Offshore wind trade body Oceantic Network American and Clean Power Association (ACP) have both congratulated Donald Trump on his election as US President, and has pledged to work with the Trump-Vance administration.
Oceantic Network President and CEO Liz Burdock said: “Eight years ago, the first Trump administration laid out the fundamental framework for our modern offshore wind industry and oversaw seven federal lease sales that netted $456 million for the federal treasury. Industry responded by making the first supply chain investments that are now creating jobs in Texas and South Carolina.
“The momentum started by that administration resulted in thousands of new jobs and $40 billion in new investment … With President Trump in office, we have the opportunity to harness even more investment and measurable economic benefits for communities across the country.
“The U.S. offshore wind industry stands ready to welcome new investments in American factories and shipyards. Oceantic looks forward to working with the Trump-Vance administration and the new Congress to advance our nation’s economy, combat rising costs, and deliver more domestic energy.”
“By combining the strengths of all domestic energy resources, the Trump Administration can advance an economy that is dynamic, secure, and clean,” ACP CEO Jason Grumet said in a statement.
“Our industry grew by double digits each year under the first Trump Administration and has accelerated this rate of progress since,” Grumet said. “Private sector clean energy investment is bringing jobs and economic opportunity to small towns and rural communities across the nation, while hundreds of new factories have come online in states that have seen far too many good jobs move overseas.”
Meanwhile, Trump’s election victory has seen the share price of some of world’s largest renewables players fall.
Orsted, which is developing offshore wind projects in the country, saw its share price on the Copenhagen Stock Exchange drop by 9.1%, this morning.
Vestas’s share price plummeted by 8.3% as Trump’s victory was announced.
Fellow turbine manufacturer Nordex’s shares took a 6.5% dive, as fears grow that Trump might repeal the renewable energy subsidies contained in President Biden’s Inflation Reduction Act.
RWE’s share price dropped by 3.1% but First Solar Inc experienced a 1.7% boost.
Trump has repeatedly criticised the renewables industry and has said he will shut down the US offshore wind sector.
He will take office from Joe Biden in January after winning key swing states that paved his way to the White House ahead of Vice President Kamala Harris.
Trump said in his victory speech: “We’re going to keep our promises. Nothing will stop me from keeping my word to you, the people. We will make America safe, strong, prosperous, powerful and free again.
“And I’m asking every citizen all across our land to join me in this noble and righteous endeavour. That’s what it is.
“It’s time to put the divisions of the past four years behind us. It’s time to unite, and we’re going to try. We’re going to try. We have to try, and it’s going to happen.
“Success will bring us together. I’ve seen that. I’ve seen that. I saw that in the first term, when we became more and more successful, people started coming together. Success is going to bring us together, and we are going to start by all putting America first.”
In response to the election result, Areeba Hamid, joint executive director at Greenpeace UK, said: “The return of the world’s most powerful climate denier to the White House will be met with trepidation around the world.
“This was an election won with corporate cash, big polluter backers and disinformation, but climate action is desperately needed and a global movement is already fighting back for the planet, its people and our shared future.
|We simply don’t have any more time to waste. Whatever a Trump presidency chooses to do on climate, we know the damage can be contained if the grown-ups in the room speak up.
“With crucial international climate talks next week, Keir Starmer must prove that he is willing to do so by standing up to the fossil fuel giants and taking the action needed to tackle climate change, protect the most vulnerable and build a better world for future generations.”