Washington:

Donald Trump’s pledge to halt renewable energy projects on “day one” of his potential presidency sent shockwaves through the industry, sending renewable energy stocks tumbling. “We’re going to make this happen on day one,” Trump said of offshore wind farms.
According to a Reuters report, Orsted, the world’s largest offshore wind developer, fell 14 percent, while wind turbine makers Vestas and Nordex lost around 11 percent and 7.5 percent, respectively.

This isn’t Trump’s first rodeo with renewable energy; During his previous campaign, he claimed that solar panels required huge spaces, like entire deserts, to produce energy. However, according to the Solar Energy Industries Association, the actual land requirements for solar panels are relatively small, with most large-scale solar installations today occupying less than 600,000 acres.

If Trump keeps his promise, it could have significant implications for the renewable energy sector, as he could attempt to eliminate or reduce tax credits for renewable energy projects, which could cripple the growth of renewable energy. ‘industry.

He could dismantle environmental regulations put in place by the Biden administration, making it easier for fossil fuel companies to operate.

A Trump presidency could lead to a shift in energy policy, prioritizing fossil fuels over renewable energy sources.

Trump has pledged to end the electric vehicle mandate, which could harm the electric vehicle industry and its associated infrastructure. Donald Trump’s stance on electric vehicles has taken a dramatic turn.

Last December, he posted on Truth Social that supporters of electric vehicles should “rot in hell.” However, after talks with Elon Musk, CEO of Tesla and the world’s richest man, Trump suddenly softened his tone. He now says he is “for electric cars” and believes that they are suitable for “a small segment” of the population.

At a recent rally, Trump admitted that his change of heart was largely due to support from Elon Musk. “I’m for electric cars — I have to be, because Elon supported me,” Trump said. “I have no choice.” This change is quite surprising, considering that Trump has always criticized electric vehicles, even calling them a “hoax.”

It is critical to note that Trump’s ability to implement these changes will depend on a variety of factors, including support from Congress and potential opposition from states, businesses, and activists. Still, the uncertainty surrounding Trump’s energy policy has already raised concerns among investors and renewable energy supporters.

Solar energy stocks are collapsing on fears that a second Trump presidency could jeopardize the Inflation Reduction Act, crucial legislation that has fostered a clean energy push in the United States by providing incentives tax to stimulate solar energy. This law has helped fuel the growth of the renewable energy sector.