While uncertainty remains, what is clear is that energy markets – especially the offshore wind industry, which relies heavily on government subsidies, will remain volatile.
With Trump’s promise last May to end offshore wind construction on day one, his victory has the already troubled industry on edge. “We are going to make sure that that ends on day one,” Trump told supporters at his Wildwood, New Jersey rally in May. “I’m going to write it out in an executive order. It’s going to end on day one.”, held in New Jersey last week.
According to his administration the agreement imposed, “no meaningful obligations on the world’s leading polluters.” The agreement granted China the ability to increase emissions for thirteen years – and India’s participation is contingent on the promise that they receive billions of dollars in foreign aid. Under the agreement, due to treaty’s rules, the US was not able to officially withdraw from the accord until November 2020.
“Millions of people around the world live and work near wind farms without issue. Globally there are approximately 12,000 operating offshore wind turbines.
Offshore Wind Orsted Paris Climate Accord Trump Climate Policy Wind Trubines
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