“Donald Trump’s victory in the US election dealt a blow to the renewable energy industry, forcing at least half a dozen developers to suspend projects and investors to sell shares. ”, — write: www.epravda.com.ua
Donald Trump’s victory in the US election dealt a blow to the renewable energy industry, forcing at least half a dozen developers to suspend projects and investors to sell shares.
About this informs Financial Times.
The president-elect promised to increase the country’s oil and gas production and end President Joe Biden’s climate policies on the campaign trail, including repealing the Deflation Act, the strongest measure the US has taken to boost renewable energy.
Canadian solar manufacturer Heliene is suspending its $150 million U.S. solar manufacturing plan until it gets more policy clarity from the incoming Trump administration.
Princeton battery recycling startup NuEnergy is revising its schedule to build a $300 million plant in 2028.
Trump’s election and the prospect of a Republican-controlled Congress sent renewable energy shares lower as investors fear a slowdown in the country’s decarbonization pace under the leadership of the Republican trio.
The iShares Global Clean Energy ETF, which tracks renewable energy companies, fell 7% after Trump’s victory, while First Solar and Denmark’s Vestas fell about 10%. Fuel cell maker Plug Power and residential solar provider Sunnova fell by more than a quarter.
It said renewable energy use could fall by 30% if tax breaks are phased out and new equipment tariffs and permitting restrictions are introduced.
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