Renewable energy investment continues under Trump, MUFG Americas says

Despite the incoming administration of Donald Trump, the US shift towards renewable energy is expected to continue, according to Mitsubishi UFJ Financial Group’s (MUFG) Americas CEO, Kevin Cronin. While Trump’s policies may favour fossil fuels, Cronin emphasised that renewable energy projects, which take years to plan and build, remain integral to the bank’s strategy regardless of political changes. MUFG, Japan’s largest banking group, remains committed to financing these long-term projects.

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The bank’s position has been bolstered by President Joe Biden’s Inflation Reduction Act, which supports infrastructure and renewable investments. However, the real growth opportunity now lies in the booming demand for energy from data centres, driven by AI. Data centre capacity is expected to double by 2030, making reliable energy — both renewable and fossil-based — critical for future expansion.

MUFG has maintained its lead in project finance for 14 consecutive years and is adapting to state-level variations in energy policy. Since selling its retail banking arm in 2022, MUFG has focused on wholesale banking and technology-related sectors, even hiring talent from the collapsed Silicon Valley Bank to strengthen its position. The US market remains a cornerstone of MUFG’s global profits, contributing nearly 30% of its earnings in the last fiscal year.