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Investors Embrace Climate Change, Chase Hotter Profits

Investing in climate change used to mean financing the fight against global warming. Morgan Stanley, Goldman Sachs Group Inc., and other firms took stakes in wind farms and tidal-energy projects, and set up carbon-trading desks.

Then, as efforts to curb greenhouse-gas emissions faltered, the appeal of clean tech dimmed: Venture capital and private-equity investments fell 34 percent last year, to $5.8 billion, according to Bloomberg New Energy Finance.