Among the beneficiaries of the White House Administration include SunPower, Enphase, and FirstSolar. These companies have substantial renewable energy stocks and are working towards the nation’s agenda of boosting green power and curbing climate change. Last year, the stock of these companies increased, improving the market’s gain.
President Joe Biden’s first day in office re-entered the United States to the 2015 Paris Climate Agreement, stopped gas and oil leasing in Alaska’s Arctic National Wildlife Refuge, and canceled a permit for the Keystone XL oil pipeline. A global market strategist at J.P. Morgan Asset Management, David Lebovitz, said that the last year’s move was droved by the fact that there would be more policy to support these initiatives moving forward. All these things are done to help fight against climate change. America wants to go back to its previous position of being a global leader in tackling the climate crisis.
Renewable energy sources like solar and wind contribute to 12% of the total energy production. This is an increase from 4% in 2011. Power from hydroelectric sources was at 8%, while energy generated from coal decreased to 24% from 44%. Last year, Fremont, California’s Enphase renewable power cascaded by over six times. Biden’s administration plans to spend $2 billion to enable a pollution-free energy sector by 2035. This is expected to significantly benefit the companies that engage in the generation of wind and solar energy. Biden also has other initiatives such as investments in negative emissions technologies and battery storage.
Last year December, industry optimism was strengthened when the government approved a fiscal stimulus package to extend wind and solar generation tax credit and other incentives. The lithium mine’s approval in Nevada by the government is expected to increase access to rechargeable batteries’ key components for electric vehicle technology. The head of the sustainable and impact investing at UBS Global Wealth Management, Andrew Lee, said that thinking of long-term anticipations in renewables is a significant thing for future generations.
The US predicts more revenue returns as the demand for renewable energy increases. Also, more solar and wind projects are expected to build. In 2021, plant owners and developers target to have an additional 15.4GW of capacity to the grid. According to the US Energy Information Administration, this will be an increase from 12GW in 2020. The agency said that they expect the largest portion of this renewable energy in 2021 would come from solar, saying that this would be the first time solar energy would exceed wind power.https://beveragemanager.net/