To outcompete China in global energy markets, the United States must modernize export finance to back American workers, innovation, and energy leadership abroad.

If America does not lead the future of energy technologies, China will. Think about financing major energy and infrastructure projects in emerging markets. This is an enormous challenge for American firms, and today, China fills that gap. Recent ClearPath analysis finds that since 2015, China has financed at least $446 billion in global energy infrastructure and exports, nearly 10 times what the United States has invested. How do they do it? They cheat. China offers massive subsidies, and its banks often rely on predatory lending practices that discourage market competition and disadvantage American firms.

Thankfully, the Trump administration has put energy security firmly at the center of US foreign policy, ranging from efforts to promote American nuclear technologies abroad to strengthening partnerships to secure our critical mineral supply chains. The key to energy dominance is simple: innovate here, build here, and sell everywhere. To deliver, Washington must unleash private sector innovation and sharpen America’s competitive edge. Not by trying to match subsidies from the likes of China, but by using targeted financing tools to de-risk projects, attract private capital, and create favorable market conditions. The United States can empower its innovators and manufacturers to lead in global markets and support American jobs.

This was clearly articulated by the leadership of the Export-Import Bank (EXIM) as its new Chairman, John Jovanovic, is organizing the Bank around four strategic priorities: 1) putting American jobs first, 2) advancing US energy dominance, 3) ensuring supply chain security, and 4) clearing a path for industries of the future. These are pragmatic and yet inspiring goals that the American public can rally behind to win the global energy markets race. As Chairman Jovanovic put it, “Time is our biggest enemy and every day we come to work with a sense of urgency to support American workers, manufacturers and our nation’s economic security.”

Urgency Requires Policy Tools That Match Global Competition 

But urgency alone is not enough. The American private sector is the largest and most innovative in the world, making us the preferred vendor for many countries. Unfortunately, private businesses can’t compete alone against heavily state-subsidized corporations in China. This naturally puts US companies at a major disadvantage, but there is hope: the Trump administration’s energy security leadership. 

The first major step was the bipartisan reauthorization of the US Development Finance Corporation (DFC). Enacted in December 2025 as part of the National Defense Authorization Act for Fiscal Year 2026 (FY26 NDAA), the DFC Modernization and Reauthorization Act expanded the agency’s lending capacity from $60 billion to $205 billion, enabling support for large energy, critical minerals, and infrastructure projects. It also created a $5 billion revolving equity fund to crowd in private capital and expanded country eligibility for strategic energy and minerals projects, allowing the DFC to operate more effectively in higher-emitting markets. These were long-standing bipartisan priorities to turbocharge this critical tool for facilitating energy-related investments globally.

EXIM Reauthorization Is the Necessary Step

Next up is EXIM, with its reauthorization coming due by the end of this year. There is immense bipartisan interest in building on last year’s wins on the DFC. Strategic reforms at EXIM would enable our country to tackle strategic priorities, including:

Put American Jobs First: Every $1 billion in EXIM financing supports roughly 4,100 American jobs and generates about $50 million in taxpayer revenue. However, EXIM’s restrictive domestic content rules pose a barrier to financing even more projects. It is time to replace these outdated rules with a modern standard tied directly to jobs supported and national interest considerations. This is what America First looks like, and it is pure common sense.

Advance American Energy Dominance: Energy security is national security. The creation of EXIM’s China & Transformational Exports Program (CTEP) during the first Trump administration was a good start, but today’s competition demands a broader, all-of-the-above approach. Expanding the program and exempting strategic energy projects from the default rate cap would give EXIM the flexibility to compete with state-subsidized rivals. Aligning its risk tolerance with the DFC’s modernization would help ensure American energy technologies can lead in global markets.

Secure Supply Chains: Codifying and enhancing the Bank’s Make More in America (MMIA) and Supply Chain Resiliency (SCRI) initiatives could strengthen US manufacturing and secure access to critical minerals. EXIM’s reauthorization is the moment to build on the Bank’s 2025 efforts in financing this sector and cement its role as the premier US tool to catalyze trusted, resilient supply chains. 

Clear the Path for Industries of the Future: Creating a National Interest Account that incorporates all of the reforms above would provide the Bank with maximum flexibility to finance next-generation energy technologies, from enhanced geothermal to small modular reactors. This could refresh the risk framework at the Bank to factor in job creation and national interest considerations to ensure that global innovation is driven by American workers and businesses.

Now is the moment for Congress to make strategic, targeted reforms to modernize the Bank’s mission and capabilities, providing EXIM the flexibility needed to drive US global clean energy leadership and support American workers.

About the Author: Jeremy Harrell

Jeremy Harrell is the chief executive officer of ClearPath and ClearPath Action, DC-based conservative clean energy organizations advancing policies that accelerate innovation to reduce global emissions. As CEO, Jeremy aligns public policy, philanthropy, advocacy, coalition-building, communications, and political initiatives to drive their mission. He frequently testifies before Congress, state governments, and Public Utility Commissions on energy innovation, export financing, and regulatory modernization.

Image: Rosemarie Mosteller/shutterstock

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