Paris climate pact sinks coal stocks, lifts renewable energy
The landmark climate deal forged in Paris just days ago to curb global warming is already making an impact in the world. All around the stock exchange, numerous renewable energy companies saw their stocks rise significantly. The MAC Global Solar Energy Index, a exchange-traded fund holding in investments in the solar energy industry, went up 4.5%. Other companies like SunPower and First Solar Inc shot up 8.7% and 5% respectively, and analysts believe wind turbine makers, electric car companies and other renewable energy companies should expect significant boosts as a result of the deal. And as the renewables climb up the stock market, the fossil fuel companies are tumbling down. The U.S. Oil & Gas Index fell 0.8%, but the biggest losses came for the companies that produce coal such as Peabody Energy Corp, which dropped 12.6%.
Paris climate pact sinks coal stocks, lifts renewable energy
The landmark climate deal forged in Paris just days ago to curb global warming is already making an impact in the world. All around the stock exchange, numerous renewable energy companies saw their stocks rise significantly. The MAC Global Solar Energy Index, a exchange-traded fund holding in investments in the solar energy industry, went up 4.5%. Other companies like SunPower and First Solar Inc shot up 8.7% and 5% respectively, and analysts believe wind turbine makers, electric car companies and other renewable energy companies should expect significant boosts as a result of the deal. And as the renewables climb up the stock market, the fossil fuel companies are tumbling down. The U.S. Oil & Gas Index fell 0.8%, but the biggest losses came for the companies that produce coal such as Peabody Energy Corp, which dropped 12.6%.
