In the second quarter of this year, investors have pulled $635 million from U.S. sustainable funds, according to funds research firm Morningstar.The planned transition toward renewables is still in focus for the energy industry, and technology such as hydropower, solar, biofuels and many others remain key as the world seeks to move away from a carbon-intensive system.
But it's an endeavor that requires not just the right technological capabilities, but a hefty amount of capital too, said S&P Global's Vice Chairman Dan Yergin.And that means that some fund managers are beginning to dial back on their ESG pledges, he told CNBC on the sidelines of the ADIPEC energy conference Monday, noting that many renewables projects are being slowed down or paused.
"The IRA [The U.S. Inflation Reduction Act] in terms of scale and money that is being poured in, there is nothing to compare it to .. Second thing is, cost of capital goes up — that's affecting renewables. And thirdly, if you look at what's happening in terms of costs of supply chains ... So there's technology and there's a realism of money," Yergin added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: screenrant - 🏆 7. / 94 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: nypost - 🏆 91. / 67 Read more »
Source: Gamepur - 🏆 277. / 63 Read more »
Source: KTVU - 🏆 465. / 53 Read more »