Heat pumps are at a crossroads. After a decade of growth, global sales fell in 2025 as weaker construction activity weighed on key markets. Yet the longer-term picture remains resilient. Heat pumps have continued to gain ground against fossil fuel heating in several regions, while Europe remains a focal point for adoption, shaped by a shifting mix of subsidies, energy prices and consumer demand. So what is driving heat pump uptake today, and what will determine whether electrified heating can move into the mainstream? On today’s show, Tom Rowlands-Rees is joined by Yara van Ingen, an associate from our building decarbonization team, to discuss her note “Heat Pump Market Outlook 2026: Blip, Not Bust.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Heat Pump Market Outlook 2026: Blip, Not Bust - https://www.bnef.com/insights/39389

See omnystudio.com/listener for privacy information.

Gas and oil are on a sharply divergent path. In BloombergNEF’s Economic Transition Scenario, oil demand peaks before the end of the decade, while gas demand continues to grow as expanding power systems seek reliable sources of generation. At the same time, constraints on everything from gas turbine supply chains to grid infrastructure are emerging as critical bottlenecks. So how does the global energy system evolve from here, and what do these competing pressures reveal about what lies ahead for the energy transition? On today’s show, Tom Rowlands-Rees is joined by Ian Berryman, BloombergNEF’s head of energy systems modeling, to discuss findings from the New Energy Outlook 2026.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

New Energy Outlook 2026 - https://www.bnef.com/flagships/new-energy-outlook

Executive Summary - https://about.bnef.com/insights/clean-energy/new-energy-outlook/

See omnystudio.com/listener for privacy information.

China’s latest export data is offering an early glimpse into how higher fossil fuel prices may be reshaping trade in clean energy technology. Shipments of solar products, batteries and electric vehicles rose sharply in recent months, with some of the strongest growth coming from emerging markets that are heavily exposed to oil and gas imports. The figures arrive as many fuel-importing economies face renewed pressure from elevated energy prices. While it remains too early to draw firm conclusions, the data provides some of the clearest evidence yet that energy security concerns may be feeding through into clean-tech demand. So are rising fossil fuel prices beginning to accelerate the energy transition, and where could the next wave of clean-tech growth emerge? On today’s show, Kamala Schelling is joined by Antoine Vagneur-Jones, BNEF’s head of trade and supply chains, to discuss his note “China Clean-Tech Exports Trend Up Amid High Oil Prices” and “Energy Transition Supply Chains Outlook 2026.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

China Clean-Tech Exports Trend Up Amid High Oil Prices - https://www.bnef.com/analyst-reactions/tfcdnwt9njlu00

Energy Transition Supply Chains Outlook 2026 - https://www.bnef.com/insights/39531

See omnystudio.com/listener for privacy information.