The Development of Renewable Energy Does Not Conflict with Trump's Current Policy Advocacy

In the early morning of November 6, local time, Trump was re-elected as the President of the United States. There are significant differences between him and the previous Biden administration in various policy areas, especially in tariff policy, foreign trade, geopolitics, global climate change, and industrial development. After the Trump administration comes into power, the energy industry may face significant adjustments. Trump's policy advocacy mainly includes domestic tax cuts, imposing tariffs on foreign trade, deregulating industries, deporting illegal immigrants, supporting the development of fossil fuels, emphasizing technological innovation, and adopting diplomatic isolationism. Among them, the most challenging policies for China's renewable energy industry are imposing tariffs and encouraging fossil fuels. Trump's stance in the energy sector is mainly based on economic considerations. Trump does not want to impose restrictions on the energy industry on the pretext of climate change and environmental protection, so he has always insisted on withdrawing from the Paris Climate Agreement; he hopes to expand oil and natural gas production to increase exports; he seems to have no preference for power generation fuels, with the core demands being to reduce energy costs and enhance energy security; he verbally supports coal but rarely takes practical measures, and during his previous administration, coal production further declined. The cost of electricity from photovoltaics plus energy storage in the United States has become competitive with traditional energy sources, and Trump's hostility to the development of renewable energy may have weakened. China's tax rebate for the renewable energy industry has been reduced by 4 percentage points, which may result in price increases for renewable energy-related products sold worldwide from China, including solar panels. In the current turbulent global situation, carbon neutrality is also steadily advancing. Let us jointly look forward to better performance of global renewable energy in the next 25 years.