U.S. solar stocks rise on Biden’s clean energy focus in pre-election debate

In this news, we discuss the U.S. solar stocks rise on Biden’s clean energy focus in pre-election debate.

(Reuters) – U.S. solar stocks rose on Friday after U.S. Democratic candidate Joe Biden said in Thursday night’s last pre-election debate that if elected, he plans to switch to a more climate-friendly economy.

Shares of Renesola Ltd SOL.N, Jinkosolar Holding Co Ltd JKS.N, Canadian Solar Inc CSIQ.O and SunPower Corp SPWR.O rose 2% to 3% in pre-market transactions.

Biden and President Donald Trump were asked during their clash in Nashville, Tennessee what they would do to tackle climate change – the first time in a presidential debate they were not asked if they believed in it or no.

Biden said the country should eventually replace oil with solar, wind and other forms of clean energy.

“I would transition the oil industry,” Biden said, adding that his plan for a more climate-friendly economy would create well-paying jobs and boost American businesses.

Shares of oil companies were broadly unchanged, with U.S. crude CLc1 rising 0.4% to $ 40.79, as demand concerns raised by the surge in coronavirus cases in the U.S. and Europe were offset by the prospect of an extension of the supply restrictions carried out by OPEC.

After the debate, Biden told reporters, “We are not getting rid of fossil fuels.”

“We get subsidies for fossil fuels. But we don’t get rid of fossil fuels for a long time… they won’t lose their jobs. In addition, many more jobs will be created in other alternatives. “

Trump, during the debate, cited a federal tree-planting program and lower carbon emissions as saying he loves the environment, but added he was not prepared to hurt business.

He accused Biden of planning to ban hydraulic fracturing, a process of extracting oil and natural gas from the shale that many environmentalists oppose. Biden, however, said he would ban hydraulic fracturing only on federal lands.

Report by Arunima Kumar in Bengaluru; Edited by Arun Koyyur

Original © Thomson Reuters

Originally posted 2020-10-23 05:36:11.

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