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Green Industrial Policy Miniseries

[Episode #222] – Green Industrial Policy

In this final episode of our three-show miniseries on green industrial policy (Episodes #220, #221 and #222), we look at it from the perspective of an economist who has written a book on the subject and advocated for it in the EU.

Dr. Alessio Terzi is an economist with the European Commission who works at the intersection of academia, policy, and think-tanks. He is the author of numerous articles in major news publications, as well as a book, titled Growth for Good.

In today’s conversation, we discuss why technological transformation is the essential pathway to solving our climate problems, and how integral capitalism and growth are to that process. We explore the concept of degrowth and some critiques of conventional capitalism, along with ways that capitalism can be adapted to answer the climate challenge. Finally, Dr. Terzi presents his "blueprint for green capitalism," offering a nuanced perspective on leveraging economic tools to foster a successful energy transition.

This episode is a thoughtful, 90-minute excursion into economic theory and green industrial policy that aims to answer some of the contemporary questions about the wisdom of using the tools of capitalism and growth to make the energy transition successful.

Guest:

Dr. Alessio Terzi is an economist working at the intersection of academia, policy and think-tanks. He is an economist at DG ECFIN of the European Commission, a Lecturer in Public Policy at Cambridge University, and an Adjunct Professor in Economics at Sciences Po and at HEC Paris. Prior to this, he was an Affiliate Fellow at Bruegel, and a Fulbright Scholar at the Harvard Kennedy School. He also worked in the European Central Bank’s EU institutions division and in sovereign risk analysis for BMI Research (Fitch Ratings). He is the author of numerous articles in major news publications and the book, Growth for Good.

On Twitter: @terzibus

On LinkedIn: https://www.linkedin.com/in/alessio-terzi-39b89120/

On the Web:  https://www.alessioterzi.eu/

Geek rating: 5

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[Episode #221] – Fossilflation

What causes inflation? And how is it connected to the energy transition?

Standard business press narratives often discuss inflation as if it has a mind of its own, seldom exploring its root causes. However, the connection between inflation and fossil fuel prices is both undeniable and significant. In fact, as you’ll hear at the end of today’s interview, endless interventions by the Fed may be an unavoidable consequence of the energy transition, from now until the project is complete.

So why aren’t we having a conversation about how Putin’s invasion of Ukraine ultimately led to your having to pay more for everything, as inflation was transmitted through from fossil fuels to everything else? Why did Congress give us the Inflation Reduction Act in 2022, instead of the Fossil Fuel Reduction Act? And what is the role of the Fed in the energy transition?

In this conversation, climate economist Gernot Wagner of the Columbia Business School rejoins us to help us understand the relationships between fossil fuels and inflation. We discuss why the Fed acts as it does, and we explore the Inflation Reduction Act in the US and the REPowerEU policy package in the EU, and the complex interconnections between monetary policy, industrial policy, and energy policy.

Guest:

Dr. Gernot Wagner is a climate economist at Columbia Business School. His research, teaching, and writing focus on climate risks and climate policy. Prior to joining Columbia as senior lecturer and serving as faculty director of the Climate Knowledge Initiative, Gernot taught at NYU, Harvard, and Columbia. He was the founding executive director of Harvard’s Solar Geoengineering Research Program. Prior to his time at Harvard, Gernot worked at the Environmental Defense Fund, the Boston Consulting Group, and the Financial Times. He has been a term member of the Council on Foreign Relations, a Senior Fellow at the Jain Family Institute, and is a CESifo Research Network Fellow, a Faculty Affiliate at the Columbia Center for Environmental Economics and Policy, a Member of the New York City Panel on Climate Change, a Coordinating Lead Author of the Austrian Panel on Climate Change, and he serves on the board of CarbonPlan.org.

On Mastodon: https://fediscience.org/@gwagner

On Bluesky: https://bsky.app/profile/gwagner.com

On LinkedIn: https://www.linkedin.com/in/gwagner/

On the Web:  https://gwagner.com/

Geek rating: 6

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[Episode #220] – Climate Capitalism

What is the recipe for an energy transition at the scale needed to limit global warming below the crucial 2°C threshold?

Bloomberg journalist Akshat Rathi has identified some of the key ingredients, based on his interviews with ten of the world’s most influential personalities working on climate solutions. In his new book, Climate Capitalism, Akshat recounts their stories and makes a case for how capitalism and the dynamism of the private sector are essential components of the global race to zero emissions.

We take a deep dive into Rathi’s work, confronting the criticisms of capitalism, examining how its varied implementations around the world produce different results, and exploring potential reforms for improvement. We conclude by weaving in some ideas drawn from topics discussed previously on the show, including “command capitalism,” how the energy transition requires long-term planning with a system thinking perspective, and the tension between forces driving for international cooperation versus competition.

It's a thoughtful look at the state of the global energy transition from someone with a front-row seat to the investment flows around the world, and we know you’ll find it an illuminating and inspiring discussion.

Guest:

Akshat Rathi is a senior climate reporter for Bloomberg News and is the host of Zero, a weekly climate podcast for Bloomberg Green.

He has a PhD in chemistry from the University of Oxford, and a BTech in chemical engineering from the Institute of Chemical Technology in Mumbai. He has written for Quartz and The Economist, and his work has been cited in global publications including New York Times, Washington Post, New Yorker, The Guardian, Wall Street Journal and Financial Times.

On Twitter: @AkshatRathi

On LinkedIn: AkshatRathi

On the Web:  https://akshatrathi.com/

Geek rating: 4

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