Switched On

Nature risk is becoming a critical challenge for companies. It’s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF’s new Nature Risk Management Scores aim to bring structure to that complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today’s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF’s nature and biodiversity team, to review findings from the note “Managing Nature Risk: Company League Tables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Managing Nature Risk: Company League Tables - https://www.bnef.com/insights/38829See omnystudio.com/listener for privacy information.

The energy transition is entering a more complex phase. Geopolitics, trade tensions and rapid technological change are reshaping markets, creating new risks as well as new opportunities. Demand is rising across clean power, electric vehicles and data centers, even as supply chains tighten and policy becomes more fragmented. At the same time, falling costs and new business models are opening fresh pathways for investment. So how can global markets navigate this complexity – and where are the opportunities emerging in the next phase of the transition? On today’s show, Kobad Bhavnagri, BloombergNEF’s head of strategy, reads a briefing note that was presented by BNEF CEO Jon Moore at this year’s Davos summit, titled “The Energy Transition: Finding Opportunity in Complexity.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.comSee omnystudio.com/listener for privacy information.

The cost to build and run clean-power projects used to be heading in one direction: down. That story is now getting more complicated. Battery storage costs continued to fall last year, while most other technologies became more expensive. Yet comparing technologies is far from straightforward. So how should we interpret these shifts in an increasingly complex power system, and what do these changing cost dynamics mean for the next phase of the energy transition? On today’s show, Tom Rowands-Rees is joined by Amar Vasdev, a senior associate from BNEF’s energy economics team, to discuss findings from the “Levelized Cost of Electricity 2026,” an annual flagship benchmark comparing the cost of building and running different power-generation technologies. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Levelized Cost of Electricity 2026 - https://www.bnef.com/flagships/lcoeSee omnystudio.com/listener for privacy information.

Oil and gas prices are rising again as the Iran war shakes global energy markets. But so far Europe’s power system is holding up better than in 2022, when Russia invaded Ukraine. More renewables and lower demand have made Europe’s energy system more resilient, even as prices edge higher. Yet gas still matters, and as coal exits the power mix, exposure to future shocks could grow. So how vulnerable is Europe if disruption deepens? On today’s show, Kamala Schelling is joined by Kesavarthiniy Savarimuthu, BNEF’s head of European Power, to discuss her note: “Iran War Hasn’t Sparked a New European Energy Crisis - Yet.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Iran War Hasn’t Sparked a New European Energy Crisis - Yet - https://www.bnef.com/insights/38917See omnystudio.com/listener for privacy information.

The US energy transition has hit an inflection point. Electricity generation reached a 20-year high last year, as renewables and energy storage accounted for 90% of new capacity additions. Energy-transition investment reached a record $378 billion, and more electric vehicles were sold than ever before. Yet all these headline figures occurred as federal policy support for clean technologies was scaled back. So what do the numbers really reveal about the state of the US energy transition, and how resilient are clean technologies as policy winds shift? On today’s show, Tom Rowlands-Rees is joined by Ethan Zindler, BloombergNEF’s head of country and policy research, and Trina White, a senior associate from the North America transition team, to review findings from the 2026 edition of the “Sustainable Energy in America Factbook,” which is produced each year in collaboration with the Business Council for Sustainable Energy. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Energy in America Factbook: 2026 Edition - https://www.bnef.com/insights/38735See omnystudio.com/listener for privacy information.

Private capital is reshaping the energy transition. Once a niche corner of finance, private markets now manage tens of trillions of dollars globally, with a growing share directed toward clean energy strategies What sets this capital apart is not just scale, but structure: real assets such as wind, solar, grids and storage dominate, reflecting a preference for infrastructure-style returns and contracted cash flows. Dedicated transition funds have surged over the past decade, yet billions still sit as “dry powder,” committed but not yet deployed. So how does private capital influence where megawatts get built, and what does its rapid growth signal about the next phase of energy transition investment? On today’s show, Tom Rowlands-Rees is joined by Ryan Loughead, a senior associate from BNEF’s finance and investment team, to review findings from the note “Private Markets Primer: Mega Funds to Megawatts.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Private Markets Primer: Mega Funds to Megawatts - https://www.bnef.com/insights/38547See omnystudio.com/listener for privacy information.

