(Bloomberg) -- An anti-green backlash in 2024’s global election-supercycle is already taking a toll on environmental, social and governance-focused assets...
-- An anti-green backlash in 2024’s global election-supercycle is already taking a toll on environmental, social and governance-focused assets, with an ultimate test still to come in the US presidential vote.Investors have pared exposure to sectors including renewable energy and electric cars as candidates in some of the dozens of nations holding polls this year have raised concerns over the costs and speed of efforts to curb emissions.
Government debt has tumbled in France with Marine Le Pen’s far-right National Rally leading polls ahead of a June 30 vote in France, and development bank SFIL SA postponed a green bond sale. Though few investors expect Trump to scrap President Joe Biden’s Inflation Reduction Act, which offers support for green industries, many are considering the impact of any renewed move to withdraw the US from the Paris Agreement on global warming, or to ease environmental regulations.
Utility stocks — some of which have already benefited from Biden’s IRA — are a potential alternative in the US to clean energy companies, said Nordea Investment Management AB portfolio manager Johan Swahn. In Europe, data-center operators look attractive as they’re less impacted by debate over green policies, according to abrdn’s Norris.
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