Green Energy Expansion to Continue - Data Centers Will Drive Demand for Renewables
The expansion of renewable energy in the US will continue under the incoming administration of Donald Trump, said the head of the US arm of Japan's largest banking group, Mitsubishi UFJ Financial Group.
President-elect Trump's anti-renewables rhetoric has not prompted a change in strategy, Chief Executive Kevin Cronin told Reuters. "The new administration will be more constructive on fossil fuels, but that doesn't mean renewables will disappear," Cronin said. Projects take several years and often multiple election cycles to plan, finance and build, he noted.
Cronin said the bank benefited from infrastructure and renewable projects coming from Joe Biden's Inflation Reduction Act, but growth has been driven by high energy demand from data centers that power artificial intelligence.
Data center capacity will double by 2030, and ensuring reliable supply is an increasingly strategic part of center location, according to Cronin.
According to the board, the bank has adopted a flexible approach that includes renewable resources and fossil fuels to meet data center requirements. Renewable energy project financing has been central to Mitsubishi UFJ Financial Group's achievement of leading projects in the Americas for 14 consecutive years.
The financial group sold its US retail banking arm in 2022 and now focuses exclusively on wholesale banking and markets, yet the US business accounted for almost 30% of total earnings by March 2024.
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