“Recent headlines suggest clean energy’s demise in the U.S., but global markets told a different story in 2025. After several years of challenged performance, global clean energy Equities surged. Investors began 2025 pessimistic, policy clarity lifted sentiment in the spring, and in the second half, more favorable rates and spillover from the Artificial Intelligence (AI) trade lifted some renewables stocks. Looking to 2026, renewables remain under owned, with momentum supported by electrification across economies. Risks include any slowdown in AI buildout, grid constraints, an upcoming policy decision, and lingering long-term uncertainty around U.S. deployment. Bulls argue rising power demand requires traditional and renewable sources, while bears expect slower growth absent U.S. incentives. We view global power demand growth as a durable, multi-year theme, with renewables a competitive core of a diversified power mix.”
Morten W. Langer
