Europe's turn (Roundtable Green Infrastructure & Energy Transition - part 1)

July 31, 2025

_{This report was originally written in Dutch. This is an English translation.}

Transport, energy and water infrastructure face a major sustainability challenge. A “coalition of the willing” has been formed, with private parties increasingly taking the lead. But who will foot the bill? How can investments in the energy transition be made wisely? And what role does nuclear energy play? Investors and experts will discuss these and other questions in a roundtable discussion led by Rishma Moennasing.

By Manno van den Berg

This is part 1 of the report. Part 2 will be published on Monday 4 August, part 3 on Wednesdag 6 August.

We cannot ignore geopolitical developments, so let's start there. We have all seen the turmoil in the financial markets. What does Trump in the White House mean for green infrastructure?

Bart van Merriënboer: 'Donald Trump's presidential decisions on energy are less radical than people think. It's mainly about how the federal government deals with renewable energy. Import tariffs are another story. They could influence our customers' willingness to invest. Will they still want to invest in the US? Will those tariffs affect returns? That is still unclear.'

Duncan Hale: 'There is headwind in the US, especially around offshore wind and onshore wind projects on federal land. But in a broader sense, we see that construction is still continuing. Transactions are still taking place, certainly in operational assets.'

Remko van der Erf: 'Ultimately, market developments will determine the outcome, not Trump. The offshore wind market in the US has been hit by Trump's order to revoke permits, but this order only affects around 4% of onshore wind projects in the US. So it's not a huge impact. In Europe, on the other hand, we are seeing that the importance of renewable energy and energy security is only increasing as a result of US policy.'

Lena Doan: 'Our energy infrastructure credit strategy is primarily focused on North America and Europe. We take a long-term view and believe that, despite the political turmoil, there are still plenty of opportunities for attractive investments in renewable energy. There is growing demand for electricity due to electrification, AI, and data centers. If you are independent of federal land or federal tax breaks, such as solar energy projects for energy distribution in local communities, people can still benefit from cheaper, sustainable energy. Especially in times of inflation and rising interest rates, everyone wants to pay less for their electricity bill.' 

Mark Gilligan: 'The cost of solar and wind energy is now lower than that of any fossil fuel, including gas. America has a huge advantage in wind and solar, but has been turning its back on it for four years now. Europe needs to become self-sufficient in energy and is working on this, with the help of cheap solar panels and batteries from China. The chaos in the White House is actually strengthening the European Union in this policy. That's a reason to focus on Europe.'

Is this the moment for Europe to invest even more in green infrastructure and the energy transition?

Friso Verveld: 'Europe can take the lead in the energy transition now that the US is taking a step back. There is a huge opportunity to bring supply chains to Europe and thus become less dependent on the rest of the world. But that could increase costs, which is at odds with the goal of becoming more sustainable. Cheap electricity is crucial if you want to make industries more sustainable, through electrification or the switch to hydrogen.'

Angeles Toledo: 'This is definitely the moment for Europe! Despite the uncertainty in the US and the possibility of rising costs for green infrastructure, Europe offers attractive opportunities. Europe remains on course for net zero. You can even see Dutch pension funds increasing their allocation to the energy transition. Under the new pension contract, funds may also be able to invest more in illiquid markets.'

Verveld: 'A strong and sustainable ecosystem in Europe offers opportunities in terms of employment and for capital providers. There is demand for more sustainable products throughout the chain. This should ultimately lead to a higher level of prosperity.'

Hale: 'Europe is attractive. The returns and opportunities we see in Europe today are much better than three years ago. There are fewer buyers in the market, which creates unique opportunities for strategic investments.'

Europe is working on energy independence and rearmament. Do you see opportunities for investors there?

Toledo: 'Securing our own energy supply is absolutely essential—and that creates investment opportunities. And it will become even more attractive as Europe becomes more competitive and efficient. Hopefully, the Omnibus Regulation will simplify reporting. Postponing the CSRD will help companies set priorities, but the shift toward greater sustainability must remain on track.'

Hale: 'Energy security is crucial. Major investments in European defense make little sense if you are still dependent on gas from hostile countries or unreliable allies. This will lead to more investment in energy security, both in renewable energy and in battery technology.'

Gilligan: 'It's fascinating how quickly the term ‘unreliable allies’ is understood by everyone at the table. A lot has changed in a short time.'

Van Merriënboer: 'Aren't we in the Netherlands being a little hypocritical? We stopped using Russian gas, but now we import it from the US, where it is extracted through fracking – not exactly environmentally friendly. We could produce our own natural gas here in the Netherlands, with less environmental damage. But we don't want that in our backyard. Energy independence remains a difficult path, although there are still many untapped opportunities.'