Fossil Fuel Stocks Tumble, Renewable Energy Stocks Soar
Under the agreement, countries have pledged to rapidly reduce greenhouse gas emissions in an effort to keep global warming beneath 1.5 degrees Celsius. And it is clear the fossil fuel industry is feeling the heat.
According to Reuters, "The MAC Global Solar Energy Index was up 4.5 percent. The iShares Global Clean Energy exchange-traded fund, which allows investors to trade a basket of renewable energy stocks, rose 1.4 percent." At the same time, shares of companies that produce coal, Peabody Energy Corp and Consol Energy Inc. plummeted 12.6 percent and 3.3 percent respectively.
Portfolio manager Thiemo Lang of Zurich's RobecoSAM, which owns solar stocks, told Reuters the Paris agreement "will help boost the mid- to long-term fundamentals in renewable energy generation, especially solar, while making any further investments in fossil fuels increasingly vulnerable."
Indeed, the movement to divest from fossil fuels has long-argued that investing in polluting industries is both economically and environmentally unwise. Earlier this month, the campaign announced that investors representing more than $3.4 trillion in total assets have pledged to divest their holdings from fossil fuels.
Environmental campaigners, who say that the Paris agreement falls drastically short of what's needed to actually address the climate crisis, maintained throughout the COP21 climate talks that a just transition to renewable energy must continue if the world has any hope of limiting temperature rise.
"Pace is now the key word for climate," said 350.org co-founder Bill McKibben after the agreement was finalized. "Not where we’re going, but how fast we’re going there. Pace—velocity, speed, rate, momentum, tempo. That’s what matters from here on in."
"We know where we’re going now," he continued. "No one can doubt that the fossil fuel age has finally begun to wane and that the sun is now shining on, well, solar. But the question, the only important question, is: how fast?"
McKibben added that the agreement must serve as a floor, not a ceiling, for change.
YOU MIGHT ALSO LIKE
The night sky has a special treat in store for stargazers this winter solstice.
- NASA Satellites Enable Scientists to Observe Climate Change ... ›
- Why Scientists Are Searching for Life in 'Alien Oceans' - EcoWatch ›
- To Save Endangered Species, Scientists Point Stargazing Software ... ›
EcoWatch Daily Newsletter
By Dena Jones
The U.S. Department of Agriculture (USDA) was sued three times this past summer for shirking its responsibility to protect birds from egregious welfare violations and safeguard workers at slaughterhouses from injuries and the spread of the coronavirus.
By Julia Conley
Conservation campaigners on Thursday accused President Donald Trump of taking a "wrecking ball" to the Arctic National Wildlife Refuge as the White House announced plans to move ahead with the sale of drilling leases in the 19 million-acre coastal preserve, despite widespread, bipartisan opposition to oil and gas extraction there.
The Sheenjek River in the Arctic National Wildlife Refuge. Alexis Bonogofsky / USFWS
- Bipartisan Bill Seeks to Ban Drilling in Arctic National Wildlife Refuge ›
- Bank of America Promises It Won't Fund Arctic Drilling - EcoWatch ›
- Trump's Drilling Leases on Public Lands Could Lead to 4.7B Metric ... ›
- Trump Administration's Alaska Oil and Gas Lease Sale a 'Major Flop ... ›
- Will Oil Companies Drill in the Arctic National Wildlife Refuge ... ›
Hot, dry and windy conditions fueled a wildfire southeast of Los Angeles Thursday that injured two firefighters and forced 25,000 to flee their homes.
- 'Explosive' Southern California Lake Fire Spreads to 10,000 Acres ... ›
- A Gender-Reveal Party Started a Wildfire That Burned Nearly ... ›
- Wildfire in LA Burns 7,000 Acres During Record-Setting Heat Wave ... ›
The climate crisis already has a death toll, and it will get worse if we don't act to reduce emissions.
- 'Every Child Born Today Will Be Profoundly Affected by Climate ... ›
- Coronavirus Response Proves the World Can Act on Climate Change ›
- 5 Things About Climate Change and Coronavirus From WHO ... ›