Hedge funds have been cranking up their bets against sustainable energy stocks, wagering that as interest rates rise, investors will be less forgiving of companies with strong environmental credentials but weak earnings.
Shares in sustainable stocks have drawn in billions of dollars of inflows from ethically minded investors in recent years, lifting the valuations of some stocks to eye-watering levels.
Already, some of those stocks have begun to fall back as the US Federal Reserve prepares to start withdrawing its pandemic-era support — a process that is pulling down many high-growth assets, especially in the tech sector. But doubters say green stocks have much further to fall.
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