BNEF New York Summit 2023 Highlights

Hi, welcome to the 13th edition of The Race to NetZero Newsletter, a monthly round-up of the best research and news from BloombergNEF.

This month we hosted the 15th edition of our annual Summit in New York, this is our flagship Summit gathering 800+ Senior execs, thanks to our clients and partners for making this happen.

Rather than writing a long text, for this month I decided to share the best NY Summit videos, find my selection below:

BNEF Talks

World Views

The world is at the start of the net zero 'transition' era. BNEF CEO Jon Moore summarizes, from BNEF research, some of the key data and forecasts that can help us understand where we are in this shift and the challenges and opportunities ahead. The discussion also highlights how finance, technology and policy need to combine to create a new world view for this era.

Can the US Become a Clean Energy Power Base

The US clean energy sector is on track for massive growth, fueled by the Inflation Reduction Act. IRA provisions aim to supercharge deployment and develop the the domestic supply chain, but the journey will not be easy. In this talk, we will discuss where the US clean energy sector stands globally today and how we expect it to evolve by the end of the decade.

By Chelsea Jean-Michel - Associate, Wind

Clean Energy Opportunities in Developing Nations

Emerging markets and developing economies (EM&DEs) account for nearly half of the total global greenhouse gas (GHG) emissions and over a third of energy-related emissions. However, the volume of capital currently being deployed to transition these countries to lower-carbon sources of energy is insufficient given the size of the climate challenge. Getting on track is possible, but will require unprecedented collaboration between stakeholders – including policy makers, development financiers and private investors – to build durable enabling frameworks within nations. Extraordinary declines in zero-carbon technology costs and key successes in certain EM&DE’s highlight how quickly successes can come under the right circumstances. When the right players work together in the right ways, change can come very quickly.

By Luiza Dem?ro - Head of Energy Transitions

Building a Resilient Power System

Americans are finding themselves in the dark these days – and for longer – as ever-more-severe storms knock out power grids. So, how do you build a resilient power system? BloombergNEF's Grids & Utilities analyst Amanda Welch will talk about 3 approaches that can scale and make a real impact including grid hardening, decentralization and interconnectors.

By Amanda Welch - Analyst, Grids & Utilities

Financing the Transition Energy Supply Banking Ratios

While bank net-zero targets have exploded in the past two years since the formation of the Net-Zero Banking Alliance, there remains uncertainty and debate around the role of banks in the energy transition. Banks themselves and external stakeholders are relying on flawed metrics to measure progress. BNEF's Energy Supply Banking Ratio will help to focus the conversation on reaching the levels of low-carbon finance scaleup and fossil fuel phaseout we need to meet our 1.5C climate goals. Banks financed the energy sector in a ratio of 0.8:1 low-carbon to fossil fuels in 2021, and we have a long way to go: that ratio needs to reach a minimum of 4:1 by 2030.

By Katrina White - Sustainable Finance Associate

Miracles in the Sky and Underground

The world could need almost $10 trillion of metals to reach net-zero emissions by 2050. Meeting this level of future demand will require a miracle in the mining sector: accelerating its own green transformation while raising supply. But such a dramatic transformation isn’t unprecedented. The mining industry could learn from the approach taken by commercial airlines to revolutionize how we travel through the skies to orchestrate its own miracle underground.

By Yuchen Huo - Metals & Mining Analyst

Sustainable Agriculture The New Green Revolution

The $8 trillion global agriculture system is on the verge of a sustainability revolution. The transformation ahead will shape the future of billions of jobs, trillions of dollars of output and determine whether we have a livable planet, or not. In this talk, BNEF's Head of Strategy Kobad Bhavnagri introduces our new Sustainable Agriculture research and outlines five pillars that can deliver a net-zero, nature-positive agriculture system that feeds 10 billion people.

By Kobad Bhavnagri - Head of Strategy

Find below my selection of plenary & breakout sessions:

Policy Dialogue: Commercializing Clean Energy Infrastructure

Jigar Shah , Director of the Loan Programs Office at the US Department of Energy interviewed by Meredith Annex , Head of Clean Energy.

