Policy and Regulation

The 2024 elections brought major global political changes, leading to significant shifts in energy, climate, and trade policies. In 2025, new governments and policymakers are set to implement significant changes to energy, climate and trade policy, with a focus on energy security and fostering domestic industries. Many countries are changing their regulatory regimes to accelerate infrastructure projects, but trade-offs and contradicting mandates are slowing the drive to meet energy and climate goals. Deregulation will be a theme in the United States; increased regulation, in others. Will permitting processes be reformed? New uncertainties are rising, from U.S. Supreme Court decisions to end the “Chevron Deference”, to policy changes both in the United States and globally. These developments are testing investment approaches for companies worldwide.