Will ASX benefit from Labor's climate action?
The Labor party has swept to power in Australia and the new prime minister, Anthony Albanese, has promised to turn Australia into a "renewable energy superpower"![]()
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Labor intends to reduce Australia's emissions by 43%, based on 2005 levels, before 2030. Further, Labor wants to ensure renewables make up over three-quarters of the energy market by 2030.
The election result indicates widespread acceptance of the need to decarbonise. Now ETFs are jostling for green energy investors![]()
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VanEck, the Wall Street investment firm lodged an application with the Australian Securities and Investments Commission to launch the VanEck Global Carbon Credits ETF (ASX: XCO2) on the Australian Securities Exchange.
Just days after VanEck announced it would launch a carbon credits ETF, BetaShares said it would launch two exchange-traded funds. It expects the Solar ETF (ASX: TANN), tracking companies involved in the solar energy industry, and the Global Uranium ETF (ASX: URNM) providing exposure to uranium companies, to start trading on the ASX in June.
Moreover, the rich listers are changing the way they invest, according to Australian Financial Review. Australia's wealthiest investors are favouring mining investments, particularly those exposed to the structural shift underway toward green energy![]()
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Mooers, do you think those funds and companies could harness the benefit of Labor's new policies![]()
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