Switched On

A United Nations-led aviation decarbonization scheme could offer some respite for carbon credit markets mired in controversy. With the Carbon Offsetting and Reduction Scheme for International Aviation, also known as CORSIA, the UN is looking to offer legitimacy for carbon credits, to help tackle emissions at scale. The scheme has a global footprint, with a roster of 126 markets set to expand to 135 in 2027, but with the US and EU threatening to pull their involvement, just how impactful can CORSIA really be? On today’s show, Tom Rowlands-Rees is joined by Layla Khanfar, an associate on BNEF’s environmental markets team, to discuss her recent note “Aviation Credits Market Outlook: CORSIA Gets Its Wings”.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Aviation Credits Market Outlook: CORSIA Gets Its Wings - https://www.bnef.com/insights/36451

See omnystudio.com/listener for privacy information.

The rise of AI data centers is reshaping the outlook for US power markets. Forecast to account for nearly a 10th of all US electricity demand by 2035, data centers are gobbling up power more quickly than electric vehicles, hydrogen or any other demand class this decade. A profound concentration of capital has allowed for this rapid expansion, which is now exerting influence over energy infrastructure and planning investment. But what forms do data centers take, and what are the factors and strategies that influence associated decision making? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s Head of US Power, Helen Kou, and Senior Associate Nathalie Limandibhratha to discuss their recent note “US Data Center Market Outlook: The Age of AI”.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

US Data Center Market Outlook: The Age of AI - https://www.bnef.com/insights/36281

See omnystudio.com/listener for privacy information.

Clean energy investment in the US grew $50 billion last year. With interest rates easing and inflation in decline, the market appears to be well positioned to meet skyrocketing power demand from sources like artificial intelligence and data centers. Yet it’s not all smooth sailing: price cannibalization, curtailment risks, tariffs and clean energy policy shifts from the new Trump administration all present challenges for investors. So what business models and strategies are required to keep the momentum going? At the 2025 BloombergNEF Summit New York, Pol Lezcano, a senior associate from BNEF’s solar team, moderated a panel titled “Sustaining Momentum in US Renewable Investments.” This episode brings listeners that panel, which featured Andrew Gongaware, managing director at BMO Capital Markets; Matt Ransweiler, senior vice president for finance and capital markets at Invenergy; Miguel Pena, managing director and head of project finance for the Americas at BBVA; and Corinne Still, partner at Apollo Global Management.

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/.

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One hundred days of the second Trump presidency have passed, and the impact has already been significant. While running for president, Donald Trump put the Inflation Reduction Act, ESG investing and clean energy policy in his crosshairs, only to have been held up once in office by courts, members of Congress and some states. The “Liberation Day” tariffs created turmoil on global markets, and his administration has again had to pause and row back some levies, while others are being renegotiated. To guide us through these first 100 days of the second Trump term, Tom is joined on today’s episode by Derrick Flakoll, BloombergNEF senior policy associate for North America, to discuss recent BNEF research notes including “Trump’s Investment Rules Hold Back Made-in-US Clean Tech” and “‘Reciprocal’ Tariffs Spell Chaos for Clean Energy Markets: React”.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Trump’s Investment Rules Hold Back Made-in-US Clean Tech - https://www.bnef.com/insights/36067

Reciprocal’ Tariffs Spell Chaos for Clean Energy Markets: React - https://www.bnef.com/analyst-reactions/su5u2hdwx2ps00

See omnystudio.com/listener for privacy information.

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 BNEF on the Bloomberg Terminal or on bnef.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 BNEF on the Bloomberg Terminal or on bnef.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 BNEF on the Bloomberg Terminal or on bnef.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 BNEF on the Bloomberg Terminal or on bnef.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 BNEF on the Bloomberg Terminal or on bnef.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==

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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 BNEF on the Bloomberg Terminal or on bnef.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.