New guidance on the 45Z Clean Fuel Production Credit has clarified the outlook for US biofuels. The Treasury Department has confirmed that manure-based fuels can earn negative emissions scores, unlocking potential credits of around $7 per gallon for some renewable natural gas projects. The decision gives manure-based RNG a clear advantage, likely displacing other sources in the already saturated road fuel market. But beyond transport, where stacked subsidies make RNG viable, new demand remains uncertain. So how far can 45Z reshape the broader US biofuels market before the credit expires in 2029?  On today’s show, Kamala Schelling is joined by Jade Patterson, a BNEF specialist in renewable fuels, to discuss his analyst reaction “Dairy and Swine Win Big in New US Biofuel Guidance.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Dairy and Swine Win Big in New US Biofuel Guidance: React - https://www.bnef.com/analyst-reactions/t9wrgjkk3o1c00See omnystudio.com/listener for privacy information.

Investment in the energy transition reached a record $2.3 trillion last year. That’s a huge figure, but it tells only part of the story. Renewables investment dipped year-on-year as China shifted its power market policy, clean industry and carbon capture gained ground, and growth shifted toward Europe, the Middle East and Africa. Behind the total lies a careful process to define what counts, decide when capital is truly committed, and reconcile everything from electric-vehicle sales to nuclear construction and green debt issuance. So what does this year’s record really reveal about the trajectory of the energy transition? On today’s show, Tom Rowlands-Rees is joined by BNEF’s deputy CEO, Albert Cheung, to review findings from the “Energy Transition Investment Trends 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Energy Transition Investment Trends 2026 - https://www.bnef.com/flagships/clean-energy-investment Publicly Available Summary - https://about.bnef.com/insights/finance/energy-transition-investment-trends/See omnystudio.com/listener for privacy information.

The geography of data center development is being redrawn at speed. BloombergNEF is tracking nearly 23 gigawatts of new capacity under construction worldwide, as AI and cloud workloads drive the next phase of digital infrastructure growth. But siting decisions are becoming more complex. Energy availability and land permitting now dominate, while taxes, fiber connectivity and existing ecosystems still shape competitiveness. As AI demand scales and ambitions grow, regions from the Nordics and Iberia to the Middle East and Latin America are positioning for the next wave. So which markets are best placed to win, and what really determines where the next gigawatt gets built? On today’s show, Tom Rowlands-Rees is joined by Lloyd Arnold, an analyst from BNEF’s technology and innovations team, to review findings from their note “Data Center Development: Regional Drivers and Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center Development: Regional Drivers and Hurdles - https://www.bnef.com/insights/38579See omnystudio.com/listener for privacy information.

A US Supreme Court ruling is shaking up global clean-tech trade. By striking down Donald Trump’s “Liberation Day” tariffs, the justices have created an opening for some solar equipment and stationary storage batteries. Yet not everyone will benefit equally, and with the administration moving to put new tariffs in place, just how durable is this reprieve? On today’s show, Kamala Schelling is joined by Derrick Flakoll, a senior policy associate for North America, and Matthew Hales, an associate on BNEF’s trade and supply chains team, to discuss their analyst reaction “Trump’s Tariff Loss Opens Window for Clean Tech Imports.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Trump’s Tariff Loss Opens Window for Clean Tech Imports: React - https://www.bnef.com/analyst-reactions/tarz9pt96osl00See omnystudio.com/listener for privacy information.

Sustainable finance has entered what might be its “messy middle.” For years, governments leaned into reporting regulations and other policies in support of ESG-aligned financial activities. Then came 2025, with the European Union weakening flagship rules, the US rolling back federal guidance, and other markets pausing or delaying new standards. Yet investors still demand standardized data on how companies are spending their money. So is this retreat a sign that the era of sustainable finance is coming to an end, or simply part of the shift to its next phase? On today’s show, Tom Rowlands-Rees is joined by Maia Mesanger, a BNEF specialist in finance policy and transition risk, to review findings from her note “Sustainable Finance Policy Quarterly: 4Q 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Finance Policy Quarterly: 4Q 2025 - https://www.bnef.com/insights/38471  See omnystudio.com/listener for privacy information.

Climate adaptation is increasingly a matter of financial resilience, not just physical protection. Across the US, climate risk is filtering into rising insurance costs, shifting property values and heavy reliance on property tax revenues, exposing some cities and counties to mounting fiscal strain and potential spillovers into municipal bond markets. With climate exposure, tax dependence and access to federal aid varying sharply by location, risks are emerging unevenly across the country. So how are climate stresses reshaping municipal finances, and what should investors and policymakers be watching? On today’s show, Tom Rowands-Rees is joined by Danya Liu, a BNEF specialist in climate resilience and adaptation, to discuss findings from her note “Climate Risk and US Municipal Finances: Storm Ahead.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Climate Risk and US Municipal Finances: Storm Ahead? - https://www.bnef.com/insights/38257See omnystudio.com/listener for privacy information.

