• Expect regulatory rollback across the board – clean power, GHG financial disclosure, environmental permitting, among others. This should ease the administrative burden and wait times for project developers – particularly if, as expected, Congress moves to enact a comprehensive permitting reform package.
• Trump’s commitment to tariff maximalism remains an open question but we do have some clues. Howard Lutnick, his choice for Commerce Secretary and trade czar suggests a moderated approach. Former US Trade Representative Bob Lighthizer’s absence from the incoming cabinet also deprives Trump of a knowledgeable and committed proponent of protectionism. Nevertheless, any duty hikes on China and other US trading partners like Mexico, Canada, Vietnam and the EU will raise balance of plant costs even if the US successfully relocates some assembly lines.
• Inflation is easing and lower interest rates will benefit project finance. Trump has walked back plans to fire Federal Reserve Chair Jay Powell but expect the President-elect to push the central bank to lower rates – particularly after Powell’s term expires in 2026.
• Republicans indicate they plan to cut federal funding. We’ve heard this before. Certain pools of funding for EV infrastructure and clean manufacturing may indeed be trimmed – particularly discretionary funds. Many of the clean energy tax provisions passed under the Biden Administration, however, were bipartisan proposals before they were bundled in the party-line Inflation Reduction Act. Continued advocacy will be needed – but Members of Congress and Trump himself will likely be reluctant to kill industries and shovel-ready projects.
• Clean tech developers should not despair. While Trump will favor certain industries like LNG, coal and industrial manufacturing, he is also unlikely to stand in the way of active projects or US innovation. Global pressure for climate solutions is only going to increase.

The push for infrastructure under Biden propelled the US to #1 in investor sentiment. There’s an appetite to build and the US has proven that it’ll continue to attract and grow its share of global patient, private capital.

Strong coalitions, smart messaging, and persistent advocacy can make the case for attractive opportunities.

Alex Blair advocates on behalf of clients before lawmakers and regulators on issues including financial services, agriculture, trade and emerging climate technologies. He was closely engaged in developing and advocating for key industrial decarbonization provisions in the Inflation Reduction Act of 2022 and the Infrastructure Investment and Jobs Act of 2021. He also maintains a strong understanding of the European policy landscape with respect to climate, agriculture, and trade issues. He has represented clients at agriculture, ESG, and climate forums across Europe and the United States.