It had never happened before. Michele Della Vigna, Global Investment Research at Goldman Sachs, called it “a historic moment” at Sky TG24 Business. And the credit is also due to the capital market. VIDEO
Investors believe in the energy transition. And it is also thanks to them that “this year, for the first time in history, global investment in renewable energy will be higher than that in gas and oil”, he told Sky TG24 Business Michele Della Vigna, Goldman Sachs’ Global Investment Research. The American banking giant has published a study that highlights how shareholder proposals on climate issues have almost doubled since 2011 (from 20% to almost 40%) and how favorable votes on these proposals have even tripled. It is the sign of a change that has affected the entire capital market, which is now an active part in the energy transition process. “There has been a truly revolutionary role of capital markets in this drive for an economy that can become carbon neutral and all this comes with the enormous focus on sustainability of most investors. globally, but above all in Europe “, continues Della Vigna.
A “revolutionary role”, that of the capital market, which has brought about equally revolutionary consequences. According to the expert, “the result is that projects that generate a lot of carbon dioxide, such as those on oil, are condemned by investors to have an ever higher cost of capital: on oil, we estimate above 20% at the moment. for investments in wind, solar, but also in other renewable sources, such as biofuels, hydrogen, carbon dioxide storage, the cost of capital has fallen below 5%. So, we have seen a divergence of 15 percentage points “. For Della Vigna it is a “historic moment”: it is the first time that renewable energies have won the investment challenge against gas and oil.
In the episode of Sky TG24 Business on November 19, there is also space for the issue of inflation and the future of the Federal Reserve presidency with Manuela Maccia, director of investments for BNL BNPParibas.