As AI drives a new wave of data center expansion, the focus is shifting from chips to the infrastructure that powers and cools them. Denser AI workloads are accelerating the move toward liquid cooling, higher-capacity electrical equipment and new power architectures, putting pressure on traditional supply chains and forcing rapid innovation across the ecosystem. So how is AI reshaping the hardware behind data centers, and what does it mean for the future of power, cooling and grid infrastructure? At the BloombergNEF Summit San Francisco, Mark Daly, BNEF’s head of technology and innovation, moderated a panel titled “Seeing Beyond the Chips: Innovations in Data Center Supply Chains.” This episode brings listeners that panel, which featured Steven Carlini, chief advocate for data centers and the AI energy management business unit, at Schneider Electric; Haroon Inam, the co-founder and chief executive officer of DG Matrix; Jill Macari, the chief financial officer of VEIR; and Angela Taylor, the chief of staff and head of strategy at LiquidStack. To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/events/type/summit/See omnystudio.com/listener for privacy information.

After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new phase mean for solar, and how far can co-location carry the industry? On today’s show, Tom Rowands-Rees is joined by BNEF’s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes “4Q 2025 Global PV Market Outlook: First Ever Dip” and “Co-Located Storage Boosts Solar’s Business Case.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: 4Q 2025 Global PV Market Outlook - First ever dip - https://www.bnef.com/insights/38279 Co-Located Storage Boosts Solar’s Business Case - https://www.bnef.com/insights/38241See omnystudio.com/listener for privacy information.

Investment in power grids is rising fast. Worldwide, spending on this critical piece of infrastructure rose 17% last year. Yet higher outlays are not necessarily translating into new capacity on the ground. Aging assets, supply-chain constraints and the rollout of new technologies are slowing delivery, while connection queues for both generation and load are getting longer. With grids under pressure from all sides, what’s really holding expansion back, and what will it take to turn rising investment into real-world capacity? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s head of grids research, Peter Wall, to discuss findings from his team’s note “Grid Investment Outlook 2025: Double-Digit Growth – Again.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Grid Investment Outlook 2025: Double-Digit Growth - Again - https://www.bnef.com/insights/38127See omnystudio.com/listener for privacy information.

Data centers are expanding at an unprecedented rate, and their need for fast, reliable electricity is reshaping power generation plans across the US. Grid bottlenecks and delivery timelines are tipping the balance between gas and renewables. And while clean energy remains central to long-term strategy, speed to power is becoming a decisive factor in short-term plans. As utilities race to serve AI-driven demand, how will the future mix of gas, renewables, and 24/7 clean energy evolve? On today’s show, Kamala Schelling talks with Atin Jain, a specialist from BNEF’s wind team, to discuss his Analyst Reaction “NextEra’s AI-Led Gas Pivot Leaves Space for Renewables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: NextEra’s AI-Led Gas Pivot Leaves Space for Renewables: React - https://www.bnef.com/analyst-reactions/t70aepkjh6v400See omnystudio.com/listener for privacy information.

Commodity markets are in a period of upheaval. Wars, sanctions and political shifts have already rewired global trade, and a new wave of pressures is coming into focus. A liquefied natural gas glut is looming, China is rapidly expanding its biofuel production, the global copper market is facing a supply crunch, and US military actions in Venezuela have thrown a new wild card into the mix. With so many forces pulling in different directions, which trends are set to define commodity markets in the year ahead? On today’s show, Tom Rowands-Rees is joined by David Doherty, BloombergNEF’s head of natural resources research, and Enrique Gonzalez, head of US gas, to discuss findings from the note “Commodities in 2026: 10 Numbers to Watch From Power to Oil.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Commodities in 2026: 10 Numbers to Watch From Power to Oil - https://www.bnef.com/insights/38261See omnystudio.com/listener for privacy information.

What the recent US action in Venezuela means for global oil markets is still an open question. While the prospect of additional oil is drawing interest, high production costs, infrastructure constraints and political risk complicate any near-term jump in Venezuela’s oil output. As markets weigh the scale and speed of a potential comeback, how much could Venezuela really move the needle in a global oil system already facing a glut of crude? On today’s show, Kamala Schelling talks with David Doherty, BNEF’s head of natural resources research, to discuss some of his team’s recent analyst reactions, including “Venezuela’s Oil Market Impact Hinges on Cost Per Barrel” and “Venezuela’s Oil Renaissance Faces Several High Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Venezuela’s Oil Market Impact Hinges on Cost Per Barrel: React - https://www.bnef.com/analyst-reactions/t8giodkjh6v600 Venezuela’s Oil Renaissance Faces Several High Hurdles: React - https://www.bnef.com/analyst-reactions Trump’s Venezuela Move Could Shift Crude Flows Back to US: React - https://www.bnef.com/analyst-reactions/t8dsuukk3ny800 US Action in Venezuela and the Commodity Markets - https://www.bnef.com/themes/t8fw2ut96osi00See omnystudio.com/listener for privacy information.

