A Breakdown of Biden's Landmark Legislation Promoting Renewable Energy and Solar Company Success
Money | June 26, 2024, 7:13 a.m.
Joe Biden promised a bold climate change agenda during his campaign, leading to significant donations to Democrats by First Solar executives. After his presidency win, the company lobbied heavily for environmental spending, earning $10 billion in subsidies. This success benefited Democratic donors who invested in the company and saw its stock price double. First Solar's post-2022 success highlights the impact of lobbying and campaign contributions on policy outcomes. While the company has faced legal issues and bankruptcy in the past, its recent growth underscores the importance of supporting domestic clean energy manufacturers to compete with China. As Democrats gear up for the 2024 election, the example of First Solar serves as a reminder of the connections between political investments and legislative outcomes shaping the future of alternative energy in the United States.