Cleaning Up: Leadership in an Age of Climate Change

Can you make energy investments work in a country at war? Since Russia’s full-scale invasion in 2022, repeated attacks on Ukraine’s energy infrastructure have devastated its power system. By spring 2024, the country’s dispatchable generating capacity had fallen from 38 GW before the war to just 12 GW, leaving electricity in short supply and heating disrupted for many households.
For this week’s Deep Dive Ukraine, Michael Liebreich is in Kyiv speaking to Andrii Gerus, Chair of the Ukrainian Parliament's Committee on Energy, Housing and Utility Services, and Dmytro Boroday, Partner at Horizon Capital, about the race to rebuild Ukraine's energy infrastructure, and the capital needed to make it happen.
They examine how Ukraine is attracting international investors into wind, solar and battery storage, why distributed generation makes commercial as well as strategic sense, and how political risk insurance and development finance institutions are helping unlock projects. They also discuss the regulatory reforms needed to attract private capital, the challenge of corruption, and the potential for Ukraine to export electricity to neighbouring European markets.
Topics covered in this episode:
Ukraine's energy system under attack
The shift to distributed generation
Why renewables strengthen energy resilience
What winter is like to live through
Financing energy projects during war
War risk insurance for private investors
Attracting international capital into Ukraine
Ukraine's future in European electricity markets
Leadership Circle:
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.
Links:
Andrii Gerus’ bio: https://forumkyiv.org/en/speakers/andrii-gerus
Dmytro Boroday’s bio: https://www.linkedin.com/in/dmitryboroday/
Horizon Capital: https://horizoncapital.com.ua/
European Energy Community fund: https://www.energy-community.org/Ukraine/Fund/overview.html
Subscribe to our newsletter: https://cleaninguppod.substack.com/
Acronyms:
CHP: Combined Heat and Power
TSO: Transmission System Operator
DSO: Distribution System Operators
IRR: Internal Rate of Return
IC: Investment Committee
GP: General Partner
LP: Limited Partner
EBRD: European Bank for Reconstruction Development
IFC: International Finance Corporation
DFI: Direct Foreign Investment
PPA: Power Purchasing Agreement
BESS: Battery Energy Storage System
MIGA: Multilateral Investment Guarantee Agency
Chapters:
0:00 Intro
1:06 Ukraine's Energy Crisis
3:29 Soviet Energy System
6:46 War Damage
10:09 Distributed Energy
13:31 Attracting Investors
17:03 War Risk Insurance
21:19 Corruption and Reform
27:04 Investing in Reconstruction
35:16 Financing New Renewables
41:03 Investing During War
47:26 Insurance Against War
51:26 Invitation To Investors
53:58 Outro

The world is facing a new era of geopolitical instability, rising energy costs and declining development finance. For many countries, access to reliable, affordable energy is no longer just an economic priority, it is a question of security.
Recorded in New York during the United Nations General Assembly and Climate Week, this episode of Cleaning Up sees guest host Ana Rovzar, Chief of Staff at the Global Renewables Alliance, speak with Alexander De Croo, former Prime Minister of Belgium and now Administrator of the United Nations Development Programme (UNDP).
They explore how renewable energy can reduce dependence on volatile fossil fuel markets, how decentralised energy systems can strengthen resilience, and what Ukraine’s experience reveals about protecting critical energy infrastructure. The conversation also examines how to attract investment in grids and clean energy, the decline in development assistance, and AI’s potential to accelerate progress.
Topics covered in this episode:
Energy security as national security
Renewables and fossil fuel dependence
Financing the global energy transition
Ukraine's decentralised energy reconstruction
Why grids are holding back progress
De-risking investment in emerging markets
Turning climate targets into action
AI's potential to accelerate development
Leadership Circle:
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.
Links:
Alexander De Croo’s bio: https://www.linkedin.com/in/alexanderdecroo/
Ana Rovzar’s bio: https://www.linkedin.com/in/ana-rovzar-2546b149/
Achim Steiner on Cleaning Up: https://www.youtube.com/watch?v=2prrV1dPSUI
Subscribe to our newsletter: https://cleaninguppod.substack.com/
Michael Liebreich’s Pragmatic Climate Reset: https://about.bnef.com/insights/clean-energy/liebreich-the-pragmatic-climate-reset-part-i/
Acronyms:
UNDP: United Nations Development Programme
UNGA: United Nations General Assembly
UNEP: United Nations Environmental Programme
ODA: Official Development Assistance
SDG: Sustainable Development Goal
OECD: Organisation for Economic Co-operation and Development
Chapters:
00:00 Intro
04:56 UNDP’s Mission
07:11 Rethinking Development
14:19 Energy Security
17:39 Grids and Resilience
25:52 From Ambition to Action
28:23 Financing the Transition
36:44 Development and Security
41:27 De-risking Investment
45:05 UN Funding
50:06 AI and Development
57:03 Outro

