As we hit the midpoint of 2025, it’s time for a "Momentum Check" here at Flywheel Economics! In this special episode, we look back at the groundbreaking conversations from the first half of the year and unpack the crucial lessons for the future of economic development, especially in emerging markets.

We revisit all our episodes; from the power of land titling for affordable housing to the art of maximising aid effectiveness beyond simple cuts, and the bold entrepreneurship building an EV ecosystem from scratch in Senegal.

This mid-year reflection underscores how these efforts collectively build momentum, creating the very "flywheels" of sustainable growth we champion.

Join us as we synthesise these powerful insights and set the stage for what's next in driving real change.

Our website: @flywheeleconomics.com

Socials: @flywheeleconomics

To sign the petition reversing the proposed UK aid cuts, please click here: https://petition.parliament.uk/petitions/719301

Momentum Check: Flywheel Economics Mid-Year Review 2025

In this week’s episode, host Kristin Hayes talks with Danny Richter, director of the Pricing Carbon Initiative, about the existing suite of carbon pricing policies, a set of climate policy tools designed to reduce carbon dioxide emissions by requiring companies and other entities to pay for each ton of carbon dioxide they release into the atmosphere. Richter evaluates the international and domestic approaches to carbon pricing policies, explaining their history, uptake, and longevity. Richter highlights the flexibility of carbon pricing programs—which allows policymakers to tailor the sources and investment of revenues from carbon pricing to their unique policy priorities—as key to the long-term success of these programs. Richter then outlines shifting attitudes toward carbon pricing in the United States, highlighting how successful cap-and-invest initiatives emphasize the economic advantages of these policies while delivering climate benefits.

References and recommendations:

Pricing Carbon Initiative; https://pricingcarbon.org/

“Fourth Generation Carbon Prices” by Danny Richter; https://pricingcarbon.org/2024/11/fourth-generation-carbon-prices/

“Reserved: Carbon Pricing and the Dollar’s Special Status” by Danny Richter; https://pricingcarbon.org/2025/04/reserved-carbon-pricing-and-the-dollars-special-status/

Carbon Pricing Dashboard from the World Bank; https://carbonpricingdashboard.worldbank.org/

“How Carbon Border Adjustments Might Drive Global Climate Policy Momentum” by Kimberly Clausing, Milan Elkerbout, Katarina Nehrkorn, and Catherine Wolfram; https://www.rff.org/publications/reports/how-carbon-border-adjustments-might-drive-global-climate-policy-momentum/

“Our Dollar, Your Problem” by Kenneth Rogoff; https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/

Carbon Pricing Is Dead. Long Live Carbon Pricing!, with Danny Richter

In this week’s episode, host Daniel Rami talks with Heather Zichal, global head of sustainability at JPMorganChase, about the role of financial institutions in the energy transition. Zichal explains how she has advanced climate policy goals from positions in the United States Congress, the executive branch, nonprofits, and the financial sector. From these diverse perspectives, Zichal outlines the opportunities and challenges for climate-policy stakeholders as they navigate an uncertain political environment. Zichal highlights how financial institutions support the energy transition through green finance commitments, supporting clients’ sustainability goals, and investing in emerging technologies to support the world’s energy needs. Zichal underscores the importance of promoting climate solutions that focus on long-term value in the context of commercial and sustainability goals and that balance environmental and business priorities.

References and recommendations:

“Ocean” with David Attenborough; https://silverbackfilms.tv/shows/oceanwithdavidattenborough/

Financing the Energy Transition amid Unpredictable Climate Policy, with Heather Zichal

In this week’s episode, host Daniel Raimi discusses subsidies for carbon capture and storage (CCS) with Sheila Olmstead, a professor at the Cornell Jeb E. Brooks School of Public Policy and a senior faculty fellow at the Cornell Atkinson Center for Sustainability. Olmstead evaluates the complicated nature of the 45Q policy, a federal subsidy available to firms that implement CCS. While CCS subsidy programs promote the reduction of carbon emissions, Olmstead identifies these subsidies as having the potential to financially burden the federal government, discourage clean energy projects, and motivate more pollution.

