As environmental and extreme weather-related risks escalate globally, BCG Global Chair Rich Lesser joins Catalysts to discuss the crucial importance of the...
As environmental and extreme weather-related risks escalate globally, BCG Global Chair Rich Lesser joins Catalysts to discuss the crucial importance of the energy transition in light of increasing energy use and technological advancements.
Regarding the artificial intelligence boom, Lesser predicts that power requirements for this technology will double and grow. However, he notes that despite being"power hungry," Big Tech companies like Meta, Apple, and Google have committed to managing energy use responsibly."I think we will see a lot of creativity, but it's a heavy lift because the amount of power that's going to be required is just enormous.
Let's start with hurricane Helene and we're starting there because of the relevance and this unfortunate timing here.And I guess, I guess I'm curious from your perspective, the amount of money, the damage that we are now seeing here from this rise in tropical storms and hurricanes that we've seen over the last several years, just what that indicates just about the amount of money that is going to be spent and, and, and, and where that path leads from here.
And it is striking that it happened during climate week where you know, people from around the world are coming together to say first, how do we go faster to address it?I mean, how do we get ready for that world? I'm curious how you're thinking about the amount of energy that A I requires and how these tech firms can approach that uh with a sustainability kind of mindset.In fact, we got a lot of discussion this week because that we've just finished a lot of research.
And I think we'll see more creative stuff, not just around renewables, but around nuclear, around geothermal, hopefully around carbon capture and storage. The government policy is going to matter an enormous amount if you can't build, if it's all theory, you put it on paper, but you can't get a permit done, you can't get the things approved, then, you know, you can talk all you want, nothing's going to happen.
So this is all all getting people to collaborate within and across sectors and between the private sector and the public sector. Um You know, I think it could have started a bit sooner, uh, probably like a few years ago on the way up, it could have started a little bit sooner, but at least when it acts, it acts boldly and I thought that 50 point signal was incredibly important, not just to spur M and A, but to give consumers a sign that things like mortgage rates and other loan rates are going to start to drop, maybe not immediately but relatively soon to give businesses confidence that they can invest to deal with the...
And whether it's directly, you know, raising funds to stay as a small, you know, uh venture or small company or whether it's being bought by a big company that can throw capital behind it.I think one of the real second order consequences of high interest rates has been slowing the energy transition because it's a very capital intensive industry.
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