It will be of great economic importance to Danish companies in the wind turbine industry that Joe Biden has won the presidential election in the US.
This is the assessment of Jacob Pedersen, head of equity research at Sydbank and who follows the Danish wind industry closely.
- There is a huge difference for companies like Vestas and Ørsted whether it is a fierce wind turbine hater like Trump who sits in the White House, or whether it is Biden, who has great ambitions in the sustainable area.
- There is no doubt that the American wind energy market will be better under Joe Biden over the next four years than it would have been otherwise, says Jacob Pedersen.
Wind Denmark, an interest organization for the Danish wind turbine industry, made no secret of the fact before the election that the outcome could have a major impact on the green transition in the US.
The organization has referred, among other things, to Donald Trump's skepticism about wind turbines, which he believes are damaging property values, are dangerous to public health and kill birds. Trump has also been a strong advocate of oil, gas and coal, which Joe Biden, on the other hand, plans to phase out.
During the election campaign, Joe Biden presented a climate plan that will make the United States CO2-neutral by 2050. Biden has said that he will allocate 12,500 billion. DKK over the next four years for green transition in the United States. This corresponds to more than five times Denmark's gross domestic product.
Joe Biden will also include the United States in the Paris Agreement, which Donald Trump withdrew the United States from in 2017 and formally withdrew from last week.
"Fantastic" outlook for wind energy
The most important thing about Biden as president, seen through the eyes of the wind industry, is the international perspectives. This is the assessment of Jan Hylleberg, director of Wind Denmark.
- There is no doubt that Biden's victory gives great hope that it will support a faster transition in the USA, which is already happening quickly as a result of large investments at the state level in green energy.
- But the greatest perspectives are probably on a global level, if the USA returns to the Paris Agreement. You can't drive a global effort against climate change if the US isn't involved, says Jan Hylleberg.
According to the large consulting firm Wood Mackenzie, it wouldn't have been a disaster for renewable energy if Trump had remained president.
This is because there is a demand for green energy, because it can gradually compete in price with fossil energy.
The difference between the two, when looking at the prospects for renewable energy, goes from "good" under Trump to "incredible" under Biden, Wood Mackenzie writes in an analysis.
Joe Biden's big investment plan in the climate field may be challenged by the fact that the election on November 3rd has not been a clear victory for the Democrats.
In order to get legislation into place in the US, it must pass both the House of Representatives and the Senate.
According to forecasts, the Democrats appear to regain the majority in the House of Representatives. On the other hand, it looks more difficult in the Senate, where a Republican majority is expected.
Ritzau
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