Solar Is Leaving Wind In The Dust As World Renewable Energy Hits New High
Portfolio Pulse from Anthony Noto
The Global Electricity Review by Ember highlights solar energy's significant growth, outpacing wind and fossil fuels in 2023. Solar's electricity generation growth exceeded 23%, marking its 19th consecutive year as the fastest-growing electricity source. Fossil fuels are projected to decline further, aligning with global shifts towards renewable energy. The report supports the transition to clean energy, with renewables now over 30% of the global energy mix. ETFs like Global X Solar ETF (RAYS) and Invesco Solar ETF (TAN) have seen declines year-to-date but may benefit from the ongoing shift towards solar energy.
May 10, 2024 | 12:37 pm
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POSITIVE IMPACT
Global X Solar ETF (RAYS) may see a positive impact due to the accelerated growth of solar energy, despite a year-to-date decline of 13.15%.
The report's emphasis on solar energy's growth and its position as the fastest-growing electricity source for the 19th consecutive year suggests a positive outlook for solar energy investments. Despite RAYS' current year-to-date decline, the ongoing shift towards renewable energy, particularly solar, could lead to increased investor interest and potential gains for solar-focused ETFs like RAYS.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Invesco Solar ETF (TAN) could benefit in the short term from the global shift towards solar energy, despite an 18.19% decline year-to-date.
Given the significant growth of solar energy highlighted in the report and its increasing share in the global energy mix, TAN, which focuses on solar energy investments, is likely to see a positive impact. The current decline in its year-to-date performance could be offset by the growing adoption and investment in solar energy, making it an attractive option for investors looking to capitalize on the renewable energy trend.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80