Solar and clean energy stocks sold off heavily on Wednesday after Donald Trump defeated Kamala Harris to clinch leadership of the White House. Trump’s victory has renewed worries among traders that the incoming administration will weaken support for the solar industry, as well as other forms of low-carbon energy.
Trump has never hidden his disdain for clean energy (especially ‘windmills’). He has repeatedly lambasted the historic Inflation Reduction Act (IRA), describing it as the “biggest tax hike in history”. Trump has pledged to rescind any “unspent” funds under the IRA should he ascend to the Oval Office, again, “To further defeat inflation, my plan will terminate the Green New Deal, which I call the Green New Scam,” the former president said before the Economic Club of New York in September.