Switched On

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 complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today’s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF’s nature and biodiversity team, to review findings from the note “Managing Nature Risk: Company League Tables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Managing Nature Risk: Company League Tables - https://www.bnef.com/insights/38829See omnystudio.com/listener for privacy information.

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 pathways for investment. So how can global markets navigate this complexity – and where are the opportunities emerging in the next phase of the transition? On today’s show, Kobad Bhavnagri, BloombergNEF’s head of strategy, reads a briefing note that was presented by BNEF CEO Jon Moore at this year’s Davos summit, titled “The Energy Transition: Finding Opportunity in Complexity.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.comSee omnystudio.com/listener for privacy information.

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 changing cost dynamics mean for the next phase of the energy transition? On today’s show, Tom Rowands-Rees is joined by Amar Vasdev, a senior associate from BNEF’s energy economics team, to discuss findings from the “Levelized Cost of Electricity 2026,” an annual flagship benchmark comparing the cost of building and running different power-generation technologies. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Levelized Cost of Electricity 2026 - https://www.bnef.com/flagships/lcoeSee omnystudio.com/listener for privacy information.

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 how vulnerable is Europe if disruption deepens? On today’s show, Kamala Schelling is joined by Kesavarthiniy Savarimuthu, BNEF’s head of European Power, to discuss her note: “Iran War Hasn’t Sparked a New European Energy Crisis - Yet.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Iran War Hasn’t Sparked a New European Energy Crisis - Yet - https://www.bnef.com/insights/38917See omnystudio.com/listener for privacy information.

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 scaled back. So what do the numbers really reveal about the state of the US energy transition, and how resilient are clean technologies as policy winds shift? On today’s show, Tom Rowlands-Rees is joined by Ethan Zindler, BloombergNEF’s head of country and policy research, and Trina White, a senior associate from the North America transition team, to review findings from the 2026 edition of the “Sustainable Energy in America Factbook,” which is produced each year in collaboration with the Business Council for Sustainable Energy. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Energy in America Factbook: 2026 Edition - https://www.bnef.com/insights/38735See omnystudio.com/listener for privacy information.

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 contracted cash flows. Dedicated transition funds have surged over the past decade, yet billions still sit as “dry powder,” committed but not yet deployed. So how does private capital influence where megawatts get built, and what does its rapid growth signal about the next phase of energy transition investment? On today’s show, Tom Rowlands-Rees is joined by Ryan Loughead, a senior associate from BNEF’s finance and investment team, to review findings from the note “Private Markets Primer: Mega Funds to Megawatts.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Private Markets Primer: Mega Funds to Megawatts - https://www.bnef.com/insights/38547See omnystudio.com/listener for privacy information.

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 road fuel market. But beyond transport, where stacked subsidies make RNG viable, new demand remains uncertain. So how far can 45Z reshape the broader US biofuels market before the credit expires in 2029?  On today’s show, Kamala Schelling is joined by Jade Patterson, a BNEF specialist in renewable fuels, to discuss his analyst reaction “Dairy and Swine Win Big in New US Biofuel Guidance.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Dairy and Swine Win Big in New US Biofuel Guidance: React - https://www.bnef.com/analyst-reactions/t9wrgjkk3o1c00See omnystudio.com/listener for privacy information.

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, decide when capital is truly committed, and reconcile everything from electric-vehicle sales to nuclear construction and green debt issuance. So what does this year’s record really reveal about the trajectory of the energy transition? On today’s show, Tom Rowlands-Rees is joined by BNEF’s deputy CEO, Albert Cheung, to review findings from the “Energy Transition Investment Trends 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Energy Transition Investment Trends 2026 - https://www.bnef.com/flagships/clean-energy-investment Publicly Available Summary - https://about.bnef.com/insights/finance/energy-transition-investment-trends/See omnystudio.com/listener for privacy information.

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 still shape competitiveness. As AI demand scales and ambitions grow, regions from the Nordics and Iberia to the Middle East and Latin America are positioning for the next wave. So which markets are best placed to win, and what really determines where the next gigawatt gets built? On today’s show, Tom Rowlands-Rees is joined by Lloyd Arnold, an analyst from BNEF’s technology and innovations team, to review findings from their note “Data Center Development: Regional Drivers and Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center Development: Regional Drivers and Hurdles - https://www.bnef.com/insights/38579See omnystudio.com/listener for privacy information.

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, Kamala Schelling is joined by Derrick Flakoll, a senior policy associate for North America, and Matthew Hales, an associate on BNEF’s trade and supply chains team, to discuss their analyst reaction “Trump’s Tariff Loss Opens Window for Clean Tech Imports.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Trump’s Tariff Loss Opens Window for Clean Tech Imports: React - https://www.bnef.com/analyst-reactions/tarz9pt96osl00See omnystudio.com/listener for privacy information.

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 data on how companies are spending their money. So is this retreat a sign that the era of sustainable finance is coming to an end, or simply part of the shift to its next phase? On today’s show, Tom Rowlands-Rees is joined by Maia Mesanger, a BNEF specialist in finance policy and transition risk, to review findings from her note “Sustainable Finance Policy Quarterly: 4Q 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Finance Policy Quarterly: 4Q 2025 - https://www.bnef.com/insights/38471  See omnystudio.com/listener for privacy information.

