Are the climate change scenarios produced by the Intergovernmental Panel on Climate Change (IPCC) accurately representing our likely futures, or are they rooted in outdated data that doesn’t represent the progress we’re already making on energy transition? Is the world on a “business as usual” path to climate doom in a world that’s 5°C warmer, or are we actually within reach of limiting warming to 2°C by the end of this century?
In this episode, we ask two experts to debate these questions in the very first extended three-way conversation on this podcast. Representing the energy analyst’s critique of the IPCC models is Bloomberg New Energy Finance founder Michael Liebreich. And representing the IPCC modeling work is Dr. Nico Bauer, an integrated assessment modeler with the Potsdam Institute who has helped develop the Shared Socioeconomic Pathways used in the IPCC framework.
Are the climate change scenarios used by the Intergovernmental Panel on Climate Change (IPCC) accurately representing our likely futures, or are they rooted in outdated perspectives that don't represent the progress we’re already making on energy transition? Is the world on a “business as usual” path to climate doom in a planet that’s 5°C warmer, or are we actually within reach of limiting warming to 2°C by the end of this century?
In this episode, we ask two experts to debate these questions in the very first extended three-way conversation on this podcast. Representing the energy analyst’s critique of the IPCC models is Bloomberg New Energy Finance founder Michael Liebreich. And representing the modeling work that informs the IPCC process is Dr. Nico Bauer, an integrated assessment modeler with the Potsdam Institute who has helped develop the Shared Socioeconomic Pathways used in the IPCC framework.
Australia’s out-of-control wildfires in recent months have captured the world’s attention and raised serious questions about how climate change is affecting the continent, whether the country’s leadership is taking appropriate action to address climate risk, and what the future holds for its unique weather patterns and ecosystem.
But Australia is one of the most fossil-fuel dependent countries in the world, which makes it politically difficult to face the reality of its climate risk, and how its own activities are increasing that risk. So in this episode we invited a longtime journalist and researcher, based in Sydney, who works in research, strategy, and communications around climate change and finance, to help us understand the political, economic, and climate context of Australia at this moment, and to understand how the wildfires are influencing the trajectory of energy transition there. She reveals a country delicately balanced somewhere between hope and despair, with political leadership in thrall to the fossil fuel industry, and a populace eager to pursue energy transition and reduce its exposure to climate risk.
As energy transition progresses and more internet-connected distributed energy resources (DERs) join the grid, they increase the grid’s flexibility and dynamism, but they also expose those systems to the risk of being hacked. What kinds of protections do we need to have as grid modernization proceeds and more and more devices in the so-called “internet of things” (IoT) become part of the grid ecosystem? Should we be encouraging the adoption of smart, interconnected devices at all? Or would we be better off using devices that were not connected to communication systems in any way, to better ensure their security? And what are the relationships between cybersecurity on the grid, and the effects of climate change?
Our guest in this episode is a cybersecurity expert with the Idaho National Laboratory, part of the US Department of Energy, who provides strategic guidance on topics at the intersection of critical infrastructure security and resilience to senior U.S. and international government and industry leaders. He’s a longtime expert in this domain with a deep and wide set of relevant expertise, and you’re sure to learn a lot in this conversation about things that you probably didn’t even know existed, but that are intimately connected with grid security, climate change, and energy transition. Open your mind wide for this one – it’s a doozy!
Owners of uneconomic coal plants in the US have tried many ways to keep operating, even when it is not profitable to do so, such as out-of-market subsidies and re-regulation (as we discussed in Episode #41), bailouts and wholesale market controls (as we discussed in Episode #70), and seeking capacity payments or other novel payments for alleged reliability (as we discussed in our trilogy of shows on decarbonizing power markets, Episodes #90, #97, and #105).
But there’s another tactic, variously known as “self-committing” or “self-scheduling,” and it happens when a utility that owns a coal-fired power plant elects to operate the plant no matter what the going rate for power is, even if that price is below its operating costs. Fully regulated utilities oftentimes can pass the costs of operation onto their customers even when they’re electing to run at a loss, without having to go to the trouble of asking for additional cost recovery from a regulator, or getting a legislator or wholesale market operator to give them a handout in one form or another. And it all happens more or less invisibly to customers and regulators. Only a researcher with a sharp eye and expert knowledge of what to look for would even detect these uneconomic operations, such as our guest in this episode.
