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In this first of two parts, Paul takes a deeper dive into the climate implications of the conservative policy playbook, Project 2025. Paul unpacks how the document lays out a vision for a smaller federal government, and how doing so may impact not only climate action but America's leadership across emerging economic industries.
For further reference:
"Mandate for Leadership: The Conservative Promise" - Project 2025
"What Project 2025 would do to climate policy in the US" - Yale Climate Connections
"The Endangerment Finding: What Does It Actually Do?" - Resources.org
"2024 Poll: Americans’ Views on Climate Change and Policy in 12 Charts" - Energy Policy Institute at the University of ChicagoFollow Paul on LinkedIn.
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The demand for electricity continues to go up. But instead of relying upon utilities to build more dirtier gas and oil fired power plants, a more novel approach is emerging. These Virtual Power Plants (VPPs) aggregate together a number of residential or commercial buildings and adjust demand in order to keep the grid operating optimally.
Paul talks with Courtney Blodgett, Co-Founder and Director of Strategy at Edo on how VPPs work and how Edo is helping commercial buildings become powerful grid assets.
For further reference:
Courtney Blodgett
"Sector Spotlight: Virtual Power Plants" - Department of Energy
EdoFollow Paul on LinkedIn.
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In order for the IRA to realize all of the benefits from the subsidies it allocated to renewable energy and advanced manufacturing, the legislation needed to revise how tax credits were going to work. The traditional form of tax equity financing wasn't going to be enough, so the IRA introduced something called tax credit transferability. This new process has opened up the tax credit market to a whole new batch of investors, able to invest in even smaller projects, and at rates that are encouragingly beneficial to the clean energy economy.
Paul outlines how this new structure works and the impact that it is already having on clean energy projects.
For more research:
"Monetizing Energy Tax Credits: A Guide to Transferability and Tax Equity Transactions" - Cherry Bekaert
"Understanding Direct Pay and Transferability for Tax Credits in the Inflation Reduction Act" - Cap 20
"Transferable Tax Credit Market Intelligence Report, 2023" - CruxFollow Paul on LinkedIn.
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The ocean is already a huge carbon sink - and it could do even more. A burgeoning industry of carbon removal solutions, looking to leverage the enormous potential of our marine system, is starting to emerge.
Paul looks at how our oceans currently help us combat carbon emissions, while also dissecting some of the innovative solutions that are emerging within this space.
For more research:
"CO2 and Ocean Acidification: Causes, Impacts, Solutions" - Union of Concerned Scientists
"Ocean Carbon Dioxide Removal: Integrity at a Cheaper Price?" - Cleantech Group"Leveraging the Ocean's Carbon Removal Potential" - World Resources Institute
"The oceans are absorbing more carbon than previously thought" - World Economic Forum
"The Ocean is the Next Frontier for the Carbon Removal Industry" - Time Magazine
NOTE: Paul references the company Running Tide during this episode as experimenting with ocean based carbon removal. Just prior to this episode being published, Running Tide announced that they would be shutting down.Follow Paul on LinkedIn.
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The nuclear industry achieved something remarkable in July - full bipartisan support of new legislation aimed at supercharging growth of this clean energy technology.
Paul digs into the specifics of the ADVANCE act, why it makes sense for helping to license new reactors faster (and cheaper), and why it garnered rare bipartisan support.
For further reference:
"Congress votes to advance nuclear energy development in the US" - Verge
"The Senate just passed a critical clean energy bill to pave the way for more nuclear" - CNN
"Nuclear Power" - Our World in Data
"ADVANCE Act Strikes Right Balance for Nuclear Energy Regulation" - Harvard Law Review
"Newly Signed Bill Will Boost Nuclear Reactor Deployment in the United States" - DOEFollow Paul on LinkedIn.
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Let's get into the wonky world of emissions accounting, where the corporate standard for reporting is in the process of being refined. The GHG Protocol Corporate Standard has solicited input into whether a market-based or location-based approach to accounting is appropriate. And the final determination could significantly impact not only tomorrow's decarbonization activities, but possibly how today's approaches are handled as well.
Paul digs into this topic in order to better understand the implications for companies of any size.
For further reference:
"Detailed Summary of Responses from Scope 2 Guidance Stakeholder Survey" - GHG Protocol, July 2023
"Detailed Summary of Responses from Market-based Accounting Approaches Stakeholder Survey" - GHG Protocol, April 2024
"Location-based and market-based: Understanding Scope 2" - CarbonaryFollow Paul on LinkedIn.
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While we talk a lot about the energy "transition", some countries have already fully pivoted to renewable power. In this episode, Paul takes a look at how these countries were able to successfully make the change, while outlining a few common lessons that the rest of the world can learn as we try to catch up.
For further research:
"California achieves 100 days of 100% electricity demand met by renewables" - Electrek
"Fostering Effective Energy Transition 2023" - World Economic Forum
"Renewable energy statistics 2024" - IRENAFollow Paul on LinkedIn.