The push toward a lower-carbon global economy ran into strong headwinds last year, and 2026 offers little sense of a clean reset. Political uncertainty, uneven policy support and slower progress in some markets continue to complicate the outlook for climate-focused investors and companies. Yet beneath the noise, the energy transition is still advancing, driven by economics, technology and long-term structural change. As global priorities and pathways diverge, what does progress really look like for the energy transition? On today’s show, BNEF’s Deputy CEO Albert Cheung reads his recent note, titled “Progress Despite Fragmentation: Energy Transition to 2030,” in which he explores how the global context has changed, and why the energy transition is set to continue growing through this decade. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Progress Despite Fragmentation: Energy Transition to 2030 - https://www.bnef.com/insights/38367See omnystudio.com/listener for privacy information.

Maritime shipping is a notoriously tricky sector to decarbonize, yet options for a greener industry are slowly emerging. Bio-LNG is helping clean up fuel tanks. New ship-building and navigational techniques, from advanced hull coatings to smarter routing, are making a dent in emissions. And new European rules are pushing ship owners toward cleaner options. Yet with a myriad of competing incentives – and no global consensus – how far can alternative fuels and efficiency gains really take maritime shipping on its long road to decarbonization? On today’s show, Tom Rowlands-Rees speaks with Fauziah Marzuki, BloombergNEF’s global head of gas, and Nikolas Soulopoulos, BNEF’s head of commercial transport. Together they discuss some of their teams’ research, including “Marine Fuel Costs to 2040 – Oil to Biofuels and Beyond” and “Global Shipping’s Net-Zero Framework Delay a Worst Option: React.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Marine Fuel Costs to 2040 - Oil to Biofuels and Beyond - https://www.bnef.com/insights/37781 Global Shipping’s Net-Zero Framework Delay a Worst Option: React - https://www.bnef.com/analyst-reactions/t4ac8igoymtc00  See omnystudio.com/listener for privacy information.

The UK’s latest budget sends mixed consequential signals for electric vehicles. A sharp increase in purchase subsidies is paired with plans for a new pay-per-mile charge, reshaping the economics of EV ownership as adoption accelerates. The changes could affect drivers very differently, depending on mileage, charging access and whether vehicles are privately owned or part of company fleets. As fuel tax revenues fade and public charging costs stay high, the UK is testing what it means to move from encouraging EV uptake to living with electric mobility at scale. On today’s show, Kamala Schelling is joined by Madeleine Brolly from BNEF’s EV charging team and Shananthan Kalaichelvan from BNEF’s EV team, to discuss their Analyst Reaction “UK Makes EVs Cheaper to Buy But More Expensive to Run.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: UK Makes EVs Cheaper to Buy But More Expensive to Run: React - https://www.bnef.com/analyst-reactions/t6drndt9njlw00See omnystudio.com/listener for privacy information.

Global metals markets are shifting faster than anyone expected. Once projected to face widespread shortages, most key energy transition metals now show far more balanced outlooks. Surpluses are pushing battery metal prices down and accelerating the adoption of new chemistries, while demand for steel, copper and aluminum strengthens across clean energy infrastructure. Yet slow mine development, production caps, and rising geopolitical risks are creating new uncertainties. From batteries to transmission lines to electric-vehicle bodies, what do these changing metals dynamics mean for the future of the energy transition? On today’s show, Tom Rowands-Rees is joined by Kwasi Ampofo, BloombergNEF’s head of metals and mining, to discuss findings from the “Transition Metals Outlook 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Transition Metals Outlook 2025 - https://www.bnef.com/insights/38151See omnystudio.com/listener for privacy information.

