We remain constructive on long-term renewable energy growth, but near-term cost of capital risks are elevated given the higher interest rate environment. Act (IRA) provides substantial support for renewable energy, clean hydrogen, electric vehicles, battery storage, clean fuels, and other decarbonization pathways that should lead to strong medium- to long-term growth in these asset classes. However, this constructive secular outlook is balanced against several near-term headwinds, including: (i) permitting backlogs, (ii) a challenging supply chain and macro environment, and (iii) volatility in the financing markets.