Switched On

It’s a good news, bad news situation for solar right now. On the one hand, annual installations are continuing to break records, with China set to build almost as much solar this year as the entire world rolled out in 2022. But on the other hand, the industry is suffering from a supply glut, weighing on the prices and margins of module makers. What is driving China’s boom and will the global momentum continue? Are there any underestimated threats to growth beyond grid bottlenecks? On today’s show, Dana sits down with Jenny Chase, lead solar analyst at BloombergNEF. Together, they discuss the latest outlook for solar, the onshoring of US production and whether its modules can be competitive against cheaper foreign producers, and the role solar can play in ambitions to triple global renewables capacity by the end of the decade. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Global PV Market Outlook, 4Q 2023 - https://www.bnef.com/insights/32793 See omnystudio.com/listener for privacy information.

Large power transformers, or LPTs for short, are integral for the functioning of the energy grid. But with BloombergNEF forecasting that the US will need to nearly double its units by 2030, will the country manage to meet the demand, or could it be facing further bottlenecks? On today’s show, Dana sits down with Eva Gonzalez Isla from BNEF’s modeling team. Together, they discuss what large power transformers are and what they do, US government policy and whether it has been aiding or hampering production, and the countries that are making up for a shortfall in the US’s transformer production capacity. Today’s episode draws from the BNEF research note US Risks Power Transformer Supply Gap Becoming a Chasm. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: US Risks Power Transformer Supply Gap Becoming a Chasm - https://www.bnef.com/insights/32571 See omnystudio.com/listener for privacy information.

Investment in carbon capture and storage is skyrocketing. Last year, the technology attracted some $6.4 billion globally, more than double the year before. But why are industries now looking to Carbon Capture and Storage (CCS) to cut down on their carbon emissions, rather than other, better-established methods? On today’s show, Dana sits down with Allen Tom Abraham and Anastasia Tomasidou from BNEF’s Sustainable Materials team. Together, they take a look at the various sectors that are utilizing CCS technology, methods of carbon capture and storage and potential bottlenecks in the existing system, and the role that policy plays in the expansion of CCS across the globe. Today’s episode draws from the BNEF research note CCUS Market Outlook 2023. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: CCUS Market Outlook 2023 - https://www.bnef.com/insights/32621 See omnystudio.com/listener for privacy information.

Oil and gas majors have long stated their intention to diversify away from fossil fuels and move toward clean energy production. However, in the last few years, many have wound back these plans, shooting for less ambitious targets or returning to their traditional business models. Against this backdrop, can climate-conscious investors hold major fossil-fuel companies to account? On today’s show, BNEF Sustainable Finance analyst Ryan Loughead hosts a conversation on oil and gas investment with panelists Annika Brouwer, Sustainability Specialist at Ninety One Asset Management; Ronan Hodge, Technical Lead from the Glasgow Financial Alliance for Net Zero (GFANZ); Thina Saltvedt, Chief Analyst in Sustainable Finance at Nordea Bank; and Peter Taylor, Corporate Engagement Programme Director for the Institutional Investors Group on Climate Change (IIGCC). Together they discuss the different approaches of asset managers who keep oil and gas investments on their books, the challenges around divesting from fossil-fuel holdings, and the varying strategies of oil and gas majors themselves. Today’s episode was recorded live at BNEF Summit London. To learn more about BNEF’s Summits and to listen to more interviews, please visit https://about.bnef.com/summit/. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF See omnystudio.com/listener for privacy information.

Climate change and the transition to a net-zero economy presents both opportunities and risks to companies and assets. But how might an investor assess this exposure? On today’s show, Dana sits down with Tifenn Brandily and Mike Daly from BNEF’s Transition Risk team to take a look at two proprietary models, the Clean Energy Exposure Ratings and the Transition Risk Assessment Company Tool. Delving into the methodology behind these, Tifenn and Mike explain how they analyze revenues generated by less-transparent industries, and which sectors are most exposed to the transition’s risks and rewards. Links to research notes from this episode: Transition Risk Assessment Company Tool (TRACT) - https://www.bnef.com/insights/28081 Clean Energy Exposure Portfolio Tool (CEEPT) - https://www.bnef.com/insights/31449 BNEF Clean Energy Exposure Ratings 2023 - https://www.bnef.com/insights/31451 See omnystudio.com/listener for privacy information.

