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Since the beginning of May, about $154 million has been pulled from clean-energy ETFs.
Claire Ballentine | May 12, 2021
(Bloomberg) After a stellar 2020, the record-breaking boom in clean-energy funds is rapidly giving way to a bust.
Investors are yanking cash from the sector at the fastest pace in a year, while two of the biggest exchange-traded funds tracking the industry the iShares Global Clean Energy ETF (ICLN) and Invesco Solar ETF (TAN) have each tumbled at least 24% in 2021. Since the beginning of May, about $154 million has been pulled from clean-energy ETFs.
Thank the pressure on big-tech stocks. Funds that have higher environmental, social and governance standards have long benefited from substantial stakes in giant growth companies. Now a post-pandemic economic recovery is triggering a rotation to cheaper shares, and the benefits are swiftly becoming drawbacks.
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