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The COP28 conference in 2023 held from 30 Nov 2023 to 12 Dec 2023 at Dubai marked a pivotal moment in global climate action, addressing several critical areas. COP28 included the first Global Stocktake, a process to assess the world's progress in tackling the climate crisis and determining necessary course corrections. This stocktake was crucial for measuring progress towards the Paris Agreement goals on mitigation, adaptation, and climate finance.
The focus was on immediate and dramatic climate action, including a significant reduction in greenhouse gas emissions, achieving global net zero emissions by 2050, transitioning from fossil fuels to renewable energy sources, and increasing investments in climate adaptation and resilience, as quoted on BCG.
How COP 28 Benefitted Clean ETFs
Climate Finance: The UAE President announced a $30 billion fund for global climate solutions, aiming to attract $250 billion in investment by the decade's end. Additionally, COP parties pledged $700 million to assist lower-income countries with climate change impacts.
Renewable Energy: An agreement was reached by 118 countries to triple renewable power generation to 11,000 GW and double energy efficiency this decade. Achieving these targets will require substantial government support, financing, and policy frameworks to facilitate investment, including grid infrastructure enhancements???.
Methane Reduction: Fifty oil and gas companies pledged to achieve near zero-methane emissions by 2030 and net zero greenhouse gas emissions from their operations by 2050. A fund was also announced for methane abatement projects in emerging markets.
ETFs to Win
The global efforts to go green and the Fed's dovish cues for future have boosted clean energy ETFs last week.
ProShares S&P Kensho Cleantech ETF (CTEX - Free Report) – Up 13.4% Last Week (as of Dec 15, 2023)
SPDR S&P Kensho Clean Power ETF (CNRG - Free Report) – Up 8.6%
(Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.)
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What Does COP 28 Mean for Renewable Energy ETFs?
The COP28 conference in 2023 held from 30 Nov 2023 to 12 Dec 2023 at Dubai marked a pivotal moment in global climate action, addressing several critical areas. COP28 included the first Global Stocktake, a process to assess the world's progress in tackling the climate crisis and determining necessary course corrections. This stocktake was crucial for measuring progress towards the Paris Agreement goals on mitigation, adaptation, and climate finance.
The focus was on immediate and dramatic climate action, including a significant reduction in greenhouse gas emissions, achieving global net zero emissions by 2050, transitioning from fossil fuels to renewable energy sources, and increasing investments in climate adaptation and resilience, as quoted on BCG.
How COP 28 Benefitted Clean ETFs
Climate Finance: The UAE President announced a $30 billion fund for global climate solutions, aiming to attract $250 billion in investment by the decade's end. Additionally, COP parties pledged $700 million to assist lower-income countries with climate change impacts.
Renewable Energy: An agreement was reached by 118 countries to triple renewable power generation to 11,000 GW and double energy efficiency this decade. Achieving these targets will require substantial government support, financing, and policy frameworks to facilitate investment, including grid infrastructure enhancements???.
Methane Reduction: Fifty oil and gas companies pledged to achieve near zero-methane emissions by 2030 and net zero greenhouse gas emissions from their operations by 2050. A fund was also announced for methane abatement projects in emerging markets.
ETFs to Win
The global efforts to go green and the Fed's dovish cues for future have boosted clean energy ETFs last week.
ProShares S&P Kensho Cleantech ETF (CTEX - Free Report) – Up 13.4% Last Week (as of Dec 15, 2023)
ALPS Clean Energy ETF (ACES - Free Report) – Up 13.1%
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report) – Up 12.1%
SoFi Smart Energy ETF (ENRG) – Up 9%
Invesco Solar ETF (TAN - Free Report) – Up 8.8%
SPDR S&P Kensho Clean Power ETF (CNRG - Free Report) – Up 8.6%
(Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.)