In what many are calling an unexpected win for Donald Trump for the next presidency, the renewable energy industry is already asking what will this mean for them. As Democrats tend to be known for greater environmental action and with a Republican in office for the first time in eight years, a concern could bloom as to the the safety, in essence, of the renewable energy industry. So where exactly does Trump stand on some key energy policies? S&P Global Platts is reporting that while Trump has addressed biofuels, the Clean Air Act and the EPA among other issues, he has never outlined any specific plans, unlike his opponent, Hillary Clinton.
Following is a compilation on three key renewable energy areas from S&P Global.
Trump has offered broad public support to the Renewable Fuel Standard (RFS), but in September he unveiled an economic policy package that included a statement that the market underpinning the RFS, the EPA’s Renewable Identification Number program, “penalizes” refiners for not meeting “impossible” requirements. After these statements were criticized, they were removed from Trump’s campaign website and staffers claimed they were posted in error.
Trump has promised to either dismantle or overhaul the Environmental Protection Agency and roll back Obama administration regulations to curb coal industry pollution. Cramer said Trump believes EPA needs to return to its core mission of protecting clean water and clean air, and that Congress has granted it too much leeway in interpreting legislation.
Trump is expected to try to scrap the Clean Power Plan. He questions the widely held scientific consensus that human activity is causing climate change.
Trump is expected to abandon, or at least weaken, efforts by EPA and the Department of the Interior to regulate methane emissions from oil and gas operations and also could weaken future car and truck fuel-economy standards.
Trump’s possible efforts to end incentives for alternative energy development would boost near-term demand for fossil fuels. For example, a potential cut in the Investment Tax Credit to 10% from the current 30% would slash solar installation demand by 60%, according to S&P Global Market Intelligence.
Only time will tell, of course, but in the near term AgWired will be posting reacts from the industry and continue to tell the story of renewable energy.