Biden promises ‘executive action’ on climate; Plug Power, Solar Stocks Plunge (NASDAQ:PLUG)

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President Biden promised on Friday to take executive action to address climate change after Sen. Joe Manchin pulled out of talks with Democratic leaders on a sweeping economic package that included new spending on climate action.

“If the Senate will not move to fight the climate crisis and strengthen our national clean energy industry, I will take strong executive action to respond at this time,” the president said.

Manchin said he halted the spending program because he wanted to wait for July inflation data and see what the Federal Reserve would do next, but he would consider revisiting the issue in September.

Some analysts say that a a streamlined provision could still be passed by Congress“Before everyone freaks out…there might be hope for expansion on a stand-alone basis, with some Republicans crossing the aisle in states where solar and wind have become major industries,” he said. said Northland Capital.

Some of the biggest solar sector declines of the day include (NASDAQ:FSLR) -8.1%(NASDAQ:MAXN) -12.5%(SPWR) -3.4%(CLASSES) -6.4%(NOVA) -5.1%(DQ) -5.3%.

Alternative energy names show even more severe losses: (NASDAQ:PLUG) -12.9%(CELF) -7.6%(BE) -6.1%(BLDP) -5.6%.

Among the public services heavily involved in renewable energies: (CEG) -3.9%(BORN) -1.7%.

ETFs: (TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)

Environmentalists enraged by Manchin’s decision are imploring Biden to declare a ‘climate emergency’“, which could unlock a wide range of executive powers that could potentially shut down crude exports, suspend offshore drilling and redirect funds to clean energy projects – as US inflation rages to 40-year highs.

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