Energy security has come into sharp focus over the past two years, as the shifting geopolitical landscape shakes up power markets around the world. To help customers, numerous governments have introduced regulatory mechanisms to tackle inflation and strengthen domestic energy requirements. But in some instances, these policies have undermined climate goals and even had knock-on effects to the stability of utilities companies themselves. So just how damaging have the last few years been, and are we still on track to meet our net-zero goals? On today’s show, BNEF’s Deputy CEO, Albert Cheung, hosts a conversation on energy security with panelists Greg Jackson, CEO of Octopus Energy; Georgios Stassis, CEO and Chair of Public Power Corporation; and Rui Teixeira, CFO of EDP. Together they discuss the energy ‘trilemma’ of sustainability, affordability and security, including what’s required to increase the pace of clean energy deployment and the compatibility of ever-increasing fossil-fuel investments with a net-zero future. Today’s episode was recorded live at BNEF Summit London. To learn more about BNEF’s Summits and to listen to more interviews, please visit https://about.bnef.com/summit/. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF See omnystudio.com/listener for privacy information.

Removing carbon directly from the air might seem like a technology of the distant future, but ‘direct air capture’ is increasingly becoming a reality, especially as companies try to figure out how they’re going to meet their net-zero targets. How does DAC actually work, and how seriously should we take it compared to other means of carbon removal? On today’s show, Dana sits down with Sharon Mustri and Brenna Casey from BNEF’s Sustainable Materials team. Together they take a look at the companies that are investing in DAC, the cost of this technology as well as its rival carbon removal methods, and how one can go about storing all that carbon once it’s been filtered and captured. Today’s episode draws from the BNEF research note Direct Air Capture: Market and Cost Outlook, which assesses the DAC market through 2050. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Direct Air Capture: Market and Cost Outlook - https://www.bnef.com/insights/32021 Amazon, Microsoft Boost Demand for Carbon Removal Tech - https://www.bnef.com/shorts/s16pkct0g1kw01 Occidental’s Big Buy May Alter Path of $150 Billion Market - https://www.bnef.com/insights/32055 See omnystudio.com/listener for privacy information.

Japan has pledged to achieve net-zero emissions by 2050, yet the pathways to this target are complicated by the country’s recent history. In the aftermath of the 2011 Fukushima meltdown, Japan suspended all of its nuclear reactors, which at the time supplied one third of the nation’s energy. Today, the majority of these reactors still lie dormant, and fossil fuels are filling the energy void. So how can Japan achieve its climate goals? On today’s show, Dana sits down with Isshu Kikuma, an associate from BNEF’s Tokyo office. Together they talk about the clean energy technologies Japan is using to replace its fossil fuel outlay, the country’s still-complex relationship with nuclear energy, and the surprising group that’s currently blocking the nation’s geothermal energy potential. Today’s episode draws upon themes found in BNEF’s New Energy Outlook: Japan. The regional New Energy Outlook reports analyze local technology pathways to reach net zero and the policy recommendations BNEF identifies as key for a successful transition. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: NEO Japan - https://www.bnef.com/insights/31823/view Geothermal in Japan: A Tale of Hot Springs Vs Net Zero - https://www.bnef.com/insights/30857 See omnystudio.com/listener for privacy information.

It’s been a volatile year for natural gas. Last winter, global gas prices spiked in the aftermath of Russia’s invasion of Ukraine and European nations rushed to replace sanctioned Russian pipeline supply. North America increased LNG exports with most of these volumes going to Europe to meet higher demand for seaborne cargoes. Prices have since normalized thanks to a relatively mild winter, helping the spot demand recovery in Asia. But now, as cold weather returns, European and North Asian demand, and global gas supplies are once again in the spotlight. On today’s show, Dana speaks to Iryna Sereda, BNEF’s Head of European Gas, and Abhishek Rohatgi, the Head of Global LNG and APAC Gas, about their newly published Winter Gas Outlook. Together they discuss European gas inventories, Asian markets, where new supply is coming online, and how demand dynamics are shifting around the world. They also talk about how climate events from El Niño to global warming are complicating gas market forecasts and why they remain cautiously optimistic for the year ahead. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Global LNG Winter Gas Outlook 2023-24 - https://about.bnef.com/blog/global-lng-winter-outlook-2023-24/ See omnystudio.com/listener for privacy information.

