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Power plants have a water problem that’s getting harder to ignore. Coal, gas and nuclear facilities rely heavily on water for cooling, leaving some exposed as drought and heat intensify pressure on freshwater supplies. Wind and solar generation have a dramatically lower dependence on water, but thermal plants will remain critical to power systems, and many existing assets are located in areas facing growing water stress. That creates risks beyond individual generators. Water shortages can constrain power supply just as heat pushes electricity demand higher, potentially affecting prices and consumers across the system. So how vulnerable is the power sector to water stress, and can the energy transition reduce the risk? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF climate research analyst Alistair Purdie to discuss findings from his note “Thirst for Power: Water Stress in Electricity Generation.” 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: Thirst for Power: Water Stress in Electricity Generation - https://www.bnef.com/insights/40317 See omnystudio.com/listener for privacy information.

Europe’s gas market is heading into winter with little room for error. Lower storage levels and disruption in the Middle East have left the region more exposed to weather and competition for LNG. BNEF’s base case sees European storage falling to 21% by the end of March, but a prolonged Strait of Hormuz disruption or a particularly cold winter could push it toward 10%. Much will depend on temperatures, renewable generation and LNG demand elsewhere, particularly in Asia. Longer term, new supply could loosen the global gas market, but BNEF expects that relief to arrive from 2028 onwards. So how tight could the gas market get this winter, and what could tip the balance? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF European gas market analyst, Arham Muhammad, and weather team associate, Jess Hicks to discuss the notes “LNG Market Outlook 2035: Oversupply to Fuel Demand Growth” and “European Gas Market Outlook 2035.” 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: European Gas Winter Outlook 2026-2027 - https://www.bnef.com/insights/40331 See omnystudio.com/listener for privacy information.

No country can feed itself entirely on its own. The global food system depends on a complex web of trade, not just for food but for fertilizer, animal feed, pesticides and labor. Even major agricultural exporters rely on imports somewhere in their supply chains, leaving markets exposed when extreme weather, conflict or trade disputes disrupt these connections. Those vulnerabilities can appear in unexpected places: China and the Middle East depend heavily on imported food while supplying fertilizer to the world, and Brazil is a major food exporter that relies on imported fertilizer to sustain production. So in an increasingly volatile world, what makes a food system resilient, and where are its weakest links? On today’s show, Kamala Schelling is joined by BloombergNEF analyst Helen Ramsbottom to discuss her note “Food Security During a Time of Geoeconomic Unrest.” 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: Food Security During a Time of Geoeconomic Unrest - https://www.bnef.com/insights/40191 See omnystudio.com/listener for privacy information.

US efforts to secure its power grid could come at a cost. A new executive order could restrict grid and power equipment supplied by companies tied to China, with batteries particularly exposed. Around 60% of US lithium-ion battery imports came from mainland China and Hong Kong in 2025. The rules could boost demand for non-Chinese suppliers, but also increase costs and delay battery projects as developers await further guidance. So why could batteries feel the biggest impact from the latest US move to restrict Chinese power equipment? On today’s show, Kamala Schelling is joined by Zoe Zakrzewska, a member of BNEF’s trade and supply chain team, to discuss findings from her Analyst Reaction, “US Grid and Power Equipment Ban Hits Batteries Hardest.” 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 Grid and Power Equipment Ban Hits Batteries Hardest - https://www.bnef.com/analyst-reactions/tkfzv6t9njly00 See omnystudio.com/listener for privacy information.

Some of the most interesting climate technologies don’t fit neatly into a category. That is the idea behind the Wildcard entries in BloombergNEF’s annual Pioneers competition, which recognizes promising innovations from across the energy transition. This year’s Wildcard winners span three very different fields: BasiGo is electrifying bus fleets in Africa, Endolith is using microbes and machine learning to recover more copper from low-grade ores, and GRST is developing a water-based battery binder designed to make lithium-ion cells less toxic and easier to recycle. On today’s show, Tom Rowlands-Rees and BNEF Pioneers co-chair Benjamin Kafri speak with all three companies about the technologies they’re building, the markets they’re targeting and the challenges of scaling up. More information regarding the upcoming 2027 BNEF Pioneers program can be found at about.bnef.com/about/pioneers/ 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: Climate-Tech Companies to Watch in 2026: BNEF Pioneers - https://www.bnef.com/insights/39231 See omnystudio.com/listener for privacy information.

