The International Renewable Energy Agency reported that renewable energy capacity increased by about 10% globally in 2022. According to the IRENA organization, which also reported a 9.6% growth in renewable energy capacity globally, 83% of new power generation capacity last year came from renewable sources.
Given this backdrop, let us explore some renewable energy stocks, Enphase Energy, Inc. (ENPH) and Canadian Solar Inc. (CSIQ), which show strong growth potential.
The Biden administration plans to phase out fossil fuels as a source of energy in the United States by 2035. The White House established a goal of generating 80% renewable energy by 2030 and 100% carbon-free electricity five years later. These initiatives should benefit ENPH and CSIQ.
The alternative energy market is expected to increase at an 11.9% CAGR to $1.85 trillion in 2029.
Let’s discuss the stocks mentioned above in detail…
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