Hard Current: Infrastructure Demand Pulls, Policy Gaps Test Returns

C-MACC Weekly Sustainability and Energy Transition Report

Hard Current: Infrastructure Demand Pulls, Policy Gaps Test Returns

• 1st Topic of the Week: C-MACC’s Clean Energy Mineral Index added to its 2026 gains in May as copper and aluminum led, showing physical infrastructure demand outrunning broad transition exposure.
• 2nd Topic of the Week: Green hydrogen projects need every credible funding tool available, as policy support gains strategic value only when it narrows the cost gap enough to change buyer and lender behavior.
• Additionally, parts of the transition market are earning better returns where grid access, circular and renewable inputs, or carbon data create customer-ready supply advantages despite policy uncertainty.

Exhibit 1: C-MACC Mineral Index Components Show Infrastructure Demand Carrying The Index Gain.

Source: Bloomberg, C-MACC Analysis, June 2026