Three stocks soaking up the sunny global outlook for renewable energy

Renewables will see the largest uptake in the electricity sector, providing almost 30% of power demand in 2023, and could constitute more than 70% of global electricity generation growth

Vikram Barhat 20 February, 2019 | 6:00PM

The global push for decarbonization and energy efficiency is gathering momentum. Each year, a greater portion of the word’s energy demand is met by cleaner and sustainable sources of energy, collectively known as renewables.

As the cost of renewable energy generation falls, countries around the world are aggressively replacing fossil fuel with the energy from the sun and wind. As a result, renewables are by far the fastest-growing fuel source in electricity, heat and mobility sectors. According to an International Energy Agency report, renewables will see the largest uptake in the electricity sector, providing almost 30% of power demand in 2023, up from 24% in 2017. During this period, the reports says, renewables could constitute more than 70% of global electricity generation growth, primarily through solar and wind power, but also hydropower, and bioenergy.

Leading players in the renewable energy market are well positioned to benefit from the long-term growth tailwind created by the global pivot to green power fuelled by plummeting prices, fight against climate change, and newer technologies that facilitate clean energy generation and storage. Investors looking to play the clean energy boom may want to plug into the following stocks leading the renewables charge.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
First Solar Inc73.53 USD4.76
NextEra Energy Inc284.59 USD2.45
Siemens AG ADR69.71 USD2.36

About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a Toronto-based financial writer specializing in investing, stock markets, personal finance and other areas of the financial services industry. He also writes for CNBC, BBC, The Globe and Mail, and Toronto Star.

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