A man who has claimed many times that, the global warming is an “expensive hoax” has become the leader of the United States of America. President-Elect Donald Trump’s win was a very important and may be a side turner news for the energy industry. No wonder few of the fossil fuel companies have been some of the biggest beneficiaries of the US election result – while renewable energy investors have taken a slower path. It did not make any difference in the regular energy needs of the U.S. after the person chosen to be the President of the country, but might make a subtle difference in the energy sector on the nation, nonetheless.
Trump as of date (or during his election campaign) supports an energy strategy with a substantial tilt towards fossil fuels, and with less regard towards climate change or regulations. He is keen to increase American energy production to add jobs and then bring the country closer to energy independence. Trump has definite views about the energy sector, its development, and functioning of the energy industry. He proposes to remove bureaucratic blocks in innovation and energy exploration. He would let the energy marketplace determine the best mix of domestic energy sources. Can be narrated in short as – get rid of all regulations and let the industry do what it wants.
But the interesting fact is that for renewables it should be working fine even during his Presidency. As when we look at the present structure maximum of the push for renewables, and many of the financial incentives, are coming from individual states. The Red States like Iowa and Texas are already overflowing with wind energy jobs and money and the economic gains from it. And the most important fact is, the Republican Controlled Congress has already extended the renewable energy Production Tax Credit to 2021, so no need to think of renewables to decline anytime in near future.
Even then the strong fear the environmentalists have in mind of Trump’s Presidency is that – the United States climate change policy and goals may evaporate, so will the forthcoming Clean Power Plans related to climate change, the Paris accords, the Environmental Protection Agency losing its teeth (power), and a carbon tax may never be seen on the horizon. Trump’s presidency is likely to see an enormous seismic shift in the US domestic energy policy. Many of present key environmental policies can be unravelled. Global Progress in tackling climate change can become very fragile.