Renewable Energy Group Inc Instead Of Oil And Gas Refining Stock
In early November of 2021, leaders worldwide met in Glasgow for the 26th UN Climate Conference. Figuring out ways to reduce carbon emissions and limiting the rise in the earth’s temperature is at the core of the UN’s climate initiatives. It will be important to reduce emissions from the major emitting industries to achieve such goals. The transport and energy sectors are among the highest polluters in the world. So, finding clean energy sources and using cleaner fuels in vehicles is of high importance, even for the top oil refining stock. While electric vehicles could fundamentally transform how we commute, that transition could take a while. And it won’t be a sudden transition as supporting infrastructure will take time to set up. The alternatives that can be utilized during that phase can be biodiesel. It is a cleaner source of fuel that can be used in vehicles, and it can also help reduce carbon emissions.
The global shipping industry is one of the largest consumers of fossil fuels. Just think about all the cargo that goes from one country to another. Global trade is based on ship goods from one country to another at a low cost. The scale at which the shipping industry operates has made fossil fuels cheap. However, that is now changing as sustainability is gaining prominence. Recently, Renewable Energy Group partnered with GoodFuels to supply marine biofuel. GoodFuels is the world’s leading supplier of marine biofuel. Such partnerships are an important development for investors who may be tracking any oil and gas refining stock. Renewable Energy Group is the largest American biofuel refiner.
Renewable Energy Group was trading around $65 on 2nd November 2021. The stock is currently some $7 away from its June 2021 peak of $71. If it breaks out of that level, an up move to over $100 is in play. Renewable Energy Group is based in Ames, Iowa.