The administration’s order that stopped work on the New York project served as a warning for the entire offshore wind industry in the U.S.

European stocks were gaining on Tuesday and renewable-energy companies were prominent among the gainers after the Trump administration lifted its block on the Empire Wind energy project off the coast of New York.

Shares of offshore wind developer Orsted rose 15% on Tuesday after the U.S. administration revoked an order to halt work on a project by peer Equinor, easing concerns over the Danish company's U.S. projects under development.

The Trump administration has reversed its highly controversial stop-work order on the Empire Wind 1 project, allowing construction of New York’s largest offshore wind farm to resume, officials announced Monday,

Trump's energy and climate policies have sparked a wave of lawsuits from states, organizations, and industry leaders, with Equinor's Empire Wind 1 project at the forefront.