Switched On

Oil demand growth outlooks have taken a heavy hit in recent weeks. In the wake of the Trump administration’s “Liberation Day” tariff announcements, US business and consumer sentiment tanked and global GDP expectations were trimmed, with knock-on effects for oil demand. On the other side of the globe, China’s demand for gasoline is falling fast, with domestic policy stimulating an already-buoyant electric vehicle sector. Yet these blows to demand come at a time when OPEC+ and other major oil producing nations are looking to raise production levels. So what does this mean for the global oil sector and the price of a barrel of oil? On today’s show, Tom Rowlands-Rees is joined by Wayne Tan, BloombergNEF’s head of oil markets research, to discuss the recent note “Oil Markets Monthly: Tariffs, OPEC+ Hike, Structural Shift”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Oil Markets Monthly: Tariffs, OPEC+ Hike, Structural Shift - https://www.bnef.com/insights/36245 See omnystudio.com/listener for privacy information.

Brazil, the host nation of this year’s COP30, looks set to be at the center of most major carbon market developments in 2025. The country is working hard to develop its domestic carbon market, and could quickly leapfrog others in terms of scale and impact, with the ramping up of its nature-based carbon supply for international trading. At the 2025 BloombergNEF Forum Sao Paulo, Kyle Harrison, BNEF’s Head of Environmental Markets, moderated a panel titled “Brazil’s Role in the Evolution of Global Carbon Markets.” This episode brings listeners that panel, which featured Thiago Picolo, chief executive officer at re.green; Fabiana Alves, chief executive officer at Rabobank; Fabio Galindo, chief executive officer at Future Climate; and Angela Pinhati, chief sustainability officer at Natura. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to BNEF Forums and Summits: Link to BNEF's Regional Forums page - https://bbgevent.app/bloombergnef-forum-2024/#/ Link to BNEF's Flagship Summits page - https://about.bnef.com/summit/ See omnystudio.com/listener for privacy information.

The European Union’s battery manufacturing sector has been struggling to stay competitive. In the face of supply chain concerns, technological barriers and record-low prices fueled by the global oversupply of battery packs, existing policy has proved too light to support local producers. Yet with the introduction of the EU’s new Action Plan, further policy support could be on its way, and Chinese battery giants are announcing production facilities in the bloc. Elsewhere, BYD has introduced a brand-new battery that could revolutionize the sector, with promises of rapid charging speeds and extended range for passenger EVs. On today’s show, Tom Rowlands-Rees is joined by BloombergNEF energy storage analyst Andy Leach and trade and supply analyst Matthew Hales to discuss their recent notes “Plan to Save EU Battery Making Marks Protectionist Shift” and “Chinese Battery Makers Double Down on European Factories”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Plan to Save EU Battery Making Marks Protectionist Shift - https://www.bnef.com/insights/36075 Chinese Battery Makers Double Down on European Factories - https://www.bnef.com/insights/35985 See omnystudio.com/listener for privacy information.

The EU has taken an ax to its sustainable reporting regulations. While the bloc is widely considered the global leader for sustainable finance policy, this rollback could limit investors’ access to climate data and their ability to push capital towards the energy transition. With the ramping up of anti-ESG laws in the US, fears over competitiveness lie behind the softening of these EU policies. Yet just as these regions are watering down their requirements, Asia Pacific is stepping up, strengthening its own sustainable finance policies and potentially filling the Western void. On today’s show, Tom Rowlands-Rees is joined by BloombergNEF sustainable finance analysts Maia Mesanger and Jameson McLennan to discuss their recent notes “Sustainable Finance Market Outlook 1H 2025: Back on Track” and “EU Weakens Sustainability Leadership with Rule Rollback: React”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Sustainable Finance Market Outlook 1H 2025: Back on Track - https://www.bnef.com/insights/35863?context=eyJxIjoic3VzdGFpbmFibGUgZmluYW5jZSIsImNvbnRlbnRUeXBlIjoiaW5zaWdodCIsInJlZ2lvbiI6W10sInNlY3RvciI6W10sImF1dGhvciI6W10sImluc2lnaHQtdHlwZSI6W119 EU Weakens Sustainability Leadership with Rule Rollback: React - https://www.bnef.com/analyst-reactions/ssb4jtdwlu6800 See omnystudio.com/listener for privacy information.

