Energy transitions
San Francisco bans natural gas in buildings.
“The San Francisco Board of Supervisors voted unanimously Tuesday to ban natural gas in new buildings, legislation that will apply to more than 54,000 homes and 32 million square feet of commercial space in the city’s development pipeline,” the San Francisco Chronicle reports.
San Francisco has already banned natural gas in any new city-owned buildings. The new order will extend to any buildings that apply for a building permit after June 30. Supporters say the measure will improve indoor air quality, increase building safety and reduce emissions.
“Natural gas accounts for roughly 40% of San Francisco’s overall emissions of greenhouse gases and 80% of building emissions,” the Chronicle reports.
Investors expect Biden's win to accelerate a shift to renewables.
“One of the best ways to make money on Wall Street recently has been to bet against the fossil-fuel industry and buy renewable stocks,” the Wall Street Journal reports.
Now, some top investors are saying that they expect this pattern to accelerate as a Biden administration, as the administration tightens regulations and issues executive orders limiting new drilling on public lands. At the same time, big investors have moved assets away from fossil fuel producers and many small investors have poured money into sustainable funds.
“I think we are going to have a much more rapid transition to a net-zero [carbon] economy than most people expect,” Robert Litterman, a former Goldman Sachs Group Inc. investor, told the Wall Street Journal. Litterman is now working on a strategy with Kepos Capital to profit off the transition to renewables.
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