One of the mainstays of Joe Biden’s presidency has been a focus on renewable energy as his administration plans to build wind farms at various locations along the U.S. coastlines.
“Seven major offshore wind farms would be developed on the East and West coasts and in the Gulf of Mexico under a plan announced Wednesday by the Biden administration,” an Associated Press article said. “The projects are part of President Joe Biden’s plan to deploy 30 gigawatts of offshore wind energy by 2030, generating enough electricity to power more than 10 million homes.”
According to a recent Environment + Energy article, the use of renewable energy sources hit an all-time high during the first half of the year. Wind energy comprised the majority of that renewable energy, accounting for 28% based on numbers from the U.S. Energy Information Administration (EIA).
“The Interior Department is laying out an ambitious road map as we advance the administration’s plans to confront climate change, create good-paying jobs and accelerate the nation’s transition to a cleaner energy future,” Haaland said. “We have big goals to achieve a clean energy economy and Interior is meeting the moment.”
Tailwinds Behind This ETF
In the ETF landscape, funds focused on renewable energy have been benefiting from Biden’s administration. This sets the stage for ETFs like the Global X Wind Energy ETF (WNDY) to prosper.
The fund seeks to provide investment results that correspond generally to the the Solactive Wind Energy Index. As such, WNDY seeks to invest in companies positioned to benefit from the advancement of the global wind energy industry, which includes companies involved in wind energy technology production, the integration of wind into energy systems, and the development and manufacturing of turbines that harness energy from wind and convert it into electrical power.
Features of WNDY include:
- High growth potential: Forecasts suggest that the global market for wind energy could reach $127 billion by 2027, double the market size in 2019.
- Advancing clean technologies: Wind-powered turbines produce zero direct emissions, meaning that broader adoption could result in reduced greenhouse gas emissions and improved air quality.
- Conscious approach: WNDY incorporates environmental, social, and governance (ESG) screens and follows ESG proxy voting guidelines to affect positive change alongside financial returns.
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