This sector is 'freaking out' ahead of Trump takeover

Just weeks ahead of President-elect Donald Trump's inauguration, the "stakes are high" for green-energy companies as they fear the upcoming right-wing takeover in both the White House and in the House of Representatives, according to the Wall Street Journal.

Per the report, "Significant reductions to tax credits, and Trump’s promised tariffs on imports, could reduce investment in new renewables plants by $350 billion over the next decade, said Chris Seiple, vice chairman of power and renewables at Wood Mackenzie."

The firms "are freaking out," WSJ reports, and "contacting incoming cabinet appointees, hunting for friendly members of the transition team and calling on Republican members of Congress, according to executives."

READ MORE: How Trump’s own policies could doom his pledge for US 'energy dominance'

WSJ notes:

Solar, wind and battery storage have been on a tear in recent years, with investment boosted by tax credits in the Inflation Reduction Act, President Biden’s signature climate law. About $75 billion in new projects connected to the grid between September 2022 and March, according to the American Clean Power Association.

Trump has called the IRA a scam and wants it repealed. His victory has plunged the renewable-power industry into a period of policy uncertainty. Few expect a wholesale repeal, but parts of the IRA are likely to be scrapped.

In the nation's capital, the newspaper reports, "the industry has gone into defense mode," as "executives traveled to the capital to meet with Republican members of Congress in December, people familiar with the matter say."

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WSJ's full report is available here (subscription required).