Renewable energy stocks have outpaced their fossil fuel counterparts over the past 12 months, returning twelve times more than oil, gas and mining companies, despite Donald Trump's "Drill Baby Drill" advocacy of oil and gas and his opposidtion to clean energy.
According to new analysis by IG, an equal-weighted basket of leading renewable stocks rose 24% in the year to November, compared with a 2% gain for a comparable set of traditional energy firms.
As world leaders gather in Brazil for COP30, the findings mark a sharp reversal from the recent dominance of oil and gas stocks.
The rebound in renewables is being driven by lower interest rates, easing supply chain bottlenecks and growing corporate demand for clean energy, IG says.
The sector has also benefited from large-scale government support programmes, including the US Inflation Reduction Act under Trump's predecessor Joe Biden, and Europe’s REPowerEU plan.
Among the top performers, GE Vernova (NYSE:GEV) rose 116% over the past year on growth in power infrastructure. Shenzen-listed Sungrow Power Supply gained 69% as demand for battery storage rose, while First Solar Inc (NASDAQ:FSLR, ETR:F3A) and Brookfield Renewable Corp (NYSE:BEPC) also posted double-digit returns.
In contrast, oil and gas names delivered mixed results. Exxon Mobil Corp (NYSE:XOM) and Chevron Corporation (NYSE:CVX) posted single-digit gains, while ConocoPhillips (NYSE:COP) and CNX Resources (NYSE:CNX) declined.
The US president's push for expanded fossil fuel production has contributed to a global supply glut, which has started to weigh on prices. The IEA forecasts an oversupply of 4 million barrels per day in 2026.
“After a challenging 2022–23, the global renewables sector has staged a remarkable comeback,” said Chris Beauchamp, chief market analyst at IG. “Lower interest rates have clearly helped... supply chain pressures have eased as well.”
Beauchamp noted that despite President Trump’s “negative sentiment” toward clean energy, market dynamics and policy support are pushing renewables toward becoming a “durable, core infrastructure asset class”.
"While oil clearly isn’t going away as an energy source, and remains a vital part of the investment landscape, perhaps it's time investors paid more attention to renewables even as Trump seeks to push back against their use.”
‘Old energy’ firms, total return
Company · 1 yr return · 3 yr return · 5 yr return
ConocoPhilips (NYSE:COP) · -8% · -24% · 221%
Shell (LON:SHL) · 16% · 16% · 260%
BP (LON:BP) · 12% · 23% · 175%
Chevron (NYSE:CVX) · 8% · 1% · 162%
Exxon (NYSE:XOM) · 6% · 18% · 304%
CNX Resources (NYSE:CNX) · -8% · 83% · 181%
TotalEnergies (NYSE:TTE) · 0% · 39% · 168%
Glencore (LON:GLEN) · -10% · -5% · 181%
Old energy basket performance
2% · 24% · 207%
New energy groups, total return
Company · 1 yr return · 3 yr return · 5 yr return
GE Vernova (NYSE:GEV) · 116% · 336% · 335%
Sungrow (China) · 69% · 72% · 645%
First Solar (NASDAQ:FSLR) · 18% · 84% · 117%
Brookfield Renewable (NYSE:BEPC) · 16% · 58% · 9%
LONGI Green Energy (China) · 9% · -58% · -46%
NextEra (NYSE:NEE) · 4% · 24% · 25%
Vestas Wind (CPH:VWS)(ETR:VWSB) · 2% · -16% · -43%
Adani Green Energy (NSE:ADANIGREEN) · -43% · -50% · 43%
Renewables basket performance · 24% · 56% · 136%