Eight Minute Climate Fix (Paul Schuster)

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In this new podcast, Paul Schuster breaks down the complexities of the clean energy transition in brief eight minute segments. The debut episode tackles the existing solar industry, the different ways customers are currently contracting for solar power, the impact of new federal incentives, and the challenges awaiting the industry in the near future. 

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In this podcast, our host, Paul Schuster, explores the challenges in decarbonizing commercial buildings, especially those that need to be retrofitted. He discusses how governments are using building performance standards to incentivize landlords toward net zero emissions and what some of the issues are in implementing.

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In this episode, Paul explains how some large corporations are tackling the thorny issue of emissions in their supply chains. While many are still trying to grasp how to account for and report on these Scope 3 emissions, others are leading the way with innovative solutions to help suppliers reduce their greenhouse gases.

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In this episode, Paul dives into tax credits and the byzantine structures used by the federal government to incentivize renewable energy projects. He also lays out how the Inflation Reduction Act (IRA) revises the tax equity market for the better, setting the stage for real growth over the next decade.

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In this episode, Paul dissects the hype around the hydrogen market. What's with all of the colors in the "hydrogen rainbow" and where is hydrogen likely to succeed as a clean fuel alternative to gas, oil or other fossil fuels?

To help with that last question, Paul refers to Michael Liebreich's hydrogen ladder, which may be found here: https://www.liebreich.com/the-clean-hydrogen-ladder-now-updated-to-v4-1/
 

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In this episode, Paul explores the mechanics of the Power Purchase Agreement and its close cousin, the Virtual Power Purchase Agreement. These contracts underpin how many renewable power projects get financed, providing a stable source of revenue that banks can loan against.

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In this podcast, Paul provides an overview of the Conference of Parties (COP), some of the global commitments that have historically come from these conferences, and discusses the outcomes from the latest meeting, COP 27 in Egypt.

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Heat Pumps are amazing technology that have the potential to significantly electrify space and water heating for buildings. In this episode, Paul digs into how these boxes work, why they are so important to the energy transition, and what consumers should consider as they think about installing this technology.

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Are we at a tipping point for electric vehicle (EV) adoption in the US? Maybe, but there's still a lot of work to do to get it right. EV prices need to come down, charging infrastructure established and a distribution power grid upgraded to be able to handle the expected transition to electric mobility. Paul explores these challenges (and opportunities) in this latest episode.

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Paul adds his voice to those taking a retrospective look back at 2022 and the headlines that changed the energy transition. From the passage of the IRA to the war in Ukraine, the year was ... memorable. 2023 is shaping up to be a pivotal year, itself, and Paul adds a few modest predictions on what to expect over the next twelve months.

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Paul tackles the somewhat controversial topic of carbon offsets, diving into why most offsets on the market today are almost worthless. What needs to happen to deliver high quality, resilient offsets and how should companies and individuals think about this important tool in our climate tool bag?

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Paul provides a brief 8 minute overview of his interview with Joe Aamidor of Aamidor Consulting. The two discuss the benefits that Smart Building Management Systems bring to the energy transition and in decarbonizing our built environment.

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The influx of VC money in the 2006-2011 timeframe ignited what is now known as Cleantech 1.0; a boom, and trough, that have some people worried that today's frothy investment cycle may be headed for another sharp correction.

Paul interviews Jon Guerster of Activate Capital to understand how VC firms are thinking about today's Climatetech 2.0 - and the risks and opportunities of investing into this huge market. This episode is an eight minute synopsis of the extended cut conversation that can be found concurrently within this podcast.

Activate Capital - https://activatecap.com 

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The energy transition isn't just a success story about new technologies. At it's heart, the transition is a customer-led journey. Electricity consumers, in particular, are demanding more control and flexibility in the types of electrons that they are purchasing.

In this episode, Paul unwraps how innovations within the market are really about leaning into a changing customer perspective - and how these changes could play out in how the future grid could look.

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In this condensed overview of Paul's interview with Lee Taylor, CEO of REsurety, the two of them discuss the importance of evaluating new renewable projects by the impact that they have on emissions reductions. REsurety is pioneering nodal analytics that enable investors, buyers and other energy transition professionals to measure impact in new and meaningful ways.

For more information on REsurety, visit:
www.resurety.com

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The boom of renewable energy resources has been an undisputed success story. But it's opened up new challenges in how to upgrade an aging power grid to handle these new power sources. 70% of our transmission network is 25 years or older - and we're going to need massive investment into the grid if we're going to integrate the pipeline of projected renewable projects properly.

