The BNP Paribas Environmental Absolute Return Thematic fund, which started yesterday, will “short companies that are either sitting with significant transition-risk assets or stranded assets, or indeed have technologies that are either outdated or insufficient to address climate change, ” Fugmann said. “Those companies will go down over time.”
A BNP Paribas SA fund has gained 35% this year by wagering on winners in the renewable energy industry. Now its managers plan to bet against the losers.
Ulrik Fugmann and Edward Lees will run a new long/short fund, allowing them to bet against companies that are getting left behind in the transition to greener forms of energy.
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