Heavy industry faces one of the hardest paths to net zero, yet momentum is starting to build. New decarbonization commitments reached nearly $15 billion by mid-2025. The largest chunk of investment is concentrated in the steel industry, where electric arc furnaces and hydrogen-ready technologies are already pushing down emissions. Other sectors, like aluminum, cement and plastics, are experimenting with recycled materials, electrified heat and bio-based feedstocks. Policy is also proving decisive, with Europe, Australia and Asia pushing carbon border tariffs, retrofit funds and industrial carbon markets. So is heavy industry finally turning a corner on its path to decarbonization? On today’s show, Kobad Bhavnagri is joined by Allen Tom Abraham, BloombergNEF’s head of sustainable materials, to walk through his team’s note “Industrial Decarbonization Market Outlook 2H 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Industrial Decarbonization Market Outlook 2H 2025 - https://www.bnef.com/insights/38051/viewSee omnystudio.com/listener for privacy information.

China’s electric vehicle market is moving at extraordinary speed. Generous incentives, trade-in subsidies, and aggressive pricing have fueled mass-market growth, and roughly half of the cars sold in the country today come with a plug. Now, this EV success story is moving beyond its domestic borders. Chinese brands already account for nearly one in five EVs sold outside the country, and new factories across Europe, Southeast Asia, and Latin America are helping them stay ahead of trade barriers. Could this be the moment when China’s electric mobility clout reshapes the global auto industry? On today’s show, Tom Rowlands-Rees is joined by Siyi Mi, a senior associate on BloombergNEF’s electric vehicles team, to discuss notes including “More of China’s Automakers Step Into Overseas Markets” and “EVs Are Just the Start for Global Carmakers’ China Rebound.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: More of China’s Automakers Step Into Overseas Markets - https://www.bnef.com/insights/38069 EVs Are Just the Start for Global Carmakers’ China Rebound - https://www.bnef.com/insights/37181See omnystudio.com/listener for privacy information.

As vehicles become increasingly intelligent and connected, the chips powering them are transforming the automotive industry. Traditional supply chains are giving way to new partnerships, and advanced processors are reshaping everything from vehicle costs to the balance of power between automakers and chipmakers. With automation advancing and chipmakers taking a larger role in vehicle development, could this be the moment that redefines how the automotive industry is built? On today’s show, Tom Rowlands-Rees is joined by Andrew Grant, BloombergNEF’s head of intelligent mobility, to discuss the note, “AI Chips Are Turning Vehicles Into Supercomputers.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: AI Chips Are Turning Vehicles Into Supercomputers - https://www.bnef.com/insights/37555See omnystudio.com/listener for privacy information.

How well prepared are we for a warming world? Climate adaptation is quickly moving from theory to strategy, reshaping investment priorities and exposing new risks and opportunities. On this bonus episode, Kobad Bhavnagri reads his note “Adaptation and Resilience: The New Investment Imperative” to explore how businesses, policymakers and financiers are adapting to a changing climate, and where the biggest gaps in knowledge and action remain. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Adaptation and Resilience: The New Investment Imperative - https://www.bnef.com/insights/37701See omnystudio.com/listener for privacy information.

Climate is reshaping the global economy. Losses from major weather events are now estimated at $1.4 trillion each year, and as the damaged assets, disrupted supply chains and declines in productivity pile up, climate risk is turning from an environmental issue into a financial one. BloombergNEF has thus developed an Adaptation Preparedness Framework to assess how major economies are preparing for this new reality. Which countries are best equipped to withstand what’s coming, and how are they getting there? On today’s show, Kobad Bhavnagri is joined by Danya Liu, a senior associate on BloombergNEF’s climate risk team, and Natasha Mawdsley, a strategy analyst, to discuss their note, “Ranking Resilience: Assessing Country Climate Adaptation.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Ranking Resilience: Assessing Country Climate Adaptation - https://www.bnef.com/insights/37695See omnystudio.com/listener for privacy information.

The 85 million medium- and heavy-duty trucks on the road last year were responsible for nearly a 10th of global emissions, and an array of technologies and business models are in trial as a way to cut these vehicles’ carbon footprint. A lack of charging infrastructure and high upfront prices remain high hurdles to clear. Yet China boasts record e-truck and e-tractor sales, Europe offers them considerable policy support, and even in the US (where sales are slow) the charging market is evolving quickly. From ports in Shanghai to freight corridors in California, could cleaner trucking prove the real test of how fast heavy industry can decarbonize? On today’s show, Dana Perkins is joined by BloombergNEF’s head of commercial transport, Nikolas Soulopoulos, and associate Maynie Yang to discuss their team’s recent notes, “Zero Emission Commercial Vehicles: Accelerating the Transition” and “Commercial Vehicle Decarbonization Monthly: E-Tractors.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Commercial Vehicle Decarbonization Monthly: E-Tractors - https://www.bnef.com/insights/37859 Zero Emission Commercial Vehicles: Accelerating the Transition - https://www.bnef.com/insights/37519See omnystudio.com/listener for privacy information.

