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November 24 (SeeNews) - The election of Donald Trump as US president could lead to the reversal of a number of major environmental policies of outgoing president Barack Obama, putting the renewable energy sector in jeopardy, research and consulting firm GlobalData said on Wednesday.
Clean energy investors are concerned that Trump will move away from Obama's Clean Power Plan and exit the Paris agreement, with his elections win sending US solar stocks down and coal stocks up, the firm noted.
At the end of 2015, GlobalData forecast that non-hydro renewable energy will be the fastest-growing power source in the US, reaching an installed capacity of 216 GW in 2025, up from 121.9 GW in 2015. It now said this projection is subject to change depending on the new government's energy policies.
"Obama’s Clean Power Plan was an historic measure aimed at reducing carbon emissions from power plants and working towards addressing climate change," said Sneha Susan Elias, GlobalData's analyst covering Power.
"By stark contrast, Trump has expressed skepticism about climate change and voiced his opposition towards environmental regulation during the election campaign, pledging to exit from the Paris climate change agreement and focus on boosting energy production from coal, oil, and natural gas," Elias added.
The analyst said, however, that it could prove hard for Trump to pull out of the Paris deal as it became law on November 4. The agreement was ratified by the US in September. Elias also added that with Trump having no record of public service, there is still much uncertainty about his policies and their consequences for clean energy.