November 9, 2016 — 7:09 AM EST Updated on November 10, 2016 — 4:52 AM ES
If you want a snapshot of what the global energy map will look like under President Donald Trump, look no farther than the stock market.
Trump has promised to rescind the Paris climate change deal
Oil and natural gas most likely winners with Trump election
Glencore Plc, the world’s top coal trader, surged more than 7 percent on Wednesday. Vestas Wind Systems A/S, the world’s biggest wind-turbine maker, plunged as much as 13 percent. The swing foretells a story of the most carbon-intensive fossil fuel making a comeback, while the fight against climate change — and investment in wind and solar power — languishes.
“De-carbonization, which has been the organizing principle of Obama’s energy policy, came to a screeching halt last night,” said Bob McNally, president of consultant Rapidan Group in Washington and a former senior energy official at the White House under Republican President George W. Bush.
In his only major energy policy speech before the elections, Trump said that he would rescind “job-destroying” environmental regulations within 100 days of taking office and cancel the climate deal reached last year in Paris.
“A Trump administration will focus on real environmental challenges, not the phony ones we’ve been looking at,” Trump told supporters in May in North Dakota, the birth-place of the U.S. shale revolution.