In this episode, Paul discusses the challenges with transmission, some of the efforts that FERC and other federal bodies are trying to do to unlock further investment, and even dives into some of the emerging technologies that are helping us do more with the existing infrastructure that we already have.

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The response to our new podcast has been overwhelming! A tremendous "thank you" to all of our listeners and subscribers.

Based on feedback from our listeners, we've decided to split out our long-form interviews from the shorter, eight-minute overviews that we've been enjoying. You can still find the short, concise information that you need here, in "Eight Minutes". But for those wanting a deeper dive and a longer conversation with the leaders in this space, we now have "More Than Eight Minutes" - a podcast with the long form interviews.

Spotify link

Thanks so much for listening and please, continue to let us know how we can get better!

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The IRA represents the largest ever commitment of federal dollars into climate technologies. In this episode, Paul dissects how the IRA is structured to support renewable energies, hydrogen, clean vehicles and other priorities of the Biden Administration. 

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In this episode, Paul discusses recent research that suggests that all of those climate commitments that big corporations have been making may not be as strong as originally thought. Diving into some of the ways that corporations may be inadvertently misleading their stakeholders, Paul unpacks some of the reasons why corporate action has been so hit or miss so far.

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For the most part, filling up a gas tank is the same experience no matter where you go. But EV charging can be pretty different. From being able to charge at your local retail store or even at home to understanding the differences between Level 1, 2 or 3 chargers - Paul takes a moment to decipher how EV charging works and the terminology and engineering behind the infrastructure.

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Microgrids play an important role in advancing the energy transition, not only creating clean power, but enabling more resilient, secure systems that can be deployed easier and faster than multiple types of projects. In this episode, Paul digs into the types and technologies of microgrids and the impact that they have on the energy transition.

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The first nuclear plant in 30 years just fired up in Georgia. Is this the re-emergence of a technology capable of generating baseload, clean electricity - or are the economic and cultural forces too much for new nuclear to overcome? In this episode, Paul explores the promise of nuclear energy as a part of the clean energy transition as well as the challenges that construction of the new Vogtle reactors in Georgia has laid bare.

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In this episode, Paul sits down with Greg Stevenson of Consumers Energy to talk about the utility's challenges and opportunities when it comes to helping the small and medium sized business (SMB) market. SMBs are something of a forgotten middle in the energy transition - as so much focus has been on large companies or on residential homeowners, but Greg and his team are putting in the effort to segment and understand this market in order to better serve it.

For the entire interview, check out our sister podcast, "More Than Eight Minutes"

https://www.buzzsprout.com/2129384/episodes/12503559

And to find Greg on LinkedIn: https://www.linkedin.com/in/gestevenson/

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The next decade could be that of battery storage. Boosted by new tax credits in the IRA, batteries are poised to become one of the most powerful tools in our tool belt for shifting to cleaner electricity. But storage isn’t just about storing solar power for use at night. They represent security, resiliency, flexibility and an opportunity for consumers to take advantage of utility programs designed to lessen the overall burden on the grid.

Paul interviews Mike Goldman of Generac Grid Services to dive into behind-the-meter storage, the value stack making these investments ever more affordable, and the policies and regulations enabling this technology.

Find the long form interview with Mike on "More Than Eight Minutes"

https://www.buzzsprout.com/2129384/episodes/12551998

And you can find Mike on LinkedIn

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Not everyone owns a roof and is able to install the latest solar panel - so how do we create the opportunity for renters, small businesses, non-profits, or urban condo dwellers to participate in the low cost and sustainability advantage of solar power?

The answer may be in community solar projects. In this episode, Paul dissects what these types of systems are and how they are leveling the playing field for everyone to participate in the energy transition.

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Certain parts of the U.S. allow customers to buy their power from someone other than the utility - a mechanism called retail choice. And this has really created the opportunity for individuals, companies and other consumers to decide not only how much that they want to pay for electricity - but also the type of power that they want to use. Renewable energy programs are everywhere.

In this episode, Paul dives into how these renewable energy retail programs are structured, and why they may not be right for every consumer. He also touches on their close cousin, the utility green tariff, and how these programs help larger consumers green up their supply as well.

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There are a lot of industries where renewable energy or electrification just simply isn't possible. To meet our climate goals, technology such as Carbon Capture, Utilization and Sequestration (CCUS) has to mature and come down in cost. Paul discusses the current state of the CCUS market as well as some of the big investments that governments and private industry are making behind this technology.

