Switched On
The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.
Episodes
Heat Pumps and the Economics of Clean Heating
Heat pumps are at a crossroads. After a decade of growth, global sales fell in 2025 as weaker construction activity weighed on key markets. Yet the longer-term picture remains resilient. Heat pumps have continued to gain ground against fossil fuel heating in several regions, while Europe remains a focal point for adoption, shaped by a shifting mix of subsidies, energy prices and consumer demand. S
What Explains the Growing Divide Between Oil and Gas
Gas and oil are on a sharply divergent path. In BloombergNEF’s Economic Transition Scenario, oil demand peaks before the end of the decade, while gas demand continues to grow as expanding power systems seek reliable sources of generation. At the same time, constraints on everything from gas turbine supply chains to grid infrastructure are emerging as critical bottlenecks. So how does the glo
China Data Signals Clean Tech Shift: Analyst Reaction
China’s latest export data is offering an early glimpse into how higher fossil fuel prices may be reshaping trade in clean energy technology. Shipments of solar products, batteries and electric vehicles rose sharply in recent months, with some of the strongest growth coming from emerging markets that are heavily exposed to oil and gas imports. The figures arrive as many fuel-importing econom
Wind Power Expands as Competition Heats Up
The wind industry is entering a new phase of scale. Offshore installations are set to surge in 2026 as a new generation of massive projects comes online, while onshore markets continue expanding across the globe. But the picture beneath those headline numbers is increasingly nuanced. Offshore developers are still grappling with supply chain bottlenecks, higher financing costs and policy uncertaint
Japan Nuclear Revival Reaches Tokyo: Analyst Reaction
Japan’s journey back to nuclear power is entering a new phase. Fifteen years after the Fukushima disaster and the shuttering of the country’s nuclear fleet, the return of the Kashiwazaki Kariwa 6 reactor marks the first restart in the Tokyo power region and one of the most significant additions since 2011. The timing is critical. Japan remains heavily reliant on imported LNG, leaving i
Hydrogen Moves From Hype Cycle to Hard Economics
Hydrogen’s place in the energy transition is changing. After years of hype around its role in reaching net zero, many projects have been delayed or canceled as costs remain high, policy support weakens and demand proves slow to materialize. Yet hydrogen is far from disappearing. Industries already consume vast amounts of the molecule today, and sectors such as fertilizers, refining and poten
BNEF Tier 1 Lists: The Mark of Credibility
BloombergNEF’s Tier 1 lists have become a defining feature of the clean energy industry. Built on real project deployment data, they track which manufacturers’ products are actually being used in large, recently financed projects, offering a transparent way to navigate markets crowded with hundreds of suppliers. That simplicity has made the lists highly influential, but being on (or of
Data Centers and the Future of Energy Storage
The AI boom is ushering in a new era for energy storage. As data center buildout accelerates, batteries are evolving from short-duration backup tools into larger, more flexible systems that can help bring facilities online faster and manage complex power needs. In the US in particular, a growing pipeline of projects is emerging, with batteries increasingly paired with on-site generation or used to
Energy Strategy in an Era of Global Fragmentation
Middle powers are navigating a more fragmented global order. As tensions rise between major economies, the countries caught in between are being forced to rethink how they manage trade, security and economic ties. Energy is at the center of that shift. Reducing reliance on imported fuels is becoming a strategic priority, with electrification and domestic clean energy seen not just as climate solut
Hormuz Delivers an Aluminum Shock: Analyst Reaction
Severe disruption in the Strait of Hormuz is rippling far beyond oil markets. Around 10% of global aluminum supply is tied to the Middle East, and with exports constrained, prices are surging and supply chains are tightening. The impact will extend across the global economy as aluminum is used from cars and electronics to construction, meaning higher prices can quickly feed through to everyday goo
Nuclear Fusion Powers Up for Commercial Breakthrough
Fusion energy is entering a new phase. After decades as a scientific pursuit, the sector is attracting billions in private and public capital, with big tech, oil companies and governments all racing to bring the first commercial plants online. Advances in areas like superconductors, materials and computing are opening new pathways, while surging demand for reliable, clean power, particularly from