Lithium is integral to the majority of electric vehicle battery chemistries, making it one of the world’s most sought-after metals. Once it’s out of ground, who controls the supply of lithium and its refining? With the majority of major diversified miners not actively taking part in lithium extraction, who are the companies involved in this space? On today’s show, Dana speaks with Ellie Gomes-Callus from BNEF’s metals and mining team, and Dr. Andy Leach from the energy storage team. Together, they discuss the different methods of lithium mining and their varying ecological impacts, why the major diversified miners are largely avoiding the extraction of this metal, and the relationship between lithium and different battery chemistries. They also consider whether sodium-ion technology poses a threat to lithium’s current dominance. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: 1H 2023 Battery Metals Outlook: Shift In Demand Dynamics Energy Transition Metals Production Scores: Australia Top Sodium-ion Batteries Target China’s Mini EVs to Cut Costs Rio Tinto Doubles Down on Lithium Mining With Rwanda Deal Battery Metals Monthly - August 2023 See omnystudio.com/listener for privacy information.

When it comes to charging an electric vehicle in the US, drivers face a complex landscape. Tesla currently dominates the sector with its highly efficient stations and ultra-fast chargers, but an array of companies are vying for a share of this burgeoning market. And with $7.5 billion from the Biden administration’s NEVI program now available for building out the nation’s charging network, the competition is hotter than ever. On today’s show, Dana speaks to Ryan Fisher, BNEF’s head of EV Charging, and Corey Cantor, a Senior Associate from BNEF’s New York office. Together they discuss the different US charging networks, who owns them, how many chargers they each have. They also discuss how the public charger rollout varies from state to state, the subsidies involved, and whether anyone is in a position to challenge Tesla. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Automakers Assemble for US EV Charging - Six Years Late - https://www.bnef.com/insights/31871 EV Charging Outlook 2023: Grounds for Optimism - https://www.bnef.com/insights/31781 GM Crawls Back to Twitter and Tesla to Save EV Ambitions - https://www.bnef.com/insights/31583/view See omnystudio.com/listener for privacy information.

Ammonia is one of the world’s most widely used chemicals, found in everything from fertilizers to explosives. But this tiny, crucial molecule has a heavy carbon footprint, with ammonia production and end use applications accounting for 2-3% of emissions worldwide. Now, green ammonia could be within reach, as hydrogen, its key component, moves toward an emissions-free production process of its own. To find out more, Dana speaks with Adithya Bhashyam, an Associate from BNEF’s Hydrogen team. Together they explore the relationship between ammonia and hydrogen, ammonia’s potential as a clean shipping fuel, and the prospect of using ammonia as a more efficient means of transporting green hydrogen itself. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Ammonia Market Primer: The Struggle to Go Green See omnystudio.com/listener for privacy information.

This month, BNEF’s New Delhi Summit took place alongside the B20 meetings, the official business community engagement forum for the G20. Among BNEF’s guests was Amitabh Kant, the G20 Sherpa for the Indian government, who sat down for a conversation with BNEF CEO Jon Moore on the Summit stage. Amitabh has had a long career in public service, including serving as the Secretary for India’s Department of Industrial Policy and Promotion, the Chairman and CEO of the Delhi-Mumbai Industrial Corporation, and the Secretary for the Indian Ministry of Tourism. He is now the CEO of the Government of India’s think tank NITI Aayog. Together, he and Jon discussed Amitabh’s vision for Indian green hydrogen production, the nation’s expanding EV sector, and how attracting private capital investment will help decarbonize India’s hard-to-abate sectors. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Information on upcoming BNEF summits - https://about.bnef.com/summit/ Videos of interview and talks from previous BNEF summits - https://www.bnef.com/videos?video-type=summit See omnystudio.com/listener for privacy information.

The dairy industry relies on 270 million cows to produce over 600 million tons of milk annually, and these cows are having a significant impact on the environment. Plant-based milks have been presented as an alternative, a dairy-free way for us to enjoy our milk and be more environmentally conscious, too. But how does the plant-based milk business work, and just how clean is the industry in comparison to dairy? On today’s show, Dana speaks with Sarrah Raza, a Technology and Innovations Analyst from BNEF’s New York office. Together they discuss a variety of plant-based milk alternatives and their ecological footprints, the major companies that are operating in the space, and how agricultural policies in the US are helping keep plant-milk prices high. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Milking Crops Not Cows: A Primer on Plant-Based Dairy - https://www.bnef.com/insights/31455 See omnystudio.com/listener for privacy information.

