Raging wild fires in Australia have left a trail of destruction that can leave us with only one conclusion. Global warming is very real, and its consequences are to be feared.
Of course, fear is a powerful motivator. And it will likely bring about the changes needed to slow or reverse the climate changes that have been wrought by fossil fuels.
As an investor, now's the time to pay attention to the very powerful transition away from fossil fuels.
Money Morning Global Energy Strategist Dr. Kent Moors has been all over this trend for years. One of his favorite renewable energy stocks has soared more than 155% in the last five years. Compare that to the 58% gain of the S&P 500 in the same time.
And the gains are far from over for this renewable energy stock. In fact, it's one of his favorites to own this year.
That's important to note because finding profits in the markets will not be as easy in 2020 as it was in 2019. After all, the major market indexes all soared nearly 30% in 2019.
Growth at any price was rewarded with significant gains last year.
As any student of the market knows, such gains don't come without a cost.
At some point, there will be a price to be paid. Markets do not go up forever.
So when the bill does come, investors better be taking the right kind of risk. Risk that will be rewarded and not penalized when market conditions change and fortunes reverse.
To me, that means investing in risk that is going to pay off. Not investing in speculation.
With renewable energy, the future is certain.
Either we adapt and change our ways with respect to fossil fuel usage, or we perish.
The alternative energy poised to benefit the most in the near term is wind power.
Just as global warming may be at a tipping point, the wind industry is similarly poised for momentous growth.
Giants like General Electric Co. (NYSE: GE) are betting big on wind.
The American industrial company raised its outlook last month and cut a deal with Dogger Bank Wind Farms, which is developing the world's largest offshore wind farm.
That bodes well for the entire industry. And especially for our favorite renewable energy stock to buy right now...
[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]The move by GE is in direct response to European firms like Vestas Wind Systems (OTCMKTS: VWDRY) that have a head start in the race to power the globe using wind.
The 32.8 billion euros of backlog at Vestas make it the best renewable energy stock to own in 2020.
And while the stock performed well in 2019 (up more than 25%), it was a challenging year for Vestas.
Its largest market is the United States, but tariffs negatively impacted results at the company.
Still, shares moved higher. How can that be?
Vestas saw margins fall because of American tariffs. That forced the company to make painful job cuts and reductions to its forecast.
The bad news did not deter investors, primarily thanks to events like the Australian wild fires.
Climate change is a massive catalyst for the wind power business.
Tariffs are temporary in nature, allowing investors to look beyond the short-term struggles.
Q3 2019 orders at Vestas grew by 45% year over year, easily surpassing expectations.
According to Radiant Insights, the global market for wind turbines in 2017 was $157 billion. That number is expected to grow to $254 billion by 2024.
A near doubling of the total market size suggests that shares of Vestas, a leader in the wind turbine market, have room to double in value from current levels.
It may not happen overnight in a dot-com market sort of way, but the prospects are favorable for significant market outperformance.
With other growth sectors struggling and global warming at a tipping point, Vestas may be one of the few growth names investors can count on in 2020.
The company is the best renewable energy stock to own in 2020.
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