Cleaning Up: Leadership in an Age of Climate Change

How should a central bank respond to energy shocks? Will high oil and gas prices bolster the uptake of renewables? And what is the true cost of net zero 2050? This week on Cleaning Up, host Michael Liebreich sits down with Pierre Wunsch, Governor of the National Bank of Belgium and member of the European Central Bank’s governing council, for a candid, behind-the-scenes discussion about how central banks should and can respond to inflation, energy volatility, and climate transition. From the recent surge in oil and gas prices to the lessons learned from post-COVID inflation, Wunsch explains why central banks may have “got it wrong” during the Russia-Ukraine energy shock, and how they’re rethinking their response to supply shocks. Michael and Pierre dive into: The costs of net zero, and why a one-size fits all approach to decarbonisation isn’t working. Whether European economies can absorb the costs transition without losing competitiveness Why “transitory inflation” didn’t stay transitory during the Russia-Ukraine war The risk of political backlash and policy instability Why industry, not households, is the hardest part of decarbonisation for Europe The gap between climate ambition and credible policy tools. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links and more: Pierre Wunsch bio: https://www.nbb.be/en/cv/pierre-wunsch National Bank of Belgium’s Research on Climate: https://www.nbb.be/en/publications-research/publications/topics/climate How China Became a Green Finance Superpower - Ep160: Dr. Ma Jun: https://www.youtube.com/watch?v=Fu6giWzTxAY The 130 Trillion-Dollar Man - Ep84: Mark Carney: https://www.youtube.com/watch?v=HtA5ufMzKAU

What happens if we’re underestimating the speed and scale of climate risk? This week on Cleaning Up, Bryony Worthington sits down with Ricken Patel, Principal at Climate Hub & Founder of activist network Avaaz, to explore how to build successful climate movements, and the case for research into geoengineering. Ricken argues that companies have been accidentally geoengineering since the turn of the Industrial Revolution, as a byproduct of their pollution, and says ‘it’s crazy’ that research into deliberate forms of geoengineering isn’t being allowed. Ricken has a long history as a campaigner and activist working in the climate and democracy spaces. He founded Avaaz, an online activism platform, and led successful campaigns around the Paris Agreement and beyond. He was voted "Ultimate Gamechanger in Politics" by the Huffington Post, listed among the world's top 100 thinkers by Foreign Policy, and named a Young Global Leader by the World Economic Forum. Patel studied Philosophy, Politics and Economics at Oxford, graduating first in his class, and holds a Master's from Harvard's Kennedy School of Government. He went on to live and work on conflict resolution and civilian protection in Sierra Leone, Liberia, Sudan, and Afghanistan for organizations including the International Crisis Group. Together, Bryony and Ricken dive into: Why climate risks may be far greater than current models suggest The cooling effects we’re losing as we clamp down on pollution The case for researching geoengineering How democracy, truth, and climate are deeply intertwined And how to build a successful movement around climate change. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links and more: Ricken’s website: https://www.rickenpatel.net/ The Climate Hub: https://www.cc-hub.org The State of the Climate 2026 | Ep242: Zeke Hausfather: https://www.youtube.com/watch?v=EzySrSD8vz8 Parasol Lost: https://actuaries.org.uk/news-and-media-releases/news-articles/2026/jan/14-jan-26-parasol-lost-recovery-plan-needed/

