Climate Change

Weathering Risk: The climatology of energy markets — Aaron Perry (Ep 46)

Aaron Perry – Climatology of renewable energy

This week we speak with Aaron Perry, a senior associate in Valuation and Risk Analytics at Resurety. We discuss the role that long-term and short-term weather forecasting plays in reducing financial risks. Aaron is a climatologist and takes a long-term view on the impact weather has on renewable energy, like wind and solar.

Aaron explains the market impact of weather in an age of weather-dependent technologies impacts the price in power markets. There is a strong need to predict the output of renewable facilities. This means the owners can ride the peaks and troughs of power markets and weather conditions. In short, there is a great need to do portfolio management of assets to ensure these are profitable.

To be honest, it is a bit hard for me to summarize our discussion in some clear points. As you’ll hear, as the episode progresses, we get more and more exact in the language we use to describe the impact of weather on the power markets. There is a reason for this. The complexities behind financing renewable energy is not down to just money to build, but also to ensure long-term operations are profitable. Combine the finances with the complexities of the power market, and the complexities of weather prediction, and you get into the complexities of what we discuss today. It is just very complex. But it boils down to making sure renewables are producing at maximum output, and are also able to sell this power into the market.

Aaron Perry – Climatology of energy markets

Towards the end of the interview, we get into the role of hedging. Hedging, while it sounds like a risky term, as Aaron explains, actually just shifts risk exposure from those that don’t want it to those that do want it. I think you’ll find this informative to understand the complexities of renewable financing. In my interpretation, one of the biggest barriers to renewables, besides technological, is financial risks. This is why I find today’s episode so important. If we find ways to reduce financial risks, or even lower the cost of operations for renewables, more renewables can be deployed.

In short, the ability to ensure renewables are not-loss making means more fossil-free technologies can be deployed. Taking into account the impact of weather on the price of electricity means the energy transition can progress.

Transcript [done by AI]

Director of the Planet Super League — James Atkins (Ep 43)

This week we speak with James Atkins, the Chairman of Vertis Environmental Finance and Director of Planet Super League – using the power of football to inspire fans to take action on climate change.

From this introduction, you might guess, James does more than just trade in carbon emissions. If there is an environmental polyglot, then James is it. From co-founding an organic farm to writing a book for football fans on climate change – he is out there working with businesses and social groups to ensure a positive impact is being made on the environment.

In this episode, you’ll learn how James moved away from the world of corporate accounting and set up his on consultancy, which over time, became Vertis Environmental Finance – an early pioneer in emission credits trading.

James Atkins – Super Leader

Within this interview, you’ll learn the softer side of why and how a business makes adjustments based on changing needs and regulations. Essentially, we have a story of a start-up learning and then copying how to break into the world of global emissions trading – learning by doing.

James is a true environmental leader. As you’ll hear his message and activities span from the UK all the way to Romania. And as you’ll learn, he’s got a range of projects going on, like a certification scheme for rewilding solar farms in the UK to a cellulose collective in Romania. 

The intent of the MyEnergy2050 podcast is to spread knowledge about how the energy system can assist our transition towards a greener future. The interview with James delivers on this point.

Prepare for Impact: The EU’s Energy Transition — Miroslav Lopour (Ep 42)

Episode 42 – Miroslav Lopour

This week we speak with Miroslav Lopour, he is a Senior Manager of the Energy and Resources team at Deloitte Czech Republic.

We have a wide-ranging discussion about how the Czech Republic is preparing for the energy transition.  What you’ll learn from our conversation is a unique perspective on the EU’s Eastern Member States. I found Miroslav has the ability to express in a precise manner both the social and political resistance and reluctance to participate in an energy transition. As you’ll hear in our discussion about the coming electric car revolution, Miroslav articulates why there is reluctance in the country, to move away from the internal combustion engine, and even coal.

He discusses an inherent conservatism in former communist countries which makes politicians and society reluctant to fully participate in a clean energy transition. I think our conversation provides an in-depth understanding of this reluctance to change, not just in the Czech Republic but in the broader region of Eastern Europe.

