Winner of the November 5 election, eight years after his previous success, Donald Trump has not yet formally returned to the White House and is already plunging the renewable energy sector back into uncertainty, if not worry. This is true in his country, but also in Europe, to a lesser degree.
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Will Joe Biden's future successor as President of the United States suspend any new offshore wind projects upon his inauguration on January 20, 2025? He made the threat during the campaign, invoking, without supporting scientific evidence, the need to protect whales against possible harm.
And what about the Inflation Reduction Act? (IRA), this law promulgated in August 2022 to promote, among other things, the local manufacturing of technologies such as wind and solar? The billionaire from the conservative camp has said it again and again: he intends to tackle this gigantic plan of tax credits and subsidies (in principle around 370 billion dollars over ten years, or 349 billion euros) , “a new green scam” to be removed in whole or in part, depending on its vision of things, which pays little attention to the fight against climate change.
On the stock market, the uncertainty caused an initial effect. Reflex among investors, on November 6, the day after the election: the WilderHill Clean Energy Index, an index of American companies revolving around “clean” energy, recorded a fall of up to 6.7%, according to Bloomberg . And this, particularly in the field of solar panels: in September, the Republican Party candidate declared himself a « grand fan » of these panels… before expressing reservations about their land use.
European companies want to reassure
In addition to electric vehicles, Mr. Trump has especially fueled criticism against marine wind projects. However, these projects («horrible»in his words) depend on federal approval. This is cause for concern even in Europe, where the sector has leading players, including for export. “Taking into account the results” electoral, “the risks for offshore wind projects have increased” across the Atlantic, recognized the German developer RWE on November 12. Engie is leading three projects of this type, without having yet started the construction phase. In the event of a blockage, the French energy company estimates the depreciation to be less than 400 million euros. A question mark also concerns cable manufacturers. “Because the deployment of renewable energies determines the size of the electricity network to be connected”, recalls Michel Gioria, general delegate of the professional organization France Renouvelables.
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