With favorable climate change policies, the industry’s growth is likely to be robust. As such, we think renewable energy stocks Azure Power (AZRE), PowerCell Sweden (PCELF), and Beam Global (BEEM) could now be good additions to one’s watch list. Wall Street analysts predict that these stocks will rise by at least 60% in the short term. Keep reading. The International Energy Outlook 2021 predicts that renewable energy would be the major source for new electricity generation in 2050. Renewables’ share of energy consumption is set to grow from 15% in 2020 to 27% in 2050 due to falling technology costs and changing government policies, which will compel the electric power sector to use renewable energy sources to meet surging electricity demand.
Numerous countries have committed to achieving carbon neutrality as part of the Paris Agreement. This is good news for renewable energy. Biden for instance has set a goal to reach net-zero emission economy-wide by 2050. By 2030, the global renewable energy market will reach $1,977.6 million. This is a 8.4% increase in CAGR between 2021-2030.
Wall Street analysts anticipate that renewable energy stocks Azure Power Global Limited, PowerCell Sweden AB(publ), (PCELF) and Beam Global will rise by over 60% over the next few months. It might be a smart move to add these stocks as a watchlist.
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