Switched On

Global metals markets are shifting faster than anyone expected. Once projected to face widespread shortages, most key energy transition metals now show far more balanced outlooks. Surpluses are pushing battery metal prices down and accelerating the adoption of new chemistries, while demand for steel, copper and aluminum strengthens across clean energy infrastructure. Yet slow mine development, production caps, and rising geopolitical risks are creating new uncertainties. From batteries to transmission lines to electric-vehicle bodies, what do these changing metals dynamics mean for the future of the energy transition? On today’s show, Tom Rowands-Rees is joined by Kwasi Ampofo, BloombergNEF’s head of metals and mining, to discuss findings from the “Transition Metals Outlook 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Transition Metals Outlook 2025 - https://www.bnef.com/insights/38151See omnystudio.com/listener for privacy information.

Heavy industry faces one of the hardest paths to net zero, yet momentum is starting to build. New decarbonization commitments reached nearly $15 billion by mid-2025. The largest chunk of investment is concentrated in the steel industry, where electric arc furnaces and hydrogen-ready technologies are already pushing down emissions. Other sectors, like aluminum, cement and plastics, are experimenting with recycled materials, electrified heat and bio-based feedstocks. Policy is also proving decisive, with Europe, Australia and Asia pushing carbon border tariffs, retrofit funds and industrial carbon markets. So is heavy industry finally turning a corner on its path to decarbonization? On today’s show, Kobad Bhavnagri is joined by Allen Tom Abraham, BloombergNEF’s head of sustainable materials, to walk through his team’s note “Industrial Decarbonization Market Outlook 2H 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Industrial Decarbonization Market Outlook 2H 2025 - https://www.bnef.com/insights/38051/viewSee omnystudio.com/listener for privacy information.

China’s electric vehicle market is moving at extraordinary speed. Generous incentives, trade-in subsidies, and aggressive pricing have fueled mass-market growth, and roughly half of the cars sold in the country today come with a plug. Now, this EV success story is moving beyond its domestic borders. Chinese brands already account for nearly one in five EVs sold outside the country, and new factories across Europe, Southeast Asia, and Latin America are helping them stay ahead of trade barriers. Could this be the moment when China’s electric mobility clout reshapes the global auto industry? On today’s show, Tom Rowlands-Rees is joined by Siyi Mi, a senior associate on BloombergNEF’s electric vehicles team, to discuss notes including “More of China’s Automakers Step Into Overseas Markets” and “EVs Are Just the Start for Global Carmakers’ China Rebound.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: More of China’s Automakers Step Into Overseas Markets - https://www.bnef.com/insights/38069 EVs Are Just the Start for Global Carmakers’ China Rebound - https://www.bnef.com/insights/37181See omnystudio.com/listener for privacy information.

As vehicles become increasingly intelligent and connected, the chips powering them are transforming the automotive industry. Traditional supply chains are giving way to new partnerships, and advanced processors are reshaping everything from vehicle costs to the balance of power between automakers and chipmakers. With automation advancing and chipmakers taking a larger role in vehicle development, could this be the moment that redefines how the automotive industry is built? On today’s show, Tom Rowlands-Rees is joined by Andrew Grant, BloombergNEF’s head of intelligent mobility, to discuss the note, “AI Chips Are Turning Vehicles Into Supercomputers.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: AI Chips Are Turning Vehicles Into Supercomputers - https://www.bnef.com/insights/37555See omnystudio.com/listener for privacy information.

How well prepared are we for a warming world? Climate adaptation is quickly moving from theory to strategy, reshaping investment priorities and exposing new risks and opportunities. On this bonus episode, Kobad Bhavnagri reads his note “Adaptation and Resilience: The New Investment Imperative” to explore how businesses, policymakers and financiers are adapting to a changing climate, and where the biggest gaps in knowledge and action remain. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Adaptation and Resilience: The New Investment Imperative - https://www.bnef.com/insights/37701See omnystudio.com/listener for privacy information.