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Research from Co-operative estimated that 18 per cent more people were planning to "invest ethically" in 2009 compared with last year.

Zack Hocking, head of investments, said investors were starting to look at SRI investment strategies following the recent difficulties in equities markets

"The focus of ethical funds to seek out stocks with responsible and sustainable business models has made them an increasingly more attractive proposition to investors," he said.

"Many ethical funds have now proven they can deliver performance in line with the very best unit trusts in the market, while helping to bring about positive change in society."

Penny Shepherd, chief executive of sustainable investment and finance association UKSif, said investor sentiment had shifted in favour of ethical investments as companies around the world suffered in recent months.

"As consumers are going back to into equities, people who traditionally wouldn't consider ethical investments would now include them in the key options they look at," she said.

"We are seeing a general trend [where more people] are concerned about the social and environmental impacts of their investments."