The Iran war is redrawing the global energy landscape. Six months of high oil prices and disrupted trade have strengthened the case for technologies that reduce reliance on imported fossil fuels. Chinese exports of solar, batteries and electric vehicles have risen, while markets across Africa, Asia and Latin America are seeing growing demand for clean technologies. But the response varies widely. Some governments are shielding consumers from higher fuel costs, while others are leaning more heavily on domestic fossil fuels as a source of energy security. So has the Iran war changed the direction of the energy transition, or simply its pace? On today’s show, Kamala Schelling is joined by, Ethan Zindler who leads BNEF's countries and policy research. Together they discuss the note “Six Months In: The Iran War’s Global Impact.” 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: Six Months In: The Iran War’s Global Impact - https://www.bnef.com/insights/40249 See omnystudio.com/listener for privacy information.

Turkey is quietly becoming a renewables heavyweight. Rapid wind and solar deployment is helping the country meet rising electricity demand while reducing exposure to imported fossil fuels. Turkey ranked among the world’s top 10 markets for new wind and solar capacity in 2025, and it is targeting 120 gigawatts of combined capacity by 2035. But sustaining that growth will require much greater investment in the grid, and meeting government transmission targets would require annual investment to rise roughly fivefold from 2025 levels. So can Turkey turn its renewable energy boom into a broader transformation of its power system and strengthen its energy security along the way? On today’s show, Tom Rowlands-Rees is joined by Abdullah Alkattan, BNEF’s Middle East energy transition analyst, to discuss findings from the “Turkey Transition Factbook 2026.” 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: Turkey Transition Factbook 2026 - https://www.bnef.com/insights/39689 See omnystudio.com/listener for privacy information.

America’s data center boom is running into political resistance. Texas, New York and Pennsylvania are moving to slow or pause new projects amid concerns over electricity costs, infrastructure and local impacts. Texas alone accounts for around 20% of the US pipeline, meaning even short delays could cost developers billions. The pushback is increasingly bipartisan, as politicians respond to growing opposition from local communities and overloaded power grids. The result is new uncertainty for developers racing to secure electricity and bring projects online. So has America’s data center boom finally hit the brakes? And what happens next? On today’s show, Kamala Schelling is joined by BloombergNEF’s senior associate for North American policy, Derrick Flakoll, to discuss his recent notes “Texas’ Data Center Pause Could Cost Projects Billions” and “Pennsylvania’s Data Center Pushback Raises Pipeline Risk.” 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: Pennsylvania’s Data Center Pushback Raises Pipeline Risk - https://www.bnef.com/analyst-reactions/tk0z0wt96osi00 Texas’ Data Center Pause Could Cost Projects Billions - https://www.bnef.com/insights/40105 See omnystudio.com/listener for privacy information.

The electric vehicle boom is entering a new phase. As China’s market matures and the US steps back from EVs, emerging markets are becoming the new hotspot for electrified transport. At the same time, autonomous and shared vehicles are changing how cars are used. Robotaxis can travel much farther each year than private cars, potentially allowing fewer vehicles to provide the same amount of mobility. So as EV adoption evolves and autonomous driving takes off, what does the next phase of road transport look like? On this episode, Aleksandra O’Donovan and Andrew Grant, who lead BNEF’s EV and intelligent mobility teams, join Tom Rowlands-Rees to discuss the newest edition of the Electric Vehicle Outlook. 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: Long-Term Electric Vehicle Outlook 2026 - https://www.bnef.com/insights/39553 Executive Summary (free to access) - https://about.bnef.com/insights/clean-transport/electric-vehicle-outlook/ See omnystudio.com/listener for privacy information.

Europe’s electrification ambitions are running ahead of its policies. The EU wants electricity to account for 46% of final energy consumption by 2040, but BNEF’s modeling suggests even a maximum-effort net-zero pathway would fall short. Getting closer will require greater support for electric vehicles, heat pumps and industry, while keeping electricity affordable. Much of that challenge will fall to member states, many of which are scaling back incentives or facing tight public finances. Meanwhile, the EU’s latest proposals do little to address the upfront costs of electrification. So what will it take to close the gap between Europe’s electrification targets and reality? On today’s show, Kamala Schelling is joined by BNEF’s head of policy, Victoria Cuming, to discuss her note “EU Electrification Goal Unreachable Without More Support.” 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: EU Electrification Goal Unreachable Without More Support - https://www.bnef.com/analyst-reactions/tibg16t9njlt00 See omnystudio.com/listener for privacy information.

