One of the best ways to make money on Wall Street recently has been to bet against the fossil-fuel industry and buy renewable-energy stocks. Two well-regarded investors believe the trend will accelerate after President-elect Joe Biden takes office.
Mr. Biden wants to transition the U.S. from an economy reliant on fossil fuels to one driven by wind, solar and other renewable-energy sources. The shift from fossil-fuel companies to renewable-energy firms accelerated during the Trump administration, despite the president’s vows to support the U.S. coal and petroleum industries.
Mr. Biden’s agenda could further accelerate the shift, even if a Republican-controlled Senate prevents major legislation or a green-oriented stimulus from passing. Investors already are pushing toward clean energy and Mr. Biden can give them a boost by tightening regulations and issuing executive orders banning new permitting of drilling projects on public lands.