The transmission grid is a topic that reaches across many of our episodes, but it’s never before been the center of attention. That changes today. While the installation of clean energy equipment is essential for the net-zero transition, the grid that delivers this electricity to consumers is equally critical. On today’s show, Dana speaks to Meredith Annex, BNEF’s Head of Clean Power, and Sanjeet Sanghera, Head of Grids and Utilities at BNEF. Together they discuss the transmission grid and why it’s so important, which nations are successfully upgrading their grids (and which are failing), and the scale of materials and buildout necessary to prepare the grid for a net-zero world. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: New Energy Outlook: Grids - https://www.bnef.com/insights/30899 Spain Fights Off Its Grid Connection Woes - https://www.bnef.com/insights/31137 Germany's Grid Holds Up Against Renewables Influx So Far - https://www.bnef.com/insights/30949 Grid Connection Queues Threaten Europe’s Net-Zero Goals - https://www.bnef.com/insights/30897 See omnystudio.com/listener for privacy information.

The Texas power grid has had a volatile few years. As temperatures in the Lone Star State soared earlier this summer, power prices spiked to nearly $5,000 per megawatt-hour. However, that eye-watering price tag paled in comparison to what happened after Winter Storm Uri in February 2021, when per-MWh prices hit a staggering $9,000. The Electric Reliability Council of Texas (Ercot) has a grid structure unlike any other in the US, but equally unique are some of its solutions for handling grid flexibility. On today’s show, Dana speaks with Thomas Rowlands-Rees, BNEF’s Head of Research for North America, and BNEF Associate for US Power Nathalie Limandibhratha. Together they discuss the way ERCOT operates, how Bitcoin mines are impacting grid flexibility and the state’s growing renewable energy rollout. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Texas Is Sizzling, But Renewables Keep Power Prices Cool Ercot Market Outlook: Everything Depends on Bitcoin See omnystudio.com/listener for privacy information.

Steel is one of the world’s most widely used materials. It also accounts for 7-8% of global emissions, and ‘greening’ its production process presents an enormous challenge. So how can manufacturers decarbonize this crucial product? On today’s episode, Dana talks with Dr Julia Attwood, BNEF’s Head of Sustainable Materials, and Yuchen Tang, a sustainable materials analyst from Bloomberg’s Beijing office. Together they discuss the tech that’s helping steel manufacturers reduce their emissions, how the EU Carbon Border Adjustment Mechanism is impacting steel manufacturing, and the role nuclear power could play in the sector. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Decarbonizing Steel: Corporate Strategies - https://www.bnef.com/insights/31199 Decarbonizing Steel: Company Profiles - https://www.bnef.com/insights/31409 See omnystudio.com/listener for privacy information.

Aluminum is one of the most commonly used metals today, appearing in everything from new buildings to food packaging. But what, exactly, makes aluminum such an important metal, and why are its emissions so difficult to abate? On today’s show, Dana talks to Dr Kwasi Ampofo, BNEF’s head of metals and mining. Together they offer a deep dive into aluminum production and consumption, discussing not only the metal’s applications across a range of sectors, but also the sky-high energy needs of primary aluminum production, the importance of aluminum scrap and recycling, and how ‘urban mining’ could help alleviate supply-chain snags. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF Links to research notes from this episode: Global Scrap Outlook: Filling the Supply Gap Transition Metals Outlook 2023 Global Aluminum Outlook, 2021-2040 See omnystudio.com/listener for privacy information.

Imperfection is usually considered a negative, but is there something to be said for embracing ‘imperfectionism’? What can we learn from failures, and what are the mindsets and tools we need to turn imperfect outcomes into long-term gains? On today’s show Dana talks with Charles Conn, the current chair of the Patagonia board, about his new book, The Imperfectionists: Strategic Mindsets for Uncertain Times. Together they discuss real-life applications for Conn’s six different mindsets, how AI illustrates a curiosity mindset in practice, and how imperfectionism can be harnessed to boost the climate-sensitive areas of our economy. Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF See omnystudio.com/listener for privacy information.

Electric vehicle sales are gaining momentum around the world, ushering in the end of the internal combustion era. On today’s episode, Dana speaks with Colin McKerracher, BNEF’s Head of Advanced Transport, about his team’s newest Electric Vehicle Outlook. Delving into electrification, shared mobility and autonomous driving (among other factors), the annual report considers how road transport will evolve in the coming decades – and what these changes could mean for the automotive, energy, infrastructure and battery-materials markets. Together, Dana and Colin dive into this flagship publication, considering policy changes and the pace of global EV adoption, the speed bumps that still face e-trucking and the advances in tech that could pave the road to net zero. BNEF's Long-Term Electric Vehicle Outlook 2023 can be found at BNEFhttps://www.bnef.com/flagships/ev-outlook See omnystudio.com/listener for privacy information.