Trump likely to roll back but not dismantle Biden's clean energy spending

Yahoo Finance11-12

As a candidate, Donald Trump denounced clean energy spending tied to the Biden administration’s sweeping climate law, the Inflation Reduction Act (IRA). At his speech before the Economic Club of New ...

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At his speech before the Economic Club of New ...</p>\n\n<a href=\"https://finance.yahoo.com/news/trump-likely-to-roll-back-but-not-dismantle-bidens-clean-energy-spending-160033134.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Trump likely to roll back but not dismantle Biden's clean energy spending</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTrump likely to roll back but not dismantle Biden's clean energy spending\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-12 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/trump-likely-to-roll-back-but-not-dismantle-bidens-clean-energy-spending-160033134.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As a candidate, Donald Trump denounced clean energy spending tied to the Biden administration’s sweeping climate law, the Inflation Reduction Act (IRA). At his speech before the Economic Club of New ...</p>\n\n<a href=\"https://finance.yahoo.com/news/trump-likely-to-roll-back-but-not-dismantle-bidens-clean-energy-spending-160033134.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2294711713.HKD","symbol_name":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/trump-likely-to-roll-back-but-not-dismantle-bidens-clean-energy-spending-160033134.html","article_id":"2482734511","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/GJC7PKM.oKOQC03yDuHF2w--~B/aD0yNTQwO3c9MzU5MzthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-10/30985fe0-9e1c-11ef-9dff-116902af5018"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2482734511","pubTimestamp":1731340833,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"As a candidate, Donald Trump denounced clean energy spending tied to the Biden administration’s sweeping climate law, the Inflation Reduction Act . At his speech before the Economic Club of New York in September, he called the legislation the “greatest scam in history.”Yet, as the president-elect prepares to return to the White House in January, he faces pressure to keep the law largely intact from lawmakers in his own party, none of whom voted for the IRA.West said trade volumes surged threefold the day after the presidential election, leading to “total chaos.” That knee-jerk reaction fails to recognize the scope of the largest climate investment in US history and the nuances of a potential impact, he said.Bob Keefe, executive director of the nonpartisan advocacy group E2, said he was worried that Republicans would push to impose new expiration dates for tax law written with a 10-year time frame in mind. About a third of the money allocated by the IRA hasn’t gone out the door yet, he ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0154245756.USD":"BNP PARIBAS US MID CAP \"C\" (USD) ACC","BK4519":"光伏太阳能","BK4141":"半导体产品","LU0124384867.USD":"贝莱德新能源基金A2","LU0154245673.USD":"BNP PARIBAS US MID CAP \"C\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU1983299162.USD":"SCHRODER ISF GLOBAL ENERGY TRANSITION \"A\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","ENPH":"Enphase Energy","LU1548497426.USD":"安联环球人工智能AT Acc","TAN":"太阳能ETF-Guggenheim","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1978683503.SGD":"Blackrock Sustainable Energy A2 SGD-H","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","FSLR":"第一太阳能","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","BK4588":"碎股","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2211814178.USD":"ALLIANZ CLEAN PLANET \"AT\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","BK4147":"半导体设备","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","IE00B3CCJ633.GBP":"GUINNESS SUSTAINABLE ENERGY \"C\" (GBP) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","IE00B2PGVK34.USD":"GUINNESS SUSTAINABLE ENERGY \"C\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC"},"translate_title":"特朗普可能会缩减但不会取消拜登的清洁能源支出","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TAN":1,"ENPH":1,"FSLR":0.9},"content_text":"As a candidate, Donald Trump denounced clean energy spending tied to the Biden administration’s sweeping climate law, the Inflation Reduction Act (IRA). At his speech before the Economic Club of New York in September, he called the legislation the “greatest scam in history.”\nYet, as the president-elect prepares to return to the White House in January, he faces pressure to keep the law largely intact from lawmakers in his own party, none of whom voted for the IRA.\n“About 75% of the job creation and the capital spending on new manufacturing and other clean energy resources has gone to red states or red counties in blue states,” said James West, senior managing director at Evercore ISI. “So we don't expect a whole lot to come from a new administration.”