Green energy stocks to substitute oil age era

With the rise of electric vehicles and renewable energy, the world may be on the verge of a revolution in transportation and energy technology. Around 200 nations in COP 28 agreed to transition away from fossil fuels in energy systems, signalling the " beginning of the end " of the fossil fuel era, with the primary goal of maintaining the global temperature limit of 1.5-degree Celsius to stay on pace with the Paris agreement targets and to achieve net zero emissions by 2050.

The COP 28 agreement has urged the world's renewable energy capacity to increase from the current 3,400 GW to 11,000 GW by the end of the decade.

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

In 2014, oil prices suddenly halved from over $100 a barrel. A study by the IMF had then concluded that oil prices could stay lower for longer, citing supply-side factors such as the emergence of shale gas and new automotive technologies. In recent years, green energy initiatives have proved the IMF's assumption true.

Mass production of electric vehicles and the generation of solar and wind electricity have profoundly impacted the oil market. 

The various state governments had pledged to triple the world's renewable energy capacity by 2030 at the UN's COP28 climate summit, as a way to cut the share of fossil fuels in the world's energy production. The Indian government intends to fulfil 50 percent of its electricity needs using renewable energy sources by 2030 and to achieve net zero emissions by 2070.

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

During the  COP28 conference, India expressed support for doubling renewable energy capacity by 2030 by expanding electricity generation from Solar, wind, hydropower and biofuels.

SOME VALUABLE GREEN ENERGY STOCKS PROVIDING ENTITIES:

Tata power limited, NTPC Limited, Adani Green Energy Ltd, JSW Energy Ltd, SJVN Ltd, and Suzlon Energy Ltd. These are specifically focused upon eco-friendly, planet-saving equipment that harness the power of the Sun, Wind, and Water to generate power and energy to support the transition towards a greener and more sustainable future.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre