Investors are rushing toward greener stocks ahead of 2020 elections, which is now less than a month away. This is especially true as the former vice president Joe Biden, who proposed to build a green and clean infrastructure, is leading Donald Trump in the polls. Additionally, interest in environmental, social and governance investing has been rising rapidly with firms across the globe investing in clean tech business.

Amid the sector rally, the world’s biggest provider of wind and solar energy NextEra Energy NEE outpaced over-a-century-old giant ExxonMobil XOM as the biggest energy or utility company by market capitalization.

Biden Plans to Go Greener

Democratic presidential nominee aims to pump $2 trillion into green energy over four years to build solar panels, charging stations and more. A Biden presidency is touted to spur tens of thousands of new wind turbines and millions of new solar panels across the United States to rapidly achieve zero-carbon energy. The plan will eliminate carbon emissions from the power grid by 2035 and accelerate the uptake of electric vehicles. Biden also aims to put the United States on the path to achieve a 100% clean energy economy with net-zero emissions no later than 2050 (read: Sector ETFs to Win/Lose If Biden Wins Elections).

Rise in Renewable Demand

Global renewable energy consumption has been growing exponentially at an average annual rate of 13.7% over the past decade. It is the only category of energy that grew globally at double digits over the past decade. Consumption grew 12.2% annually in 2019. Falling cost of renewable energy generation has led to strong growth. Over the past 10 years, the cost of solar panels has plunged 82%, onshore wind costs have skidded 39% and the cost of offshore wind has fallen 29%, according to the International Renewable Energy Agency.