THE election of Joe Biden as the 46th president of the United States has brought cheer to the renewable energy (RE) industry in the country. He has pledged to combat climate change under a US$2 trillion plan while creating millions of jobs at home in the green sector. On Jan 27, the White House announced that Biden will ensure that the federal government leverages its buying power to procure carbon-pollution-free electricity, made in the US, to stimulate clean energy industries. Once in office, he also cancelled the construction of the Keystone XL gas pipeline. As a result, investors piled into RE stocks, including solar energy stocks. The Invesco Solar Exchange Traded Fund (ETF), which tracks an index of solar energy stocks, had returned 237.93% over the one-year period ended Jan 31.
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