Biden's clean energy pledge fuels solar stocks

U.S. Democratic presidential candidate Joe Biden's comments on oil at the final presidential debate of 2020 got Wall Street's attention on Friday, with solar stocks rising after the former Vice President said he plans to move the U.S. away from oil and towards a more climate-friendly economy.

Moderator WELKER: "Why would you do that?"

BIDEN: "Because the oil industry pollutes significantly."

Shares of some renewable energy companies, including Canadian Solar and SunPower, were up on Friday after Biden said the U.S. should eventually replace oil with solar, wind and other forms of non-polluting power.

TRUMP: "I see. That's a big statement."

BIDEN: "Well, if you'll let me finish the statement because it has to be replaced by renewable energy over time... And I'd stop giving to the oil industry. I'd stop giving them federal subsidies."

While Biden later clarified he didn’t want to end the fossil fuel industry, but rather get rid of subsidies for fossil fuels -- Trump immediately pounced.

Trump: "Basically what he's saying is he is going to destroy the oil industry."

Seeing it as a boon to his re-election chances in key battleground states such as Pennsylvania, a major oil and gas producer.

Trump: "Will you remember that, Texas? Will you remember that, Pennsylvania? Oklahoma?"

Biden said his plan for a transition to a more climate-friendly economy would create high-paying jobs and boost U.S. businesses.

Former Texas Governor Rick Perry, who served as energy secretary under Trump, said moving away from oil would kill millions of jobs.

While, Kendra Horn, a Democratic U.S. representative from Oklahoma seeking re-election, distanced herself from Biden, saying on Twitter that oil and gas policy is “one of the places Biden and I disagree.”

Video Transcript

KRISTEN WELKER: [? --big ?] [? falls-- ?]

DONALD TRUMP: Would you close down the [INAUDIBLE]?

KRISTEN WELKER: --big falls--

JOE BIDEN: By the way, I would transition from the oil industry, yes.

- US Democratic presidential candidate Joe Biden's comments on oil at the final presidential debate of 2020 got Wall Street's attention on Friday, with solar stocks rising after the former vice president said he plans to move the US away from oil and towards a more climate-friendly economy.

JOE BIDEN: It is a big statement.

DONALD TRUMP: That's a big statement.

JOE BIDEN: Because I would stop--

KRISTEN WELKER: Why would you do that?

JOE BIDEN: Because the oil industry pollutes significantly.

- Shares of some renewable energy companies, including Canadian Solar and SunPower were up on Friday--

DONALD TRUMP: I said--

JOE BIDEN: Here's the deal.

- --after Biden said the US should eventually replace oil with solar, wind, and other forms of non-polluting power.

JOE BIDEN: But you can't do that--

DONALD TRUMP: That's a big statement.

JOE BIDEN: Well, if you let me finish the statement. Because it has to be replaced by renewable energy over time, over time. And I'd stop giving to the oil industry-- I'd stop giving them federal subsidies.

- While Biden later clarified he didn't want to end the fossil fuel industry but rather get rid of subsidies for fossil fuels--

DONALD TRUMP: That's the biggest statement.

KRISTEN WELKER: OK.

- --Trump immediately pounced--

DONALD TRUMP: Because, basically--

KRISTEN WELKER: We have one final question.

DONALD TRUMP: --what he's saying is he is going to destroy--

KRISTEN WELKER: Mr. President?

DONALD TRUMP: --the oil industry. Will you remember that, Texas?

KRISTEN WELKER: OK.

DONALD TRUMP: Will you remember that, Pennsylvania, Oklahoma?

KRISTEN WELKER: Vice President--

- --seeing it as a boon to his re-election chances in key battleground states such as Pennsylvania, a major oil and gas producer. Biden said his plan for a transition to a more climate-friendly economy would create high-paying jobs and boost US businesses.

JOE BIDEN: It's the fastest growing jobs.

- Former Texas Governor Rick Perry, who served as Energy Secretary under Trump, said moving away from oil would kill millions of jobs, while Kendra Horn, a Democratic US Representative from Oklahoma seeking re-election, distanced herself from Biden, saying on Twitter that oil and gas policy is one of the places Biden and I disagree.