Offshore wind turbines are getting too big for the ships that install them. BloombergNEF estimates more than 30 gigawatts of offshore wind installations could struggle to find suitable vessels through 2035 if turbine growth continues. But building bigger ships takes years and hundreds of millions of dollars, and retrofits have their limits. That leaves the industry facing a choice between expanding its installation fleet or slowing the relentless growth in turbine size. So could a shortage of sufficiently large vessels become offshore wind’s next major bottleneck? On today’s show, Kamala Schelling is joined by BloombergNEF wind team analyst Kajsa Jernetz to discuss her note “Wind Installation Vessels: You’re Gonna Need a Bigger Boat.” 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: Wind Installation Vessels: You’re Gonna Need a Bigger Boat - https://www.bnef.com/insights/40141 See omnystudio.com/listener for privacy information.

Europe’s energy supply chains are running out of water. Weeks of heat and drought have pushed Rhine water levels to exceptional lows, restricting barge traffic and sending gasoil freight rates to record levels. That is adding pressure to an already tight market for gasoil, diesel, jet fuel and other middle distillates, while exposing refineries, chemical plants and industries that depend on the river for critical supplies. Companies are responding with smaller cargoes, trucks, rail and shallow-draft vessels, but those alternatives come at a cost. And with warmer, drier conditions expected to persist in the near term, the disruption highlights a broader challenge for Europe: adapting critical energy infrastructure to increasingly severe weather. So how are low water levels on the Rhine disrupting Europe’s energy markets, and how long could the pressure last? On today’s show, Kamala Schelling is joined by BloombergNEF weather associate Jess Hicks and oil associate Claudio Lubis to review findings from their analyst reaction “Freight Rates Skyrocket in EU as Rhine River Runs Low.” 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: Freight Rates Skyrocket in EU as Rhine River Runs Low - https://www.bnef.com/analyst-reactions/tj8l8skk3ny900 See omnystudio.com/listener for privacy information.

US solar developers are building projects around batteries, not panels. Federal tax credits for energy storage are reshaping the economics of new solar projects, encouraging developers to install larger batteries and allocate more capex to the storage component. The batteries can then shift low-cost solar power into higher-value hours. As energy storage reduces curtailment and generates revenue from services provided to the grid, batteries are becoming a defining feature of the next generation of US solar projects. On today’s show, Dana Perkins is joined by Cosmo van Steenis, an analyst from BloombergNEF’s solar and storage team, to discuss his recent notes “Solar and Storage Couple Up After US Tax Credit Cuts” and “US Tax Credit Maxxing Via Solar-Plus-Storage Projects.” 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: Solar and Storage Couple Up After US Tax Credit Cuts - https://www.bnef.com/insights/39961 US Tax Credit Maxxing Via Solar-Plus-Storage Projects - https://www.bnef.com/insights/39943 See omnystudio.com/listener for privacy information.

Nuclear power is gaining momentum around the globe, but the industry’s path has diverged. China and India are rapidly expanding conventional reactor fleets, while the US and Europe are betting on smaller and more advanced designs to overcome decades of cost overruns and delays. Rising AI electricity demand, energy security concerns and decarbonization goals have all renewed interest in nuclear energy. But turning that momentum into new projects will depend on whether the industry can build reactors faster, more cheaply and with greater confidence than it has in recent decades. On today’s show, Tom Rowlands-Rees is joined by joined by Stephanie Diaz, a senior associate from BloombergNEF’s technology and innovation team, and Chris Gadomski, BNEF’s head of nuclear research, to discuss their note “Nuclear Power Market Outlook 1H 2026: Approaches Diverge.”  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: Nuclear Power Market Outlook 1H 2026: Approaches Diverge - https://www.bnef.com/insights/39881 See omnystudio.com/listener for privacy information.

Artificial intelligence is heating up the race to build data centers, and with BloombergNEF projecting 194 gigawatts of demand by 2035, the biggest challenge isn't computing power…. It's electricity. Faced with years-long grid connection delays, developers are turning to on-site gas generation to bring projects online faster, creating a rapidly expanding market for turbines, engines, fuel cells and battery storage. Choosing the right technology is a trade-off between speed, cost, efficiency and emissions. And while on-site generation is often seen as a temporary bridge, developers are also weighing what role those assets could play once permanent grid connections become available. So is on-site gas generation a lasting part of the AI data center boom, or simply the fastest route through today’s power constraints? On this episode, Tom Rowlands-Rees is joined by Musfika Mishi, an analyst from BNEF’s technology and innovations team, to discuss her note “Data Center On-Site Gas Power Costs: Engines Beat Turbines.” 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: Data Center On-Site Gas Power Costs: Engines Beat Turbines - https://www.bnef.com/insights/39767 See omnystudio.com/listener for privacy information.