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Trump’s Day 1 promise: Trump’s vow to end clean energy projects on his “Day 1” rattles the renewable sector, causing stocks to plummet globally.
Trump’s Day 1 Promise for Energy Plan: A Shift Away from Renewables
Donald Trump’s pledge to halt renewable energy projects on “Day 1” of his potential presidency has sent shockwaves through the clean energy industry, leading to a significant drop in renewable energy stocks. Trump, focusing on fossil fuels over renewables, stated, “We are going to make sure that that ends on day one,” particularly targeting offshore wind farms.
Renewable Energy Stocks Plunge as Trump Vows to Prioritize Fossil Fuels
Following his statement, major renewable stocks suffered, with offshore wind developer Ørsted dropping 14% and wind turbine makers Vestas and Nordex down 11% and 7.5%, respectively. In previous remarks, Trump argued that solar panels require massive areas for energy generation, a claim refuted by the Solar Energy Industries Association, which notes that utility-scale solar operates efficiently on far less land.
Should Trump carry out his energy policy shift, the renewable sector may face substantial setbacks, including reduced tax credits and deregulation of fossil fuels. His stance on electric vehicles, previously harsh, softened slightly after discussions with Elon Musk, suggesting he’s open to EVs for “a small slice” of the market.
