Zero: The Climate Race

Avinash Persaud, climate advisor to the Inter-American Development Bank and former economic advisor to Barbados, dives into how the financial system can better support climate action. He discusses the staggering gap in clean-energy investments flowing to developing countries. Persaud highlights the risks capital owners face when investing in these regions, from currency issues to political instability. He also emphasizes the need for tailored electrification strategies while exploring the broader implications of reserve currency status on global finance and fossil fuel subsidies.

Craig Trudell, Bloomberg's global automotive editor, dives into the dynamic electric vehicle landscape. He discusses Tesla's evolving status as competition ramps up, particularly with BYD's groundbreaking battery that charges in just five minutes. Traditional automakers face significant hurdles as they pivot to EVs, while China's innovations are reshaping the industry and expanding into new markets like Nigeria. The shifting political climate in the U.S. adds another layer of complexity, influencing consumer incentives and the future of the auto industry.

Priya Donti, an MIT professor and co-founder of Climate Change AI, dives into the dual nature of artificial intelligence in addressing climate change. She discusses how AI can improve weather forecasting and optimize power grids, showcasing projects around the globe that strive for environmental sustainability. However, Donti also highlights concerns about AI's energy consumption and ethical implications. The need for equitable access to AI technology and collaboration between experts is crucial in harnessing its potential for climate solutions.

In this engaging discussion, Melanie Rua, a Bloomberg Intelligence researcher and co-author of a pivotal report on water scarcity, shares alarming insights about the looming water crisis. Freshwater demand could outstrip supply by 40% by 2030, threatening up to $70 trillion of global GDP. Melanie dives into how water stress impacts industries from agriculture to e-commerce, and emphasizes the urgent need for businesses to adapt to these rising risks. She also discusses innovative technologies like desalination that could help combat these challenges.

In the time since she became Prime Minister of Barbados in 2018, Mia Mottley has become known as a moral force for action on climate change. The Bridgetown Initiative, which she launched at COP26 in 2021, transformed the conversation around climate finance – pushing rich nations to do more to support developing countries struggling with the impact of climate change. But as the US retreats from climate action, her bold vision faces new challenges. At the Sustainable Energy for All Global Forum in Barbados, she tells Akshat Rathi why she remains optimistic, and she spoke about the role of pragmatism in tackling the climate challenge. Explore further: Past episode with Achim Steiner, head of the United Nations Development Program Past episode with Avinash Persaud about the Bridgetown Initiative Past episode about the Royal Shakespeare Company’s play about the 1997 Kyoto Summit  Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Siobhan Wagner, Kanika Chawla and Jessica Beck. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.See omnystudio.com/listener for privacy information.

Akshat Rathi, a Senior climate reporter for Bloomberg News and host of the Zero podcast, dives into how recent shifts in U.S. climate policy under President Trump jeopardize global environmental efforts. He discusses the withdrawal from the Paris Agreement and its implications for investment in green energy. Rathi also highlights the competitive landscape of energy transitions, particularly China's advancements, and points out the urgent need for the U.S. to align economic growth with meaningful climate action amid rising natural disasters.

Rick Smith, President of the Canadian Climate Institute, shares his insights on Canada’s climate challenges as it navigates post-Trudeau leadership. He discusses the implications of U.S. policies on Canadian climate strategies, emphasizing the importance of local initiatives in driving change. Smith highlights the need for urgent policy reforms to address climate adaptation amid extreme weather events and notes Canada’s ambitious emission reduction goals, alongside the tensions in the oil and gas sector. His expert analysis sheds light on the future of climate policy in Canada.

Frances Schwartzkopff, a Copenhagen-based reporter covering ESG regulations, and Saijel Kishan, a New York-based reporter focused on ESG investing, tackle the current backlash against Environmental, Social, and Governance initiatives. They discuss the EU's rollback on ESG legislation and why many companies are quietly maintaining their ESG strategies despite skepticism. The conversation highlights the clash between U.S. and EU regulations, reflecting on the evolution of ESG frameworks and the financial implications for businesses navigating this complex landscape.

Natasha White, a Bloomberg reporter who covered COP16 in Cali, dives into the aftermath of the summit focused on biodiversity and climate challenges. She discusses the high expectations prior to COP16 and the disappointment of unresolved key issues. White explores the urgent need for biodiversity funding, highlighting the tensions between developed and developing nations. With COP16 reconvening in Rome, she anticipates discussions on resource mobilization and the role of private finance in conservation efforts.

Achim Steiner, the Head of the UN Development Programme, shares insights on climate action amidst global challenges. He emphasizes that while we have the solutions, we often fail to act on them. Countries like Uruguay and India are innovating sustainably without relying on international funding. Steiner urges developed nations to enhance financial support for sustainable efforts. The discussion highlights the complex relationship between climate change and economic growth, especially for poorer nations emerging from the pandemic.