Iran War Tests Whether Clean Tech Learned Any Lessons From 2022

For green investors, the current war-fueled surge in oil and gas prices conjures up painful memories of 2022, when renewables were gripped by a selloff that lasted into 2025. But at Jefferies, clients are being urged to double down on a bold upbeat call.

Last year, Jefferies started telling green investors they were entering the “glory days” of a strategy that had long seemed like a losing bet. That advice ended up coinciding with a 44% surge in clean energy stocks in 2025, trouncing the 16% gain in the S&P 500 Index.