It's been over four and a half years since Russia unleashed its full-scale invasion of Ukraine, and still the war shows no sign of stopping. This week on Cleaning Up, we launch a new Deep Dive looking at Ukraine and how its people and energy systems cope through the war.
In this first episode, Michael Liebreich travels to Kyiv to find out what is happening on the ground. How are people coping with these desperate and difficult circumstances? How is the energy system coping? What can we in the international community do to help? And what do we need to learn from Ukraine's energy workers, how have they managed to keep the lights on?
In Kyiv, Michael meets Oleksandr Tolokonnikov, Deputy Head of the Kherson Regional Military Administration, to find out how a region on the frontlines is coping with constant bombardment from Russian drones and missiles. He also speaks with Sorina Seitvelieva and Emine Emirsalieva, co-owners of Musafir, a Crimean Tatar restaurant that’s become known as a resilience hub, keeping people fed and warm during winter. And he ventures to an electricity substation under renovation, where he is shown around Oleksandr Kozhukhar, head of the high-voltage network operations department at DTEK Kyiv Grids. Oleksandr tells Michael how he keeps his team safe as they repair Kyiv’s battered electricity system, and why it’s so dangerous being an energy worker in Ukraine.
From backup generators and emergency repairs to the challenges of protecting critical infrastructure from drones and missiles, the episode explores what resilience looks like in practice. It also asks what the rest of the world can learn from Ukraine’s experience, and what support is needed as the country prepares for another winter of war.
Topics discussed in this episode:
Energy workers repairing infrastructure under fire
Preparing Ukraine’s energy system for winter
What life is like under constant drone attacks
Kherson’s fight to survive, and why civilians refuse to leave
How local businesses are coping with damaged energy infrastructure
Thanks to all those who made this episode possible. In particular, Imogen Payter, Heather Buchanan and UK Friends of Ukraine, who've led over 30 parliamentary trips to Kyiv. Gary Edwards and the team at Frontier Global for keeping us safe. Special mention goes to Dominic Culverwell at the Kyiv Independent and Maria Vlokh for her help with translation. Jo Jagger for making sure it happened, the rest of the Cleaning Up team and our Leadership Circle. And to Oscar Boyd, who produced, filmed and edited this episode.
Leadership Circle
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.
Links
Oleksandr Tolokonnikov’s bio: https://www.linkedin.com/in/oleksandr-tolokonnikov/
Unbreakable Kherson book: https://www.amazon.co.uk/Unbreakable-Kherson-Ukrainian-Wartime-Resilience/dp/B0H6CYRFH7
DTEK Group: https://dtek.com/en/
Musafir restaurant: https://www.musafir.com.ua/en/
UK Friends of Ukraine: https://friendsofukraine.uk/
Kyiv Independent: https://kyivindependent.com/
Sign up to our newsletter: https://cleaninguppod.substack.com
“мета ”: Ukrainian meaning goal/purpose/aim
Chapters
00:00 Intro
01:40 Journey Into Ukraine
04:15 Life During War
05:55 The Kherson Frontline
09:26 Community Resilience
12:38 Preparing For Winter
13:31 Energy Security Lessons
15:04 The Drone Warfare Threat
19:03 Life In Kyiv
20:40 Musafir Restaurant
29:45 Keeping Ukraine Powered
35:35 Lessons For Europe
37:49 Outro

