World News – US – Solar stocks tumble as election results reduce prospects for climate policies like the Green New Deal


As the large market rallied on Wednesday, a number of renewable energy companies pulled out over fears that a Republican-controlled Senate could continue its pro-climate policy course

First Solar, a solar panel maker, fell 86%, while home solar supplier SunPower fell 28% SunRun, another residential solar solutions provider, closed after falling earlier, and the manufacturer of fuel cells Plug Power lost 2%

All of them have outperformed the market as a whole this year, with solar companies in particular gaining momentum in recent months as the polls swing in favor of Joe Biden in the presidential race and the candidates in the Democratic Senate Tuesday’s contest election results have yet to be called in a number of key states, but the track for Democrats to overthrow the Senate has all but disappeared

Biden has made climate change a central issue in his campaign and provided a stark contrast to the Trump administration, which untied numerous energy regulations and withdrew from the Paris agreement signed under the presidency of Barack Obama Last year, Biden introduced a $ 1A $ 7 trillion plan for clean energy research and infrastructure overhaul that would be funded by the cancellation of Republican tax cuts

On his website, Biden says the Green New Deal, a set of goals set by Democrats in Congress, provides a « crucial framework for addressing the climate challenges we face.“Globally, supporters of the Green New Deal aim to transform the US energy and transportation industries, reducing greenhouse gas emissions to zero and transitioning to renewable energy sources

Legislation backed by Sen Bernie Sanders (I-Vt) and Representative Alexandria Ocasio-Cortez (D-NOui) would renovate 1 million federally owned housing units and fund solar panels and other sources of renewable energy for social housing Sen Elizabeth Warren (D-Messe) is another promoter

To move forward on legislative action, Democrats likely need to control the White House as well as both houses of Congress Democrats will retain their majority in the House, NBC News reported Tuesday night, but the presidential race remains close and Democrats failed to win multiple Senate seats where they were favored

Not all solar leaders are in favor of the Green New Deal due to the political challenges involved Last year, SunPower CEO Tom Werner told Reuters that: “If you just approve of the Green New Deal, you might upset one side of the aisle or the other »

Renewable energy companies were clearly behind on Wednesday as the Dow Jones Industrial Average jumped 13%, the S&P 500 climbed 22% and the Nasdaq Composite rose 39% all increased, led by Facebook 83% increase, on optimism that deadlock in Washington will hamper industry regulatory efforts

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Global news – US – Solar stocks drop as election results reduce prospects for climate policies like the Green New Deal


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