PJM Grapples With Data Center Load and Supply Gaps
PJM Interconnection is entering an era of explosive power demand. Home to a significant share of the world’s data centers, the largest US electricity market could soon be facing sky-high prices and scant supply. Yet stakeholders are divided on how best to respond. Should PJM focus on building new generation, or should it lean on flexible demand? And with no lever able to solve the problem si
Spanish Blackout Lessons One Year On: Analyst Reaction
It’s been nearly a year since Spain’s catastrophic blackout and key questions remain. Post-mortem reports point to a complex chain reaction in the grid, with no single trigger and gaps in coordination between operators, regulators and generators. The findings expose deeper challenges: inconsistent voltage rules, rising operational complexity and a system evolving faster than its contro
How Fuel Price Shocks Are Rewiring Clean Tech Trade
Energy shocks don’t just move prices, they reshape trade. As oil and gas prices rise, countries reliant on energy imports are accelerating the shift toward clean technologies, from solar and batteries to electric vehicles. In many cases, that change is being driven by businesses and consumers responding directly to higher costs. Yet it also relies on trade dynamics and government priorities,
Beyond Climate: The Rise of Nature Risk
Nature risk is becoming a critical challenge for companies. It’s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF’s new Nature Risk Management Scores aim to bring structure to that co
Finding Opportunity in a Complex Energy Transition
The energy transition is entering a more complex phase. Geopolitics, trade tensions and rapid technological change are reshaping markets, creating new risks as well as new opportunities. Demand is rising across clean power, electric vehicles and data centers, even as supply chains tighten and policy becomes more fragmented. At the same time, falling costs and new business models are opening fresh
Clean Power Costs Split After Years of Alignment
The cost to build and run clean-power projects used to be heading in one direction: down. That story is now getting more complicated. Battery storage costs continued to fall last year, while most other technologies became more expensive. Yet comparing technologies is far from straightforward. So how should we interpret these shifts in an increasingly complex power system, and what do these changin
European Power Confronts Gas Shock: Analyst Reaction
Oil and gas prices are rising again as the Iran war shakes global energy markets. But so far Europe’s power system is holding up better than in 2022, when Russia invaded Ukraine. More renewables and lower demand have made Europe’s energy system more resilient, even as prices edge higher. Yet gas still matters, and as coal exits the power mix, exposure to future shocks could grow. So ho
US Clean Energy Factbook: Generation Hits 20-Year High
The US energy transition has hit an inflection point. Electricity generation reached a 20-year high last year, as renewables and energy storage accounted for 90% of new capacity additions. Energy-transition investment reached a record $378 billion, and more electric vehicles were sold than ever before. Yet all these headline figures occurred as federal policy support for clean technologies was sca
Private Capital: Turning Mega Funds Into Megawatts
Private capital is reshaping the energy transition. Once a niche corner of finance, private markets now manage tens of trillions of dollars globally, with a growing share directed toward clean energy strategies What sets this capital apart is not just scale, but structure: real assets such as wind, solar, grids and storage dominate, reflecting a preference for infrastructure-style returns and cont
Biofuels Cash In on US Tax Credits: Analyst Reaction
New guidance on the 45Z Clean Fuel Production Credit has clarified the outlook for US biofuels. The Treasury Department has confirmed that manure-based fuels can earn negative emissions scores, unlocking potential credits of around $7 per gallon for some renewable natural gas projects. The decision gives manure-based RNG a clear advantage, likely displacing other sources in the already saturated r
Record Energy Transition Investment, But Slower Pace
Investment in the energy transition reached a record $2.3 trillion last year. That’s a huge figure, but it tells only part of the story. Renewables investment dipped year-on-year as China shifted its power market policy, clean industry and carbon capture gained ground, and growth shifted toward Europe, the Middle East and Africa. Behind the total lies a careful process to define what counts,
What Really Determines Where Data Centers Get Built
