U.S. policy changes are taking a bite out of global renewable power growth, even as the trajectory remains sharply upward, new data shows.

Why it matters: The U.S. pivot helps fuel what's an overall glass half-full takeaway from the International Energy Agency's latest renewables outlook.

The big picture: Global renewables capacity is slated to double by 2030, adding another 4,600 gigawatts.

• That's akin to adding China's, the EU's and Japan's total power generating capacity combined.
• Solar is slated to account for 80% of global additions through 2030.

Yes, but: The world is nonetheless off pace to meet the pledge, set at the 2023 UN climate summit, of tripling capacity by 2030.

Threat level: IEA revised its global estimates downward (see above). A major reason is the agency has shaved a whopping 45% off its U.S. 2030 outlook.

• That's thanks to new policies that phase out tax credits faster, limit imports, thwart offshore wind plans, and restrict wind and solar on federal lands.

State of play: Chinese policy changes also trimmed the growth outlook in what's by far the world's largest renewables market.

• But China nonetheless accounts for 60% of all global capacity growth in the study period.

The latest: Speaking of renewables, the think tank Ember said in a separate report today that actual generation — not just capacity! — from all renewable sources combined overtook coal in the first half of 2025.

• IEA's analysis similarly sees renewable generation outpacing coal at the end of this year or by mid-2026.

The bottom line: Renewables have mojo, with capacity in most nations slated to rise faster in 2025-2030 than the prior half decade, IEA finds.

• "However, challenges including grid integration, supply chain vulnerabilities and financing are also increasing," IEA said.

Investment heavyweight Brookfield Asset Management today announced the close of its second energy transition fund at $20 billion.

Why it matters: It's the "world's largest private fund dedicated to the transition to clean energy," the firm said. And it shows how AI is helping drive low-carbon tech investment.

State of play: Backers include UAE climate investment fund Altérra and Norges Bank Investment Management, which manages Norway's huge sovereign wealth fund.

• It has also secured an additional $3.5 billion in co-investments in its portfolio, and via the FT, those backers include Singapore's Temasek Holdings.

Zoom in: About $5B has already been deployed, BAM said, including the acquisition of renewables producer Neoen and energy developer Geronimo Power, and new investment in its Evren joint venture, a renewables and storage play in India.

The bottom line: The world needs an "'any and all' approach to energy investment that will continue to favor low carbon resources" amid rising consumption from AI and more, BAM president Connor Teskey said in a statement.

Members of the main trade group of for-profit utilities will make roughly $208 billion in capital investments this year, per new Edison Electric Institute tallies.

Why it matters: That record level is nearly $30 billion more capex than 2024.

• The group calls it evidence of companies working to bolster infrastructure, meet demand growth and control consumer costs.

"Our new data shows how our industry is strengthening the energy grid with real investments — in jobs, critical infrastructure, and communities across the nation," EEI president and CEO Drew Maloney said in a statement.

• The figure covers investment in generation, transmission, distribution, "gas-related" spending and more.
• The group cited rising demand from AI, manufacturing, and wider electrification of the economy.

What's next: EEI projects members will together have $1.1 trillion worth of capex in 2025-2029 — far above the roughly $765 billion in the prior five years.

• "91 gigawatts (GW) of new capacity is currently under construction, and 488 GW is planned or has been proposed for the next five years," the group of investor-owned utilities said.

➡️ President Trump announced the U.S. will take a 10% stake in Canadian minerals explorer Trilogy Metals and ordered the approval of a permit for a mining road in northwest Alaska.

• State of play: Tony Giardini, president and CEO of Trilogy Metals, said in a statement the "proposed partnership with the U.S. Government represents a significant milestone" for the firm "and for the development of a secure, domestic supply of critical minerals for America in Alaska."
• The other side: The Wilderness Society, in a statement, said the moves would threaten salmon streams, caribou migration, and "the freedom to retain the way of life for Alaska Native communities." Full story.

⚖️ Solar installers, nonprofits and others filed litigation challenging EPA's termination of the $7 billion Solar for All program, which aimed to boost deployment in low-income areas. Full complaint ... NYT coverage.

🌊 Via E&E News, "The head of the U.S. delegation to a global maritime group has stepped down after the Trump administration threatened countries over the passage of rules meant to curb shipping carbon pollution."

That's the pre-market spike in Trilogy Metals' share price on the news of the U.S. government taking a 10% stake in the company with an option for another 7.5% (see above).

The EV maker's social media posts are teasing some kind of reveal coming today, and per multiple reports, it will be a cheaper version of the Model Y.

Why it matters: Tesla faces the loss of U.S. consumer tax credits and has an aging lineup.

• If long-promised cheaper models are really arriving, it could help counteract the subsidy loss and recent sales woes.

"While Republicans have focused on permitting reform for a long time, it was viewed by liberals as the agenda of monocle-wearing oil executives seeking personal wealth at the expense of the environment. When prominent voices like [Gavin] Newsom and [Barack] Obama now argue that government shouldn't impede production, it reaches new audiences."