Industry Insights: Focus on the solar industry

The 2024 presidential elections in the USA have sent a clear message with Donald Trump's return and his striking campaign slogan "Drill, baby, drill": Fossil fuels are back in focus. This shift back towards fossil fuels such as oil and gas could have far-reaching implications for industries that focus on sustainable technologies such as the solar industry - both in the US and worldwide.

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As Head of Procurement at photovoltaic manufacturer GOLDBECK SOLAR, Achim Vogel has valuable insights into the industry and shares his views on the impact of current political developments on the solar industry in the commentary "Drill, baby, drill".

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Trump's renewed presidency is accompanied by political announcements that point to a move away from green technologies. These include the withdrawal from international climate policy and the restrictions of the Inflation Reduction Act (IRA).

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The perspective of the solar industry

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Although the share prices of leading US solar companies such as First Solar, Canadian Solar and Qcells fell after the election, the solar industry remains a key player in the global energy transition. Achim Vogel sheds light on three key aspects:

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• More favorable energy prices: Increased support for fossil fuels will depress energy prices in the US, which could make investments in renewable energies less attractive in the short term.

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• Long-term developments: The ambitious targets for the expansion of renewable energies in the USA and worldwide continue to offer great potential for the solar industry.

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• Technological innovations: Even under Trump, the USA remains a center of innovation, for example in the field of electric mobility, where companies such as Tesla are continuing to expand.

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The future of the solar industry therefore depends largely on its innovative strength and its ability to adapt to political and economic circumstances. Despite the political headwinds in the USA, solar energy remains a central component of the global energy transition. Companies that react flexibly to market changes and use strategic partnerships can be successful even in uncertain times.

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Read Achim Vogel's full commentary and discover his well-founded assessments and perspectives on future developments in the industry.

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