200. “200 slides, Energy, AI, and the End of ESG” with Nat Bullard - Oct25

For our 200th episode, we had the pleasure and privilege of speaking with Nat Bullard, one of the sharpest minds in the energy world. A leading analyst in climate and energy, Nat is known for his clear insights on clean energy, decarbonization, and the global energy transition. Formerly Chief Content Officer at BloombergNEF, he is now also a co-founder of the AI company Halcyon.  

Nat is perhaps best known for his annual 200-slide deck, a rich compilation of global data and charts that paints a clear, fact-based picture of where the energy sector is heading.  

Our conversation spans major shifts shaping the future: the electrification of the Global South, the rise of AI and datacenters, the unravelling of ESG, and the evolving geopolitics of energy through the lens of "Electrostates vs. Petrostates"—and how investment flows are responding.  

We also explore the dominant narratives in the energy space, many of which, we agree, are self-serving and unhelpful.  

Ultimately, the energy transition is being held back less by technology and more by entrenched interests and a lack of curiosity. But the world is changing fast—and there is reason for hope.   We thank AFRY for supporting the show.  

Reference for reports quoted during the show

The Electrotech Revolution – Ember and Kingsmill Bond   https://ember-energy.org/latest-insights/the-electrotech-revolution/  

Afry: Market and regulatory overview of the North Atlantic Transmission One -Link project https://afry.com/en/exploring-nato-l-project-and-transatlantic-power-exchange-decarbonised-future   
"AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. At AFRY, we are 19,000 devoted experts in industry, energy and infrastructure sectors, creating impact for generations to come. Best example of AFRY expertise is the report they just released on the Regulatory and Revenue Models for the North Atlantic Transmission One – Link."