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[Episode #254] – Global Electricity Review 2025

Jul 16 2025

Mini Episode

This episode cuts through the noise around energy transition progress with hard data from one of the year's most important reports.

Despite claims from both "fossil gradualists" who would like to see the energy transition fail, and "net-zero puritans" who deny that the energy transition is happening at all because emissions are still rising, the transition is very much under way and gathering momentum. Countries are switching to renewables, electrifying transportation and decarbonizing heating faster than even the most seasoned energy analysts thought was possible, while the fossil fuel holdouts still white-knuckling their strategies are quickly dwindling in number.

Ember, a clean energy think tank, published a report in April titled Global Electricity Review 2025 that plainly lays out these facts. One of its lead authors, Nic Fulghum, joins us to discuss the report's findings in a conversation absolutely packed with the data you can use to win any debate with a transition denier.

Nic outlines how solar is growing faster than any energy source in human history, electrification of transport and heating are advancing quickly enough to materially slash fossil fuel demand, and power generation from fossil fuels is headed into structural decline. Global power-sector emissions may finally be close to peaking, thanks to the accelerating energy transition.

Guest:

Nicolas Fulghum is a Senior Energy and Climate Data Analyst at the global energy think Ember, and one of the lead authors of Ember’s flagship report – the Global Electricity Review.

On Bluesky: @nicolasfulghum.bsky.social

On LinkedIn: https://www.linkedin.com/in/nicolas-fulghum/

On Twitter: @nicolasfulghum

Geek rating: 8

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[Episode #244] – Rethinking Industrial Strategy

Feb 26 2025

Mini Episode

What makes for effective and enduring green industrial policy? How can public and private investment mobilize to achieve the Paris Agreement’s 1.5°C goal? Can Trump undermine climate science and the global energy transition, or will the rest of the world carry on without the US? Which policy designs can drive equitable green growth, ensuring the energy transition benefits economically disadvantaged and indigenous communities?

Today’s guest, Mariana Mazzucato, is a Professor in the Economics of Innovation and Public Value at University College London and the Founding Director of the UCL Institute for Innovation & Public Purpose. An author of four influential books on shaping capitalism, growth, and economic policy for the public good, she advises governments worldwide on innovation-led inclusive and sustainable growth. She chairs several governmental and inter-governmental organizations and produces reports designed to shape economic policies, particularly in the developing world.

In these challenging times of economic upheaval, Mariana’s ideas offer valuable guidance for policymakers as they craft industrial strategies to advance the energy transition.

Guest:

Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London, where she is Founding Director of the UCL Institute for Innovation & Public Purpose (IIPP). Her previous posts include the RM Phillips Professorial Chair at the Science Policy Research Unit at Sussex University.

She is winner of international prizes including the Grande Ufficiale Ordine al Merito della Repubblica Italiana in 2021, Italy’s highest civilian honour, the 2020 John von Neumann Award, the 2019 All European Academies Madame de Staël Prize for Cultural Values, and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She is a member of the UK Academy of Social Sciences (FAcSS) and the Italian Academy of Sciences Lincei. Most recently, Pope Francis appointed her to the Pontifical Academy for Life for bringing ‘more humanity’ to the world.

She is the author of The Entrepreneurial State: debunking public vs. private sector myths (2013), The Value of Everything: making and taking in the global economy (2018), Mission Economy: a moonshot guide to changing capitalism (2021) and The Big Con: How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies (2023).

She advises policy makers around the world on innovation-led inclusive and sustainable growth. Her roles have included for example Co-Chair of the Group of Experts to the G20 Taskforce on a Global Mobilization against Climate Change, Chair of the World Health Organization’s Council on the Economics of Health for All, Co-Chair of the Global Commission on the Economics of Water, Co-Chair on the Council on Urban Initiatives, Commissioner for the Jubilee Report on Addressing the Debt and Development Crises in Countries from the South, and member of the South African President’s Economic Advisory Council. Previously, through her role as Special Advisor for the EC Commissioner for Research, Science and Innovation (2017-2019), she authored the high-impact report on Mission-Oriented Research and Innovation in the European Union, turning “missions” into a crucial new instrument in the European Commission’s Horizon innovation programme, and more recently, authored a report with the UN’s Economic Commission for Latin America and the Caribbean (ECLAC) on Transformational Change in Latin America and the Caribbean: A mission-oriented approach.

On Bluesky: @mazzucatom.bsky.social

On Twitter: @MazzucatoM

On Substack marianamazzucato.substack.com

On the Web:  https://marianamazzucato.com

UCL profile page: https://profiles.ucl.ac.uk/61409-mariana-mazzucato/about

Geek rating: 7

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[Episode #242] – IEA Outlook 2025

Jan 29 2025

Mini Episode

What important trends are shaping the energy transition today? And what is the outlook for oil and gas demand?