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Fourteen months into the conflict in Ukraine and the energy landscape in Europe has shifted dramatically. Whereas Russia supplies of gas used to dominate the market, today, the equation is far different and more nuanced. And the shift toward electrification and more renewable resources has only increased over the past year-plus.

In this episode, Paul dissects the impact that the war has had on Europe's energy transition, both the good and the bad, and discusses how the sanctions may be affecting both sides of the conflict.

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Learning from the lessons of the Obama Administration's failed Clean Power Plan, the Biden EPA is set to launch a new set of rules governing carbon emissions from fossil fueled power plants this week. What's in these rules? What effect are they likely to have on greenhouse gas emissions? And, frankly, what likelihood do they have to stand up against a conservative Supreme Court?

Paul dives into the EPA's latest carbon regulations in this latest episode.

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Paul gets a bit wonky in this episode, discussing how Property Assessed Clean Energy Financing (or PACE financing) works. Coming up with the capital needed to install new solar panels, invest into upgraded energy efficient equipment, or electrify a building's thermal load can be difficult. PACE financing is a public option that has both pros and cons for property owners to consider.

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Heard of the term "greenwashing". Some companies are riding the environmental and climate change wave by providing false or misleading information on their activities. But greenwashing is sometimes really difficult to uncover due to the many forms that it can take.

Here, Paul dives into the different ways that companies may be misleading their customers and investors, from greenhushing to greenshifting.

For those interested in the article that Paul mentions in the episode, you can find it here:

Euronews - What is Greenhushing?

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As the world grapples with climate change and transitioning to cleaner, more renewable resources, what is the role that big oil can play in that pivot? It's a nuanced question that probably deserves more than eight minutes, but Paul does his best to dig into some recent wins (and losses) by climate activists in this space, the ways in which oil companies are already adapting, and some successful pivots that big companies have already made.

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In this episode, Paul discusses Demand Response programs and their role in helping transition to a net zero economy. Instead of building new gas fired power units, demand response asks participants to reduce their power needs at times when the power grid is particularly stressed.

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Not all of the energy challenges facing us are technical in nature. Equally important to scaling clean energy solutions are in lowering costs, investing in novel, newer technologies, and implementing processes that make it easy for consumers to transition.

In this episode, Paul sits with Tom Chase from the Massachusetts Clean Energy Center, MassCEC, to discuss how that organization is helping needed ideas come to market. And they take a bit of a deeper dive into what's needed to promote high performance buildings.

For those wanting to learn more about MassCEC and their programs, please visit:

https://www.masscec.com

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In this week's episode, Paul sits down with Kathy Loftus of Retail Business Services, the services company for Ahold Delhaize USA which includes supermarkets such as Food Lion, Stop & Shop, The GIANT Company, Hannaford and Giant Food. Kathy, RBS and the local retail brands of ADUSA are doing amazing work in helping to build sustainable supermarkets for the future. In addition to helping reduce operating emissions, ADUSA is also helping to drive down supply chain emissions.

For more information on Ahold and their brands, visit:

https://www.aholddelhaize.com/en/Sustainability/

And for more information on Kathy:

https://www.linkedin.com/in/kathy-loftus-9105692/

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The challenge in integrating large scale renewables onto the grid isn't just a matter of intermittency or of displacing fossil fuels. System operators trying to balance daytime generation with nighttime demand end up offsetting a lot of the value created by solar power in the first place.

In this episode, Paul discusses the Duck Curve, a useful tool that shows how increased solar penetration may actually lead to suboptimal outcomes.

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In this latest episode, Paul dissects the growing offshore wind market in the US. The offshore wind industry may only have 42 MWs of capacity currently operating, but over 40,000 MWs of capacity are in some form of development. With that huge ramp up will come challenges and controversy. Paul digs into all of that in these eight minutes.

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Energy storage is a big component of the energy transition. Whether for EVs or residential homes or grid enabled backup, energy storage is an important and evolving topic. But whereas the conversation may start with the familiar lithium-ion battery, there are both emerging and very mature technologies out there that provide energy storage at different cost points and durations - ideal for different situations.

Paul uses this episode to examine the different types of energy storage and how they each provide different value depending on their use case.

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In this episode, Paul discusses the seminal global climate agreement that emerged from Paris in 2015. From it's history, its controversy, and its effectiveness, Paul unpacks how the Paris Agreement is mobilizing the globe toward climate action.