Miroslav Lopour – Deloitte

If I can think of one reason you should listen to our discussion today, it is to understand why certain countries are slow on the uptake and deployment of policies and technologies that deliver a clean energy. There is justifications for why countries move slow. Understanding the reasons can assist in developing policies and help us all transition to a cleaner future – not just a few countries.

As I mentioned we discuss a range of topics, but threaded through our conversation is the difficulty to change industry and technologies. Regardless of the reluctance, as Miroslav points out, the money from the EU is here – and ready to fund the transition. Therefore the Czech Republic is about to ramp up their activities and join the transition.

I think our conversation is an important milestone. We need to revisit the expectations expressed in this interview in a few years. Let’s see if what the EU is promising in retooling industry and assisting people and regions, to move away from coal, does have a positive impact.

The Carbon Storm of 2021: Energy shortages and high prices — Michael LaBelle (Ep. 39)

We can speak of the ‘Carbon Storm of 2021’ which reflects the new reality of Climate Capitalism, which Michael spoke about in episode 31. We are now paying the price of the energy transition, and how consumers, governments and industry react and work together to make this transition will also determine the price we pay in the short and the long-term.

Beyond Paris: IRENA delivers 2050 pathway — Gorini and Prakas (Ep. 34)

This week we speak with Ricardo Gorini and  Gayathri Prakas from the ReMap team at the International Renewable Energy Agency (IRENA). IRENA published this summer the World Energy Transitions Outlook: 1.5 degree Celsius Pathway. Our conversation today is about the report. Yes, we get technical, but we also learn about the REASON for the report. This is not your usual climate and death report – rather it’s an ambitious challenge to world leaders to actually deliver the goods by 2050. As the report makes clear, business as usual – even in a Paris scenario – doesn’t deliver the goods.  The perspective we gain by having a conversation with members of the team, that put the report together, makes us – or at least me, appreciate the importance of the findings even more.

We learn from Gayathri that the reason for the report is not just to demonstrate that renewables are the cheapest and smartest way to save the planet. We know – or at least many of you listening to this podcast do. What we find out is that the recent youth pressure for countries to do more, to fulfill the Paris Climate Agreement was the reason to push for a 1.5 Celsius scenario. Because as the report states,

Current plans fall woefully short of a 1.5°C goal. Based on existing government energy plans and targets, including the first round of Nationally Determined Contributions (NDCs) under the Paris Agreement, the policies in place will do no more than stabilise global emissions, with a slight drop as 2050 approaches. Despite clear evidence of human-caused climate change, widespread support for the Paris Agreement, and the prevalence of clean, economical, and sustainable energy options, energy-related CO2 emissions increased by 1.3% annually, on average, between 2014 and 2019.” pg 20

The basis of the report starts with the knowledge that governments are not doing enough and we need to be more ambitious to make it happen.

Gayathri Prakash

The report I really like because it maps out the measurable progress we need to make each year to realize a profound shift in technologies and practices. Personally, and professionally speaking, the report delivers a clear path forward. As Gayathri states, every day counts, and she is NOT exaggerating.

As I state in each episode of the My Energy 2050 Podcast, the purpose of this podcast is to highlight the people spreading the knowledge about the energy transition. This episode delivers a homerun on this account. We get a bit technical at times, so on the surface some of our discussion is, well, technical, but as you will hear throughout the episode, the justification and understanding of what technological and policy solutions are on the short term horizon – such as green hydrogen, can deliver a rapid and affordable energy transition.

A big thanks go to IRENA for approving this interview. And it follows episode 11, where I speak with Luis Janiero and Sean Collins about their roadmap for Central and Southeast Europe.

In short, this episode delivers an in-depth discussion on the pace of change, but also the path of technological developments and the tremendous potential we still have to unlock. Because renewables are ALREADY cheaper than fossil fuels. So let’s start working on the transition and leave fossil fuels for the fossils.

