Biden pledges 'executive action' on climate; Plug Power, solar stocks plunge
GetYourPic

President Biden promised Friday to take executive action to combat climate change after Senator Joe Manchin pulled out of talks with Democratic leaders on a sweeping economic package that included new spending on climate measures.
"If the Senate will not move to tackle the climate crisis and strengthen our domestic clean energy industry, I will take strong executive action to meet this moment," the president said.
Manchin said he stopped the spending package because he wanted to wait for July inflation data and to see what the Federal Reserve does next, but that he would reconsider revisiting the issue in September.
Some analysts say a slimmed-down provision could still pass Congress: "Before everyone panics... there might be some hope for an extension on a standalone basis with some Republicans coming across the aisle in states where solar and wind have become important industries," Northland Capital said.
Some of the day's biggest solar sector decliners include (NASDAQ:FSLR) -8.1%, (NASDAQ:MAXN) -12.5%, (SPWR) -3.4%, (RUN) -6.4%, (NOVA) -5.1%, (DQ) -5.3%.
Alternative energy names show even more severe losses: (NASDAQ:PLUG) -12.9%, (FCEL) -7.6%, (BE) -6.1%, (BLDP) -5.6%.
Among utilities deeply involved in renewables: (CEG) -3.9%, (NEE) -1.7%.
ETFs: (TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
Environmentalists enraged by Manchin's move are imploring Biden to declare a "climate emergency," which could unlock a broad range of executive powers that potentially could allow for shutting crude exports, suspending offshore drilling and redirecting funds for clean energy projects - while U.S. inflation rages at 40-year highs.