This week: artificial intelligence, machine learning, and the many ways they can decarbonize the economy.

From optimizing buildings to modeling new industrial processes to better managing the grid, AI and machine learning are core to many technology strategies for addressing climate change.

So how, exactly, will they be implemented? And what problems can they solve?

With us is Priya Donti, a PHD student at Carnegie Mellon University. Her work is focused on machine learning, grid systems and climate change. She is also the co-chair of Climate Change AI, a group of academics and practitioners looking at machine learning as a decarbonization tool.

This episode was originally broadcast in February 2020.

The Interchange is brought to you by Smarter Grid Solutions, a leading enterprise energy management software company. Find out how Smarter Grid Solutions’ software can give you real control over your clean energy assets.

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Can Computers and Math Save the Climate? (Rebroadcast)

The Interchange: Recharged podcast is a leading global clean tech podcast that has been running since 2017. Every two weeks experts and industry leaders from the world of clean tech and energy join host David Banmiller for a deep dive into their technology, the future of their sector, funding and policy impacts. We aim to provide a platform for start-ups, new companies and organisations who are innovating and solving real world problems in the energy transition. Our listeners are energy experts, industry evangelists who’re interested in companies that do pioneering work to accelerate the transition.

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In the UK, the collaboration between banks and policymakers is crucial for accelerating the energy transition. The financial sector in the UK managed assets worth over 9 trillion UK pounds (11.3 trillion USD) as of 2020, with a considerable portion needing realignment towards sustainable investments to meet the 2050 net zero goal. The Climate Change Committee, an independent advisory board to the UK government, estimates 50 billion UK pounds, or US$60 billion per year, is needed to meet net zero goals.

Heather Buchanan is co-founder of Bankers For Net Zero, an initiative aiming to involve banks with governments to make better investment and policy decisions for the energy transition. One significant need for investment is the retrofitting of the housing stock; over half of the UK’s homes are old and inefficient. This a major challenge for banks. With host David Banmiller, Heather explores the financial implications of decarbonizing financed emissions from all banking products by 2050.

Plus, the importance of Energy Performance Certificates and measuring efficiency, the financial incentives to de-risk clean energy investments, and how B4NZ is working to engage banks, government and NGOs to drive us to net zero. Collaboration is crucial, but it’s a constant struggle.

For more information visit woodmac.com/podcasts. The Interchange is back at Wood Mackenzie’s Solar Energy and Storage Summit, in San Francisco on June 12. To secure your ticket visit woodmac.com/events/solar-energy-storage-summit.




In this episode:




00:00:08: Importance of collaboration between banks and policymakers for energy transition

00:00:43: About Bankers for Net Zero initiative

00:01:20: Discussion begins about financial community involvement in energy transition

00:01:35: Introduction and milestones of Bankers for Net Zero

00:04:19: Focus area for Bankers for Net Zero

00:06:06: Challenges faced in housing issue and retrofit issue

00:08:33: Introduction to National Retrofit Hub and role of energy performance certificate

00:10:40: Ideas to de-risk financial burden of energy efficiency

00:12:24: Coordinating energy efficiency on a larger scale

00:14:41: Importance of convincing constituents

00:15:22: Role of communities in the energy efficiency transition

00:16:20: Designing policy to support the energy efficiency efforts

00:18:01: Importance and issues of EPC in retrofitting

00:20:00: Balancing energy security and costs

00:23:35: The Role of Financial Institutions & SME's

00:25:50: Changes to GHG Protocols

00:27:04: Introduction to Project Perseus

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How banks and government are working together to achieve net zero in the UK

Estimates for the cost of decarbonising could be inaccurate. What does that mean for investment and policy-making? 

About $1.2 trillion is invested annually in climate technology and infrastructure worldwide, with significant portions allocated to China due to its accelerated decarbonization goals. However, experts argue that about $9 trillion could be needed annually to effectively counter climate change, indicating a substantial gap in current funding​. Debate continues over the economic feasibility of such costs, to the detriment of progress, but what if the cost was actually far less? RMI, the research and clean energy advocacy group, says that this may indeed be the case. These forecasts could be overinflated by trillions of dollars. If that’s true, what will it mean for investors, markets and policy? 

Host David Banmiller is joined by Dan Goldman, managing partner at Clean Energy Ventures, a VC that funds startups developing early stage breakthrough technologies. He says the there’s a significant investment shortfall – regardless of the total cost of decarbonising – currently to stabilise global temperatures. He discusses a downturn in venture capital investments in climate tech, particularly affecting early-stage companies and innovation in new technologies. Challenges remain in scaling up clean energy technologies due to a combination of high interest rates, inflationary pressures, and supply chain disruptions, which increase costs and complicate project implementations.

There's a specific shortfall in investment for infrastructure necessary for large-scale renewable energy implementations, like wind and solar, which are essential for a robust energy transition. David and Dan discuss how this could be addressed, and analyse the current economic environment, characterized by high costs and uncertain returns.  