Ricardo Gorini – IRENA

” Innovations in technology, policy and markets are being implemented worldwide (IRENA, 2019a). Significant progress has been made in electric mobility, battery storage, digital technologies and artificial intelligence, among others. These shifts are also drawing greater attention to the need for sustainable exploitation and management of rare earths and other minerals, and investment in the circular economy. New and smart grids, ranging from mini to super grids, bolstered by facilitative policies and markets, are enhancing the power sector’s ability to cope with the variability of renewables. Direct uses of renewables – including bioenergy – and green hydrogen are bringing much-needed solutions in transport, buildings and industry.” World Energy Transitions Outlook: 15 degree Celsius Pathway, IRENA, pg 18

World Energy Transitions Outlook: 1.5°C Pathway (irena.org)

Links

World Energy Transitions Outlook: 1.5°C Pathway (irena.org)

Time to Build Green in Central and Southwest Europe – IRENA’s Renewable Roadmaps Team – MyEnergy2050

Gayathri Prakash | LinkedIn

Ricardo Gorini | LinkedIn

Show transcript – unedited

The Big Energy Decoupling (Ep. 32)

This week Michael LaBelle is providing a link with the Sustainable Development Goals and the changes we are making to our energy system. Why is this important? Climate change is altering both how we live and the natural resources we rely on. From water shortages, phasing out fossil fuels to the race for rare Earth minerals for fueling the energy transition.  How we utilize natural resources is changing not only how we heat our homes, but what powers our cars. The impact – as I will discuss today – is on adapting our energy system to ensure a sustainable development path is built.  

The topics that are addressed are:

  • Decoupling Energy and Development
  • Energy and Sustainable Development
  • Energy and Humane Development

The work and these reflections stem from collaboration between Professor LaBelle and with Professors Tekla Szep and Geza Tot. There are different publications coming out over the next year or so on these topics.

Essentially there are two different perspectives on the energy transition we are developing. One lens provides a view through linking the Human Development Index with energy consumption and the second lens links the Sustainable Development Goals with energy consumption. Taken together, as Professor LaBelle outlines today, we reach a deeper understanding into ‘energy well-being’ which defines how our economies grow while delivering the benefits of economic development to people.

Remember it is the energy system that serves humanity, not humans serving the energy system. The energy transition must be about a fair and equitable readjustment for all of society.

Climate Capitalism: Shifting to Green Growth – Michael LaBelle (Ep. 31)

Climate Capitalism is a model pushed by the threat of losing technological and political dominance by the loss of social support for capitalistic modes of production. 

Making Romania Fit for 55 — Radu Dudau

potential to build a strong renewable energy portfolio with a good natural environment in the Danube Delta and investor interests.  The European Commission wants to push the country towards 40% of renewables in the next few years. In short, Romania holds the potential to shift away from coal and embrace renewables.

Putting Climate Action Online – Anna Ackermann

In this episode, we cover why Anna Ackermann became interested in climate and energy, and how starting out with an engineering degree in Ukraine led her to dig deeper into how to change the energy system. Anna did a master’s degree at Central European University in Hungary. After her return to the country in 2014, she became a leader changing policies to increase the role of renewables and energy efficiency.  

We conclude our discussion by considering the role of online events as a way to stay up-to-date on the latest research and news, along with how to host a better online event – something we’ll be trying out very soon.  

The take away for me in this interview was Anna’s long-running interest in climate issues and how her initial – almost standard – education as an engineer was insufficient to answer her own natural curiosity and drove her to find ways to change both the formal institutional system and then starting the Climate Online portal to encourage further change. 

Anna is one of our former Central European University masters student who earned her degree in Environmental Sciences Policy and Management, as part of the Erasmus MESPOM program, that brought her to CEU and to the University of Manchester. Anna’s story post-university is both informative and inspiring for what we do after we leave formal education and how sharing our own interests and hobbies, can make a difference in the much bigger world of climate change and energy transition.  

Energy Citizens Standing up for Change – Breffni Lennon

In this episode of the MyEnergy2050 podcast, we speak to Breffni Lennon and delve into the social dimension of our energy transition. We discuss both the research process itself and how research sheds light on the plight of people regardless of their socio-economic background. Is burning coal for heat as bad as someone flying to Mexico for vacation? 

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