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Hydrogen is likely to play a big role in decarbonizing the economy, but that doesn't mean that it's a simple substitute for everything that currently burns natural gas. In this episode, Paul discusses whether hydrogen is a viable option to replace natural gas for the heating of residential homes.

References cited in this episode include:

"Is Heating Homes with Hydrogen all but a Pipe Dream? An Evidence Review" - Jan Rosenow

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Last week, the International Sustainability Standards Board released two sets of standards to help harmonize and consolidate how companies should account for and report on their risks around climate. These new standards help to simplify the alphabet soup of existing standards while also setting the stage for regulated, mandatory reporting requirements on sustainability.

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The Inflation Reduction Act (IRA) turns one on August 16th. Widely lauded as the most comprehensive climate legislation ever - how has the law done during its first year? In this episode, Paul digs into how the IRA has affected domestic manufacturing, renewable energy projects and global aspirations for climate impact. And we even touch on some of what needs to happen next to maximize the opportunities unleashed by the IRA.

EDITOR'S NOTE: Paul inadvertently refers to an EPA ruling regarding transmission permitting in this episode. The agency behind this recent ruling is actually the Federal Energy Regulatory Commission (FERC).

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What if the solution to our environmental crisis is also the source of another potential catastrophe? In this thought-provoking episode, we shine a light on the often-overlooked dark side of our quest for sustainable energy. Paul explores the ecological and societal impact of mining for lithium and cobalt - essential minerals in modern battery production. We delve into the controversies surrounding these practices, including the ecological toll on local environments, and the undeniable societal issues that come with cobalt mining in Africa.

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In this episode, we navigate the heated controversies surrounding the environmental impact of cryptocurrencies. We dig deeper into the implications of crypto mining on our environment, thoroughly dissecting the challenges it brings and the potential solutions that can counteract them. Join Paul as we uncover whether crypto can truly transform into a green industry or if it’s just another case of environmental greenwashing.

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In this episode, Paul discusses some of the emerging value propositions that exist at the grid edge - that point of power consumption. As utilities and start-ups offer up new technologies and solutions, Paul digs into what makes these propositions work and the challenges we have in realizing all of the potential value.

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The United Auto Workers went on strike last week, hitting all of the Big Three automakers simultaneously for the first time in history. And while pay and benefits remain big negotiating items, the specter of the EV transition is hanging over these developments. Will the change over to electric cars cost unionized jobs? Or is there opportunity in the transition?

Paul takes this episode to look at the EV market through the eyes of the line worker, uncovering some of their fears and anxiety as to what the change over means.

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The Wall Street Journal released an article last week discussing how many companies are likely to miss their net zero sustainability targets. And while lots has been discussed about the value and need for corporations to be aggressive on their climate commitments, very little has been discussed on what the impact is if a company misses on those targets.

In this episode, Paul digs into what little research has been conducted in this area and uncovers some of the challenges that companies have when setting ambitious targets and NOT following through.

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In this episode, we take a hard look at the challenges faced by the food industry in the context of climate change. Paul interviews Ashley Allen, Chief Sustainability Officer of Oatly, on how the oat-based company is striving to decarbonize their products while educating consumers on the environmental impact their food choices make.

For more information on Oatly, visit:

https://www.oatly.com

For more information on Ashley, please visit:

https://www.linkedin.com/in/ashley-n-p-allen-9483b0b3/

And for the full interview with Ashley, please go to our sister podcast, More Than Eight Minutes:

https://www.buzzsprout.com/2129384/13672843

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Why is the transition to a green economy about more than just swapping out old tech for new, more sustainable options? Paul explores this pressing question, laying bare the complexities and challenges of shifting an entire workforce into the clean energy landscape. 

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Our fiftieth episode wraps up the first season of Eight Minutes. To celebrate, Paul gets reflective on the challenges and his unwavering optimism on the energy transition.  He delves into the hurdles we face in this momentous transition, from the considerable costs of renewable energy resources to the infrastructure changes needed to support this new era. But also expresses why this change is already happening and may have a momentum all of its own, at this point.

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Season 2 of Eight Minutes kicks off with an overview of the current state of the Corporate PPA market. Lots of tailwinds for the growth of new renewables projects - but also quite a few challenges that are keeping the industry back from reaching its full scale. Paul digs into these issues with a fly-over on how the corporate PPA market is doing in today's conditions.

