The US federal administration may be turning away from the energy transition but many of America’s most important businesses and investors are certainly not, according to think tank Chatham House.
The government’s One Big Beautiful Bill Act, passed in July, eliminates tax credits and cut incentives – although the Section 45Q tax credit for carbon dioxide utilisation has been increased to match the $85 per tonne rate for sequestration – with the aim of slowing the roll-out of renewable energy and reinvigorating the fossil-fuel sector.
But in a column ahead of Climate Week NYC (September 21-28), Helen Clarkson, CEO Climate Group, said leading US corporates have reaffirmed or met their net zero targets this year. Of the 50 largest US firms, 71% continue to uphold climate goals, with 8% recently raising their ambitions.
“US companies are also expanding their global clean energy investments,” she said.
“US multinationals are fully aware that solar power offers the cheapest form of electricity in history and is 41% cheaper than fossil fuels. This is a critical factor as AI and other energy-hungry technologies come on stream.”
International regulation also compels US businesses to stay engaged. The European Union’s Carbon Border Adjustment Mechanism, coming in 2026, will require US-based multinationals to measure and manage emissions across their supply chains. Comparable legislation is likely to follow in Canada, Japan, the UK and South Korea.
North America drove the strongest growth in Air Liquide’s first half 2025 results, supported by a series of large industrial gas projects in the US and solid performance across the region.