Trump's comment on renewable energy projects frightened the market, shares fell by up to 14%

Donald Trump declared that he would shut down renewable energy projects "on day one" after his win in the US presidential election. The industry was shaken by this, and shares of renewable energy companies fell. Trump said about wind energy companies, "We're going to make sure it ends on day one."

According to a Reuters report, shares of Orsted, the world's largest offshore wind energy developer, fell by up to 14 percent after Trump's announcement, while shares of wind turbine manufacturers Vestas and Nordex fell by 11 percent and 7.5 percent, respectively.

This isn't the first fight Trump has picked with renewable energy companies; during his last campaign, he said solar panels require 'vast spaces' such as big deserts for generating energy. In fact, the amount of space needed for solar panels is minimal, and most utility-scale solar power operations today take up less than a total of 600,000 acres, according to the Solar Energy Industries Association.

Unfortunately, this might actually create an interesting ripple effect in the renewable energy sector, as he might attempt to cease or reduce tax credits for renewable energy projects; such a thing would place a damper on growth. On energy policy, his presidency might shift towards using fossil fuels and away from renewable sources of energy.