The study only included funds that were open to the general public and showed approximately 750,000 investors now have some money in ethical and green funds, compared to 250,000 ten years ago.
In addition, there were only £4bn invested in ethically in the UK back in 2001.
EIRIS have also conducted a survey with Ipsos MORI into investor attitudes to ethical finance and found 38% who have financial products would be interested in green or ethical products.
The survey asked respondents about a number of key environmental and social challenges facing the globe and what they thought the impact might be.
Of the 1,030 adults asked, 61% said natural resource scarcity would have a negative impact on the global economy and 59% said growing population will have a negative impact.
In an additional section of the survey investors were asked their opinion on the importance of financial advisers offering a service inclusive of ethical and green products.
Just over one quarter of respondents either ‘strongly agreed’ or ‘tended to agree’ that it is important for financial advisers to offer advice on green and/or ethical investment products.
An additional 41% said they neither agreed or disagreed with the statement.
Is there true appetite for ethical?
Mark Robertson, head of communications at EIRIS, said: "Our survey shows that expectations around ethical finance are evolving. The public now agree that big issues like climate change, dwindling natural resources and population growth will have a negative impact on the global economy.
"By avoiding companies with a negative impact, or focusing investment on those providing positive products and services tackling key sustainability challenges, green and ethical funds offer the opportunity to both make money and tackle global problems."
But David Cowell, director of Myddleton Croft, said in his experience clients take a much more personal approach to ethical investing and that is not neccessarily revealed in EIRIS’ survey.
He had one client who did not want to invest in any product with exposure to Japan because her father was a prisoner of war and has had others who do not want to invest in armaments or tobacco.
While they take a stance on these particular subjects, however, they are not bothered about investing in ethical products across the board.
In terms of an increase in interest surrounding ethical and green investment, he said he has not witnessed it.
He also said the scope of what was considered ethical investing did not always stretch far enough.
"If you are taking a very strong ethical line it would limit you on the sovereign and corporate bond side of things. There are some people who would not invest in US treasuries because they don’t agree with them invading nations like Iraq.
"Ethical investing is a subject often visited, but only with a knock on the door rather than a walk through the rooms," he concluded.
For more on ethical investing, read: Ethical investing, good for the soul not the pocket
