Hopefully, this means so-called renewable energy boondoggles will soon be a thing of the past.

Investors ditched renewable energy funds at the fastest rate on record in the three months to end-September as cleaner energy shares took a beating from higher interest rates and soaring material costs, which are squeezing profit margins.

Renewable energy funds globally suffered a net outflow of $1.4 billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data.

However, the outflows only partially reversed the trend for the first half of 2023 when investors added a net $3.36 billion, the data showed.

The sector’s total assets under management now stand at $65.4 billion, a 23% decline from end-June, according to the data.

A lot of major renewable energy firms are warning state governments about the need to pay for increased costs of their products as part of contract renewals or they’ll have to terminate their relationships. Coast state Governors are also starting to rush to the feds hoping they’ll bail out their offshore wind projects knowing that the increased costs will be passed on to consumers which, in turn, will cause state residents to revolt.

Germany has been starting to back away from renewable energy too having restarted a number of coal-fire power plants they shut down just so people can keep the lights on and stay warm. Renewable energy is nothing more than a massive fraud and at best window dressing for environmentalists who ultimately want to lights of the West to go out.