"This presents a significant opportunity for investors to buy into the sector at a discount," asset management CEO says.

Trump, the Republican candidate, secured an overwhelming victory over Democratic rival Kamala Harris, while his party also won a majority in the Senate, the upper chamber of the US Congress. The outcome of House of Representatives remains undecided, although Republicans are close to holding a majority in the lower chamber as well.

Trump, a climate change denier, is expected to upend green policies implemented by the current administration, which include solar tax credits and incentives that were part of incumbent President Joe Biden’s Inflation Reduction Act.

Shares in renewable energy firms plunged after Donald Trump won a second term as president of the United States on a platform that promises to boost fossil fuels and undo the green agenda of his predecessor.

GE Vernova stock benefits from green-energy trends that could take a hit in a second Trump presidency. Investors don’t look worried, though.

Shares in clean energy companies plunged after a US election victory for Donald Trump, who has long criticized climate policies as the “green new scam” and has said he plans an array of tariffs that impact the industry.