Hydrogen was once the golden child of the energy transition. Yet high costs and limited policy support proved high hurdles for the technology’s progress, global deployment has fallen well short of expectations. Forecasts now project around 5.5 million tons of production by 2030 – half of what was expected just a few years ago and far below industry and government ambitions. Of course, as with all things energy transition, the story gets more complicated the closer you look. The US is betting on blue hydrogen even as it turns away from many clean technologies, China is driving ahead with green, and India is emerging as a low-cost producer. And around the world, hydrogen is gradually gaining a foothold in hard-to-abate sectors like shipping and aviation, where the fuel could play a transformative role. On today’s show, Kobad Bhavnagri is joined by BloombergNEF’s head of hydrogen research, Martin Tengler, to discuss some of his team’s recent work, including “Hydrogen Supply Outlook 2025: Blue Takes the Lead” and “Ammonia Supply Outlook 2025: Tenders Shape Demand.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Hydrogen Supply Outlook 2025: Blue Takes the Lead - https://www.bnef.com/insights/37489?context=eyJ0eXBlIjoiaW5zaWdodCIsInNvcnQiOiJkYXRlIiwicmVnaW9uIjpbXSwic2VjdG9yIjpbXSwiYXV0aG9yIjpbIjQwMjc3Il0sImluc2lnaHQtdHlwZSI6W119 Ammonia Supply Outlook 2025: Tenders Shape Demand - https://www.bnef.com/insights/37457?context=eyJ0eXBlIjoiaW5zaWdodCIsInNvcnQiOiJkYXRlIiwicmVnaW9uIjpbXSwic2VjdG9yIjpbXSwiYXV0aG9yIjpbIjQwMjc3Il0sImluc2lnaHQtdHlwZSI6W119See omnystudio.com/listener for privacy information.

In a few days’ time, world leaders will gather in Brazil for the COP30 climate conference. It’s been 10 years since the Paris Agreement laid out ambitions for a net-zero future, yet momentum is waning. Fewer than a third of nations have submitted their 2035 climate pledges, and current trajectories suggest that the global warming threshold agreed in Paris will be far exceeded by the end of the century. Political shifts, economic pressures, and the US’s withdrawal from the Agreement are all casting a shadow over the upcoming negotiations. Still, there are glimmers of progress, including China unveiling its first absolute emissions target and Brazil pushing for a global carbon market. So can COP30 reignite the collective drive toward net zero? On today’s show, Kobad Bhavnagri is joined by BloombergNEF’s head of global policy, Victoria Cuming, and energy transitions associate Brynne Mary Merkley to discuss their recent note “COP30 Climate Talks to Advance Amid Geopolitical Turmoil.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: COP30 Climate Talks to Advance Amid Geopolitical Turmoil - https://www.bnef.com/insights/37817See omnystudio.com/listener for privacy information.

Global energy investment is entering a period of realignment. Tariffs, inflation and geopolitical tensions have disrupted financial models, while a backlash against ESG along with renewed fossil fuel demand, driven partly by AI’s power needs, are redirecting capital flows. At the same time, electricity demand continues to rise, intensifying competition between clean and conventional energy. So how can investors and banks determine where their best opportunities lie, whether in clean technologies or fossil fuels? At the BloombergNEF Summit London, Jonathan Luan, BNEF’s head of finance & investment research, moderated a panel titled “Weighing the Investment Opportunity: Conventional Versus Clean Energy.” This episode brings listeners that panel, which featured Ulrik Fugmann, Co-CIO, Environmental Strategies Group at BNPP Asset Management; Ralph Ibendahl, Managing Director, Global Head of Energy Transition for RBC Capital Markets; and Bianca Ziccarelli, Managing Director of CPPIB. To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/events/type/summit/See omnystudio.com/listener for privacy information.

The first generation of wind turbines is now approaching retirement. Developers across Europe, the US and China thus find themselves at a crossroads: should they refurbish and extend the life of existing wind fleets, or dismantle them and build new projects from scratch? Wind technology has evolved considerably over the last 20 years, maintenance costs can be steep, and new projects generally boast bigger turbines with far greater capacity. However, the dismantling of older projects incurs significant costs, the regulatory approval process for new projects can be intricate, and the disposal of turbine components often presents an environmental and logistical challenge. On today’s show, Dana Perkins is joined by co-host Kobad Bhavnagri, BloombergNEF’s global head of strategy. Together, they speak to Oliver Metcalfe, BNEF’s head of wind research, about the research note “Wind End of Life 2025: Global Repowering Surges by 2035.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Wind End of Life 2025: Global Repowering Surges by 2035 - https://www.bnef.com/insights/37547See omnystudio.com/listener for privacy information.