Southeast Asia is an up-and-coming player in the energy transition. As the region’s production capacity has grown, so have its exports of key clean-power technologies. Within Southeast Asia, favorable policy has encouraged the growth of cheap renewable energy and electric vehicle adoption. Yet recent US tariffs and aid cuts have had an impact. Just how damaging have they been, and can better regional cooperation help mitigate the fallout? On today’s show, Dana Perkins is joined by Shantanu Jaiswal, BNEF’s head of India and Southeast Asia research, and analyst Felix Kosasih, to discuss some of BNEF’s recent research including “US Climate Fund Withdrawal Imperils Indonesia’s Transition” and “Southeast Asia in Short: Energy Storage, Net Zero Push”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Southeast Asia in Short: Energy Storage, Net-Zero Push - https://www.bnef.com/insights/35639 US Climate Fund Withdrawal Imperils Indonesia’s Transition - https://www.bnef.com/shorts/ssqqiot0g1kw00?context=eyJxIjoic2luZ2Fwb3JlIiwiY29udGVudFR5cGUiOiJzaG9ydCIsInJlZ2lvbiI6W10sInNlY3RvciI6W10sImF1dGhvciI6W119 Net Zero Transition: Opportunities for Vietnam - https://www.bnef.com/insights/35529?context=eyJxIjoib3Bwb3J0dW5pdGllcyBmb3IgdmlldG5hbSIsImNvbnRlbnRUeXBlIjoiaW5zaWdodCIsInJlZ2lvbiI6W10sInNlY3RvciI6W10sImF1dGhvciI6W10sImluc2lnaHQtdHlwZSI6W119 Southeast Asia and Energy: Things to Watch in 2025 - https://www.bnef.com/insights/35745?context=eyJxIjoic2hhbnRhbnUiLCJjb250ZW50VHlwZSI6Imluc2lnaHQiLCJyZWdpb24iOltdLCJzZWN0b3IiOltdLCJhdXRob3IiOltdLCJpbnNpZ2h0LXR5cGUiOltdfQ== See omnystudio.com/listener for privacy information.

We live on an increasingly thirsty planet. Growing populations and rising demand from industry, data centers and farming have led to water stress across the globe. Even under a scenario where global warming is limited to 2C, some three billion people are projected to live in areas where water demand exceeds supply by the middle of the century. Energy-intensive desalination plants offer a solution, but what other opportunities lie in technologies that can not only increase water supply but more efficiently manage it? On today’s show, Dana Perkins is joined by Stephanie Diaz, a BNEF technology and innovation analyst, to discuss her recent research note “Tech Radar: Water Supply, Use and Treatment”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Tech Radar: Water Supply, Use and Treatment - https://www.bnef.com/insights/35987 See omnystudio.com/listener for privacy information.

The cost of producing clean power has never been lower. Improving financial conditions and oversupply of key equipment drove costs to record lows in 2024. Yet while the levelized cost of electricity (LCOE) declined as a global average, different regions and technologies fell at different rates, and one key technology proved to be an outlier. On this episode, Dana Perkins is joined by Amar Vasdev, a senior associate from BNEF’s energy economics team, and Martin Tengler, BloombergNEF’s head of hydrogen research, to discuss findings from the flagship report “Levelized Cost of Electricity 2025: Record Lows”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Levelized Cost of Electricity 2025: Record Lows - https://www.bnef.com/flagships/lcoe See omnystudio.com/listener for privacy information.

Energy-hungry data centers are on the rise. Power demand driven by artificial intelligence has been met by an increase in power purchase agreements (PPAs) for low-carbon energy. Meanwhile, DeepSeek has reduced demand through more efficient computations. So what is driving decision making at tech companies that work in the AI and data center space? At the 2025 BloombergNEF Summit San Francisco, Mark Daly, BNEF’s head of technology and innovation, moderated a panel titled “Data Center Dynamics.” This episode brings listeners that panel, which featured Steven Carlini, chief advocate of data centers and AI at Schneider Electric; Will Conkling, head of data center energy for the Americas and EMEA at Google; Kleber Costa, chief commercial officer at AES Corporation; and Darwesh Singh, founder and CEO at Bolt Graphics. 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/summit/. See omnystudio.com/listener for privacy information.

Annual investment in the energy transition has surpassed $2 trillion for the first time. Investors placed bets on renewable energy, power grids and energy storage, while buzzy emerging technologies fell out of favor. On this episode, Dana Perkins is joined by Meredith Annex, BNEF’s head of clean power, to discuss the report ‘Energy Transition Investment Trends 2025.’ Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: A publicly available summary report of Energy Transition Investment Trends 2025 can be found at - https://about.bnef.com/energy-transition-investment/ BNEF subscribers can find the whole report at - https://www.bnef.com/flagships/clean-energy-investment See omnystudio.com/listener for privacy information.