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The Inflation Reduction Act unlocked $379 billion toward cleaner and more renewable climate technologies. But it also funnels nearly $50B toward State and Local governments to help them develop and implement their own climate resiliency plans. In this episode, Paul discusses the federal funding sources as well as the challenges and opportunities that these dollars present for governmental entities.

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The utility business model is a bit unusual, given that power companies own a natural monopoly in the areas in which they operate. But just as the energy transition has upended a bunch of other industry models, it's doing something similar in the staid power industry. 

Paul digs into the existing Cost of Service model most utilities employ today, as well as discussing the evolving role that decoupling and Performance Based Ratemaking play in aligning utility incentives with those of states and consumers.

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Artificial Intelligence is having a moment. And while there are legitimate concerns as to how AI can influence our society and culture, this emerging technology is also having a profound impact on the pace and scale of the energy transition. In this episode, Paul dissects what AI can, and can not do, and illustrates a few examples of how this important technology is changing our power grid.

Paul references the following material in this podcast:

PWC Report on Impact of AI on Global Economy
Deep Blue
IBM Watson
Accenture and Frontier Economics Report on AI Productivity

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Industrial and manufacturing processes require intense heat - something that has been relatively difficult to achieve with electricity. But converting those processes away from fossil fuel sources and to renewable energy is critical if we're going to decarbonize this sector.

But a host of emerging technologies are helping to make that transition. From heat pumps to old fashioned firebricks to more advanced technologies, a number of startups are helping to apply electricity to even our highest temperature industrial processes.

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Back in October, California passed a remarkable law called Senate Bill 253, The Climate Corporate Data Accountability Act. Usually shortened to just SB 253, the new law is the first to require large companies to publicly report on their greenhouse gas emissions.

Paul sits down with one of the key architects of the legislation, Catherine Atkin of Carbon Accountable. They discuss the implications and opportunities of the new bill and what it means for companies doing business in California.

For the full interview, check out our sister podcast, More Than Eight Minutes:

https://www.buzzsprout.com/2129384/14155297

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COP28, the world's largest climate event, wrapped in Dubai last week. On the one hand, the COP is an event for politicians and dignitaries as they wrestle with the language around how forcefully the world will commit to the climate transition. But, the COP has another side to it as well, a public side where corporations, NGOs and other organizations gathered to share the very best of what global collaboration can mean when harnessed in the right direction.

In this episode, Paul unpacks the tale of these two COPs, outlining the major outcomes negotiated by the global delegations while also highlighting the announcements and actions being taken by private and public entities.

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Just before Christmas, the US Treasury and IRS issued rules on how certain tax credits in the Inflation Reduction Act should be considered. These 45V tax credits are critical to the growth and evolution of the hydrogen industry, but not everyone agrees on how these credits should be managed. Should they prioritize growth of a needed carbon-free fuel industry? Or should they ensure that dirty, fossil fired power stations aren't powering staying operational longer than needed?

In this episode, Paul outlines the issues at stake and the resultant ruling laid down by Treasury on these credits. As the climate industry ramps up new and important technologies such as hydrogen, carbon capture and others - these wonky debates on business models, value chains and tax implications are going to be increasingly important.

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CO2 may be the main culprit of climate warming activities - but there are other greenhouse gases out there even more potent. Twenty thousand times more potent, in fact. And controlling these gases is just as important to meeting our climate ambitions as reducing carbon emissions is.

Paul unpacks the Kyoto protocol and the seven gases identified to have significant global warming implications on our planet. And Paul discusses where these gases are coming from and what we're doing to address and control these super gases.

For further research:

What is the Kyoto Protocol?

EPA - Importance of Methane

Biden-Harris Administration Announces Proposed Rule to Reduce Wasteful Methane Emissions ... 

Inside Climate News - What is Nitrous Oxide and Why is it a Climate Threat?

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Is renewable natural gas the silver bullet for a greener future or a complex puzzle yet to be solved? While many industrial and natural gas companies have looked to RNG as a potential solution to decarbonize their operations, the fuel source is not without some issues.

Paul examines how RNG is made, used and contributes to decarbonization goals. But he also looks at how and why some of those claims may not fully stand up under scrutiny.

For futher research:

The Four Fatal Flaws of Renewable Natural Gas - Sightline Institute

Renewable natural gas: A Swiss army knife for US decarbonization? - McKinsey

An Introduction to Renewable Natural Gas - EPA

Massachusetts DPU Order 20-80 

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In this episode, Paul is joined by DR Richardson and Jan Keleher of Elephant Energy to discuss the challenges of the residential heat pump market. With an array of federal, state and local incentives, a myriad of technology options, sizing requirements, electrical upgrade decisions and other factors that play into installing these units, Elephant Energy has found a niche as a "one-stop shop" in helping homeowners.

