President Trump has made supporting and increasing gas and coal production a significant agenda item since the campaign. Trump often talks about bringing the coal industry back and getting coal miners back into mines. While that may score him political points within particular communities, the economy is moving forward.
Clean Energy is Where the Money Is
The stock market has shown that despite Trump’s promises to revive and grow the country’s coal industry, the money is in clean energy. Eco-friendly stocks have gained recently as oil, and natural gas stocks have dipped.
President Trump’s pro- fossil fuel position has not affected investor’s support of clean energy. As these clean energy stocks continue to climb, investment in wind and solar energy have increased. US investment in clean energy in April, May, and June increased 51% from the previous quarter with the total investment being $14.7 billion.
David Richardson, an executive director at Impax Asset Management, says, “We are seeing catalysts for these markets driven by the fact that people increasingly realize clean energy is more profitable than conventional energy.”
What is Fueling the Clean Energy Boom
The dramatic eco-friendly stock rally has been caused by a number of factors. In June the Nevada legislature passed a law to make solar more affordable for homeowners. Nevada receives more sunshine than almost anywhere else in the country, the new law restored previously cut rooftop solar subsidies.
Large gains have also been made by fuel cell manufacturers. These companies use liquid hydrogen to generate electricity using a chemical process that then emits only water. Hydrogen engines have not caught on in cars, but China has been pushing for the use of the technology in public transportation.
Also experiencing gains has been the eco-friendly car maker Tesla. Tesla has begun production on their Model 3 Sedan. The Sedan is the companies least expensive vehicle. Tesla expects to produce 20,000 cars a month by December.
Despite President Trump’s every effort to take the country backward, capitalism continues to drive clean energy forward.