Alternative Investments/ESG: Global X Files For New Solar And Wind ETFs
The new ETFs are being launched as UN scientists issue a ‘Code Red’ warning on the worsening climate concerns from global warming.
New York-based fund management company Global X proposes to issue two new ETFs focused on renewable energy. It has filed with the SEC for the launch of the Global X Solar ETF (RAYS) and the Global X Wind Energy ETF (WNDY), the two ETFs adding to its existing range of 84 ETFs. (Seeking Alpha)
Fossil burning and deforestation flagged by UN climate experts
A landmark climate report released Monday by the U.N.’s Intergovernmental Panel on Climate Change (IPCC) warns that human influence has warmed the atmosphere, ocean and land, and that the changes inflicted on the planet, especially oceans, would be “irreversible for centuries to millennia.” It also said continued warming will lead to an acceleration of “extreme events unprecedented in the observational record.”
U.N. Secretary General Antonio Guterres said there was irrefutable evidence that greenhouse gas emissions from fossil fuel burning and deforestation were choking the planet.
He called the report a ‘code red’ for humanity.
The report is likely to lend a further impetus to the replacement of fossil-based energy by renewable sourced-energy such as solar and wind.
Global X Solar ETF
This ETF will track the Solactive Solar Index which seeks to “provide exposure to companies that are positioned to benefit from further advances in the field of solar technology.” These include businesses such as solar-energy materials and components, solar power production and technology and similar areas.
The fund has an expense ratio of 0.50%.
Global X Wind Energy
This ETF will track the Solactive Wind Energy Index, which provides “exposure to companies that are positioned to benefit from further advances in the field of wind energy technology.”
These businesses include wind-power production, wind systems, integrated technology or similar areas.
This ETF too will have an expense ratio of 0.50%.
Related Story: Global X Launches AQWA – A Clean Water ETF
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