\nThe perception that there could be a wholesale shift in energy policy sent clean energy stocks lower in the immediate aftermath of Tuesday’s election. Solar panels and equipment manufacturers First Solar (FSLR) and Enphase (ENPH) plummeted, while the Invesco Solar ETF (TAN) declined 11% Wednesday.\nWest said trade volumes surged threefold the day after the presidential election, leading to “total chaos.” That knee-jerk reaction fails to recognize the scope of the largest climate investment in US history and the nuances of a potential impact, he said.\nIn a recent note to clients, West warned investors against lumping all clean energy plays together, saying “different segments of the clean energy economy face different degrees of Trump-related risks.”\n'A scalpel, not a sledgehammer'\nThe 2022 legislation unleashed billions of dollars in grants, loans, and tax provisions to accelerate the US transition to clean energy over 10 years. In total, the Biden administration committed more than $350 billion to projects aimed at reducing harmful greenhouse gas emissions, with the goal of halving 2005 emissions levels by the end of this decade.\nWhile no Republican lawmaker voted to pass the law, their constituents have overwhelmingly benefited from the provisions tied to clean energy investments.\nAccording to data from the Department of Energy, $10.8 billion in investments in solar energy have gone to red states, while just $4.1 billion have gone to blue states. And $35 billion tied to electric vehicle spending has gone to Republican districts, while $22 billion has gone to Democratic ones.\n\n\nRescinding money that has already been allocated would require congressional approval. At least 18 Republican lawmakers have already warned House Speaker Mike Johnson against repealing the IRA, making a complete reversal unlikely.\nBut Johnson has also suggested he would use a “scalpel and not a sledgehammer” to amend the law. \nBob Keefe, executive director of the nonpartisan advocacy group E2, said he was worried that Republicans would push to impose new expiration dates for tax law written with a 10-year time frame in mind. About a third of the money allocated by the IRA hasn’t gone out the door yet, he said.\n“We know that Congress controls the purse strings, and they can defund anything they want, or they can defund a lot,” said Keefe, who consulted on the IRA. “Under the president's direction, the agencies can do a lot of damage as well. I think that the Trump administration, if they do what they say they're going to do, will most certainly and unfortunately slow the growth of clean energy.”\nElectric vehicles, which make up a large part of the investments allocated by the IRA, could be an easy target, including the $7,500 tax credit for new vehicles. \n\nTrump would have “considerable scope to make regulatory changes” without congressional approval, West said. That includes tightening restrictions around rules of origin, where parts and components are sourced from, and weakening EPA tailpipe emissions rules for carmakers.\nTrump has also expressed a desire to halt all offshore wind development, though those projects make up a small portion of all IRA investments. At a rally in May, he vowed to stop all projects on “day one” through executive order.\nSolar power faces its own risk, not from changes to the IRA but from the 60% tariffs Trump has proposed on all goods and services imported from China. China dominates the market for polysilicon wafers and other critical components used in solar modules.\nRegardless of technology, Keefe said changes to climate policy could have a significant impact on jobs.\nA recent survey E2 conducted with BW research found that more than half of clean energy companies said they would lose business or revenue as a direct result of an IRA repeal. More than 20% said they would be forced to lay off employees in an industry that employs 3.46 million Americans, according to E2.\n\n\n\n  US President-elect Donald Trump, Vice President-elect JD Vance, and House Speaker Mike Johnson applaud during the Republican National Convention (RNC) on July 15, 2024. (REUTERS/Mike Segar)\n \n\n  REUTERS / Reuters\n \n\nDespite those concerns, Keefe and West said the US energy landscape has fundamentally shifted over the last few years, in part because of the advancement of artificial intelligence. \nThe decision between clean energy and fossil fuels is no longer a binary choice, especially with the massive need for power at data centers that drive AI. Goldman Sachs estimates that power demand at data centers alone will grow 160% by 2030.\nThat suggests that Trump would not “meaningfully undercut” renewables development, West said.\n“We think Mr. Trump should have a hard time saying ‘no’ to major new sources coming on the grid,” he added.\nClick here for political news related to business and money policies that will shape tomorrow's stock prices\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482734511"}