Donald Trump’s US election victory has dealt a blow to the renewable energy industry, prompting at least half a dozen developers to put projects on hold and investors to dump shares. Canadian solar manufacturer Heliene is pausing progress on its $150mn plan to manufacture solar cells in the US until it gets more policy clarity from the incoming Trump administration.
He’s also vowed to unleash the country’s oil and gas production and stop offshore wind projects and electric vehicle mandates on “day one” if elected. Wood Mackenzie estimates renewable deployment could fall 30 per cent if the tax credits are phased out and there are new tariffs on equipment and restrictions on permitting. “It is a big challenge to net zero,” David Brown, director of the energy transition practice at Wood Mackenzie.