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The US has enough renewable energy stuck in the permitting process to fully replace every single gas and coal facility on the current power grid. But the interconnection process, a convoluted analysis of impact, costs, siting and permitting requirements, has become a chokepoint for getting new renewable projects built. Only a percentage of those projects being developed are likely to ever come to completion.
In this episode, Paul discusses some of the reasons as to why the interconnection queue has swelled to more than 2 Terrawatts of proposed capacity - and what we can do about that.
For further research:
"FERC approves PJM’s ‘first-ready, first-served’ interconnection reform plan, steps to clear backlog" - Utility Dive
"Explainer on the Interconnection Final Rule" - FERC
"Why the energy transition broke the U.S. interconnection system" - Utility Dive
"Queued Up: 2024 Edition - Characteristics of Power Plants Seeking Transmission Interconnection As of the End of 2023" - Lawrence Berkeley National LaboratoryFollow Paul on LinkedIn.
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In this episode, Paul discusses why the up-front emissions of new products and new construction can be so important in climate activity. These locked-in, embedded emissions could account for up to a quarter of the globe's total carbon - and over 50% of the carbon for construction and buildings.
For further research:
"What is Embodied Carbon?" - Carbon Cure
"What Is Embodied Carbon And Why Does It Matter? - Carbon Herald
"Reducing embodied carbon in new construction" - McKinsey
"Embodied Carbon 101" - Carbon Leadership ForumFollow Paul on LinkedIn.
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It seems that every day we see another media article about the growth (or demise) of climate action. So - what's really going on? In this episode, Paul provides some perspective and critical analysis of recent media headlines in order to fully understand both the good (and the bad) in today's climate action.
For further reference:
"How EVs became such a massive disappointment" - CNN
"AAA survey confirms the trend: More buyers worry about EVs, favor hybrids" - AAA
"EV Sales Are in a Slump — Why Aren’t More Car Buyers Going Electric?" - Money
CEBA Deal Tracker - Clean Energy Buyers Association
"Amazon Says It Reached a Climate Goal Seven Years Early" - NY TimesFollow Paul on LinkedIn.
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In this episode, Paul sits with Stephanie Doyle, the California State Affairs Director for the Solar Energy Industries Association (SEIA), to discuss the changes that California has implemented to their net metering tariff for rooftop solar.
NEM 3.0 (or also known as the Net Billing Tariff (NBT)) has reimagined the solar market in California, dramatically reducing the compensation that homeowners receive for generating excess power while incentivizing investment into battery storage and into disadvantaged communities. One year on from the launch of NEM 3.0 and we have a bit of perspective on how the new tariff is working. Paul and Stephanie dig into what NEM 3.0 is all about and the impact it's having on California's solar market.
For further reference:
Stephanie Doyle
"NEM 3.0 in California: What you need to know" - Energy Sage
"One Year In: Tracking the Impacts of NEM 3.0 on California’s Residential Solar Market" - Lawrence Berkeley National Laboratory
"The fight over the future of rooftop solar in California" - Canary MediaFollow Paul on LinkedIn.
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With all of the success of the global EV car market comes a looming question in a few years - what do we do with all of those batteries at a car's end-of-life?
While it may be a small industry today, the EV battery recycling market is poised to grow exponentially over the next few years. And the success of that market is likely to help define just how successful the overall EV market will be as well. Paul dives into the mechanics of battery recycling and how the market is maturing in these early times.
For further reference:
"5 innovators making the electric vehicle battery more sustainable" - World Economic Forum
"Everything You Need to Know about EV Battery Disposal" - Car & Driver
"Electric cars: What will happen to all the dead batteries?" - BBC
"Battery recycling takes the driver’s seat" - McKinsey
"Trends in electric cars - Global EV Outlook 2024" - IEA
"Recycled Battery Materials Can Work as Well as New Ones" - WIREDFollow Paul on LinkedIn.
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ESG investing may be going through a bit of a rocky patch, these days, but the investment tool is hardly dead. Rather, the importance of ESG non-financial reporting is more important than ever as stakeholders are looking for the potentially critical externalities that a company's business practices may play.
In this episode, Paul discusses a bit of why ESG has seen an increasing outflow of investment funds recently - while unwrapping where the investment thesis may have gone wrong in trying to tackle these challenges. And he'll end with a perspective on how and why the ESG of the future may look a bit different than what we have today.
For more research:
"ESG investing is dying on Wall Street. Here’s why" - CNN
"ESG Turns 20: A Brief History, and Why It’s Not Going Away" - Morningstar
"Here's why we must not lose sight of the importance of ESG, despite the recent backlash" - World Economic Forum
"What’s Next For ESG?" - Forbes
"The unsustainable hype around ESG" - The Financial Times
"BlackRock's Fink says he's stopped using 'weaponised' term ESG" - ReutersFollow Paul on LinkedIn.
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Spurred by investment incentives from the IRA, a manufacturing renaissance is emerging along the I-75 corridor between Michigan and Georgia. Huge investments into battery manufacturing facilities are tapping into existing automotive infrastructure and supply chains to diversify and domesticate the EV battery market.
