Political upheaval has major influence over the stock markets, and with climate-change-denying Donald Trump’s “disaster” of an election win, renewable energy investment is looking bleak at the moment as dirty energy surges.
The world’s top coal trader Glencore Plc rose more than 5 percent today while the world’s biggest wind-turbine maker Vestas Wind Systems A/S fell about 13 percent, according to Bloomberg. Solar companies First Solar, SunPower and SolarCity were down a respective 6 percent, 17 percent and 6 percent this morning. Shares in European renewable energy equipment makers and utilities with significant investments in the U.S. have fallen as much as 10 percent, Reuters reported.
As Bloomberg warned in its report, “the swing foretells a story of fossil fuels making a comeback, while the fight against climate change—and investment in wind and solar power—languishes.”
Our president-elect—who literally said “the wind kills all your birds” and solar is “not working so good”—has made no bones about his support of dirty energy, from his ties to the controversial Dakota Access Pipeline to his pledge to bring back the dirtiest fuel on the planet, coal.
The U.S. wind power industry is “bracing itself for an uncertain future following the election of Donald Trump to the presidency,” staff from Wind Power Monthly wrote in a column today. The publication quoted Trump’s plans to “unleash America’s $50 trillion in untapped shale, oil, and natural gas reserves, plus hundreds of years in clean coal reserves.”