Winter is coming, and with it a rise in demand for natural gas. With growing liquified natural gas exports from the US now crossing the Atlantic and filling European storage, the continent looks to be well prepared for the coming winter. However, BloombergNEF weather analysts are forecasting that this winter could be a cold one, with the possibility of reduced wind speeds eating into turbine generation, piling even further pressure on natural gas reserves. So just what impact could these unfavorable weather conditions have on gas commodity prices, and with the “third wave of liquefied natural gas” set to flood global markets, could we be facing an upcoming supply glut? On today’s show, Dana Perkins talks with BNEF weather analyst Jess Hicks and gas team senior associate Olympe Mattei-D’Ornano about the note “European Gas Winter Outlook 2025-26: Final Crunch?” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: European Gas Winter Outlook 2025-26: Final Crunch? - https://www.bnef.com/insights/37391 Weather Shifts Stir Europe’s Power Markets - https://www.bnef.com/insights/37673See omnystudio.com/listener for privacy information.

The US power grid is under mounting strain from aging infrastructure, slow interconnections and regional bottlenecks, while demand, complexity and variability are on the rise. Building a future-ready grid will require major investment, smarter infrastructure and policy reform. So just what can be done to expand transmission capabilities to meet oncoming energy challenges in the US? At the BloombergNEF Summit Houston, Ethan Zindler, BloombergNEF’s head of country and policy research, moderated a panel “Revolutionizing the Grid.” This episode brings listeners that panel, which featured Page Crahan, general manager of Tapestry at X, Alphabet; Michael Skelly, co-founder and chief executive officer of Grid United; Frank Kreikebaum, senior vice president and chief of engineering at Smart Wires; and Rina Harris, vice president of strategic business growth and engagement at CenterPoint Energy. To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/events/type/summit/See omnystudio.com/listener for privacy information.

Copper is a cornerstone of the world’s infrastructure. From transportation to the energy transition to massive new data centers, demand for the metal is everywhere, and supply is feeling the crunch. Copper demand is forecast to outstrip supply by 6 million metric tons a year come 2035, but at the same time, market economics are limiting exploration and some mines are even closing up shop. So who is going to win, and who may lose out, in the global battle for a limited critical resource? On today’s show, Tom Rowlands-Rees talks with Rosemary Katz, a senior associate from BNEF’s metals and mining team, about her note “Tracking Copper in Data Centers 2025-2035: Supply Crunch.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Tracking Copper in Data Centers 2025-2035: Supply Crunch - https://www.bnef.com/insights/37209See omnystudio.com/listener for privacy information.

Despite the gloomy headlines in the US, global investment into clean energy technologies is still rising. The first half 2025 saw a record $386 billion flowing towards clean tech, a 10% rise from the same period last year. Yet despite the continuing rise in investment numbers, the devil lies in the details. For instance, solar was propelled by small-scale installations, while utility-scale investment waned. And the regional investment picture is fragmented, with declines in investment figures in the US possibly indicating capital reallocation to other markets. On today’s show, Dana Perkins talks with the BloombergNEF’s Head of Clean Energy, Meredith Annex, about her team’s note “2H 2025 Renewable Energy Investment Tracker: Record High.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: 2H 2025 Renewable Energy Investment Tracker: Record High - https://www.bnef.com/insights/37317See omnystudio.com/listener for privacy information.

Artificial intelligence needs power, and lots of it. If all the data centers in the current US pipeline get built, they could suck up the electricity from 100 nuclear power plants and still be left wanting more. One obvious solution for supplying this massive demand is natural gas, which is plentiful and cheap in the Lower 48, and now has the enthusiastic backing of the Trump administration. But with a global shortage of turbines and lucrative liquefied natural gas contracts competing for supply, gas generation faces an obstacle course rather than a smooth road to running the country’s data centers. On today’s show, Tom Rowlands-Rees talks with BloombergNEF gas market analyst, Henry Eaton, about his recent note “Fueling the Cloud: Data Centers’ Bond With US Gas.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Fueling the Cloud: Data Centers’ Bond With US Gas - https://www.bnef.com/insights/36619See omnystudio.com/listener for privacy information.

