Adair Turner on Trump 2.0, Chinese solar panels and the hydrogen hype
Aug 23, 2024
auto_awesome
Adair Turner, the former chairman of the UK Financial Services Authority and current head of the Energy Transitions Commission, shares his insights on critical climate issues. He warns about the potential risks to U.S. climate goals if Trump returns to power. Turner discusses the challenges of deindustrialization in Europe and supports the need for carbon borders. He downplays fears over reliance on Chinese cleantech and emphasizes that AI datacenters may require regulatory oversight to navigate the energy transition effectively.
Adair Turner highlights the risk to America's climate goals posed by a potential Trump re-election, stressing the need for political stability in renewable investments.
He argues that fears of over-reliance on Chinese cleantech are exaggerated, advocating for a focus on local supply chains to boost energy independence.
Deep dives
The Role of the Energy Transitions Commission
The Energy Transitions Commission (ETC) is a global coalition aimed at achieving net zero emissions by mid-century, drawing members from various sectors and countries. It includes major players from oil, gas, renewable energy, and manufacturing, focusing on the techno-economics required for the energy transition. By advocating for necessary investments and policies, the ETC works to facilitate the shift toward sustainable energy sources worldwide. This coalition has formed partnerships across regions like Australia, Japan, and Africa to explore effective pathways for decarbonization.
UK's Commitment to Clean Energy
The UK government has set an ambitious target to achieve a net zero emissions power system by 2030, which is a significant acceleration from previous goals. This commitment involves substantial investments in solar, onshore, and offshore wind energy, underlining the importance of transitioning to a decarbonized electricity system. Achieving this target not only serves as a model for other nations but also presents investment opportunities within the green energy sector. However, challenges include developing local supply chains to ensure that manufacturing capabilities align with these renewable energy objectives.
The Fragility of U.S. Renewable Energy Policies
The supportive environment for renewables in the U.S., driven by the Inflation Reduction Act, faces uncertainty in light of potential political shifts. A possible Trump victory could undermine current momentum in renewable investments and destabilize global climate initiatives. Although many American voters acknowledge climate change, a politically motivated minority significantly influences the legislative landscape, leading to a fragmented approach toward climate action. Striking a balance between scientific advocacy and highlighting the economic benefits of renewable technologies is crucial for garnering broader public support.
Investment Challenges in Clean Hydrogen and Local Production
The clean hydrogen sector is experiencing a slowdown in investment, with much of its future growth expected beyond 2030, particularly in new applications. Current demand primarily stems from existing use cases, such as ammonia production and refining processes, necessitating a transition from gray hydrogen. There is also an ongoing conversation about the need for local production for energy independence, particularly in the context of rising costs and reliance on imports. To address these challenges, a careful balance is needed between fostering domestic industries and ensuring that costs remain reasonable for consumers to avoid hindering the energy transition.
This week on Energy Evolution we hear from Lord Adair Turner, British businessman and former chairman of the UK Financial Services Authority.
Turner is now heading up the Energy Transitions Commission, an industrial collective. He tells Taylor Kuykendall and Camilla Naschert about the risks he sees for America's climate goals if Donald Trump is re-elected, the challenges of deindustrialization in Europe and why a carbon border is needed.
Turner also argues that concerns over dependence on Chinese cleantech are overblown and that AI datacenters may need regulatory guardrails.
Subscribe to Energy Evolution to stay current on the energy transition and its implications. Veteran journalists Dan Testa and Taylor Kuykendall co-host the show, which routinely features regular correspondents Camilla Naschert and Camellia Moors.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode