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Investors are making investments in 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, Reuters reported.
Shares 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.
Morningstar does not track U.S. alternative energy funds, but in Europe the August-September inflows to such vehicles touched their highest in at least three years, taking AUM to a record 9.8 …
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