In this conversation, Tim Gould of the International Energy Agency (IEA) returns to discuss key insights from the agency’s flagship annual report, the World Energy Outlook 2024. We consider the enormous implications of IEA’s view that global demand for all fossil fuels will peak and begin a slow decline within the next five years. To explore this, we take a closer look at the state of the oil and gas industry, comparing its expectations to what climate science and energy system modeling tell us about the future of fossil fuels. We also consider how the energy transition could reduce overall demand for fossil fuels, creating excess supply imbalances that reshape global markets and trade geopolitics.

Our discussion also touches on the IEA’s forecast that low-emission electricity sources like solar, wind, and nuclear will account for more than half of global power generation before 2030. Further, we explore the rising energy demand from data centers, shifting expectations for hydrogen, and the investments needed to keep clean energy growing at a pace that meets our climate targets.

Guest:

Tim Gould is co-head of the World Energy Outlook series at the Paris-based International Energy Agency (IEA). He designs and directs the work together with the IEA’s Chief Energy Modeller and contributes to the Outlook as a principal author. He also oversees the Agency’s analysis of energy investment and finance, including the World Energy Investment series. Tim has been at the IEA since 2008, and joined initially as a specialist on Russian and Caspian energy before going across to join the World Energy Outlook team under the (then) Chief Economist, Fatih Birol, who is now the IEA’s Executive Director. Before IEA, he worked on European and Eurasian energy issues in Brussels and also spent ten years working in Eastern Europe, primarily in Ukraine. He studied at Oxford University and Johns Hopkins SAIS.

On Twitter: @tim_gould_

On the Web:  http://www.iea.org

Geek rating: 7

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[Episode #235] – China, India and Australia 2024 Update

Oct 16 2024

Mini Episode

The energy transition in China is a complex picture. China is both the world's largest annual greenhouse gas emitter and the largest market for electric vehicles. It’s the largest user of coal, and it deploys more wind and solar every year than the rest of the world combined. It’s both the largest worry in terms of rising CO2 concentrations, and the biggest hope for curbing emissions.

But in syndicated media, this complex reality tends to be boiled down to old tropes, generalized and unhelpful characterizations, and correct but irrelevant data, instead of any useful context and synthesis.

So you might be forgiven for not knowing that power sector emissions in China actually fell in the second quarter of 2024, and China’s CO2 emissions could be close to a peak in its CO2 emissions, which means the world probably is too.

The reporting on India and the rest of Southeast Asia is even worse, if not nonexistent.

So we are very pleased to welcome back Australian energy analyst Tim Buckley to the show. We sat down in person in Sydney for an hour and a half conversation about the trends and the data in all of those countries, as well as their trade relationships with Australia. And we begin to explore the potential for Australia to use its abundant and cheap wind and solar resources to produce green hydrogen, then use it to upgrade the ores and other materials that it exports to Asia and beyond.

After listening to this episode, we hope you’ll have a much better idea of the reality of the energy transition in Asia and Australia.

Guest:

Tim Buckley is the Founder and Director of Climate Energy Finance (CEF), a Sydney-based think tank established in 2022 that works pro-bono in the public interest on accelerating decarbonisation in line with the climate science.

Tim has 35 years of financial market experience covering the Australian, Asian and global equity markets and is a influential energy finance commentator. He has written more than 100 reports on the global energy transition, and the roles of finance and policy in accelerating critical decarbonisation trends.

Tim was previously the Australasian Director of the global Institute for Energy Economics and Financial Analysis, 2013-2021. Prior to this, Tim was a top-rated equity research analyst, including Head of Equity Research in Singapore at Deutsche Bank, Managing Director, Head of Equity Research at Citigroup for 17 years, and co-Managing Director of Arkx Investment Management P/L, a global listed clean energy investment start-up jointly owned with Westpac.

Tim started his career as a lecturer in Finance and Market Regulation at the University of Technology, Sydney before moving to Macquarie Group in 1988 to work in equity research. Tim has a Bachelor of Business majoring in Accounting and Finance from UTS (1985-87), the US SEC Series 7 (General Securities Representative Qualification Examination) and Series 24 (General Securities Principal Qualification Examination) qualifications.

On the Web:  https://climateenergyfinance.org/

LinkedIn: https://www.linkedin.com/in/tim-buckley-0a654313/

Geek rating: 7

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[Episode #220] – Climate Capitalism

Mar 20 2024

Mini Episode

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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[Episode #219] – Nuclear Illusions

Mar 6 2024

Mini Episode

In Episode #209, we peeled back the layers on civilian nuclear power, revealing its history as a facade for the nuclear weapons industry with a corresponding legacy of deception.

Yet, the allure of small modular reactors (SMRs) has recently been touted as the nuclear industry's saving grace and a beacon of hope with the potential to sidestep a muddled past. Despite all the fanfare and substantial investments, the crumbling of prominent SMR initiatives exposes the continuation of the industry's tradition of overpromising and underdelivering, a pattern all too familiar to those who've been watching closely.

