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Companies Aren't Afraid to Talk About Clean Energy Again, But Policy Headwinds Still Bite

By Perry Cleveland-Peck

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Today: As interest in renewables has surged amid the oil crunch, some businesses are being more vocal in their support for green power; the Deutsche Bank ESG whistleblower awarded nothing from the SEC; fuel saving-tech developer CleanDesign secures $20 million backing.

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Welcome back: Companies removed references to renewable energy from their investor filings last year when President Trump took office and proclaimed that the U.S. would “drill, baby, drill.” But now—amid an oil and gas crisis—mentions of clean energy have jumped.

The number of corporate annual reports that include the terms “renewable” and “clean energy” rose to 1,760 in the first quarter of 2026, from 1,368 during the same period last year, when Trump returned to the White House, according to research from WSJ Pro Sustainable Business.

However, Clara Hudson and Jon Leckie report that while the clean-energy mentions are relatively high this year, they still haven’t returned to their peak of 1,859 at the end of the Biden administration.

The drop in mentions last year—at the start of the Trump administration—reflects how companies previously purged climate and sustainability language from official reports, driven by a fear of sticking their neck out on alternative energy sources. Now, businesses are feeling a bit more relaxed talking about their renewable hopes, said Alexis Abramson, the dean of Columbia University’s Climate School.

  • Investors are piling into clean power funds as the Iran war accelerates a global push for energy security and alternatives to oil and gas. (FT)
 

This week on the Dow Jones Risk Journal Podcast: What happens when the person you hire to help you against hackers is secretly working with them? We discuss a case in federal court right now with that exact scenario. Also, Texas is getting tough on oil theft. James Rundle hosts. New episodes every Friday on Apple Podcasts, Spotify and Amazon.

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Tell me what you think: Send me your feedback and suggestions at perry.cleveland-peck@wsj.com or reply to any newsletter. If you were forwarded this newsletter, you can sign up here.

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She Blew the Whistle on Deutsche Bank to the SEC. Her Award: $0.

Desiree Fixler, a former sustainability chief for DWS, in New York City in 2021. Dorothy Hong for WSJ

Desiree Fixler was the kind of Wall Street insider who regulators hoped to recruit by paying whistleblowers to tell them about wrongdoing, The Journal's Dave Michaels reports.

She was an executive at Deutsche Bank involved with products branded as ESG, a term that appealed to investors worried about environmental, social and corporate-governance risks. She went public with claims the bank didn’t adhere to its goal of fusing ESG into all investment decisions and became a witness for the Securities and Exchange Commission, which fined the bank’s asset-management arm $19 million in 2023.

Whistleblowers can receive millions of dollars for their work on an SEC case, netting between 10% to 30% of the fines collected. But Fixler learned last month that her reward was zero. The regulator denied her application, saying investigators first learned about her claims from the news media, instead of her going to the SEC first. She is appealing the decision.

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The Big Number

$158.4 Billion

Elon Musk’s compensation package at electric-vehicle maker Tesla for 2025, according to a regulatory filing. The 10-year deal could be worth $1 trillion if Musk hits every milestone.

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Fuel Saving-Tech Developer CleanDesign Secures $20 Million Backing

CleanDesign's software-managed battery units help reduce diesel generator fuel demand. Photo: CleanDesign

A Canadian provider of software-governed battery systems used by oil-and-gas producers and miners to reduce on-site generator fuel consumption has secured $20 million backing in a funding round led by Edison Partners.

WSJ Pro's Luis Garcia reports that Toronto-based CleanDesign makes trailer-size units containing equipment—batteries, transformers, computers—that control power supplies at mines and oil-and-gas drilling sites. The systems automatically govern diesel generators to reduce fuel demand and enable users to cut carbon emissions by as much as 20%, the company said.

CleanDesign plans to increase its presence in the mining industry and enter other sectors with new products such as systems that help industrial customers conserve power drawn from local grids, he said.

Edison has backed developers of systems aimed at making infrastructure operations more efficient, including 120Water, whose software helps water utilities manage their data, workflows and public communications.

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Quotable

“This is not only a climate issue: there are also major energy security benefits.” 

— International Energy Agency chief economist Tim Gould, in a report that says more than twice as much gas as that cut off by the closure of the Strait of Hormuz is being wasted each year.
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What We're Reading

  • Half the U.S. population will have access to self-driving electric taxis within the next three years, estimates Morgan Stanley. (WSJ)
     
  • The U.S. has taken one of its biggest steps yet to encourage the construction of commercial nuclear microreactors. (Canary Media)
     
  • After the Science Based Targets initiative released an update to its rules, some wonder if targets are still science-aligned. (Trellis)
     
  • Senators say support for permitting reform is conditional on the Interior Department approving solar and wind projects. (Latitude Media)
     
  • Desalination is having a moment: A handful of startups are promising better, cheaper, safer water purification tech. (Heatmap)
     
  • American lovers of Indian mangoes are leaving work meetings, stalking WhatsApp groups and paying lobster prices to get their fix. (WSJ)
 

About Us

WSJ Pro Sustainable Business gives you an inside look at how companies are tackling sustainability. Send your comments to editor Perry Cleveland-Peck at perry.cleveland-peck@wsj.com. Follow the WSJ Pro Sustainable Business team on LinkedIn at perrycp, clara-hudson and yusuf_khan.

 
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