Wells Fargo lists best stocks for a renewable future
The Valero refinery in Port Arthur, Texas
Michael S. Williamson | The Washington Post | Getty Images
The energy transition talks conjure up images of wind turbines gently spinning in the breeze, but there is also a great opportunity for traditional oil and gas companies amid the renewable energy push.
As investments in space heat up, Wells Fargo has compiled a list of “traditional” energy companies that are devoting more resources to carbon reduction technologies, including renewable fuels, carbon use and storage, R&D efforts, technological seed funds and direct investments.
These companies of course continue to generate the vast majority of their income from fossil fuel based operations, but some believe that the companies’ large research departments and existing infrastructure give them a head start in areas such as as carbon capture.
Wells Fargo’s list of best ideas includes PA, which, according to him, “is clearly leading the energy transition with the biggest change in strategy”.