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 access to federal aid varying sharply by location, risks are emerging unevenly across the country. So how are climate stresses reshaping municipal finances, and what should investors and policymakers be watching? On today’s show, Tom Rowands-Rees is joined by Danya Liu, a BNEF specialist in climate resilience and adaptation, to discuss findings from her note “Climate Risk and US Municipal Finances: Storm Ahead.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Climate Risk and US Municipal Finances: Storm Ahead? - https://www.bnef.com/insights/38257See omnystudio.com/listener for privacy information.

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 behind data centers, and what does it mean for the future of power, cooling and grid infrastructure? At the BloombergNEF Summit San Francisco, Mark Daly, BNEF’s head of technology and innovation, moderated a panel titled “Seeing Beyond the Chips: Innovations in Data Center Supply Chains.” This episode brings listeners that panel, which featured Steven Carlini, chief advocate for data centers and the AI energy management business unit, at Schneider Electric; Haroon Inam, the co-founder and chief executive officer of DG Matrix; Jill Macari, the chief financial officer of VEIR; and Angela Taylor, the chief of staff and head of strategy at LiquidStack. 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/events/type/summit/See omnystudio.com/listener for privacy information.

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 phase mean for solar, and how far can co-location carry the industry? On today’s show, Tom Rowands-Rees is joined by BNEF’s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes “4Q 2025 Global PV Market Outlook: First Ever Dip” and “Co-Located Storage Boosts Solar’s Business Case.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: 4Q 2025 Global PV Market Outlook - First ever dip - https://www.bnef.com/insights/38279 Co-Located Storage Boosts Solar’s Business Case - https://www.bnef.com/insights/38241See omnystudio.com/listener for privacy information.

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 pressure from all sides, what’s really holding expansion back, and what will it take to turn rising investment into real-world capacity? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s head of grids research, Peter Wall, to discuss findings from his team’s note “Grid Investment Outlook 2025: Double-Digit Growth – Again.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Grid Investment Outlook 2025: Double-Digit Growth - Again - https://www.bnef.com/insights/38127See omnystudio.com/listener for privacy information.

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-driven demand, how will the future mix of gas, renewables, and 24/7 clean energy evolve? On today’s show, Kamala Schelling talks with Atin Jain, a specialist from BNEF’s wind team, to discuss his Analyst Reaction “NextEra’s AI-Led Gas Pivot Leaves Space for Renewables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: NextEra’s AI-Led Gas Pivot Leaves Space for Renewables: React - https://www.bnef.com/analyst-reactions/t70aepkjh6v400See omnystudio.com/listener for privacy information.

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 many forces pulling in different directions, which trends are set to define commodity markets in the year ahead? On today’s show, Tom Rowands-Rees is joined by David Doherty, BloombergNEF’s head of natural resources research, and Enrique Gonzalez, head of US gas, to discuss findings from the note “Commodities in 2026: 10 Numbers to Watch From Power to Oil.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Commodities in 2026: 10 Numbers to Watch From Power to Oil - https://www.bnef.com/insights/38261See omnystudio.com/listener for privacy information.

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 global oil system already facing a glut of crude? On today’s show, Kamala Schelling talks with David Doherty, BNEF’s head of natural resources research, to discuss some of his team’s recent analyst reactions, including “Venezuela’s Oil Market Impact Hinges on Cost Per Barrel” and “Venezuela’s Oil Renaissance Faces Several High Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Venezuela’s Oil Market Impact Hinges on Cost Per Barrel: React - https://www.bnef.com/analyst-reactions/t8giodkjh6v600 Venezuela’s Oil Renaissance Faces Several High Hurdles: React - https://www.bnef.com/analyst-reactions Trump’s Venezuela Move Could Shift Crude Flows Back to US: React - https://www.bnef.com/analyst-reactions/t8dsuukk3ny800 US Action in Venezuela and the Commodity Markets - https://www.bnef.com/themes/t8fw2ut96osi00See omnystudio.com/listener for privacy information.

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-term structural change. As global priorities and pathways diverge, what does progress really look like for the energy transition? On today’s show, BNEF’s Deputy CEO Albert Cheung reads his recent note, titled “Progress Despite Fragmentation: Energy Transition to 2030,” in which he explores how the global context has changed, and why the energy transition is set to continue growing through this decade. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Progress Despite Fragmentation: Energy Transition to 2030 - https://www.bnef.com/insights/38367See omnystudio.com/listener for privacy information.

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 – and no global consensus – how far can alternative fuels and efficiency gains really take maritime shipping on its long road to decarbonization? On today’s show, Tom Rowlands-Rees speaks with Fauziah Marzuki, BloombergNEF’s global head of gas, and Nikolas Soulopoulos, BNEF’s head of commercial transport. Together they discuss some of their teams’ research, including “Marine Fuel Costs to 2040 – Oil to Biofuels and Beyond” and “Global Shipping’s Net-Zero Framework Delay a Worst Option: React.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Marine Fuel Costs to 2040 - Oil to Biofuels and Beyond - https://www.bnef.com/insights/37781 Global Shipping’s Net-Zero Framework Delay a Worst Option: React - https://www.bnef.com/analyst-reactions/t4ac8igoymtc00  See omnystudio.com/listener for privacy information.