Stock Track | Investors Flee First Solar as Trump Win Threatens Renewable Energy Policies

Stock Track11-07

First Solar Inc. shares plummeted 19.27% on November 6th, 2024, as Donald Trump secured reelection as US President, dealing a severe blow to the renewable energy sector. Trump's victory, along with Republicans retaining control of the Senate, has raised fears that his administration will reverse pro-climate policies implemented by the previous government.

During his campaign, Trump promised to "rescind all unspent funds" on green energy subsidies, potentially depriving companies like First Solar of billions in tax credits and incentives under the Inflation Reduction Act (IRA). The IRA was a centerpiece of President Biden's climate agenda, offering long-term tax credits for solar, wind, and other renewable energy projects.

Trump's previous tenure saw widespread rollbacks of environmental regulations and policies aimed at combating climate change. Investors are now bracing for similar moves, which could significantly undermine the growth prospects of the solar industry. Analysts warn that higher tariffs on imported solar panels, particularly from China, could further exacerbate challenges for companies like First Solar.

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