We explore why business model innovations such as Elephant's may be necessary to ensure that this useful decarbonization technology gets deployed at scale.

For further research:

DR Richardson

Jan Keleher

Elephant Energy

Global Heat Pump Sales Continue Double Digit Growth - International Energy Agency

After Maine Surpasses 100,000 Heat Pump Goal Two Years Ahead of Schedule, Governor Mills Sets New, Ambitious Target

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The intensity and impact of wildfires has dramatically increased over the past few decades due to climate change. And as those acres burn, those fires are releasing trapped carbon back into the atmosphere and only exasperating global warming.

Utilities have been at the center of the controversy around wildfires - taking the blame for devastating events in California and Maui, but also leading in developing solutions to mitigate the rise in and impact of wildfires.

For further research:

"Wildfire Risks in the US are Soaring. Here's What Utilities can do." - Utility Dive

US Drought Monitor Conditions - NDIS

"PG&E will bury 10,000 miles of power lines so they don't spark wildfires" - NPR

"Effects of Climactic Variability and Change on Forest Ecosystems" - NDA

Wildfire Climate Connection - NOAA

New York City Skyline Turns Orange Due to Wildfires - ABC News

Forest Fires are Getting Worse, 20 Years of Data Confirm - Mongabay

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Getting discouraged by all of the negativity in climate news recently? In this week's episode, Paul takes a different tack - focusing on the good news that came out of 2023 and all of the positive results that we've *already* achieved in climate action. Take a bit of hope from this episode as to the trajectory of change that is occurring!

For further research:

"World’s renewable energy capacity grew at record pace in 2023" - The Guardian

"Chart: US EV sales are having a record-setting year" - Canary Media

"Which is it, already – is US EV demand slowing or growing?" - Electrek

"Have we reached peak greenhouse gas emissions?" - Brookings

Representative Concentration Pathways

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Thermal Energy Networks are matriced assemblies of pipes and heat pumps where buildings can not only utilize the heat from the ground beneath us, but repurpose heat from the buildings around us to make certain we're not wasting anything. And, because of that, these systems may be a super efficient and cost effective means to decarbonize large swaths of cities and neighborhoods.

Paul sits with Matt Rusteika, Director of Market Transformation at the Building Decarbonization Coalition, to talk about these emerging networks, why they show so much promise, and what's holding them back, so far, from a scaled up, mass roll-out.

For further research:

Matt Rusteika

Neighborhood Scale: The Future of Building Decarbonization

Building Decarbonization Coalition Webinar

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While EV global sales continue to surge, the uptick in the US lags significantly behind that of our European counterparts. And while obstacles such as a lack of charging infrastructure, high up-front costs, and battery range are affecting market share - those same issues are also at play in Europe. So what are they doing right that is helping that continent achieve over 20% market share of EVs?

In this episode, Paul dissects four areas where Europe's approach to EVs has been a bit different than that of the US in the hope that we can learn from our friends overseas.

For further research:

"Electric Vehicles are Here and Large-Scale Adoption is ... Near?" - Mckinsey

"Electric Car Sales Have Surged in Europe - So Why is Adoption Still Slow?" - World Economic Forum

"Six Essentials for Mainstream EV Adoption" - EY

"The Great NACS Migration: Who Is Switching to Tesla's Charging Port?" - Motortrend

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When Walmart launched their Project Gigaton program in 2017, the idea that the retailer could get their suppliers to cumulatively reduce 1 BILLION tons for carbon emissions by 2030 was hailed as incredibly ambitious.

Last week, the company reported in their fourth quarter earnings call that they had not only surpassed that billion ton goal, but had done so 6 full years earlier than their target. In today's episode, Paul discusses how Walmart got here, what other companies can learn from Walmart's leadership, and what may be next in addressing supply chain (or Scope 3) emissions.

For further reference:

"Why Walmart's Project Gigaton is Corporate America's Moonshot" - Greenbiz (2017)

"Walmart Hits Supplier Emissions Goal 6 Years Early" - Retail Dive

"Walmart Suppliers Lead the Charge, Help Deliver Project Gigaton Goal More Than Six Years Early" - Kathleen McLaughlin, CSO Walmart, Blog Report 2/21/2024

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In this episode, Paul unpacks how 24/7 hourly matching is becoming something of a new standard for corporate renewable energy procurement. This temporal strategy is having an impact on not just how large companies are buying power, but also for federal organizations, hydrogen developers, and, frankly, just about anyone in the renewable procurement market.

