Cleaning Up: Leadership in an Age of Climate Change

Audioblog 15: The Pragmatic Climate Reset Part 1 — The Energy Transition Is Not Dead

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Aug 6, 2025

The podcast dives into the complexities of the energy transition, challenging the notion that fossil fuels are outdated. It highlights the ongoing dominance of fossil fuels, even amidst growing renewable technologies, especially in Asia. A new 'pragmatic climate reset' is called for, prioritizing genuine progress and financial investments in clean energy. From reassessing dependency on fossil fuels to critiquing slow transition progress, the discussion reveals urgent needs for innovative strategies in climate policy.

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INSIGHT

Regional Energy Transition Variances

Fossil fuel dependency appears stable globally but varies widely by region and era.
Trends show a surge in renewables like wind and solar outpacing fossil fuels regionally.

INSIGHT

True Fossil Fuel Dependency Lower

The real global fossil fuel dependency is closer to 68%, not 80%, due to energy efficiency differences.
Clean energy already meets about one-third of real energy demand, showing significant progress.

INSIGHT

Energy Transition Is Gradual

Clean energy growth outpacing energy demand means fossil fuel use declines but not immediately.
Energy transitions take decades, with fossil fuels shrinking gradually due to compound growth effects.

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In February, veteran fossil industry advisor Dan Yergin and two co-authors published a piece called The Troubled Transition. In it they dismiss the idea that there is or can ever be an energy transition, anchored on the fact that fossil fuels contributed 85% to so-called primary energy in 1990 and still contribute 80% today.

Needless to say, their argument has been widely amplified by the oil and gas industry. They conclude with a demand for a new approach – which they call a “pragmatic path”.

Pragmatism is needed, but not the pragmatism of defeat. Not the ‘pragmatism’ of believing fossil fuels hold the key to further human progress. Not the ‘pragmatism’ of addressing climate change only if it suits the interests of fossil-fuel companies. What is needed is the pragmatism of robust but affordable climate action.

This week on Cleaning Up, Michael Liebreich debunks narratives that trumpet the alleged failure of climate action, and explains why a pragmatic climate reset is needed.

Leadership Circle:

Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP of Portugal, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.

Links and more:

Read the full article on BNEF: https://about.bnef.com/insights/clean-energy/liebreich-the-pragmatic-climate-reset-part-i/
Tony Blair Institute Climate Reset Report: https://institute.global/insights/climate-and-energy/the-climate-paradox-why-we-need-to-reset-action-on-climate-change
Michael Cembalest 15th annual Eye On The Market: https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/heliocentrism-amv.pdf
Dan Yergin et al, The Troubled Transition: https://www.foreignaffairs.com/united-states/troubled-energy-transition-yergin-orszag-arya
Generative AI – The Power and the Glory: https://about.bnef.com/insights/clean-energy/liebreich-generative-ai-the-power-and-the-glory/
Five Superheroes of the Transition: https://about.bnef.com/insights/clean-energy/liebreich-net-zero-will-be-harder-than-you-think-and-easier-part-ii-easier/
Tony Blair on Cleaning Up: https://youtu.be/Ko90KbFKBnI
Dan Yergin on Cleaning Up: https://www.youtube.com/watch?v=8QIh4U3Vgjc