For the last year, I’ve been asking corporate executives how they might expect anticipated Democratic victories in the midterm elections to shape the future of the U.S. climate and energy agenda. I was surprised how often they gave the same answer: investigations.

Democratic control of congressional committees would give Democrats new subpoena power and new dedicated staff to conduct investigations. Companies may be compelled to turn over documents, and CEOs could be called to testify before Congress about how they have approached a range of issues.

Corporate executives have largely worried about staying on the right side of President Trump over the last few years. But a Democratic Congress would introduce a competing political pressure—and potentially change how companies talk about climate and energy.

Climate may not be a top priority on its own for Democratic politicians in 2026, but it will come up in Washington for two key reasons. The first is rising fuel and power costs. Democrats in Congress will want to probe how companies have responded to current energy market conditions triggered in part by rapid growth in demand for AI and the war in Iran, and whether their actions have raised costs. You can expect those questions to take a pro-clean energy bent. And then there is the corruption discussion, which has emerged as a key theme in Democratic midterm campaigning. Democrats will want to probe any company or industry that is perceived to be close with the administration, including the oil and gas industry.

In September, Senate Minority Leader Chuck Schumer, a Democrat from New York, and Senator Sheldon Whitehouse, a Democrat from Rhode Island, released a report that gives a hint at the expected line of argument. It highlights donations from oil and gas executives and links them to the Trump Administration’s regulatory rollback. And, to conclude, it suggests that those decisions have contributed to higher prices for consumers.

For understandable reasons, analyses of how the election might shape the future of energy and climate tend to focus on policy outcomes. And there are many areas to follow closely. The results will shape efforts to pass a permitting reform bill in the time between the election and when new members of Congress take office in January. And members will debate funding levels for clean energy programs that survived cuts under Trump’s One Big Beautiful Bill last year. We will also see the seeds of bigger discussions about how the U.S. might rethink its approach to climate change if Democrats regain the White House, too.

But the bigger story may indeed be the zeitgeist shift that a big Democratic wave would portend. Investigations and congressional testimony will force companies to answer questions in the public sphere that they have largely been able to elide recently. What is the role of clean energy in the power system? How might clean energy affect competitiveness? And how are you approaching risks related to climate change?

In this new environment, incentives change. A utility CEO might emphasize the role of renewables in bringing down costs. A bank might underscore how it’s financing clean energy technologies. And an oil-and-gas CEO might focus on how they’re cutting methane emissions. In general, executives decline to speak on the record about how they are preparing, but in background conversations the story is clear. Companies are lawyering up. Public relations firms are crafting modulated messages to address concerns. And CEOs are reaching out to Democratic members of Congress to plead their case.

For the last several years, many businesses have either tip-toed around Trump or openly embraced him, out of fear that doing otherwise would harm the bottom line. A new Congress with Democrats in charge would remind the corporate world that Trump is not the only force to be feared. And, perhaps, it would give CEOs cover to embrace a grounded climate agenda.