The One Big Beautiful Bill Act has reshaped the US clean energy landscape. Designed to scale back major US decarbonization programs while promoting fossil fuels, the OBBBA has severely restricted the rollout of solar, wind and energy storage projects while also taking direct aim at electric vehicles. The impact of the new law has been dramatic, but could it have been worse? And what does the whiplash between presidential administrations mean for the feasibility of future investments in the US? On today’s show, Tom Rowlands-Rees talks with BloombergNEF’s head of country and policy research, Ethan Zindler, who also previously worked as climate counselor to former US Treasury Secretary Janet Yellen. Joining them is senior policy associate for North America Derrick Flakoll, and together they discuss recent BNEF notes including “One Big Bill, Many Impacts for US Energy Economy” and “New US Clean Energy Tax Rules Could Have Been Worse.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Trump Signals Deeper Cuts to Clean-Tech Factory Subsidies - https://www.bnef.com/insights/37297 New US Clean Energy Tax Rules Could Have Been Worse: React - https://www.bnef.com/analyst-reactions/t11xthgp9vd100 Trump Slams the Brakes on US Wind and Solar Growth - https://www.bnef.com/insights/37073 One Big Bill, Many Impacts for US Energy Economy - https://www.bnef.com/insights/37051See omnystudio.com/listener for privacy information.

Right now, there are technologies that can pull carbon dioxide directly out of the air. That could be a critical tool in a world where climate change is rampant. Yet to fulfill this carbon removal potential, the sky-high costs of direct air capture need to fall. Today, capturing a metric ton of carbon dioxide with DAC costs around $900 on average, presenting a huge challenge to scaling the technology when there are more affordable alternatives available. So what is the cost outlook for direct air capture, and which technology type offers the most financially viable means of growth? On today’s show, Tom Rowlands-Rees is joined by Brenna Casey, an associate on BNEF’s sustainable materials team, to discuss findings from her report “Out of Thin Air: The Cost of Scaling Direct Air Capture”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Out of Thin Air: The Cost of Scaling Direct Air Capture - https://www.bnef.com/insights/37093See omnystudio.com/listener for privacy information.

The Trump administration’s ‘Liberation Day’ tariffs are reshaping global trade flows. With the US currently renegotiating its trade positions with traditional partners and rivals alike, the tariffs’ true impact is yet to be fully understood. Even the handful of new deals that have been struck offer little guidance, as they break from the legally binding forms that international trade deals traditionally take and their contents remain largely undisclosed. Assessing the geopolitical landscape has thus become critical for making business decisions. On today’s show, Dana Perkins is joined by Jennifer Welch, chief analyst of Bloomberg’s geoeconomics team, and Antoine Vagneur-Jones, BloombergNEF’s head of trade and supply chains, to delve into the decisions currently shaping global trade. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: US Energy Trade and Tariff Indicators: June 23-July 28 - https://www.bnef.com/insights/37117 Trump Tariffs Are Thrashing the US Energy Storage Market - https://www.bnef.com/insights/36483 Solar and Battery Makers Stung by Latest Trump Tariffs - https://www.bnef.com/analyst-reactions/t0h9c7gpqq6j00 To find out more about Bloomberg's geoeconomics research, email us at [email protected] omnystudio.com/listener for privacy information.

Cutting industrial emissions has long been one of the most intractable hurdles in the energy transition. That may finally be changing, as a new generation of smart technologies not only paves the way for abating industrial emissions but promises to do so at scale. Four companies emerged victorious in this year’s BloombergNEF Pioneers challenge dedicated to decarbonizing heavy and light industry: AtmosZero, Circ, Rondo and Everdye. On today’s show, Tom Rowlands-Rees is joined by guest host Benjamin Kafri, co-chair of BNEF Pioneers, to interview the leaders of these companies. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Climate-Tech Companies to Watch in 2025: BNEF Pioneers - https://www.bnef.com/insights/36311See omnystudio.com/listener for privacy information.

With air travel on the rise, the need for cleaner aviation is growing. Sustainable aviation fuel (SAF) presents the simplest means of decarbonization, but it’s expensive. Aircraft that burn less fuel, engines powered by hydrogen, and even electric air taxis are all potential means of decarbonizing air travel, but none are the silver bullet. So what will it take to green the aviation sector, and what will it cost consumers? On today’s show, Tom Rowlands-Rees is joined by Nikolas Soulopoulos and Takehiro Kawahara, BloombergNEF’s head of commercial transport and aviation specialist respectively, to discuss findings from the report “Aviation Decarbonization Outlook 1H 2025”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Aviation Decarbonization Outlook 1H 2025 - https://www.bnef.com/insights/36893See omnystudio.com/listener for privacy information.