserves; and updates on some of the companies in Winslow's investment universe.

While the recession has taken its toll, the organic and natural products industry has shown resilience during the past year – a surprise to many observers who viewed the category as a higher-priced luxury that many consumers would shun during a recession. In fact, revenues have grown slightly across the board, and consumer loyalty has been stronger than many expected. In this issue of Winslow Environmental News, we take a look at how two powerful trends – growth in consumer demand for organic and natural products, and shrinking consumer budgets – have collided over the past year, and how that collision may affect the industry’s long-term growth trend.

MAIN ARTICLE

Local farmer's markets are popping up everywhere, and business seems pretty strong as one walks the aisles at the local Whole Foods. On the other hand, the recession has had a big impact on organic consumer spending patterns – growth slowed significantly across most organic categories in the last half of 2008. In this article we take a look at how organic consumers are behaving and will behave under harsher economic conditions, and how that might impact the organic industry in coming years.

MARKETBEAT: HEALTHY RETURNS

In this edition of Marketbeat, portfolio manager Matthew Patsky and analyst Elizabeth Levy examine the performance of the Canaccord – Adams Healthy Living Index (HLI) from the beginning of the market collapse last year through the end of the second quarter. The index has performed admirably versus the broad stock market during that time; Patsky and Levy look at that surprising performance, as well as industry fundamentals during the same period, to see what lessons can be learned.

FEATURED COMPANY: United Natural Foods

United Natural Foods (UNFI) isn't a typical organic products company. As the largest organic food distributor in the United States, its world is all about trucks, warehouses, fuel costs, and attention to the thin operating margins inherent in wholesale food distribution. However, the company’s success isn’t just about cost control – United Natural has been guided by a deep-seated environmental philosophy since its founding in the 1970s. From its early vision of bringing organic foods to the masses, to its pioneering environmental stewardship initiatives, United Natural has demonstrated that environmental sustainability can indeed drive profitable growth.

Plus: An update on recent developments in federal cap and trade legislation; disturbing trends revealed in the annual report on America’s obesity epidemic; and updates on some of the companies in Winslow's investment universe.

Every utility in the country is talking about it. Dozens of companies, from tiny startups to industrial titans, are lining up to claim a piece of it. The Obama administration's stimulus package is supporting it to the tune of $11 billion. And in this edition of Winslow Environmental News, we discuss "it": the smart grid.

MAIN ARTICLE

The smart grid has gotten a lot of attention in the media over the past few months, but few people have a good understanding of what the smart grid actually is. In this article we look at a hypothetical family, and how their lives may be improved when smart grid technology is implemented in their region and community.

MARKETBEAT: PLAYING IT SMART

In this edition of Marketbeat, we take a look at the relatively wide variety of companies and segments that make up the emerging smart grid market. From smart meter companies, to demand response service providers, to electricity transmission technology companies, Marketbeat looks at some of the more interesting investment opportunities in this space.

FEATURED COMPANY: Itron, Inc.

Itron is the worldwide leader in advanced electric metering products, a key segment within the smart grid industry. But the company isn't satisfied with simply owning the metering devices in your home and your business, and it is expanding rapidly into complex network infrastructure products that will form the backbone of the 21st-century electric grid.

Plus: News regarding Winslow's recent partnership with Brown Advisory; an update on the continuing growth of wind power generation capacity in the United States; and updates on some of the companies in Winslow's investment universe.

GREEN ENERGY AT THE CROSSROADS

Two years ago, Winslow Environmental News led with the headline "Green Energy 3.0: This Time, It Is Different." Our central hypothesis was that the green energy revolution had truly arrived and was here to stay, in contrast to the two "false starts" experienced by the renewable energy sector over the previous two decades.

However, the extreme economic events of the past year have prompted us, and many other investors in clean energy, to reexamine this hypothesis. Were we too optimistic? Will credit disruptions and global recession prove to be insurmountable obstacles? Or will the many powerful forces that support growth in clean energy overcome these obstacles and win the day? We suspect that most, if not all, of our readers are equally focused on the overarching question of the viability of the green energy industry. This entire special edition of Winslow Environmental News is dedicated to our answer to that question.

INVESTING IN THE WATER SECTOR

MAIN ARTICLE: Water: The "Other" Liquid Commodity

Because water seems endlessly available in the United States, it is easy for us to take for granted a commodity that is, much more so than oil, literally the lifeblood of human society. In the past, a water shortage for Americans may have meant not watering the lawn or washing the car quite as often, but we may soon be forced to join other less fortunate parts of the world in confronting a much more dire situation.

MARKETBEAT: "Liquid" Stocks In The Water Market

In this edition of Marketbeat, Jack Robinson takes a look at the relatively wide variety of companies and segments that make up the global $375 billion water sector. From water utilities, to desalination plants, to advanced filtration technologies, Marketbeat looks at some of the more interesting investment opportunities in this space.

FEATURED COMPANY: Lindsay Manufacturing

Lindsay Manufacturing (NYSE: LNN) was, for many years, a sleepy stock - the Nebraska company produced advanced irrigation systems for large-scale agricultural use, generated consistent results, and attracted little attention from investors. Today, demand for agricultural products and for water is growing rapidly, with supplies straining to keep up, and the need for efficient agricultural technology has never been higher. Suddenly, the Lindsay story has become much more interesting.

Plus: Results from the most recent global Carbon Disclosure Project survey; exciting news regarding the successful RGGI auction, the first auction of carbon emission credits ever held in the United States; and updates on some of the companies in Winslow's investment universe.