(Image source from: Twitter.com/realDonaldTrump)
Donald Trump's promise to close renewable energy projects on his "first day" in office shocked the industry and sent renewable energy stocks tumbling. “I will definitely get it done on day one,” President Trump said of offshore wind energy production. Reuters reported that Orsted, the world's largest developer of offshore wind turbines, fell 14 percent as the company traded with wind turbine makers Vestas and Nordex. They fell by about 11% and 7.5%, respectively. This isn't the first Trump car to use renewable energy. In his last election campaign, he argued that solar panels would require vast areas, such as entire deserts, to generate energy. However, the actual land requirement for solar panels is relatively small, with most utility-scale solar power plants currently occupying less than 600,000 acres, according to the Solar Energy Industry Association. If President Trump follows through on his promise, he may seek to eliminate or reduce tax credits for renewable energy projects, which could hinder the growth of the renewable energy industry and have a significant impact on the renewable energy sector.
He could roll back environmental regulations put in place by the Biden administration and make it easier for fossil fuel companies. A Trump presidency could lead to a shift in energy policy that prioritizes fossil fuels over renewable energy sources. President Trump has promised to roll back electric vehicle regulations that could harm the electric vehicle industry and related infrastructure. US President Donald Trump's stance on electric cars has changed dramatically. Just last December, he posted on Truth Social that EV supporters should “rot in hell.” But Trump suddenly softened his tone after meeting Tesla CEO Elon Musk, the world's richest man. Now he claims it's "for electric cars" and believes electric cars are suitable for a "part" of the population. At a recent rally, Trump admitted that his change of heart was largely due to Musk's support. Trump said, "I'm for electric cars and I have to do it because Mr. Elon supports me." "I have no choice." This change is quite surprising considering that President Trump has criticized electric cars in the past and even called them “Vertigo”.
It is important to note that President Trump's ability to implement these changes depends on a variety of factors, including support in Congress and possible resistance from states, businesses and activists. However, the uncertainty surrounding President Trump's energy policy is currently causing concern for investors and renewable energy advocates. Solar stocks have fallen sharply on fears that a second Trump term could threaten anti-inflation rules. The Inflation Control Act is an important piece of legislation that has helped boost clean energy in America by providing tax incentives to encourage solar power generation. This law has contributed to the growth of the renewable energy sector.