The geography of data center development is being redrawn at speed. BloombergNEF is tracking nearly 23 gigawatts of new capacity under construction worldwide, as AI and cloud workloads drive the next phase of digital infrastructure growth. But siting decisions are becoming more complex. Energy availability and land permitting now dominate, while taxes, fiber connectivity and existing ecosystems st
Clean Tech’s US Tariff Whiplash: Analyst Reaction
A US Supreme Court ruling is shaking up global clean-tech trade. By striking down Donald Trump’s “Liberation Day” tariffs, the justices have created an opening for some solar equipment and stationary storage batteries. Yet not everyone will benefit equally, and with the administration moving to put new tariffs in place, just how durable is this reprieve? On today’s show, Ka
Sustainable Finance Enters Its ‘Messy Middle’
Sustainable finance has entered what might be its “messy middle.” For years, governments leaned into reporting regulations and other policies in support of ESG-aligned financial activities. Then came 2025, with the European Union weakening flagship rules, the US rolling back federal guidance, and other markets pausing or delaying new standards. Yet investors still demand standardized d
How Climate Risk Flows From Insurance to City Budgets
Climate adaptation is increasingly a matter of financial resilience, not just physical protection. Across the US, climate risk is filtering into rising insurance costs, shifting property values and heavy reliance on property tax revenues, exposing some cities and counties to mounting fiscal strain and potential spillovers into municipal bond markets. With climate exposure, tax dependence and acces
Beyond the Chip: Rewiring Data Center Supply Chains
As AI drives a new wave of data center expansion, the focus is shifting from chips to the infrastructure that powers and cools them. Denser AI workloads are accelerating the move toward liquid cooling, higher-capacity electrical equipment and new power architectures, putting pressure on traditional supply chains and forcing rapid innovation across the ecosystem. So how is AI reshaping the hardware
How Co-Located Batteries Are Reshaping Solar’s Future
After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new
Power Grid Spending Surges But Capacity Still Lags
Investment in power grids is rising fast. Worldwide, spending on this critical piece of infrastructure rose 17% last year. Yet higher outlays are not necessarily translating into new capacity on the ground. Aging assets, supply-chain constraints and the rollout of new technologies are slowing delivery, while connection queues for both generation and load are getting longer. With grids under pressu
AI’s Tilt from Clean Power to Gas: Analyst Reaction
Data centers are expanding at an unprecedented rate, and their need for fast, reliable electricity is reshaping power generation plans across the US. Grid bottlenecks and delivery timelines are tipping the balance between gas and renewables. And while clean energy remains central to long-term strategy, speed to power is becoming a decisive factor in short-term plans. As utilities race to serve AI-
Oil, Gas and Metals in 2026: What to Watch This Year
Commodity markets are in a period of upheaval. Wars, sanctions and political shifts have already rewired global trade, and a new wave of pressures is coming into focus. A liquefied natural gas glut is looming, China is rapidly expanding its biofuel production, the global copper market is facing a supply crunch, and US military actions in Venezuela have thrown a new wild card into the mix. With so
Where Venezuela’s Oil Fits in the Global Market: React
What the recent US action in Venezuela means for global oil markets is still an open question. While the prospect of additional oil is drawing interest, high production costs, infrastructure constraints and political risk complicate any near-term jump in Venezuela’s oil output. As markets weigh the scale and speed of a potential comeback, how much could Venezuela really move the needle in a
Progress Amid Fragmentation: Energy Transition to 2030
The push toward a lower-carbon global economy ran into strong headwinds last year, and 2026 offers little sense of a clean reset. Political uncertainty, uneven policy support and slower progress in some markets continue to complicate the outlook for climate-focused investors and companies. Yet beneath the noise, the energy transition is still advancing, driven by economics, technology and long-ter
LNG, Biofuels and the Future of Maritime Transport
Maritime shipping is a notoriously tricky sector to decarbonize, yet options for a greener industry are slowly emerging. Bio-LNG is helping clean up fuel tanks. New ship-building and navigational techniques, from advanced hull coatings to smarter routing, are making a dent in emissions. And new European rules are pushing ship owners toward cleaner options. Yet with a myriad of competing incentives
