Flooding in Europe and China; mudslides in India; and here in the U.S., a historic drought accompanied by record heat and wildfires — each is stoking the global debate about climate change and what can be done about it, notes Jack Bowers, editor of Fidelity Monitor & Insight.

Enter several new Fidelity funds whose investment objectives are more expansive and ambitious than the boilerplate maxim of "long-term growth of capital." Notably, their investment strategies include the subjective and more altruistic goal of improving earth's health.

In offering Fidelity Climate Action (FCAEX), Fidelity Water Sustainability (FLOWX), Fidelity Environmental Bond (FFEBX) and others, naysayers might argue that Fidelity's marketing people are targeting a new generation of investors. And they are!

Regardless of their motives (we assume larger profits), "socially conscious" funds broaden the typical total return investment objective to include something that really can't be quantified by us in our ratings.

Nevertheless, Fidelity Water Sustainability has been upgraded to "OK to Buy" this month largely because of its 63% stake in various industrials.

While the economic recovery should benefit cyclicals, companies engaged in the treatment, distribution and conservation of water may be especially well-positioned over the long term.

Surging 7.3% in July, the narrow subsector got a shot in the arm when Congress moved closer to passing a $1 trilling infrastructure improvement bill. The bill contains $55 billion to replace lead water lines and $50 billion more to guard again climate-induced droughts and floods.

With expenses presently capped at a highish 1%, Water Sustainability holds the promise of doing well while also doing good.

Subscribe to Fidelity Monitor & Insight here…