Trump taps Lee Zeldin to lead Environmental Protection Agency
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President-elect Donald Trump has picked former House lawmaker Lee Zeldin to head the Environmental Protection Agency (EPA).
“He will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet,” Trump said in a post on his social media platform Truth Social.
Trump’s election triumph last week has raised worries among traders that the new administration will weaken support for the solar industry, as well as other forms of alternative energy such as wind and hydroelectric power.
More specifically, Trump in the White House and a reclaimed Republican Senate could pave the way to repealing the Inflation Reduction Act (IRA), which has benefited clean energy stocks with tax credits.
The Republican has repeatedly talked about terminating the IRA in his campaign. The IRA passed in 2022 and was one of the milestones of President Joe Biden’s administration.
Trump’s last administration dismantled several major climate policies and over 100 environmental regulations around clean air, water, wildlife and toxic chemicals.
Environmental topics were not a major focus for Zeldin, while he was a House member. His nomination as EPA lead is already drawing criticism from environmental groups.
“During the confirmation process, we would challenge Lee Zeldin to show how he would be better than Trump’s campaign promises or his own failing 14% environmental score if he wants to be charged with protecting the air we breathe, the water we drink, and finding solutions to climate change,” said Tiernan Sittenfeld, a senior vice president at the League of Conservation Voters.
Solar and clean energy stocks that fell ahead of market open on Tuesday, include: First Solar (FSLR) -1.5%, Enphase Energy (ENPH) -0.85%, Sunrun (RUN) -2%, SolarEdge Technologies (SEDG) -2.2%, Canadian Solar (CSIQ) -0.5%, Sunnova Energy (NOVA) -1.7%, Array Technologies (ARRY) -1.2%, Fluence Energy (FLNC) -2.1%, JinkoSolar (JKS) -3.5%, Daqo New Energy (DQ) -1.76%.