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President Donald Trump declared on Wednesday that his administration will not approve any new solar or wind power projects, escalating his campaign against renewable energy development.
“We will not approve wind or farmer destroying Solar,” Trump posted on Truth Social, adding, “The days of stupidity are over in the USA!!!”
According to a CNN report, the announcement follows last month’s centralization of renewable permitting under Interior Secretary Doug Burgum, effectively ending what industry experts previously considered routine approvals. Burgum also defended the policy in blunt terms.
Clean energy exchange-traded funds declined following Trump’s announcement. The iShares Global Clean Energy ETF (NASDAQ:ICLN) dropped 0.96% in after-hours trading to $14.25, while the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN) fell 1.07% to $36.67 during regular trading.
The Invesco WilderHill Clean Energy ETF (NYSE:PBW) declined 0.98% to $24.23, and the First Trust Global Wind Energy ETF (NYSE:FAN) slipped 0.26% to $18.86.
Trump’s One Big Beautiful Bill Act terminates investment and production tax credits for wind and solar by the end of 2027. These credits have been instrumental in renewable energy expansion across the United States. Additionally, new steel and copper tariffs have increased project costs for renewable developers.
The U.S. Department of Agriculture ended support for solar installations on farmland on Tuesday, further restricting renewable development pathways.
Despite Trump’s stance, Lawrence Berkeley National Laboratory data shows solar and battery storage projects comprise the majority of new generation seeking grid connection. PJM Interconnection, covering 13 Mid-Atlantic and Midwest states, saw capacity prices rise 22% year-over-year as electricity demand from data centers outpaces supply amid coal plant retirements.
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Photo courtesy: Maxim Elramsisy / Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
