AI data centres to bolster renewable energy demand even under Trump, says MUFG Americas CEO [Yahoo! Finance Canada]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Yahoo! Finance Canada
President-elect Trump's anti-renewables rhetoric has not prompted a change in strategy, MUFG Americas chief executive officer Kevin Cronin told Reuters in an interview. "The new administration will be more constructive on fossil fuels, but that doesn't mean renewables go away," Cronin said. Projects take several years and often multiple election cycles to plan, finance and build, Cronin noted, adding "we try not to time our strategy around things beyond our control." While the bank had received a fillip from the infrastructure and renewables projects coming from President Joe Biden's Inflation Reduction Act, soaring energy demand from the data centres that power artificial intelligence is where growth lies, Cronin said. "We're at the peak of the hype cycle of AI, but it's real and it's big," Cronin said. Data centre capacity will double by 2030 and securing reliable power is an increasingly strategic part of data centre location, Cronin said. Masatoshi Komoriya, chairman
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MUFG
Earnings
- 8/2/24 - Beat
MUFG
Sec Filings
- 1/7/25 - Form 424B2
- 1/7/25 - Form FWP
- 1/6/25 - Form 424B5
- MUFG's page on the SEC website