Paul discusses the impact of 24/7 hourly matching, it's potential drawbacks ... and even courts a bit of controversy by suggesting that maybe this strategy isn't the best one for all companies.

For further reference:

"System-level impacts of voluntary carbon-free electricity procurement strategies" - Princeton Study

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2024 marks the first compliance period for the groundbreaking building performance standard in New York City known as Local Law 97. The law requires large buildings to go beyond simply reporting emissions and to begin to enact decarbonization standards. Or face fines.

Paul sits with Luke Surowiec of ICF and who is the program director of the New York City Accelerator to talk about the current state of Local Law 97, how buildings are complying with the requirements, what lies ahead, and what other municipalities can learn from NYC Accelerator's experience in getting this off the ground.

For more reference:

Luke Surowiec

New York City Accelerator

Local Law 97

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It's been about 6 and a half years since Hurricane Maria laid waste to Puerto Rico's power grid. As the island continues its recovery, it is pioneering a more distributed, renewable and resilient power infrastructure that the rest of us can learn from.

In this episode, Paul sits down with Javier Rua of the Solar and Energy Storage Association of Puerto Rico to talk about the recovery process and what's next for the island.

For further reference:

Javier Rua

Puerto Rico Energy Public Policy Act - Act No. 17

Fossil-dependent Puerto Rico can fully shift to clean energy by 2050, a two-year federal study says - The Independent

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On March 6th, the Securities and Exchange Commission released their long awaited rules on climate disclosure. The final product attempts to standardize how companies report on the risks that they face from worsening climate events, while providing a way to indicate the strategies and steps being taken to reduce the impact and risk of climate change.

Paul tackles the rules, both in what they are now going to require public companies to report upon as well as in how effective these requirements are going to be in advancing climate action.

For further reference:

"SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures for Investors"

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Paul sits with Mike Roeth of the North American Council for Freight Efficiency (NACFE) to discuss the current state of trucking and how that industry is decarbonizing. Although trucks only account for 5-10% of the vehicles on the road, they contribute up to a quarter of the transportation sector's greenhouse gas emissions.

But whereas challenges remain to fully decarbonize long haul, heavy duty trucking, Mike and Paul dig into the different use cases and opportunities that the industry has to electrify existing vehicles today.

If you want to hear the entirety of Paul's interview with Mike, visit More Than Eight Minutes.

For further reference:

Mike Roeth

North American Council for Freight Efficiency

Calstart - Medium and Heavy Duty EV Deployment: Data Collection

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Philanthropic giving to climate related causes is woefully small. But charitable dollars have a really important role to play because of their flexibility and different motivations. They can catalyze investment in areas where private or governmental dollars can not.

In this episode, Paul sits with Randall Kempner, Senior Advisor to the Aspen Institute to discuss the role of philanthropic dollars in the capital stack, why foundations and donors have not contributed as much, yet, and what is needed to further catalyze this funding source.

For the extended version of the interview with Randall, please visit More Than Eight Minutes

And for further research:

Randall Kempner

The Aspen Institute's Energy & Environment Program

The Global Methane Hub

Much Alarm, Less Action: Foundations & Climate Change - The Center for Effective Philanthropy

Global Energy Alliance for People & Planet

Giving to Amplify Earth Action - World Economic Forum

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If there is a gold standard for setting corporate climate goals, it's a science based target. These commitments are a rigorous, methodical approach toward ensuring that we stay below the 2 degree warming threshold.

In today's episode, Paul explains the methodology used to determine science based targets and their net zero counterpart. And Paul touches upon the recent controversy that arose around when and how it is appropriate to use offsets against these targets.

For further reference:

Science Based Targets Initiative

Why is the SBTi advocating the Carbon Offsets Market?

Science Based Targets vs. Net Zero: what’s the difference? Why do they matter?

SBTi: Yes, companies can use carbon offsets to abate certain Scope 3 emissions

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There are over 20 Green Banks spread across the US, designed to deploy clean energy technologies and ensure equitable access to the clean energy economy. These quasi-public institutions play an important role in bridging a risk gap between what is "theoretically financeable" and what is "actually financeable".

In this episode, Paul discusses how Green Banks function, the role that they play in handling risks that private institutions can not, and how the IRA and IIJA unlocked billions of dollars of federal funds in the first ever national green bank.