Paul digs into the impact that these new investments are having and why the emerging Battery Belt of the United States seems primed to be one of the big success stories of the IRA.
For more research:
"IRA at 1: US climate law cues $63B spending spree on battery factories" - S&P Global
"North America is now the growth leader for new battery factories" - Electrek
"Here’s where the new US EV ‘Battery Belt’ is forming – and why" - Electrek
"The South is building the most vibrant EV and battery hub in the US" - Canary MediaFollow Paul on LinkedIn.
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China is not only the global leader in developing renewable energy, but they maintain a huge competitive advantage in clean tech manufacturing and supply. From solar panels to wind turbines to raw minerals and EVs, China supplies the globe with what's needed to convert to clean energy.
But with that dominance comes challenges, geopolitical risks not the least among them. Paul digs a bit deeper into how China became the behemoth in clean tech supply and discusses how Western policy makers are trying to build up their own domestic supply chains.
For more reference:
"How China cornered the market for clean tech" - The Financial Times
"How China Came to Dominate the World in Solar Energy" - The New York Times
"How China Became the World’s Leader on Renewable Energy" - Yale Environment 360
"China Extends Clean-Tech Dominance Over US Despite Biden’s IRA" - BloombergFollow Paul on LinkedIn.
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The electric meter is one of the foundational backbones of the energy transition. And today's meters do so much more than simply measure and report on the amount of energy being consumed at a site. Advanced Metering Infrastructure (AMI) provides two way communication between a utility and a consumer, opening up not only a more decentralized, decarbonized grid, but a whole host of value added services as well.
For more research:
"What is advanced metering infrastructure (AMI)?" - IBM
"How many smart meters are installed in the United States, and who has them?" - EIA
"Enabling the clean energy transition with next-gen advanced metering infrastructure" - DeloitteFollow Paul on LinkedIn.
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In this episode, Paul discusses some examples of how companies, cities, farms and other entities are adapting their strategies to cope with climate change. As the threat from extreme weather events increases, ensuring that an organization is resilient and strengthened against these situations is becoming increasingly important. And new regulations as set out by the ISSB and the SEC require companies to take a hard look at the physical and transitional risks to their organizations.
For more research:
"12 Ways Farmers Are Adapting to Climate Change Around the World" - Global Citizen
Resilient Cities Network
"The Business Leaders Guide to Climate Adaptation & Resilience" - WBCSDFollow Paul on LinkedIn.
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In order to meet the ambitious climate goals as enshrined in New York's Climate Leadership and Community Protection Act (CLCPA), the state is about to embark upon a far reaching program to ratchet down emissions from heavy emitters. The Cap and Invest program has a lot of similarities to RGGI and other Cap & Trade efforts, with some key nuances on how New York is planning on using this tool to transition to a clean energy economy.
Karsten Barde, Director of US Policy and Regulatory Strategy for National Grid, joins Paul to discuss the construct of the program, who it's likely to impact, and what to expect as it navigates its way through this preliminary structuring phase.
For further reference:
Karsten Barde
New York Cap and Invest
Regional Greenhouse Gas Initiative
Preproposal Stakeholder Outreach - Preliminary Scenario AnalysesFollow Paul on LinkedIn.
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There's a lot going on in the offshore wind market in the US these days. Multiple projects have had to renegotiate or even outright cancel their power purchase agreements.
In today's episode, Paul takes a closer look at the reasons behind this turmoil and the impact on the nascent offshore wind market.
For further reference:
"Offshore wind in the U.S. hit headwinds in 2023. Here's what you need to know" - NPR
"A wind project promised Mass. cheap power. Then came inflation" - WBUR
"Two major New York offshore wind projects are back on track" - Canary Media
"US offshore wind projects facing inflation headwinds" - Reuters
"Lawmakers pass controversial bill to give tax break to offshore wind developer" - New Jersey MonitorFollow Paul on LinkedIn.
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The amount of renewable generation that is forecasted to come online over the next few years is staggering. But renewable assets face risks - risks associated with the changing climate in the first place. As weather patterns change, affecting cloud cover, snow melt, or wind speed - renewable assets are especially vulnerable to these changes.
In this episode, Paul unpacks how the changing climate may affect our increasing reliance upon renewable generation for our power supply.
For further reference:
"Will climate change suck the air out of Illinois' wind power industry?" - The Chicago Sun Times
"Global ‘Stilling’: Is Climate Change Slowing Down the Wind?" - Yale Environment 360
"Hydropower: How droughts are affecting the world's biggest renewable energy source" - World Economic Forum
"Wildfire smoke slashed solar power generation" - Verge
Renewables 2023 Executive Summary - IEA
"Global Review Assesses Hydropower’s Vulnerability to Climate Change" - Columbia Climate School
"Climate change extremes and photovoltaic power output" - Nature SustainabilityFollow Paul on LinkedIn.
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