Solar stocks, like First Solar (FSLR) are shining bright.
All after the White House said it wants solar to account for nearly half of electricity supply by 2050. At the moment, solar powers about 3% of the grid, says CNBC. By 2050, it could be up to 45%. All in an effort to decarbonize the energy industry.
According to Energy.gov:
“The U.S. Department of Energy (DOE) today released the Solar Futures Study detailing the significant role solar will play in decarbonizing the nation’s power grid. The study shows that by 2035, solar energy has the potential to power 40% of the nation’s electricity, drive deep decarbonization of the grid, and employ as much as 1.5 million people—without raising electricity prices. The study’s findings call for massive and equitable deployment of clean energy sources, underscoring the Biden Administration’s efforts to tackle the climate crisis and rapidly increase access to renewable power throughout the country.”
Fueling green energy solutions, world leaders are also pushing for less emissions.
The U.S. just pledged to reduce emissions by up to 52% over the next several years. Europe wants to cut CO2 emissions by up to 55% by 2030.
China says it’ll stop releasing CO2 in the next 40 years.
In short, it may not be a good idea to bet against green energy stocks.