For further reference:

"Biden-Harris Administration Announces $20 Billion in Grants to Mobilize Private Capital and Deliver Clean Energy and Climate Solutions to Communities Across America"

Green Banks - NREL

"State Energy Financing Institutions: Unlocking Billions in Concessional Financing from the Loan Programs Office" - Center for Public Enterprise

Connecticut Green Bank

DC Green Bank

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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 Sustainability

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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 Analyses

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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 Monitor

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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" - WBCSD

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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" - Deloitte

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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" - Bloomberg

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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 Media

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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" - Reuters

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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 Media

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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" - WIRED

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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 Times

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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 Forum

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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 Laboratory

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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" - IRENA

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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" - Carbonary

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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" - DOE

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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.

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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

Edo

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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" - Crux

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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 Chicago

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In this follow-up episode to last week's overview of Project 2025's climate related suggestions, Paul digs deeper into some other recommendations of the conservative roadmap, including its emphasis of national security as well as its animosity toward renewable energy projects. But Paul also highlights areas where compromise may be had, outlining a few discrete areas where Project 2025 brings up interesting points.

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

"Texas' frozen power grid is a preview of climate change disasters to come" - CBS News

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We sometimes use certain terms in the energy transition interchangeably - chief among them is "geothermal". In this episode, Paul discusses some of the different types of emerging technologies that get tagged with this moniker - and why and how these different systems have different use cases and applications. No, no one is suggesting drilling a hole to the earth's core in order to heat your building ... yet!

For further research:

"Geothermal Energy vs. Ground Source Heat Pumps: What’s the Difference?" - GetGreenNow

"Explainer: This is how geothermal energy works" - World Economic Forum

"The geothermal innovation powering Google’s data centres" - Seequent

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For all of the economic advantages being created by the energy transition, some of that value isn't being fully captured by consumers who don't fully understand their utility bill. As energy prices are rising and these bills are becoming more complex and obtuse, maybe now is a good time to review how utilities are charging for not only the power that they provide, but also the policies that their state regulatory commissions are encouraging.

For further reference:

"The simple way to read your electric bill" - Energy Sage

"How Much Electricity Prices Increase Per Year in the U.S." - Solar Reviews

"Getting Answers: solar and EV charges on electric bills" - Western Mass News

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After the devastating impacts of Hurricanes Helene and Milton over the past few weeks, it's a good time to review the science on why (and how) warming sea temperatures are affecting the intensity of these mega storms. Big, intense tropical cyclones are a part of our future and we should understand why today's storms are so much more powerful than those of just a few decades ago.

For further research:

"Are hurricanes getting worse? Here’s what you need to know" - NPR

"Yet another hurricane wetter, windier and more destructive because of climate change" - World Weather Attribution

"Why Hurricane Milton Got So Strong, So Fast" - NY Times (video)

"A Force of Nature: Hurricanes in a Changing Climate" - NASA

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Paul reflects a bit on having just completed the second year of hosting Eight Minutes, and takes a moment to indulge in how the process of developing climate strategy needs to change if we are to keep up with the rapid advances in climate industries. Long term strategic planning may need to be replaced by "agile" strategic processes.

For more research:

"CCUS Market Outlook 2023: Announced Capacity Soars by 50%" - Bloomberg New Energy Finance

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The DOE recently released a report outlining a pathway for the US to meet recent pledges of tripling of domestic nuclear capacity by 2050. Nuclear needs to play a role in a clean energy economy, but the industry may be fooling itself in thinking that learning curve cost decreases will help to make these advanced nuclear reactors more economically viable.

In this episode, Paul discusses the challenges facing the nuclear industry in reducing costs, including the need to customize between facilities, the challenge in translating workforce experience across construction firms, and the ongoing costs associated with the high regulatory hurdles associated with this technology.

How can the US support new nuclear, but in a way that ensures affordability for the energy transition?

For more research:

"Pathways to Commercial Liftoff: Advanced Nuclear" - Department of Energy

"To meet US nuclear goals, big reactors need to get built today, DOE says" - Canary Media

"Historical construction costs of global nuclear power reactors" - Jessica Lovering, et al. (2016)

"The economics of nuclear power: Further evidence on learning, economies of scale, and regulatory effects" - Cantor, et al. (1988)

"EDF’s UK Hinkley Nuclear Costs Balloon as Plant Delayed Anew" - Bloomberg

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