How has Trump’s Presidency Affected the Renewable Energy Sector?
- Sep 7, 2018 9:31 pm GMT
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Renewable energy never made it onto President Trump’s manifesto. In fact, it didn’t even come close to being featured.
Trump’s refusal to utilise clean energy is something he has reiterated in several speeches, many of which taking place even before his inauguration. He famously deemed climate change to be a Chinese trick, and even pulled the US out of The Paris Agreement; which 200 other countries had signed in the interest of protecting the environment together. Despite countless protests and armies of naysayers, Trump has flatly ignored them all for his own energy plans. But does this threaten the viability of the renewable energy sector?
It goes far beyond ignoring the public. Last January, Trump imposed a stark 30% tariff on the production and transportation of solar panels, which dissolved 23,000 US jobs and significantly stalled much of the progress that the US renewable energy sector had made. The sector is still growing today but under unnecessary strain. Contradicting his generic inauguration claims that he’d protect American jobs and ‘get people back to work’, Trump has deemed it fit to attack one of the most vital areas of production in the US.
In accordance with Trump’s wishes, heavy fossil fuel investments have reportedly shot up under his leadership. Despite a 36% drop in banks supporting coal in 2016, it’s been bumped back up another 6%. Still, it’s worth noting that things could be a lot better for Trump and coal. There is a clear resistance to his plans here, as the wishes of the government and great swathes of its citizenship are in opposition to one another. Still, with such a volatile political atmosphere, it may be worth contacting a professional wealth manager if you’re thinking of making your own investment.
Certainly, more people are taking an interest in clean energy, whether it’s in individual homes or commercial buildings. In fact, renewable sources accounted for 18% of the United States’ electricity last year, which was up from 15% in 2016 and just about doubled from 2008. Progress is undoubtedly being made, but it’s not by the leaders. Renewable energy investment funds are reportedly set to reach an accumulated $1 trillion in the US from now until 2030, despite a cut in funding from the Trump administration. The idea of cleaner energy is gaining traction in every state despite federal policy, which could turn what is now a steadily climbing trend into a significant boom when Trump’s time as president comes to an end.