Pay-Per-Mile Comes to UK EVs: Analyst Reaction
The UK’s latest budget sends mixed consequential signals for electric vehicles. A sharp increase in purchase subsidies is paired with plans for a new pay-per-mile charge, reshaping the economics of EV ownership as adoption accelerates. The changes could affect drivers very differently, depending on mileage, charging access and whether vehicles are privately owned or part of company fleets. A
Surplus for Many, Strain for a Few Transition Metals
Global metals markets are shifting faster than anyone expected. Once projected to face widespread shortages, most key energy transition metals now show far more balanced outlooks. Surpluses are pushing battery metal prices down and accelerating the adoption of new chemistries, while demand for steel, copper and aluminum strengthens across clean energy infrastructure. Yet slow mine development, pro
Heavy Industry’s Bumpy Path to a Low-Carbon Future
Heavy industry faces one of the hardest paths to net zero, yet momentum is starting to build. New decarbonization commitments reached nearly $15 billion by mid-2025. The largest chunk of investment is concentrated in the steel industry, where electric arc furnaces and hydrogen-ready technologies are already pushing down emissions. Other sectors, like aluminum, cement and plastics, are experimentin
From Mini EVs to Mega Scale: China’s Cars Go Global
China’s electric vehicle market is moving at extraordinary speed. Generous incentives, trade-in subsidies, and aggressive pricing have fueled mass-market growth, and roughly half of the cars sold in the country today come with a plug. Now, this EV success story is moving beyond its domestic borders. Chinese brands already account for nearly one in five EVs sold outside the country, and new f
How Smart Chips Are Rewiring the Car Market
As vehicles become increasingly intelligent and connected, the chips powering them are transforming the automotive industry. Traditional supply chains are giving way to new partnerships, and advanced processors are reshaping everything from vehicle costs to the balance of power between automakers and chipmakers. With automation advancing and chipmakers taking a larger role in vehicle development,
Adaptation and Resilience: A New Investment Imperative
How well prepared are we for a warming world? Climate adaptation is quickly moving from theory to strategy, reshaping investment priorities and exposing new risks and opportunities. On this bonus episode, Kobad Bhavnagri reads his note “Adaptation and Resilience: The New Investment Imperative” to explore how businesses, policymakers and financiers are adapting to a changing climate, a
Ranking Resilience: Economies Adapting to Climate Risk
Climate is reshaping the global economy. Losses from major weather events are now estimated at $1.4 trillion each year, and as the damaged assets, disrupted supply chains and declines in productivity pile up, climate risk is turning from an environmental issue into a financial one. BloombergNEF has thus developed an Adaptation Preparedness Framework to assess how major economies are preparing for
Heavy Duty, Low Carbon: How Trucks Are Going Electric
The 85 million medium- and heavy-duty trucks on the road last year were responsible for nearly a 10th of global emissions, and an array of technologies and business models are in trial as a way to cut these vehicles’ carbon footprint. A lack of charging infrastructure and high upfront prices remain high hurdles to clear. Yet China boasts record e-truck and e-tractor sales, Europe offers them
The Hydrogen Hurdle: Costs, Policy and Progress
Hydrogen was once the golden child of the energy transition. Yet high costs and limited policy support proved high hurdles for the technology’s progress, global deployment has fallen well short of expectations. Forecasts now project around 5.5 million tons of production by 2030 – half of what was expected just a few years ago and far below industry and government ambitions. Of course,
COP30 Countdown: Ambition, Politics, Reality
In a few days’ time, world leaders will gather in Brazil for the COP30 climate conference. It’s been 10 years since the Paris Agreement laid out ambitions for a net-zero future, yet momentum is waning. Fewer than a third of nations have submitted their 2035 climate pledges, and current trajectories suggest that the global warming threshold agreed in Paris will be far exceeded by the en
Capital Clash: Clean Energy vs Fossil Fuel Finance
Global energy investment is entering a period of realignment. Tariffs, inflation and geopolitical tensions have disrupted financial models, while a backlash against ESG along with renewed fossil fuel demand, driven partly by AI’s power needs, are redirecting capital flows. At the same time, electricity demand continues to rise, intensifying competition between clean and conventional energy.
