New Energy Finance tracks companies worldwide that claim to focus on ‘climate change’ stocks involving the generation and use of cleaner energy and efficiency. It hosts the WilderHill New Energy Global Innovation Index, known as NEX [see Graph: the NEX Index since October 2007. For the full graph, enlarged, go here].

In these dark days, the NEX is not having a happy ride, and, according to the latest report in the Scientific American [‘Climate change stocks fall more than wider markets’, Scientific American, October 3], “shares in companies specializing in curbing greenhouse gas emissions, including energy efficiency and renewable energy technologies, have tumbled faster than wider markets this year.” Figures for the last full quarter (June 30 to September 30) show that they fell by 30.3%, and that they are down by as much as 39% over the year so far.

The NEX is a global index of 91 companies listed on 24 stock exchanges whose, and I quote, “innovative technologies and services focus on the generation and use of cleaner energy, conservation, efficiency and the advancement of renewable energy in general” [see: ‘NEX Fact Sheet’]. It includes companies which claim to adopt lower-carbon approaches that “are relevant to climate change, and whose technologies help reduce emissions relative to traditional fossil fuel use.”

Ah well! The bulls and bears of the WilderHill New Energy Global Innovation Index (NEX) may be hunted down [watch out for gun-totin’ Sarah Palin] through the NEX Website:

At 5.43 am ET today, the Index stood at 244.91, down 4.54% on the day.

As the Scientific American reports:

“‘It would be easy to blame the credit crunch, which certainly has made it more difficult for project developers in wind and solar to raise debt finance,’ said Michael Liebreich, chairman and CEO of research firm New Energy Finance on Friday.

Another contributory factor was a correction in high valuations for some renewable energy companies, said Liebreich.”

Just so.

What a surprise! It seems that sub-prime ‘global warming’ science and politics are no more to be trusted than sub-prime mortgages.

Selling hot air was never going to succeed in the long run.

I’m off for an eye test so that I can see that graph more clearly.