Shares in US renewable energy groups fell on Thursday, as cuts to clean energy tax credits in President Donald Trump’s landmark tax bill proved more aggressive than expected.
The bill, which narrowly passed the Republican-controlled House in the morning, seeks to end clean energy tax credits earlier than planned, undermining a central plank of former president Joe Biden’s Inflation Reduction Act.
The bill will head to the Senate next, where lawmakers may water down its more hardline provisions, but clean energy advocates warn the legislation could still decimate the sector.
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