Trump’s presidency could prioritize fossil fuels over renewable energy sources

Thursday, November 7 2024

General – Politics

A Trump presidency could lead to a shift in energy policy, prioritizing fossil fuels over renewable energy sources.

Drill baby drill. It was one of Trump’s oft-repeated slogans during his rallies for this US presidency.  

Frightening, especially now that he has won. It is therefore plausible that many offshore wind experts are not looking forward to ‘day one’ of his presidency, as he has also promised on several occasions to kill offshore wind projects by executive order.

The question is: will he? Trump also said he ‘hates wind’, so it is highly likely that he might have a negative impact on the US offshore wind industry to some extent. This is a great shame as it was just starting to take shape.

For projects in construction they are probably ok, for those in various stages of development the picture is less clear.

It is mind-boggling to note how Trump spread misinformation about offshore wind projects during his campaign and that voters supported him with their votes for it!

Donald Trump’s pledge to stop renewable energy projects on ‘day one’ has sent shockwaves through the industry, causing renewable energy shares to plummet. According to a Reuters report, the world’s largest offshore wind developer Orsted fell as much as 14 percent while wind turbine makers Vestas and Nordex traded down around 11 percent and 7.5 percent respectively.

If Trump follows through on his promise, it could have significant implications for the renewable energy sector as he might try to eliminate or reduce tax credits for renewable energy projects, which could cripple the industry’s growth.

He could dismantle environmental regulations put in place by the Biden administration, making it easier for fossil fuel companies to operate.

Trump has vowed to end the electric vehicle mandate, which could harm the EV industry and its related infrastructure. Donald Trump’s stance on electric vehicles has taken a dramatic turn.

Just last December, he posted on Truth Social that EV supporters should ‘rot in hell’. However, after talks with Elon Musk, Tesla’s CEO and the world’s richest man, Trump suddenly softened his tone. Now, he claims to be for electric cars and thinks they’re suitable for a small slice of the population.

According to Liz Burdock, President and CEO of Oceantic Network the real fact is that in the last decade, the U.S. offshore wind industry has created thousands of jobs and a supply chain that spans 39 states. More than 1,800 companies now have supply chain contracts. Eight years ago, the first Trump administration laid out the fundamental framework for our modern offshore wind industry and oversaw three federal lease sales that netted $456 million for the federal treasury. Industry responded by making the first supply chain investments that are now creating jobs from Texas to South Carolina and across America’s heartland.

The momentum kickstarted by the first Trump administration has resulted in more than $40 billion in new investment, a number we expect to climb with election uncertainty behind us. This includes $24 billion in direct investments toward manufacturing, vessel construction and shipyard upgrades, port infrastructure, transmission planning, and workforce development.

Liz Burdock says: “Oceantic Network is not an advocacy organization; we are an economic development organization focused on creating American jobs domestically and globally. Offshore wind energy will boost our nation’s economy, combat rising costs, enhance our energy security, and deliver more domestic energy. I want to assure you that Oceantic Network is here … ready to tell this story and work with the Trump-Vance administration, Congress, and other policy influencers.”

How the US offshore wind industry will look in four years remains a big question mark for now. Trump is unpredictable. Today he says this and tomorrow he does the opposite. The near future will therefore be hugely exciting in many ways.