This week on Cleaning Up, Michael Liebreich is joined by Emmanouil Kakaras, engineer, academic, and Senior Advisor at Mitsubishi Heavy Industries EMEA, for a grounded, technical conversation about the intersection of emissions and engineering: gas turbines pushing the limits of thermodynamics, the trade-offs between hydrogen, ammonia, and synthetic fuels, and why carbon capture keeps coming back into the conversation. Kakaras draws on decades in both academia and industry to explain how decisions actually get made inside large engineering companies, and why the energy transition isn’t about picking a single “winner,” but deploying a mix of solutions at scale. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links and more: Mitsubishi Heavy Industries: https://www.mhi.com/ Iron-Air Man - Ep144: Mateo Jaramillo: https://www.youtube.com/watch?v=Ih0gBGCkROM Cracking the Geothermal Code - Ep58: John Redfern: https://www.youtube.com/watch?v=MU8TDupVvjM The Dane who Harnessed the Wind - Ep139: Henrik Stiesdal: https://www.youtube.com/watch?v=7rjuZ_aCsFQ Ep121: Prof. Rob Miller "Jet-Zero Hero": https://youtu.be/zqMHiyyWlZo Padeswood CCS: Decarbonizing cement production in the UK https://padeswoodccs.co.uk Primetals: A decade of pioneering green steel solutions Large Heat Pumps and the future of district heating https://spectra.mhi.com/energy-transition/the-untapped-potential-of-district-heating The geothermal plant behind Europe’s lithium push https://spectra.mhi.com/energy-transition/the-geothermal-plant-behind-europes-lithium-push What role will ‘new nuclear’ play in the energy transition? https://spectra.mhi.com/energy-transition/what-role-will-new-nuclear-play-in-the-energy-transition

This week on Cleaning Up, host Michael Liebreich sits down with Varun Sivaram and Steve Smith to explore one of the most urgent, and overlooked, challenges of the AI revolution: how to power it without breaking the grid. As AI demand explodes, hyperscale data centres are emerging as massive, inflexible loads, rivaling entire cities. But do they have to be a burden on the grid? This conversation dives into a groundbreaking trial led by Emerald AI in partnership with National Grid and NVIDIA—demonstrating that data centres can dynamically adjust their power consumption in real time using software. Key insights include: How AI data centres could reduce grid stress instead of increasing it The concept of “flexible demand” and why it’s a game changer for AI data centres Real-world trial results Why “speed to power” matters more than cheap electricity in the AI race How software, not infrastructure, could help unlock billions in grid capacity The hidden flexibility inside AI workloads (and why not all compute is equal) From kettle spikes during football matches to lightning strikes on the grid, this episode reveals how intelligent systems can respond in seconds, turning a looming energy crisis into a massive opportunity. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Euroelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. Read more: The Emerald AI/National Grid white paper: https://www.ngpartners.com/stories/emerald-ai-whitepaper The $60 Billion Plan For Europe’s Largest AI Data Centre | Ep235: Robert Dunn: https://www.youtube.com/watch?v=juAyLAUmU3w

What happens when millions of electric cars become part of the energy grid? And could the key to cheaper, cleaner power already be sitting in your driveway? And why are so many automakers pushing back against EV targets? This week on Cleaning Up, host Bryony Worthington speaks with Fiona Howarth, founder of Octopus Electric Vehicles, about the rapid transformation of the global car industry and the powerful role electric vehicles are beginning to play in the energy system. From her early fascination with clean energy to building one of the UK’s most innovative EV businesses within Octopus Energy, Fiona shares the inside story of how electric mobility moved from niche curiosity to mainstream disruption. She explains why falling battery costs, bold policy like the UK’s ZEV mandate, and fierce competition from Chinese manufacturers such as BYD are accelerating the transition faster than many expected. The conversation explores how EVs are evolving beyond transportation. With vehicle-to-grid technology, cars could become distributed batteries: storing renewable power, stabilising the grid, and even providing drivers with free electricity for their journeys. It’s a vision that could reshape both the energy market and the economics of driving. But as some companies race ahead, some traditional automakers are pushing back, asking for slower timelines. Fiona argues that the real risk isn’t moving too fast, it’s backing the wrong players in a historic technological shift. Leadership Circle: Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live. Links and more: Octopus EVs website: https://octopusev.com/ Cleaning Up interview with Greg Jackson, CEO of Octopus: https://www.youtube.com/watch?v=Gl-cRh35Hm4 Earth Set Podcast: https://www.youtube.com/@TheEarthSetPodcast

Bryony Worthington and Michael Liebreich give their analysis of the impact of the conflict in Iran on global energy markets. How will it impact the Middle East, Europe, Asia, the US, and will it force countries back to coal, or accelerate the clean energy transition? This episode was recorded Thursday March 5. Leadership Circle: Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.

