U.S. solar stocks rose on Friday after U.S. Democratic presidential candidate Joe Biden said in the final pre-election debate on Thursday night that if elected he plans to transition to a more climate-friendly economy.
Shares of Renesola Ltd , Jinkosolar Holding Co Ltd , Canadian Solar Inc and SunPower Corp were up between 2per cent and 3per cent in premarket trading.Biden and President Donald Trump were asked at their matchup in Nashville, Tennessee, what they would do to combat climate change - the first time in a presidential debate they were not asked if they believed in it or not.
"I would transition from the oil industry," Biden said, adding his plan for a more climate-friendly economy would create high-paying jobs and boost U.S. businesses. "We're getting of the subsidies for fossil fuels. But we're not getting rid of fossil fuels for a long time...they're not going to lose their jobs. Besides, a lot more jobs are going to be created in other alternatives."