Little connects the natural world to our lives more tangibly than the weather. Weather impacts everything from food to energy production, and shifting weather patterns have the power to shift the economy. From wind droughts to heatwaves, utilities and commodities traders are seeking a better understanding of how enhanced weather modeling could help them predict the future. On today’s show, Dana Perkins is joined by BNEF weather analysts, Jess Hicks and Willa Tobin, to discuss their recent research notes “Weather and Commodities - Nine Things to Watch in 2025” and “Shifting Weather Patterns: A Black Swan for US Commodities”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Weather and Commodities - Nine Things to Watch in 2025 - https://www.bnef.com/insights/35719 Shifting Weather Patterns: A Black Swan for US Commodities - https://www.bnef.com/insights/35305 See omnystudio.com/listener for privacy information.

Banks are still spending less money on low-carbon solutions than on fossil-fuel projects. At last count, the energy supply ratio for bank financing was just 0.89 cents of low-carbon spend for every $1 spent on fossil fuels. That’s an improvement over previous years, but with a ratio of 4:1 by 2030 required to meet a 1.5C climate scenario, the world is still a long way from hitting that target. On today’s show, Tom Rowlands-Rees is joined by analyst Trina White, a member of BNEF’s sustainable finance team, to discuss the third annual Energy Supply Investment and Banking Ratios”. Together they discuss worldwide and local trends in energy financing, which banks have the highest energy financing ratios, and why the average ratio is still below 1:1 even though global clean energy investment has hit a new record and surpassed fossil-fuel financing for the first time. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Third Annual Energy Supply Investment and Banking Ratios - https://www.bnef.com/insights/35765 See omnystudio.com/listener for privacy information.

Chinese wind turbine makers are expanding their global footprint at an impressive rate. Leading manufacturers like Goldwind, Envision, Mingyang and Windey are exporting their turbines at a significant discount to Western incumbents, undercutting their rivals and establishing themselves in developing economies and emerging markets. Yet while the volume of their orders has risen, significant barriers to entry remain, including low brand awareness, a limited track record outside of China and political risks that are raising red flags for buyers, lenders and insurers. So just how large is the threat these Chinese manufacturers pose to established Western companies? On today’s show, Tom Rowlands-Rees is joined by Oliver Metcalfe, BloombergNEF’s Head of Wind, to discuss the note “China Wind Turbine Export Update: Momentum Builds”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: China Wind Turbine Export Update: Momentum Builds - https://www.bnef.com/insights/35671/view See omnystudio.com/listener for privacy information.

Over the past five years, clean energy company valuations have reached new heights. As the ESG hype cycle ends, inflated public market valuations have given way to industry fundamentals. Increasing energy demand aided by the hype around AI and data centers mean that the world needs more clean power than ever before, and project developers are requiring new sources of capital. In response, a new trend is emerging, in which public investments are shifting into private hands. On today’s show, Dana Perkins is joined by BloombergNEF Solar Specialist Pietro Radoia and Sustainable Finance Analyst Ryan Loughead to dive into the recent research note “Listed Clean Energy Firms: Moving Back Into Private Hands”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Listed Clean Energy Firms: Moving Back Into Private Hands - https://www.bnef.com/insights/35367 See omnystudio.com/listener for privacy information.

Was 2024 a good or a bad year for clean energy and climate progress? Looking through one prism, we saw record global electric vehicle sales, massive clean power capacity additions, and the adoption of new energy storage technologies. Yet, if we compare these record numbers to what is actually required to achieve net zero by 2050, we find ourselves falling short. What lessons can be learned from the year gone by, and how might we apply these lessons to improve future outcomes? On today’s show, BloombergNEF’s Deputy CEO, Albert Cheung, shares his note “Five Energy Transition Lessons for 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Five Energy Transition Lessons for 2025 - https://www.bnef.com/insights/35643 See omnystudio.com/listener for privacy information.