How can we build out clean energy and infrastructure faster? Is Europe engineering its way to resilience, or pricing itself out of competitiveness? And can we redesign the entire system fast enough to keep up with AI, electrification and rising demand? This week on Cleaning Up, Michael Liebreich sits down with Hilde Tonne, Chair of Arup and former CEO of Statnett, to explore the hard realities behind the energy transition. From offshore wind and nuclear to grid bottlenecks and data centre demand, Hilde brings a uniquely systems-level perspective shaped by decades leading infrastructure transformation across telecoms, energy and engineering. They dive into: Why grid investment, not generation, may be Europe’s biggest constraint Whether hyperscaler AI companies should foot the bill for massive grid upgrades The hidden bottlenecks in regulation, permitting and procurement • How ‘total design’ thinking can cut carbon by 40% before construction even begins Whether electrification makes Europe more resilient, or more exposed Hilde argues that this transition is no longer just about climate. It’s about security, competitiveness, affordability and economic growth. But achieving it will require rethinking regulation, redesigning infrastructure and the bureaucracy around it, and aligning public and private capital at unprecedented scale. Leadership Circle: Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live. Links and more: Arup’s website: https://www.arup.com/ Inside Europe’s Largest Data Centre: https://youtu.be/juAyLAUmU3w

This week on Cleaning Up, host Bryony Worthington sits down with investor and energy strategist Laurent Segalen, co-host of the Redefining Energy podcast, for a sweeping conversation that spans carbon markets, uranium trading, battery innovation, and Laurent’s bold plan to connect Canada and Europe with a 5,000km subsea electricity cable. Laurent shares the personal moments that shaped his obsession with energy security, from witnessing Cold War division in Germany to cleaning an oil spill off the beaches of Brittany, and how those experiences led him to the heart of Europe’s carbon trading system and into high-stakes commodity markets. Along the way, Laurent recounts: How he became becoming one of the most profitable uranium traders on the market The financial mechanics behind interconnectors, and why east-west cables make money Why sodium batteries could reshape grid storage His experience designing carbon markets, and whether they are working or not. At the centre of the discussion is NATO-L (North Atlantic Transmission One Link): an audacious proposal to link Canadian hydro and wind to European markets through ultra-high-voltage subsea cables. Leadership Circle: Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live. Links and more: NATO-L website: https://nato-l.com/ Redefining Energy Podcast: https://www.redefining-energy.com/ Ep92: Simon Morrish "650 Leagues of HVDC Under the Sea": https://youtu.be/m6KIMswZkWA

This week on Cleaning Up, Michael Liebreich sits down with Miguel Stilwell d’Andrade, CEO of EDP, one of the world’s leading clean energy companies.From the front lines of the energy transition, Miguel explains why electricity demand in the United States is exploding, driven by AI, data centres, and re-industrialisation, and why this could make renewables one of the most attractive investments of the decade. He also shares how EDP transformed itself from an 80% coal-based utility into a company generating over 90% of its electricity from renewables.But the transition hasn’t been entirely smooth. Miguel recounts the dramatic moment when Spain’s grid collapsed, taking Portugal down with it, and what it taught him about resilience, grid stability, and the hidden challenges of running a modern clean power system.They also dive into:Why soaring power demand is changing energy economicsThe real story behind renewable costs and rising electricity pricesThe link between European competitiveness and energy independenceThe political and economic reality of investing in US clean energyWhy resilience may define the next phase of the transitionThis episode was recorded prior to the recent storms in Portugal. For more information on how EDP is responding to the storms, and what to do if you are affected by them, please visit: www.edp.comLeadership Circle:Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.Links and more:EDP website: https://edp.com/enThe £60 Billion Plan To Rewire Britain | Ep227: John Pettigrew https://www.youtube.com/watch?v=S7Lg1A958aAThe Enormous Ambition Of Germany’s New Grid Build Out | Ep233: Tim Meyerjürgens: https://www.youtube.com/watch?v=PQgUuJ-dx78The $60 Billion Plan For Europe’s Largest AI Data Centre | Ep235: Robert Dunn https://www.youtube.com/watch?v=juAyLAUmU3wThe Price of Resilience - Ep8: Roger Dennis https://www.youtube.com/watch?v=CELQT31riDE