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BFD Expert Voices - Climate Deals

BFD Expert Voices

In the face of shock waves from Washington, the EV sector is looking to stay the course, according to investors, policymakers and automakers at the BNEF SF Summit on Tuesday.

Why it matters: The policy U-turn orchestrated by the Trump administration is upending support for EVs amid a global slowdown in sales.

Zoom in: "We are playing the long game," said Liane Randolph, chair of the California Air Resources Board in an interview on stage at the summit. CARB, established in 1967, sets clean air policies that more than a dozen other states now follow.

Randolph said California would be very active in fighting the Trump administration if it seeks to revoke the state's waiver to regulate vehicle emissions (again).

"It's all about electrification, and we are staying the course on that," GM's Kurt Kelty, VP of battery, propulsion and sustainability, said on a panel.

"The electric train has left the station. It just might be moving at a slightly slower speed," said Julia Grinshpun, the executive director of clean mobility for JPMorgan Chase.

Follow the money: Climate investors at the event also largely expressed plans to continue the pace of investing in the face of policy changes and fewer venture dollars in their sector.

"It's business as usual for us," Tom Steyer, the co-executive chair of Galvanize Climate Solutions, told Axios on the sidelines of the event. Galvanize has a $1 billion climate-focused fund.

Emily Kirsch, co-founder and CEO of software-focused climate firm Powerhouse, said during a panel that while some generalist investors have moved on from climate, "those of us who know and breathe this every day, we're going to keep doing what we're doing."

The change in administration in Washington has caused some generalists to pull back from investing in technologies that they might perceive to be dependent on subsidies, said Nick Albanese, vice president of research & strategy for The Westly Group.

Reality check: It's a challenging time for the EV sector and climate companies as they look to navigate abrupt policy changes and regulatory uncertainty.

The big picture: EVs, clean energy and climate tech can't rely on subsidies anymore and have to more effectively compete in the market place.

If it's cheaper, faster and better, the marketplace has a rationale of its own,  Steyer said to Axios.

EV sector "playing the long game" amid policy challenges, slowing sales

New policy challenges and slowing sales loom large.

Liane Randolph, the Chair of the California Air Resources Board at BNEF SF Summit 2025

Liane Randolph, chair of the California Air Resources Board, at BNEF SF Summit 2025. Photo: Courtesy of BNEF

In the face of shock waves from Washington, the EV sector is looking to stay the course, according to investors, policymakers and automakers at the BNEF SF Summit on Tuesday.Why it matters: The policy U-turn orchestrated by the Trump administration is upending support for EVs amid a global slowdown in sales.

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EV sector "playing the long game" amid policy challenges, slowing sales

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