After Paris, Fossil Fuels Flail While Solar Stocks Soar
(COMMON DREAMS) Lauren McCauley, December 16, 2015 — Fossil fuel stocks tumbled while renewable energy soared on Monday, the first day of trading after global leaders cemented their landmark climate pact in Paris.
Under the agreement, countries have pledged to rapidly reduce greenhouse gas emissions in an effort to keep global warming beneath 1.5°C. And it is clear the fossil fuel industry is feeling the heat.
According to reporting on Monday, “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.