Leftists are desperate to have the Federal Reserve cut interest rates, believing that higher rates are hampering the “country’s ability to combat the climate crisis.”
As the media increasingly speculates about the prospect of the Federal Reserve cutting rates in September, clean energy companies and their backers on Wall Street are hoping that the presumed rate cuts would alleviate the heavy borrowing costs for “Big Renewables” over the last two years.
Charlie Gailliot, a global cohead of climate at the private equity firm KKR, said, “The energy transition is very capital-intense. In a lower rate environment, you’ll see a tailwind for the renewable energy industry.”
Semafor’s Tim McDonell wrote:
But interest rates touch on a particularly sore spot for the industry: its ability to turn a profit in the volatile, cutthroat power market. Cheaper borrowing means better margins, and gives the industry a buffer, albeit modest, against the political risk to the energy transition from Donald Trump’s presidential campaign.
Renewables started to go mainstream during the 2010s in a period where interest rates were at or close to zero, a kind of training-wheels environment in which cheap borrowing made it easier for project developers to deliver on their investors’ profit expectations. […]
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