Climate change: Virtual summit of 40 world leaders

Joe Biden to reveal US emissions pledge

Joe Biden faces a key test of his commitment to climate action this week, when he sets out his core plans for tackling the climate crisis and calls on all of the world’s major economies to join him in bold action to slash greenhouse gas emissions in the next ten years. The US president has made the climate emergency one of his administration’s top priorities, and stated that clean growth must be the route for the US to rebound from the coronavirus crisis.

Biden and his climate envoy, John Kerry, will host a virtual summit of 40 world leaders to discuss the climate crisis and seek new commitments from the world’s biggest carbon emitters to fulfil the 2015 Paris agreement. At the meeting, or shortly before, the US is expected to unveil its national plan for cutting greenhouse gas emissions over the next 10 years. If the plan – which the Paris accord refers to as a nationally determined contribution or NDC – is bold enough, and other countries follow suit, the world has a chance of meeting the Paris goals and avoiding dangerous levels of heating. If not, it will face a deepening climate crisis as carbon emissions rebound from their lull during the pandemic.

Solar Energy Is Likely to Get a Boost This Year

Not All Stocks Will Benefit

Solar energy should get a boost this year with a new administration focused on encouraging renewable energy. But not all solar firm stocks will benefit. Goldman Sachs cut First Solar (FSLR) to Sell with an $81 price target, seeing a 16% drop from Monday’s closing price after rising 61% over one year.

At the same time, Goldman raised Enphase Energy (ENPH) to Buy with a $232 price target, a 32% gain from Monday’s close after rising 513% over one year. It’s a tale of two growth stories, the bank said.

First Solar’s earnings and revenue have already peaked for this cycle, Goldman analyst Brian Lee said in a note on Monday night. Margins are expected to peak in the first half of this year. First Solar is expected to report year-end 2020 profit of $3.62 a share, but the estimate for year-end 2021 is $3.44, according to FactSet. Year-end revenue is estimated to be $2.8 billion, which is running slightly below the $3 billion forecast for year-end 2021.

Global finance


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