The energy transition could represent a win-win for investors, enabling them to drive decarbonisation while generating returns, but with low visibility on electricity pricing post 2030, could infrastructure be the best investment?

The next six months are likely to be set against a backdrop of heightened uncertainty, shaped by ongoing energy crises, volatile policy signals and shifting regulatory landscapes. While short-term volatility persists, the direction of travel for investors is increasingly clear: long-term trends, particularly decarbonisation, the energy transition, digitalisation, and climate adaptation, are more relevant than ever.

The debate around ESG investing in the United States has become increasingly politicised, particularly following policy shifts under the current administration and the growing scrutiny of ESG-related mandates in several states. Yet the picture is more nuanced than a simple backlash narrative suggests. While some states have challenged ESG integration in public pension management, others continue to support climate-related investment frameworks, clean energy deployment and sustainability-linked disclosure requirements. The debate is therefore less about whether sustainability matters and more about how it should be integrated into investment decisions.