Executive Dialogue: The Rise of Renewable Fuels

Renewable 'drop-in' fuels like sustainable aviation fuel (SAF) and synthetic fuels have the potential to directly displace conventional fossil fuels in the engines and pipelines that are used today, with minimal new infrastructure required. However, they will require careful planning to navigate issues such as feedstocks and policy incentives. How are producers navigating these challenges while ensuring they deliver on their emissions reduction promises at an affordable cost?

Chris Cooper , President, Neste US

Meg Gentle , Executive Director, HIF Global

Interviewed by Anastacia Davies

Next Steps in the Hydrogen World Insights from the Experts

Hydrogen has the potential to replace fossil fuels to power a clean economy and allow us to reach decarbonization targets. There are still questions about feasibility and timing. Particularly, are we doing the right things to scale hydrogen deployment?

The review of the current state includes a top-down analysis from a macro view to specifics of hydrogen development through partnerships and hubs. This panel will aim to address costs, benefits, the role of key players, and key considerations for a scale-up strategy.

Mitsubishi Power, a first mover in energy transition, is excited to host this panel to reflect on the current status and next steps, alongside experts in the hydrogen market.

Ravina Advani , Managing Director, BNP Paribas

Kai Guo, CFA , Vice President Business Development, Hydrogen Infrastructure, MPWA

Hari Gopalakrishnan , Lead Consultant, Market Intel & Strategy, MPWA

Martin Tengler , Head of Hydrogen, BloombergNEF

Moderated by Violeta (Rabanal) Tostanoski, CFA , Senior Director, Corporate Development, Mitsubishi Power

Energy Transition in Latin America: Evolving Opportunities, Familiar Challenges

The energy transition is well under way in Latin America, where clean energy is enjoying record growth. New additions of wind and solar surged last year to nearly double those of just two years ago. Solar is now the largest source of generation capacity in Chile and the second largest in Brazil. Excellent natural resources suggest vast potential for adjacent industries, from offshore wind, to low-emissions battery and electric vehicle manufacturing, to green metals and hydrogen. With many markets and sectors only beginning to see meaningful advances toward decarbonization, opportunities are rapidly evolving. Yet familiar challenges remain. This session will examine the latest trends and signposts across clean power, transport and industry to identify the opportunities?and risks?in Latin America's energy transition today.

Aurelio Bustilho de Oliveira , CFO, Enel Americas

Demetrios Papathanasiou , Global Director, Energy and Extractives Global Practice, World Bank

Andrea Sztajn , CFO, Omega

Leonardo Beltran Rodriguez ,Former Deputy Secretary of Energy of Mexico & Distinguished Visiting Fellow, Center on Global Energy Policy, Columbia University

Moderated by James Ellis , Head of Latin America Research

How Will the Metals and Mining Industry Fund Their $10 Trillion Opportunity

The energy transition will require more than triple the volume of metals going into clean energy technologies by 2050, based on BloombergNEF’s Energy Transition Scenario. This coincides with a period of reduced investor confidence in mining and the impact of ESG risk on their investment.

At the current trajectory, there is not enough investment going into metals and mining to meet the demand, especially in a heightened geopolitical risk environment. Sustainable finance offers a pathway for the industry to raise capital. How can these companies build investor confidence to enable them access to sustainable finance?

Ross R. Bhappu , Head of Mature Funds, Resource Capital Fund

Luke Oliver , Managing Director, Head of Climate Investments; Head of strategy, Kraneshares

Adam Hendley , Managing Director, Head of Metals & Mining, Natixis

Moderated by Sung Choi , Senior Associate, Metal and Mining, BloombergNEF

BONUS Track:

Born and raised in the French racing region near Le Mans, Motorsports have been in my heart since my childhood, I am glad we were able to get a driver on stage, congrats Lucas Di Grassi for all your efforts in the Climate sector.

Racing to Net-Zero: Motorsports and the Energy Transition

Formula-E world champion and UN Environment Programme Clean Air Advocate Lucas Di Grassi discusses the intersection of sustainability, technology and sports and shares how he is working to advance net zero initiatives in his native Brazil and beyond.

Lucas di Grassi, Professional Racing Driver, FIA Formula E World Championship and UN Ambassador for Clean Air

Interviewed by Albert Cheung , Deputy CEO, BloombergNEF

If you made it this far, here is the bonus, here is the link to get access to all the sessions, click here .

You can also watch and download the photos here .

I hope you enjoyed the content, see you next month.

Guillaume