As a candidate, Donald Trump called global climate change a hoax, said he wanted to throw out international climate agreements and put fossil fuels at the center of his energy agenda.

Though President-elect Trump stepped back from some of his more fiery rhetoric on environmental issues this week, uncertainty remains among investors, according to CNBC.

Some analysts caution that it is too early to assume renewables are under a great political threat. The picture is more nuanced, even if some market reactions have appeared broad-based and harsh.

Trump’s rhetoric and campaign promises have suggested this administration will be less supportive of regulating emissions and of investing in renewable energy than the Obama administration. And many of Obama’s executive orders on environmental issues could be rewritten or tossed entirely. Indeed, Trump’s campaign promised to “rescind all job-destroying Obama executive actions” in the service of the country’s energy goals.

But as president-elect, Trump appears to have moderated some of his opinions. In an interview Tuesday, with The New York Times, he refused to repeat his promise to abandon the international climate accord reached in Paris last year and said he would keep an open mind about climate change.