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Investing.com -- Shares in European renewable energy firms slid Tuesday after U.S. President Donald Trump issued an executive order instructing federal agencies to tighten enforcement of provisions in the One Big Beautiful Bill Act that scale back tax credits for wind and solar energy.
Vestas Wind Systems (CSE:VWS) and Orsted (CSE:ORSTED) shares fell 2.3% and 3.8%, respectively, while SMA Solar Technology AG (ETR:S92G) lost 3.4% by 08:01 GMT.
Solaria Energia (BME:SLRS) and EDP Renovaveis (ELI:EDPR) also slid more than 1% each.
The executive order criticized renewable energy sources as unreliable, costly, and damaging to both the environment and the electric grid. It also argued that these technologies displace more dependable energy options and rely heavily on foreign supply chains.
Trump directed the Treasury Department to implement the phaseout of renewable energy tax credits as outlined in the budget bill he signed into law last week.
The Interior Department was also instructed to reassess and revise any policies that give preference to renewables over other energy sources.
Both departments must report back to the White House within 45 days, detailing the measures they have taken.
Under the new legislation, tax incentives for wind and solar projects will end after 2026 unless construction has already begun. Projects started after that date will need to be completed and operational by the end of 2027.
Previously, developers could qualify for a 30% tax credit on eligible projects through 2032.
Trump signed the Big Beautiful Bill into law on Friday, following a narrow approval by Congress the previous day.
The wide-ranging bill delivers on core elements of Trump’s agenda, including tax reductions, increased defense spending, and stricter immigration measures. Speaking at the White House, Trump said the law would help drive economic growth.
However, the legislation faces public skepticism. Polls indicate many Americans oppose key provisions, and some Republicans expressed concern about its effect on the national debt.
Democrats have criticized the bill for favoring the wealthy while burdening lower-income groups.