There's an old joke that energy from nuclear fusion is 30 years away and always will be. For many decades, the industry did little to spoil the fun, running mammoth and unwieldy research projects, hoovering up a few billion dollars every science funding cycle and announcing breakthroughs that were scientifically interesting, but did little to move us towards actual production of electricity.
Then three things happened. First, perhaps emboldened by Elon Musk's successful disruption of the space industry with SpaceX, a bunch of wealthy investors started to invest in much nimbler startups. Second, in December 2022, the National Ignition Facility at the US's Lawrence Livermore National Lab announced that it had finally got more energy out of a fusion experiment than it had put in. And third, AI exploded on the scene, offering dramatic acceleration in everything. These developments have turned the slow-moving world of fusion on its head.
Over $14 billion has now flowed into fusion startups, and that is on top of the tens of billions already committed to national and international programs, like the International Thermonuclear Experimental Reactor (ITER) in France, the UK's Spherical Tokamak for Energy Production (STEP) and a variety of US national labs. This week on Cleaning Up, Michael Liebreich sits down with the director of one of those labs.
Professor Sir Steven Cowley has been entrusted with leading one of the jewels in the US's scientific crown. He has dedicated his academic career to trying to make fusion energy work, and he's been known to joke that he hopes it does so before he dies.
Michael and Steven discuss the breakthrough experiments that have shown fusion is possible, why getting from a successful experiment to a commercial power station is such a huge leap, and whether fusion can ever deliver affordable, dispatchable electricity. Steven puts forward the idea that fusion might have a Theranos moment, where over-promises in the industry come back to bite.
Topics discussed in this episode:
How fusion actually works
From experiments to electricity
Laser versus magnetic fusion
The commercial fusion challenge
How AI can transform fusion research
Fusion versus renewables and batteries
Leadership Circle
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.
Links:
Steven's TED Talk from 2009: https://www.ted.com/talks/steven_cowley_fusion_is_energy_s_future
Steven’s talk at IPAM 2026: https://www.youtube.com/watch?v=USPd6zvA8pk
Steven's talk at SOSV Steven’s talk at DeepTech Live, 2026: https://www.youtube.com/watch?v=f-kb3784BPY
Princeton Plasma Physics Lab: https://www.pppl.gov/
Hax Plasma Forge Incubator: https://hax.co/
Aneeqa Khan on Cleaning Up: https://www.youtube.com/watch?v=zhEoMd7DEho
Subscribe to our newsletter: https://cleaninguppod.substack.com/
Acronyms:
ITER: International Thermonuclear Experimental Reactor
STEP: Spherical Tokamak for Energy Production
JET: Joint European Torus
TFTR: Tokamak Fusion Test Reactor
DOE: Department of Energy (US)
FLiBe: Fluoride Lithium Beryllium
NIF: National Ignition Facility
Chapters:
00:00 Intro
03:24 Career in fusion
06:39 Commercial fusion
10:26 Laser fusion
18:40 Breeding tritium
23:33 Fusion startups
25:24 Laser versus magnets
29:21 Magnetic fusion
35:35 Reactor optimisation
40:35 AI controls fusion
44:52 Spherical tokamaks
46:33 Reversed-field fusion
49:24 Private fusion
53:07 Fusion economics
56:30 The future
57:14 Outro

This week on Cleaning Up, Bryony Worthington is joined by Peter Cox, Professor of Climate System Dynamics at the University of Exeter and Director of the Global Systems Institute. A former lead author of the IPCC climate reports, Peter has spent decades studying the complex feedbacks between the climate, carbon cycle and natural world.

They delve into some of the biggest questions in climate science today: Is the planet warming faster than we thought? What is the role of forcing versus feedback? How much of the recent change is being driven by external forces, including the decline of reflective sulphur pollution, and how much is the climate system responding in ways that amplify warming?

They explore why the Earth is reflecting less sunlight back into space, the growing Earth energy imbalance, climate sensitivity, tipping points in the Amazon and Arctic, and whether solar radiation modification should remain taboo.
Topics discussed in this episode:
Why the Earth is darkening
Is global warming accelerating?
The Earth’s energy imbalance
Climate sensitivity and feedbacks
Amazon and Arctic tipping points
The hidden cooling from pollution
Geoengineering the planet
Positive clean energy tipping points
Leadership Circle:
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.
Links:
Professor Peter Cox’s bio: https://experts.exeter.ac.uk/962-peter-cox/about 
Professor Cox’s publications: https://experts.exeter.ac.uk/962-peter-cox/publications 
Subscribe to our newsletter: https://cleaninguppod.substack.com
Acronyms:
IPCC: Intergovernmental Panel on Climate Change
CMIP6: Coupled Model Intercomparison Project 6
CERES: Clouds and the Earth's Radiant Energy System
ARIA: Advanced Research and Invention Agency 
SO2: Sulphur Dioxide
RCP8.5: Representative Concentration Pathway 8.5
SSP5-85: Shared Socioeconomic Pathway 5 - Radiative Forcing 8.5
IAM: Integrated Assessment Model
AMOC: Atlantic Meridional Overturning Circulation
PV: Photovoltaics
SRM: Solar Radiation Modification
Chapters
00:00 Coming Up
01:08 Professor Peter Cox
03:40 Climate System Modelling
07:36 Climate Tipping Points
17:04 Accelerating Global Warming
18:57 Earth’s Energy Imbalance
22:13 The Darkening Planet
37:59 Rethinking Climate Scenarios
45:59 Positive Tipping Points
52:24 Geoengineering The Planet 
01:05:14 Outro