Is Array Technologies (ARRY) The Best Climate Change Stock To Invest In Right Now?

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We recently published a list of 8 Best Climate Change Stocks To Invest In Right Now. In this article, we are going to take a look at where Array Technologies, Inc. (NASDAQ:ARRY) stands against other best climate change stocks.

According to a report by the World Meteorological Organization (WMO), the state of the climate in 2023 was marked by record-breaking levels of greenhouse gas emissions, ocean heat, sea level rise, and extreme weather events. The observed concentrations of carbon dioxide, methane, and nitrous oxide reached record levels in 2022 and continued to increase in 2023. CO2 levels are now 50% higher than in the pre-industrial era, trapping heat in the atmosphere and contributing to the long-term increase in global temperature.

The global mean near-surface temperature in 2023 was 1.45°C above the pre-industrial 1850-1900 average, making it the warmest year on record. Sea level rise also continued to accelerate, with global mean sea level reaching a record high in the satellite record (since 1993). This reflects continued ocean warming and the melting of glaciers and ice sheets. The rate of global mean sea level rise in the past ten years (2014-2023) is more than twice the rate of sea level rise in the first decade of the satellite record (1993-2002).

Extreme weather and climate events had major socio-economic impacts on all inhabited continents, including major floods, tropical cyclones, extreme heat, and drought. The number of people who are acutely food insecure worldwide has more than doubled, from 149 million people before the COVID-19 pandemic to 333 million people in 2023. Weather and climate hazards continued to trigger displacement, with 1.8 million people displaced across Ethiopia, Burundi, South Sudan, Tanzania, Uganda, Somalia, and Kenya in addition to the 3 million people displaced internally or across borders by the five consecutive seasons of drought in Ethiopia, Kenya, Djibouti, and Somalia.

READ ALSO: 10 Best Nuclear Energy Stocks To Invest In Now and 10 Most Profitable Renewable Energy Stocks Now.

Hedge Funds Bet Against the Green Economy

According to a report published by Bloomberg on October 21, hedge funds are increasingly betting against the green economy despite significant global investments in clean energy and green technologies. Analysis of data from Hazeltree, which tracks disclosures from roughly 500 hedge funds, reveals that more funds are net short on green sectors such as solar, electric vehicles (EVs), batteries, and hydrogen than are net long. Conversely, fossil fuel sectors such as oil, gas, and coal have attracted more long bets. This shift reflects skepticism about the profitability and short-term viability of green investments, even as governments and scientists emphasize their necessity for addressing climate change.

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