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
A coalition of conservation groups and others announced Thursday that a historic number of comments and petitions of support have been submitted to the U.S. Department of the Interior in support of Bears Ears National Monument. Despite the entirely inadequate 15-day comment period ending on May 26, more than 685,000 comments in support of Bears Ears National Monument have been collected.
By Lena Moffitt
An oil tanker in Mead, Colorado exploded, killing one and injuring three on Thursday. Authorities are continuing to investigate the cause of the explosion.
In an unusual procedural move, the American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers filed motions Thursday requesting the court's permission to withdraw from the Juliana v. US climate lawsuit, brought by 21 young people. The associations are following the lead of the National Association of Manufacturers, who filed a similar motion to withdraw on May 22.
Twenty-two GOP senators sent a letter Thursday urging Donald Trump to pull out of the Paris agreement. They argued remaining in the deal could "upend" the administration's ability "to fulfill its goal of rescinding the Clean Power Plan."
By Cheryl Johncox
The Federal Energy Regulatory Commission (FERC) rejected on Thursday Energy Transfer Partners' request to resume horizontal directional drilling at two sites for its Rover fracked gas pipeline. This rejection comes after numerous leaks into Ohio's wetlands, and Clean Air and Clean Water act violations. FERC has halted the process at only eight locations of the 32 where drilling is taking place under Ohio's wetlands and streams.
By Nadia Prupis
A majority of people in eight countries say they are ready to change their lifestyles if it would prevent climate catastrophe, a survey on global threats released Wednesday found.
Bill Maher is sick of billionaires' obsession with Mars, more like "Mars-a-Lago," he said.
In a new animation produced by ATTN:, the popular talk show host of Real Time, discusses the perils of our planet, including how "climate change is killing us."