Leaders of the wind power industry have warned that the global trade war could endanger progress on renewable energy, as slowing growth in clean energy projects risks the goals of the Paris climate accord.
“Trade wars do real damages to business by inflating prices,” said Henrik Andersen, chief executive of Denmark-based Vestas, the world’s biggest wind turbine manufacturer. “When tariffs impact new technologies like renewable energy, it makes them less competitive,” he added.
The cost of wind turbines has fallen dramatically over the past decade, making new wind installations cost competitive with fossil fuels in certain areas. But the US-China trade dispute and mounting concerns about protectionist policies worldwide is being felt in the global supply chain for wind turbines.