The fund is one of the first open-ended mutual funds that seek to invest in U.S. and foreign companies whose growth is supported by increased environmental regulation or are involved in both the mitigation of, and the adaptation to, climate change, the announcement said.

DWS Climate Change Fund invests in three major themes:

• Clean technologies, energy efficiency, and environmental management – includes alternative energy stocks, investments in biofuels, solar, wind, and other emerging technologies that will be essential in responding to the challenges of climate change.
• Energy efficiency – includes companies that seek to mitigate the effects of rising energy prices through energy efficient products or technology, such as efficient insulation and lighting.
• Environmental management or adaptation – includes companies whose products and services are targeted at dealing with damage to the environment that may already be done or irreversible, for example, waste management, reconstruction, and environmental consulting.

The fund’s portfolio managers have access to DeAM’s Climate Change Strategist, Mark Fulton and the Climate Change Investment Committee, which provides top-down views on global macro-economic and regulatory trends that are shaping climate change business opportunities around the world, the company said.

DWS Climate Change Fund is issued by DWS Scudder Distributors, Inc., and the fund’s asset manager is DeAM Americas. Class A, C, S, and Institutional shares will be offered through financial advisers and institutions.

“The realization that climate change is not merely a socio-political or moral issue but an economic issue as well is translating into a wave of interest in this type of investment strategy,” said Axel Schwarzer, Head of DeAM Americas and DWS Scudder, in the announcement.

DWS Scudder also launched a Web site dedicated to the subject of investing in climate change, www.dwsclimatechange.com.