The Business of Breathing Life Into Old Wind Turbines
The first generation of wind turbines is now approaching retirement. Developers across Europe, the US and China thus find themselves at a crossroads: should they refurbish and extend the life of existing wind fleets, or dismantle them and build new projects from scratch? Wind technology has evolved considerably over the last 20 years, maintenance costs can be steep, and new projects generally boas
Deep Freeze Risk Raises Stakes for Europe’s Gas Supply
Winter is coming, and with it a rise in demand for natural gas. With growing liquified natural gas exports from the US now crossing the Atlantic and filling European storage, the continent looks to be well prepared for the coming winter. However, BloombergNEF weather analysts are forecasting that this winter could be a cold one, with the possibility of reduced wind speeds eating into turbine gener
Wired for the Future: Reinventing the US Power Grid
The US power grid is under mounting strain from aging infrastructure, slow interconnections and regional bottlenecks, while demand, complexity and variability are on the rise. Building a future-ready grid will require major investment, smarter infrastructure and policy reform. So just what can be done to expand transmission capabilities to meet oncoming energy challenges in the US? At the Bloomber
How Data Centers Are Fueling a Global Copper Crunch
Copper is a cornerstone of the world’s infrastructure. From transportation to the energy transition to massive new data centers, demand for the metal is everywhere, and supply is feeling the crunch. Copper demand is forecast to outstrip supply by 6 million metric tons a year come 2035, but at the same time, market economics are limiting exploration and some mines are even closing up shop. So
Global Investment in Clean Energy Outpaces US Slump
Despite the gloomy headlines in the US, global investment into clean energy technologies is still rising. The first half 2025 saw a record $386 billion flowing towards clean tech, a 10% rise from the same period last year. Yet despite the continuing rise in investment numbers, the devil lies in the details. For instance, solar was propelled by small-scale installations, while utility-scale investm
Data Centers Could Supercharge US Gas Demand
Artificial intelligence needs power, and lots of it. If all the data centers in the current US pipeline get built, they could suck up the electricity from 100 nuclear power plants and still be left wanting more. One obvious solution for supplying this massive demand is natural gas, which is plentiful and cheap in the Lower 48, and now has the enthusiastic backing of the Trump administration. But w
Renewables Bruised, Not Broken, by US Policy Shift
The One Big Beautiful Bill Act has reshaped the US clean energy landscape. Designed to scale back major US decarbonization programs while promoting fossil fuels, the OBBBA has severely restricted the rollout of solar, wind and energy storage projects while also taking direct aim at electric vehicles. The impact of the new law has been dramatic, but could it have been worse? And what does the whipl
Direct Air Capture’s Cost Curve Conundrum
Right now, there are technologies that can pull carbon dioxide directly out of the air. That could be a critical tool in a world where climate change is rampant. Yet to fulfill this carbon removal potential, the sky-high costs of direct air capture need to fall. Today, capturing a metric ton of carbon dioxide with DAC costs around $900 on average, presenting a huge challenge to scaling the technol
Reshaping Trade Flows in a Fragmented World
The Trump administration’s ‘Liberation Day’ tariffs are reshaping global trade flows. With the US currently renegotiating its trade positions with traditional partners and rivals alike, the tariffs’ true impact is yet to be fully understood. Even the handful of new deals that have been struck offer little guidance, as they break from the legally binding forms that internati
BNEF Pioneers: Making Light Industry More Sustainable
Cutting industrial emissions has long been one of the most intractable hurdles in the energy transition. That may finally be changing, as a new generation of smart technologies not only paves the way for abating industrial emissions but promises to do so at scale. Four companies emerged victorious in this year’s BloombergNEF Pioneers challenge dedicated to decarbonizing heavy and light indus
Fueling Change: Cutting Aviation’s Carbon Footprint
With air travel on the rise, the need for cleaner aviation is growing. Sustainable aviation fuel (SAF) presents the simplest means of decarbonization, but it’s expensive. Aircraft that burn less fuel, engines powered by hydrogen, and even electric air taxis are all potential means of decarbonizing air travel, but none are the silver bullet. So what will it take to green the aviation sector,
Harvest Halted: Why Agriculture Funding Is Withering
Agriculture is responsible for around a third of global emissions. Yet investment in low-carbon means of growing food has stalled. Venture capital and private equity funding has declined by a massive 76% since 2021, ag-tech firms have declared bankruptcy, and large companies are backtracking on their green ambitions. So are there any “good news” stories about the food of the future? An
Inside the Blackout That Froze the Iberian Power Grid
When the Iberian electrical grid blacked out earlier this year, there were real-life consequences. Widespread disruption of transportation, communication networks and essential services left Spain and Portugal temporarily paralyzed. Following the event, two separate reports were released by the Spanish government and the grid operator, Red Electrica de Espana, where both agreed that voltage fluctu
Bonus: Will Trump’s bill trigger a ‘Big, Beautiful’ energy crunch?
