Feb 23, 2023 · 41m · catalyst
2023 trends: biomass, ESG, batteries and more
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In this episode of Catalyst, host Shayle Khan and energy analyst Nat Bullard examine key findings from Bullard's annual decarbonization report, analyzing critical trends in land use, biomass economics, China's clean energy dominance, ESG market sentiment, and global battery supply chains.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Shayle holds 34.8% of the talking time here. How this is scored →
speaking balance: gold is Shayle, purple is the guest (3 minute bins)
In a very collegial conversation, Bullard gently pushes back against treating ESG as an all-encompassing rating, arguing instead that fund managers must treat them as disaggregated, independent risk screens.
Hardest push from Shayle ▶ 29:15 Kann dissecting bundled ESG rating flawsKann challenges the foundational framework of ESG investing, pointing out how combining environmental, social, and governance factors creates unworkable composite scores where companies like Tesla are mischaracterized.
Biggest teaching moment ▶ 6:08 Bullard breaking down US corn ethanol land usageBullard educates Kann and the audience with exact figures showing that 38% of the US corn crop goes to ethanol to offset only 10% of motor gasoline, occupying an area equivalent to the size of England.
Shayle holds their own ▶ 35:09 Kann detailing balance-of-system cost dynamics in batteriesKann demonstrates deep domain authority by explaining how EPC, labor, and balance-of-system costs diverge from raw cell prices, drawing lessons directly from the solar industry's cost trajectory.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Shayle as informed peer | Guest teaching | Guest disagreement | Shayle pushing back | Why |
|---|---|---|---|---|---|---|
| Commercial Break: Bloom Energy, Engie, and Energy Hub | 0 | 0 | 0 | 0 | Monologue ad break and show introduction. No host-guest dynamic or technical debate is present. | |
| Corn Ethanol, Land Use, and Biomass-to-X Realities | 6 | 4 | 1 | 2 | Kann and Bullard collaboratively dissect US corn ethanol land usage and the systemic risks facing the biomass-to-X sector. Kann brings deep sector knowledge regarding waste biomass economics and political primary dynamics in Iowa. | |
| Global Agricultural Efficiency and Land Peak Trends | 5 | 4 | 1 | 1 | Bullard explains how global agricultural land use peaked two decades ago due to ocean aquaculture and crop efficiency. Kann complements this by citing recent data on reduced palm oil deforestation. | |
| China's Renewable Energy Scale and Power Sector Dynamics | 5 | 5 | 1 | 1 | Bullard details China's massive renewable buildout alongside drought-driven hydro shortfalls and coal utilization realities. Kann weighs in on the law of large numbers governing Chinese grid additions despite low capacity factors. | |
| Mid-roll Sponsor Break: Bloom Energy, Engie, and Energy Hub | 6 | 4 | 1 | 2 | Following the mid-roll ad read, Kann and Bullard analyze the backlash against ESG metrics and falling fund flows. Kann argues that grouping E, S, and G creates flawed Frankenstein scores using Tesla as an example, while Bullard frames them as distinct risk screens. | |
| Battery Cost Pressures, Supply Chains, and Asian Manufacturing Dominance | 7 | 4 | 1 | 2 | Kann demonstrates strong sector expertise reminding listeners about the divergence between battery pack and total balance-of-system EPC costs, drawing direct parallels to historical solar cost declines. Bullard analyzes Asian battery manufacturing dominance and chemistry shifts like LFP. | |
| Episode Conclusion and Part Two Preview | 0 | 0 | 0 | 0 | Host outro and credits wrap-up for part one of the interview. |