- Renewable energy ETFs are getting a boost from the 2020 presidential election
- Joe Biden proposes a $ 2 trillion plan for moving to a clean energy economy
- Utility company NextEra briefly surpassed ExxonMobil in market value on Friday
A major milestone for renewable energy that was overshadowed by political and other developments this month. NextEra, the world’s largest solar and wind power generator, has temporarily replaced the over a century-old giant ExxonMobil as the largest energy or utility company by market capitalization in intraday trading. Shares in the Florida-based utility, which has 14,000 employees and sales of less than $ 20 billion last year, rose roughly 18% in 2020.
Clean energy ETFs and stocks have soared in the run-up to the US election as investors place bets on what they believe will join the White House and whether Democrats will take over the Senate. The two presidential candidates couldn’t be further apart in terms of energy policy with Biden Green New Deal Principles for drawing supporters from candidates like Bernie Sanders and Elizabeth Warren. The recent surge in green stocks signals that part of Wall Street is preparing for future changes towards sustainability. While the renewable energy industry has not been left unscathed during the pandemic – projects have been delayed, etc. – the decline in oil and coal demand has made a far greater impact on businesses and their stocks.
Bidens aggressive climate protection proposal is worth $ 2 trillion over four years and aims to move the US towards a 100% clean energy economy with net zero emissions by 2050 at the latest. He says this is being paid for by reversing the EU’s “excesses” Trump tax cuts for businesses and ending fossil fuel subsidies among other things. Here’s some of it:
- Join that again Paris Climate Agreement and make climate change a part of foreign policy and trade negotiations
- A carbon-free energy sector by 2035
- Modernization and modernization of US buildings and infrastructure
- Emission-free public transport for all cities by 2030
- $ 400 billion investment in climate innovation and research
- Tax Incentives / Credits
- 500,000 new public electric vehicle charging points are leveraging federal procurement to drive demand for American-made clean American-made vehicles
- No fracking ban
- Limits for methane pollution