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“Someone less delicate might call it a hype. Or a bubble. And it looks like the bubble popped quietly last week. Well, relatively quietly. That Bloomberg article from above talks about a $280-billion drop in the market cap of “green stocks”. Since this August. It talks about green stocks turning into a “no-go zone” for many investors.
One investment manager from Pictet tells Bloomberg that “Renewable energy stocks are four times more sensitive to interest rates than traditional oil and gas companies, due to bigger debt levels and their long-duration nature.”
That’s odd, isn’t it? Why would industries as surely profitable and supported by governments and bankers have an average leverage ratio of debt to 12-month earnings of 3.8, when evil oil’s ratio is just 1.1? I don’t know. It might have something to do with forecasts and walls they run into.”