This week, we explore how the legislation’s attack on renewable energy may push up electricity bills and damage US competitiveness in AI. The tax credits in President Joe Biden’s sprawling Inflation Reduction Act were introduced to help the US keep up with rising electricity demand by making clean power sources cheaper. But now the big bill has changed all that, and an executive order
Capex and Investment in the New Industrial Revolution
Just how green are the investment portfolios of credit, equity and multi-asset funds? Building on its existing suite of banking and investment ratios, BloombergNEF has introduced the Energy Supply Fund-Enabled Capex Ratio, which assesses how much a given investment portfolio is contributing to low-carbon capital expenditures for every dollar directed to fossil fuels. Worldwide, low-carbon energy g
AI Data Centers: Making Waves in the Energy Demand Sea
Everyone is talking about how much energy data centers and artificial intelligence will gobble up in the coming years. Yet AI is just one part of a vast, complex and constantly evolving energy landscape. So how will the AI revolution fit into a world where electric vehicles are displacing liquid road fuels, renewable-power projects are stuck in grid queues and big tech is investing in nuclear? On
China Drives Global EV Sales as US Support Fades
Sales of electric vehicles are set for another record-breaking year. Thanks to falling battery costs and a rise in affordable models, plug-in EVs will represent a quarter of global passenger car sales in 2025. And while a rollback in government support has taken a bite out of EV uptake in the US, other countries are more than making up for this setback. Chinese automakers have been growing their f
White House Nuclear Energy Push Meets Uncertain Market
The Trump administration has made no bones about its desire to revitalize the US’s nuclear power industry. With four new executive orders hot off the president’s desk, nuclear is being treated as a silver bullet, capable of meeting AI power demand while shoring up the country’s energy independence. The US is also looking to counter China and Russia, which in recent years have led
Burnt by the Boom: Solar’s Growing Pains
Solar module prices have been cratering in recent years, dragged down by global oversupply. Yet while this glut of photovoltaics has hammered manufacturer profits, it has also allowed emerging economies that are hungry for affordable energy to get into the solar game, and demand growth is still strong this year. So what lies ahead for this notoriously tricky market, could energy storage help mitig
How Big Oil Is Investing in the Energy Transition
The oil and gas sector invested $33.4 billion in the energy transition last year. Yet while this figure suggests that decarbonization is a serious consideration for some fossil-fuel majors, just seven companies accounted for 85% of the sector’s low-carbon spend in 2024, and only 13 of 41 companies assessed raised low-carbon investment as a share of capex. So what are the different strategies
Getting Decarbonization Megaprojects Off the Ground
Europe is making quick work of executing large industrial decarbonization infrastructure projects. The continent now boasts large-scale facilities for carbon capture, storage and transit in the UK, Denmark, the Netherlands, Italy and Norway. But how have policymakers managed to incentivize and facilitate the installation of these massive projects, and what’s required to push the sector
Weathering the Storm: Climate Risk Stress Tests
Extreme weather has always meant extreme risks for businesses and investors. Yet climate change has varied the calculus, and many businesses are facing new, potentially existential risks as the world and the energy transition heat up. As such, central banks and financial supervisors have begun conducting climate risk stress tests, to ensure these institutions are capable of mitigating the potentia
CORSIA’s Flight Plan for Credible Carbon Markets
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 13
Silicon States: US Data Center Expansion in the AI Era
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 infrastruct
Powering Ahead: The Future of US Renewable Investment
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 administrat
Trump’s First 100 Days: Tariffs, Turmoil and Policy
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 market
Crude Reality: Oil Demand Growth Falls After Tariffs
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 stimulat
Rainforest to Revenue: Brazil’s Carbon Market Opening
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,
Power Play: EU Courts Chinese Battery Manufacturers
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,
EU Dials Down Green Finance Rules as US Wages ESG War
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 polici
Unlocking Southeast Asia’s Clean Energy Potential
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
Liquid Demand: Tech Solutions for Water Stress
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,
Hydrogen: Bucking the Low-Cost Clean Power Trend
The cost of producing clean power has never been lower. Improving financial conditions and oversupply of key equipment drove costs to record lows in 2024. Yet while the levelized cost of electricity (LCOE) declined as a global average, different regions and technologies fell at different rates, and one key technology proved to be an outlier. On this episode, Dana Perkins is joined by Amar Vasdev,
Data Center Dynamics: AI and Energy Demand
Energy-hungry data centers are on the rise. Power demand driven by artificial intelligence has been met by an increase in power purchase agreements (PPAs) for low-carbon energy. Meanwhile, DeepSeek has reduced demand through more efficient computations. So what is driving decision making at tech companies that work in the AI and data center space? At the 2025 BloombergNEF Summit San Francisco, Mar
Investors Bet $2 Trillion on the Energy Transition
Annual investment in the energy transition has surpassed $2 trillion for the first time. Investors placed bets on renewable energy, power grids and energy storage, while buzzy emerging technologies fell out of favor. On this episode, Dana Perkins is joined by Meredith Annex, BNEF’s head of clean power, to discuss the report ‘Energy Transition Investment Trends 2025.’ Complementa
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