Trump's trade war has a few silver linings for clean energy
Yet there could be a few silver linings in the storm. A tanking stock market means lower borrowing costs, while central banks elsewhere like the Bank of England and the European Central Bank are projected to cut rates more than previously expected, which could benefit renewable project developers.
And what will happen with all the solar panels and EV batteries that China is churning out which were once bound for the West? Pre-existing trade barriers with the US and EU were already driving more of those to emerging markets, said Antoine Vagneur-Jones, head of trade and supply chains at BloombergNEF. That trend will accelerate, which could either improve those countries' access to low-cost clean tech or give them leverage to negotiate deals with Chinese manufacturers to invest in new local factories, something that Turkey, for one, is already doing.
And there's one other way a global trade war could help the climate crisis, although with plenty of unpleasant side effects: Lower economic activity overall means lower emissions.
Low prices are relatively less painful for OPEC, the biggest rival to US producers: The group, along with its partner Russia, is forging ahead with production increases despite the low price as a way to maintain its internal political cohesion in the face of a newly volatile market, analyst Amena Bakr wrote for Semafor Gulf.
Domestic battery manufacturers in the US should be thankful for trade barriers. They're not.
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