Green stocks are getting wiped out.
Bloomberg (10/20/23) reports: "There appears to be no end in sight for the multi-billion dollar rout in renewable energy stocks, as a surge in borrowing costs threatens to squeeze returns in the sector for years to come. The industry received a fresh blow on Friday, after a sales warning from equipment provider SolarEdge Technologies Inc. sent shares in solar stocks across the US and Europe tumbling as much as 25%. Until recently expected to displace oil-and-gas companies from mainstream investment portfolios, clean energy stocks have instead become a no-go zone for many. Investors have been pulling money out, wiping over $280 billion from the market capitalization of green stocks globally since their August 2022 peak — not quite boom-to-bust but a dramatic unraveling nonetheless for a market that was all the rage at the turn of the decade."
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"For over a decade, we have been the world’s largest natural gas producer. This has transformed our domestic energy situation—enabling vast renewable power growth, significant coal-to-gas switching, large CO2 reductions, and the reshoring of dozens of fertilizer, chemical, and other industrial facilities. It has also made America the top LNG exporter and permitted us to bolster the energy security of allied nations from Japan and Korea to Poland and Germany."
-Fred Hutchinson and Lucian Pugliaresi
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