Green is the new black in boom for clean energy funds

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By Tommy Wilkes, Ritvik Carvalho5 Min ReadLONDON (Reuters) – Investors are pouring money into green funds, banking on a Joe Biden presidency in the United States for a further boost to the renewable and alternative energy industry at the expense of traditional oil and gas businesses.FILE PHOTO: A general view of wind turbines in Union Hidalgo, in the Mexican state of Oaxaca, Mexico, September 18, 2018. REUTERS/Jorge Luis Plata/File PhotoShares in solar and wind energy businesses, electric vehicle companies and environmental technology pioneers have been on the rise for months, widening their lead over fossil fuel rivals since the U.S. presidential election on Nov. 3.Even without U.S. President-elect Biden’s win, investors have been positioning for governments worldwide to enact more climate-friendly legislation. The UK, for instance, announced this week that it would ban the sale of new petrol and diesel cars and vans from 2030 to cut carbon emissions.Data from research firm Morningstar shows that investors ploughed 1.9 billion euros ($2.3 billion) into European renewable energy investment funds in the July-September period, 11 times the amount for the same months last year.In contrast, European conventional energy funds tracked by Morningstar achieved third-quarter inflows of less than 115 million euros. …

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