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Darling Ingredients (NYSE:DAR) closed +7.3% to lead biofuel stocks in Monday’s trading, after G20 nations meeting in India agreed this past weekend to support a tripling of renewables globally, and India launched a global biofuels alliance with the U.S. and Brazil.
The biofuel alliance can generate opportunities worth $500B in the next three years for G20 countries, the Indian Biogas Association said.
Among other potentially relevant companies: Westport Fuel Systems (WPRT) +5.9%, Clean Energy Fuels (CLNE) +4.5%, Green Plains (GPRE) +2.6%, Bloom Energy (BE) +2.6%, Bunge (BG) +2.2%, Valero Energy (VLO) +1.2%, Archer Daniels Midland (ADM) flat.
The summit yielded little on setting major climate goals, with leaders disagreeing on commitments to reduce fossil fuel use and cutting greenhouse gas emissions.
One major hurdle was a proposal by Western countries to reduce greenhouse gas levels by 60% by 2035, which was said to be opposed by Russia, China, Saudi Arabia and India.
The declaration that was accepted by the group did not mention cutting GHG emissions and does not commit to reaching net zero commitments faster than 2050, a goal pushed by G-7 nations.