What do the various emissions scenarios published by the IPCC really mean? Is the worst-case RCP8.5 scenario “bollox,” as some have asserted, or it useful? Are we already doomed to experience seven feet of sea level rise and five degrees Celsius of warming globally, or is there still a chance that we can limit warming to two degrees? And if so…how likely is it that we can hit that target? How much can our energy transition efforts, both now and in the foreseeable future, do to mitigate that warming? Should our scenarios err on the side of being too extreme to account for unknown feedback effects and tipping points that may come in the future, or should we try to be as accurate as possible with our modeling, given the available data and scientific tools?
In this 11th part of our miniseries on climate science, we attempt to answer these questions and help our listeners sort out the various perspectives, from the tame to the apocalyptic, that feature in the current debates about our climate future. We hope that it will leave you with a much better understanding of what the climate scenarios really mean, how likely they are, and what the actual trajectory of climate change might be. We’re not out of the woods by any means, but our prospects may be better than you think!
New energy modeling on the U.S. states of Colorado and Minnesota offers some exciting and even startling insights: It can save everyone money to transition our power generation off of fossil fuels and onto wind, solar, and storage. And moving space and domestic hot water heating onto the power grid by switching to heat pumps, and moving transportation onto the power grid by switching to electric vehicles, will only increase the savings for all consumers—even those who don’t own a car will benefit from transitioning our fleets to EVs. In fact, the more we decarbonize, the more money it will save everyone, the more jobs will be created, and the closer we will get to addressing the climate challenge. Tune into this discussion with energy modeler extraordinaire Christopher Clack for all the exciting details in this special Christmas Day episode.
Electric vehicles have many fairly well-known advantages over conventional, petroleum-fueled vehicles. But what most people are yet to realize is the massive energetic advantage an EV can have when powered by renewables over a conventional vehicle powered by oil. In fact, an EV powered by wind or solar can deliver six to seven times as much mobility as a typical car powered by gasoline. This startling finding implies that in the long run, oil prices would need to drop drastically for conventional cars to remain competitive with EVs running on renewables. In fact, the price of oil would have to fall far below the current breakeven price for producing it. In other words, it could mean the end of growth in oil demand. In this episode, we take a deep dive into all the numbers involved in this fascinating analysis by a veteran sell-side analyst with BNP Paribas. Oil producers and automakers ignore these findings at their peril.
More than forty years ago, Exxon began researching the potential effects of carbon emissions from fossil fuel combustion on the climate. As far back as 1982, honest scientists doing respectable scientific work had realized that there was already a scientific consensus that a doubling of the carbon dioxide in the earth’s atmosphere would produce average global warming of 3 degrees Celsius, plus or minus 1.5 degrees C. And they knew it would have significant changes in the earth’s climate, including rainfall distribution and disturbances in the biosphere, accompanied by major economic consequences.
But then, after climate scientist James Hansen’s presentation to Congress in 1988, Exxon did an about-face. It spiked its own research and started working on climate denial. For the next 20 years its efforts were oriented around manufacturing doubt and lobbying to block federal action. Along with other companies in the fossil fuel lobby, Exxon spent considerable effort and money on a deliberate effort to confuse and mislead the public and policymakers about the risks of climate change.
Our guest in this episode is a veteran energy and environment journalist who, as part of an investigative team at Inside Climate News in 2015, pieced together the story of Exxon’s history of doing research on climate change, and then discrediting their own research in an effort to frustrate action on climate change and energy transition. If you’ve ever wondered why the public and certain elected officials continue to deny the reality of climate change, this episode is for you.
Champions of energy transition see it happening relatively quickly, emphasizing the advances that are being made in technologies, policy, and projects. While fossil fuel incumbents see a long, gradual process of energy transition, assuring us that demand for their products will remain strong for decades to come. So who’s right? Is energy transition going to be rapid, or gradual?
A new paper co-authored by Carbon Tracker, Bloomberg New Energy Finance, and the Rocky Mountain Institute contrasts these narratives and scenarios, and identifies some key distinguishing characteristics that can help us understand where they differ, as well as clarifying their underlying assumptions and perspectives, using those insights to inform our outlooks. In this episode, one of the authors from Carbon Tracker explains the analytical framework applied to these contrasting narratives, and shares his insights about the impact of the energy transition on financial markets, domestic politics and geopolitics, and how incumbents will have to navigate the new reality of climate change.