Donald Trump’s pledge to halt renewable energy projects on “day one” of his potential presidency has sent the industry into shock, sending renewable energy stocks tumbling. “We’re going to make sure it’s gone on day one,” Trump said of offshore wind farms.
Orsted, the world’s biggest offshore wind developer, fell 14 percent, while wind turbine makers Vestas and Nordex traded 11 percent and 7.5 percent lower, respectively, according to a Reuters report.
This isn’t Trump’s first rodeo with renewable energy; In his previous campaign, he had claimed that solar panels require vast spaces like entire deserts to generate energy. However, the actual land required for solar panels is relatively small, with most utility-scale solar operations today occupying less than 600,000 acres, according to the Solar Energy Industries Association.
If Trump follows through on his promise, it could have a significant impact on the renewable energy sector as he may try to eliminate or reduce tax credits for renewable energy projects, which could impact the growth of the industry.
He could eliminate environmental regulations imposed by the Biden administration, making it easier for fossil fuel companies to operate.
A Trump presidency could lead to a change in energy policy, in which fossil fuels would be prioritized over renewable energy sources.
Trump has vowed to end electric vehicle mandates, which could harm the EV industry and its related infrastructure. Donald Trump’s stance on electric vehicles has taken a dramatic turn.
Just last December, he posted on Truth Social that EV supporters should “rot in hell”. However, after talking to Tesla CEO and world’s richest man Elon Musk, Trump’s tone suddenly softened. Now, he claims to be “in favor of electric cars” and thinks they are suitable for “a small portion” of the population.
At a recent rally, Trump acknowledged that his change of heart was largely due to Musk’s support. “I’m in favor of electric cars – I have to be, because Elon endorsed me,” Trump said. “I have no choice”. This change is quite surprising, given Trump’s history of criticizing electric vehicles, even calling them a “hoax.”
It is important to note that Trump’s ability to enact these changes will depend on a variety of factors, including support from Congress and potential opposition from states, businesses, and activists. Still, uncertainty over Trump’s energy policies has already created concern among renewable energy investors and supporters.
Solar energy stocks are falling on concerns that a second Trump presidency could jeopardize the Inflation Reduction Act, a key law that helped boost clean energy in the US by offering tax incentives to promote solar energy. Has inspired. This Act has been helpful in promoting development in the renewable energy sector.
