Renewable energy technologies allow converting energy from natural sources such as the wind, tides, sun, and others into utilizable forms such as electricity. According to the Allied Market Research report, the global renewable energy market is expected to grow from $881.7 billion in 2020 to $1,977.6 billion by 2030, showing a CAGR of 8.4% during the forecast period.
Year-to-Date (YTD), the clean energy industry experienced a modest depreciation but outperformed the broader market, as evidenced by the 2.62% decrease in the iShares S&P Global Clean Energy Index ETF (ICLN) compared to SPDR S&P 500 Trust ETF (SPY) 8.36% loss over the same period. Consequently, this pullback allows investors to scoop up shares of renewable energy stocks at lower prices.