Joining us in this episode is Jim Green from Friends of the Earth Australia, a seasoned nuclear journalist with three decades of experience in critiquing nuclear energy. Jim offers an unparalleled depth of insight into the industry's persistent shortcomings and the realities behind the SMR hype. Together, we delve into the track record of conventional nuclear power, the latest trends in nuclear plant construction and retirements worldwide, and examine the companies at the forefront of the SMR push, offering a candid exploration of the nuclear power industry's claims versus its actual performance.

Guest:

Jim Green is the National Nuclear-Free Campaigner with Friends of the Earth Australia, a member of the Nuclear Consulting Group (nuclearconsult.com), and former editor of the World Information Service on Energy’s ‘Nuclear Monitor’ newsletter. He has a First Class Honours degree in Public Health and a Doctorate in Science and Technology Studies for his thesis on the debates over the replacement of Australia’s nuclear research reactor.

On Twitter: @jimgreen333

On the Web: http://nuclear.foe.org.au

Geek rating: 3

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[Episode #158] – Global Energy Crunch

Oct 27 2021

Mini Episode

Since early July, a global energy crunch has unfolded, driving up prices for all energy fuels around the world, and then causing some power plants and manufacturing facilities to shut down. In turn, that has exacerbated problems across global supply chains, causing major delays and price increases for everything from gasoline to hard goods.

If you have been wondering why your heating bill is up, or your last tank of gasoline was so expensive, or why your local retailer is telling you that you’ll have to wait months for that new washing machine, this episode will give you at least the beginning of some answers. These are remarkable times in the energy markets, unlike anything that’s happened since the last major commodity spike of 2008.

And we are very pleased to have an analyst and editor who has been following energy and commodities since well before that last spike as our guide in this episode: Will Kennedy, executive editor for energy and commodities at Bloomberg News. Will leads us through the many, many facets of this complex picture, and then we wrap up the conversation by asking how the world’s energy leaders will respond to it as the COP 26 climate conference gets underway. This developing supply shock may give us a good clue about how the world responds to the challenges of the energy transition in the coming years.

Geek rating: 5

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[Episode #149] – Green Hydrogen and Carbon Prices

Jun 9 2021

Mini Episode

We’ve all heard about the potential of “green” hydrogen — hydrogen produced from carbon-free sources — to help decarbonize the ways we use energy by making variable renewable power from wind and solar available on-demand. The European Union is counting on green hydrogen to meet its carbon reduction goals under the Paris Agreement.

But the cost of green hydrogen is still considerably higher than the “gray” hydrogen made using fossil fuels, which currently dominates global hydrogen use. If truly carbon-free green hydrogen is going to reach price parity with its dirtier cousins, two things need to happen: production costs must fall, and some form of carbon pricing will need to increase the price of gray hydrogen, leveling the playing field.

But what carbon price can serve this purpose, and how much will the cost of producing green hydrogen need to fall? And when do these repricings need to occur for Europe to achieve its carbon reduction goals under the Paris Agreement?

Our guest in this episode, Mark Lewis, Head of Climate Change Investment Research at BNP Paribas Asset Management in Paris, shares his answers to these questions with us, using the European Emissions Trading System (ETS) as a basis.

Also in this episode: We make several exciting announcements, including announcing that host Chris Nelder will now be working full time on the podcast!

Geek rating: 5

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[Episode #148] – Energy and Emissions after COVID

May 26 2021

Mini Episode

What trajectory of global energy consumption and carbon emissions can we expect as the world starts to recover from the COVID pandemic in the years ahead? Will we go right back to our activities and travel habits as they were before the pandemic? Or have structural changes already taken place that put us on a different path?

In this episode, we speak with the co-head of the World Energy Outlook series at the Paris-based International Energy Agency (IEA), who helps design and direct the construction of their energy scenarios and their guidance to the world’s governments. We discuss three major reports that IEA has issued over the past six months on energy demand and emissions as a result of COVID, and have a look at how much energy demand dropped in 2020, how the fuel demand in various sectors and countries changed, and what the world might expect in 2021 and beyond.

Geek rating: 4

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[Episode #138] – Transition in China

Jan 6 2021

Mini Episode

China is both the greatest threat to the global climate, and, very possibly, our greatest hope for energy transition. It consumes more coal and produces more CO2 than any other nation on earth. It also has more installed capacity for wind and solar than any other nation, and the largest long-distance, high-voltage electricity transmission grid. It has more electric vehicles and more high speed rail than any other country. And it produces more steel, and cement, and housing, and just about everything else. If the energy transition is to be a success, it cannot happen without China.

But China remains opaque to non-Chinese speakers, and its conflicting information and narratives confound Western journalists. What is the actual trajectory of energy transition in China? Is it building more coal plants than anyone else… or is it leading the world in building wind and solar? What if the answer is… both? And can it meet its new target to get to net-zero emissions by 2060?

In this episode, expert Lauri Myllyvirta of the Centre for Research on Energy and Clean Air joins us to share his extensive research on coal and air pollution in Asia, with a focus on his insights into what is really happening in China.

Geek rating: 6

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