President Donald Trump vowed to bring the US coal industry back four years ago.
This has never happened, as the New York Times and public radio program The Alleghany Front have seen in the coal country deep since the recent Trump’s 2016 election.
Despite the Trump administration’s oil- and gas-friendly policies, the shift away from fossil fuels is already well underway, including its push to open public lands for environmental protection exploration and slashing.
The world’s biggest wealth manager on Monday outlined how a possible White House victory by former Vice President Joe Biden and Democrats taking control of the Senate could move America toward clean power sources.
But first, here’s his chart showing how coal has declined in terms of powering the US electricity grid since the early 2000s.
This also shows that the share of electricity generated from renewable sources increased from 10% in 2010 to 17% in 2019.
“Democratic sweep can accelerate power sector decoronization by expanding and extending tax credits for renewable energy sources and other zero-carbon industrial sources, such as carbon sequestration,” wrote the team at Black Pire Investment Institute led by Mike Pyle , Global major investment. Strategist.
Read: Here Trump and Biden stand on climate change
In particular, he referred to the proposal for a $ 2 trillion Green New Deal near Biden, which aims to significantly reduce emissions in the transportation sector and roll back commercial and municipal buildings by 2050 to increase their energy efficiency.
Even without a united “blue” government in power, Pyle’s team still sees a lot that could happen under a Biden victory on the regulatory front, including cracks on drilling and pipeline permits that U.S. shale supplies Can hinder and increase oil prices, especially as demand returns over the US overcomes the COVID-19 epidemic.
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“Still no spike in oil prices can be done given the possibility of a sharp shift to clean energy in the transportation sector,” the BlackRock team wrote.
Oil futures widened on Monday, with US benchmark West Texas Intermediate crude for November delivery CLX20,
After losses in the previous two sessions, the New York Mercantile Exchange settled at $ 39.22 a barrel, adding $ 2.17 or 5.9%.
But with oil prices trading below $ 40 a barrel, it is unclear how many US shale companies can survive the long haul with epidemic-era support.
US oil-and-gas companies have incurred a record $ 100 billion in debt in the corporate bond market as the Federal Reserve announced plans to buy corporate debt for the first time in history, according to reports by Balewatch and two others of the epidemic. Is to remove the shock. Non-profit organizations.
According to the report, “some companies may not have survived, but the Fed failed to restore market liquidity.”
As the presidential race enters its final week, it is also worth noting that investors have increased spontaneous betting on companies promising to be part of a more climate-friendly future.
Electric car manufacturer Tesla Inc.. TSLA,
The shares gained 408.8% on the year to date.
UBS Global Wealth Management chief investment officer Mark Heffel said Florida-based solar and wind power generators Next energy
Almost exceeded ExxonmobilXOM of
The stock market price on Friday to become the largest US energy company.
As per FactSet data, NextEra shares have gained 18.9% from Monday to Monday. Exxon shares were down 51.7% for the same period, slightly above the $ 142.7 billion market cap.
“This, in our view, underscores the traditional to multi-faceted shift towards renewable energy, which will continue for decades
Further, ”Hafel wrote in a note on Monday.