This could be a challenging year for natural gas. Market dynamics are in flux, and how buyers and sellers react to the changes will make the year ahead a ‘stress test’ for the fuel and how the sector positions itself for the future. On the supply front, a rapidly shifting geopolitical landscape has had a massive bearing on the trade flows of pipeline gas and LNG. In terms of demand, heat waves and extreme weather events have inverted seasonal consumption trends. So what can we expect from 2025? On today’s show, Tom Rowlands-Rees is joined by Fauziah Marzuki, BloombergNEF’s Global Head of Gas Markets, to discuss findings from her recent report “Gas Things to Watch in 2025: Crunch Time Before Comeback”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Gas Things to Watch in 2025: Crunch Time Before Comeback - https://www.bnef.com/insights/35571/view See omnystudio.com/listener for privacy information.

At first glance, gold hydrogen could be a game changer. This naturally occurring molecule, which is found in reservoirs below the Earth’s surface, has the potential to be less carbon intensive and less expensive than man-made hydrogen. But all that glitters is not necessarily gold, and a myriad of factors, from possible synergies with helium extraction to ongoing technical challenges, could still tip the scales either toward or away from gold hydrogen’s economic viability. On today’s show, Dana Perkins is joined by Sami Alisawi from BNEF’s Hydrogen team and Musfika Mishi from BNEF’s Technology and Innovation team to discuss findings from their recent report “Technology Radar: Geologic Hydrogen”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Technology Radar: Geologic Hydrogen - https://www.bnef.com/insights/35101 See omnystudio.com/listener for privacy information.

Japan’s power market is creating a stir. Having faced natural disasters, global energy crises and ever more extreme periods of weather, the world’s third-largest liberalized power market has had to contend with some almighty challenges in recent years, and yet it has still piqued the interest of foreign investors. The long process of restarting Japan’s nuclear fleet, completely shuttered after the Fukushima disaster, has dragged on, and with little available land, utility-scale renewables have traditionally struggled to gain a foothold. To fill the energy void, the resource-poor nation has had to import coal, gas and oil to fuel its power plants. Yet the arrival of energy-intensive data centers and semiconductor manufacturing plants mean power demand is once again on the rise, and with it new opportunities for energy installations. On today’s show, Tom is joined by two analysts from BNEF’s Global Power Markets Team, Mariko O’Neil and Yumi Kim, to discuss key findings from the report “Japan Power Market Outlook 2H 2024: Tailwinds Ahead”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Japan Power Market Outlook 2H 2024: Tailwinds Ahead - https://www.bnef.com/insights/34981 See omnystudio.com/listener for privacy information.

The boom in energy-hungry data centers in the US has led to a revival of interest in nuclear power. Small modular reactors, or SMRs, are often held up as the way forward, but the technology remains in development, which has led some big tech firms – or ‘hyperscalers’ – to explore other pathways for using nuclear power. One alternative is restarting some of the 11 nuclear facilities that have been shut in the US in the last 15 years, an option made all the more attractive given the regulatory hurdles, cost concerns and schedule overruns that tend to plague new nuclear projects. On today’s show, Tom is joined by Chris Gadomski, BloombergNEF’s lead nuclear analyst, to discuss key findings from his report “Hyperscalers’ Energy Appetite Boosts Nuclear Prospects”. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Hyperscalers' Energy Appetite Boosts Nuclear Prospects - https://www.bnef.com/insights/35223 See omnystudio.com/listener for privacy information.

The world is focused on net zero. Yet some companies, like Australian mining giant Fortescue, have set their sights higher, and are now aiming for ‘real zero’. On today’s show, we bring you an interview from the recent BNEF Summit Shanghai, where Fortescue Founder and Executive Chairman Andrew Forrest sat down with Leonard Quong, BNEF’s Head of Australia Research, to talk about green hydrogen, green iron ore, and why real zero is good for people, the planet and the bottom line. Today’s episode was recorded live at BNEF Summit Shanghai. To learn more about our Summits and to listen to more interviews, please visit https://about.bnef.com/summit/ See omnystudio.com/listener for privacy information.

Emerging markets have big plans when it comes to the energy transition. Today, 95% of developing economies have a renewable energy target in place, and many of them are seeing massive growth in solar and other renewable power technologies. Yet this clean power revolution won’t come cheap. While EMDEs attracted more than $100 billion for clean energy development last year, that’s a drop in the bucket of what it’ll take to reach net zero, and many markets are racing to implement the policy and infrastructure needed to attract many billions more. On today’s show, BloombergNEF researchers Sofia Maia and Ana Paula Fonseca Teixeira present the newest edition of Climatescope, a public BNEF resource that evaluates and ranks emerging markets’ readiness to utilize energy transition investment. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFbnef.com Links to research notes from this episode: Climatescope 2024 - www.global-climatescope.org See omnystudio.com/listener for privacy information.