Is it these barriers that are hindering significant capital flow into this sector, or the forecasted cost for decarbonising global energy systems? How can global financial strategies be adjusted to accelerate the necessary investments in clean energy and technology? Find out on the show.

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What’s the energy transition going to cost?

SMRs: a new horizon in Nuclear Power.

This week on The Interchange: Recharged, David is joined by Ted Nordhaus, Executive Director at the Breakthrough Institute, an environmental research centre in Berkley, California. They focus on finding technological solutions to environmental problems.

Achieving a net-zero emission grid by 2050, they claim, with a significant nuclear component would not only be feasible but also cost-effective compared to over-reliance on variable renewable energy sources. This approach requires substantial investment, estimated between US$150 to US$220 billion by 2035, escalating to over a trillion dollars by 2050. Together Ted and David discuss the likelihood that the private sector will drive this investment, provided that nuclear technologies are economically viable and regulatory uncertainties are addressed. They look at the Build Nuclear Now campaign, which aims to rally public support for nuclear energy and drive towards grassroots pro-nuclear advocacy. Is this a sign that public sentiment is changing?

The main challenges hindering the adoption of nuclear energy include regulatory hurdles, financial barriers and ongoing concerns surrounding nuclear safety. Ted explains that regulatory reform and public sector commitment could overcome these obstacles. The Nuclear Energy Innovation and Modernization Act are examples of a policy aimed at modernising the regulatory environment, to facilitate the licensing of advanced nuclear reactors.

So, are SMRs the solution to everything nuclear? They’re designed to produce between 50 to 300 MW of electricity per module, which is about one-third of the generation capacity of traditional nuclear power reactors. NuScale's design (listen back to our episode from April last year for more on this) for instance, is for a 77 MW module, with plans to deploy modules in groups that can generate up to 924 MW. The U.S. Department of Energy (DOE) has been actively supporting SMR development, investing over US$600 million in the past decade to assist in the design, licensing and siting of new SMR technologies in the U.S. The technology seems to be there, as does the baseline investment.

What’s next for the nuclear industry? Listen to find out.

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Can we rely on nuclear as a source of clean, reliable power?

New battery technology could get EV prices down and drive mass adoption

In this week’s episode of Wood Mackenzie’s The Interchange Recharged, host David Banmiller looks at the rapidly evolving landscape of EVs and the battery technology that powers them. Market sentiment in the US is up and down; despite a 40% sales increase from the last quarter of 2022 to the same period in 2023, the industry is struggling with competition from China amid a price war. Batteries have a critical role to play in accelerating mass EV adoption and so their dramatic cost reduction - nearly 90% over the past 14 years – has potentially sparked an EV revolution.

Joining David is Haresh Kamath, an expert in energy storage and clean tech from the Electric Power Research Institute (EPRI). Together, they explore the nuances of battery economics, the potential of cutting-edge technologies like solid-state batteries and the imperative of developing efficient recycling methods to sustain this green momentum.

They examine the challenges of scaling EV infrastructure and supply chains, looking forward at the technologies that will continue to drive down costs and extend EV ranges.

Subscribe to The Interchange Recharged on your preferred podcast platform, and join the conversation on X – we’re @interchangeshow. 

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$802 billion on the horizon: the current state of the EV market

A breakthrough way of producing hydrocarbons, crucial to the aviation industry, could reduce costs and accelerate decarbonisation.

Sustainable aviation fuel (SAF) is a key component in the aviation industry's path to decarbonization, which contributes to only 2% of global carbon emissions but is actively seeking cleaner solutions. Airbus and other aerospace companies are leading the charge, with Airbus integrating over 11 million litres of SAF in its operations in 2023, reducing carbon emissions significantly. The industry aims to increase SAF production to 17.5 billion litres by 2030, supported by initiatives like the IRA. 

On this episode of Wood Mackenzie's The Interchange Recharged, David Banmiller speaks with Andrew Symes, founder and CEO of OXCCU. They’re developing a more efficient way of converting CO2 and hydrogen into hydrocarbons, potentially a monumental step towards more scalable and environmentally-friendly fuels. 

Despite technological advancements, challenges in financing, regulatory support, and talent acquisition persist. SAF's integration with existing aviation infrastructure without the need for modifications is one key benefit; it could create a smoother transition to greener aviation, with expectations for SAF to achieve cost parity with Jet A fuel (the current standard) as technology and scale improve. The SAF industry enjoys broad support from airlines, governments, and regulatory initiatives, who are pushing for increased SAF adoption towards a net-zero future by 2050. The technology behind SAF, and as Andrew explains, the science behind OXCCU, not only promises to revolutionize aviation but also has applications in producing chemicals and plastics, signalling a broader impact on sustainability across various sectors and the goal of a circular economy.

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Can Computers and Math Save the Climate? (Rebroadcast)

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