Trump's effect in the clean tech sector deepens angst in Europe's boardrooms 🔥

FRANKFURT/GDANSK, July 29 - European companies focused on clean energy are abandoning expansion plans, bracing for lower sales or see funding of U.S projects in doubt because of fears over what a potential election victory for Donald Trump could mean for their sector.

Trump has dismissed President Joe Biden's policies to fight climate change as a "green new scam" and is expected to try to undo much of his administration's work, including the Inflation Reduction Act (IRA) that offers tax breaks and subsidies to U.S. and foreign companies investing in sustainable energy.

"With a Donald Trump who A) is very opportunistic, B) is also very polemic and C) is also fairly unpredictable, you have to ask yourself whether it makes sense to make such a bet," Peter Roessner, chief executive of Luxembourg-based hydrogen firm H2Apex (H2A.DE)

Under the IRA, the company could have built a hydrogen tank production plant in the United States for around a third of the $15 million in costs. In February, however, Roessner decided to cancel the plan over concerns that Trump could be reelected even though the company already had held initial talks with potential customers.

Market bets that Trump would win back the White House in November have intensified this month after he was shot at during an election rally and days later secured the Republican Party nomination.

Recent polls show a narrowing gap between Trump and Kamala Harris, the likely Democratic candidate with similar views on climate to Biden's. Yet Roessner's comments reflect anxiety among Europe's clean tech firms over what a Trump presidency could mean and how they are trying to prepare for such a scenario.

Wood Mackenzie energy data and analytics company reckons it would put a projected $1 trillion in low-carbon energy investments at risk by 2050.

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