References and recommendations:

“How to design better incentives for carbon capture and storage in the United States” by Sheila M. Olmstead, Benjamin D. Leibowicz, Charles F. Mason, Andrew R. Waxman, Emily Grubert, HR Huber-Rodriguez, and Joseph Stemmler; https://www.pnas.org/doi/10.1073/pnas.2404677122

“Night Watch” by Jayne Anne Phillips; https://www.penguinrandomhouse.com/books/540650/night-watch-pulitzer-prize-winner-by-jayne-anne-phillips/

Airing New Concerns with US Carbon Capture Policies, with Sheila Olmstead

In this week’s episode, host Daniel Raimi discusses carbon removal with Jennifer Wilcox, a professor at the University of Pennsylvania who recently coauthored a paper titled, “Elevating Carbon Management: A Policy Decision-Making Framework and Rubric for the 21st Century.” Wilcox discusses the existing gaps in current policies related to carbon removal and important considerations when amending and creating new policies. She also addresses the recent change to the 45Q subsidy (originally included in the Inflation Reduction Act of 2022 and revised by Congress in the budget reconciliation bill signed on July 4, 2025), assessing how the updated tax break offers incentives for carbon removal.

“Elevating Carbon Management: A Policy Decision-Making Framework and Rubric for the 21st Century” by Jennifer Wilcox, Noah Deich, and Holly Jean Buck; https://kleinmanenergy.upenn.edu/research/publications/elevating-carbon-management-a-policy-decision-making-framework-and-rubric-for-the-21st-century/

National Park Service Rehabilitation Tax Credits; https://www.nps.gov/subjects/taxincentives/index.htm

Achieving Societal Goals Through Carbon Removal, with Jennifer Wilcox

In this week’s episode, host Daniel Raimi talks with Arvind Ravikumar, an assistant professor at the University of Texas at Austin, about recent federal deregulation of methane emissions in the United States; specifically, the effects on methane emissions from the production of natural gas and liquefied natural gas. Ravikumar highlights some of his recent research, which explores how all steps in the supply chain of natural gas can affect emissions intensity—including transportation of the energy source to end users—and the variation in methane emissions across countries from their natural gas supply chains.

References and recommendations:

“Tracking U.S. Liquefied Natural Gas Supply Chain Greenhouse Gas Emissions Intensity through Direct Measurements” by Yuanrui Zhu, Greg Ross, Jenna Brown, Olga Khaliukova, William Daniels, Jiayang (Lyra) Wang, Selina Roman-White, Fiji George, Daniel Zimmerle, Dorit Hammerling, and Arvind Ravikumar; https://chemrxiv.org/engage/chemrxiv/article-details/6882ca69fc5f0acb52e159e3

“Probabilistic, Measurement-Informed Greenhouse Gas Emissions from Global Liquefied Natural Gas Supply Chains Reveal Wide Country-Level Variation” by Haoming Ma, Yuanrui Zhu, Wennan Long, Mohammad Masnadi, Garvin Heath, Paul Balcombe, Fiji George, Selina Roman-White, and Arvind Ravikumar; https://chemrxiv.org/engage/chemrxiv/article-details/6883b68723be8e43d6fdcf73

“AI as Normal Technology” by Arvind Narayanan and Sayash Kapoor; https://knightcolumbia.org/content/ai-as-normal-technology

Measuring Emissions from Liquefied Natural Gas, with Arvind Ravikumar

In this week’s episode, host Daniel Raimi and guest Severin Borenstein discuss regulatory punishments for “energy hogs.” Borenstein is a professor at the University of California, Berkeley; faculty director of Berkeley’s Energy Institute in the Haas School of Business; and chair of the board of governors for the California Independent System Operator. These “energy hogs”—households perceived as consuming wasteful and excessive amounts of electricity—may incur higher energy costs as states strive to meet economic and environmental goals. However, Borenstein’s work reveals that benign or even desirable factors, such as having more people in the household, can lead to higher energy use. Borenstein cautions regulators about charging certain households more than is needed to offset the social costs of electricity use. Together, Borenstein and Raimi talk about ways that US states can reach their policy goals without penalizing households that use more energy.

References and Recommendations:

“Energy Hogs and Energy Angels: What Does Residential Electricity Use Really Tell Us about Profligate Consumption?” by Severin Borenstein; https://www.aeaweb.org/articles?id=10.1257/pandp.20251111

“Infrastructure: A Guide to the Industrial Landscape” by Brian Hayes; https://wwnorton.com/books/9780393349832

Hunting for Energy Hogs, with Severin Borenstein

In this week’s episode, host Daniel Raimi talks with Dave Foster, a distinguished associate at the Energy Futures Initiative, about the story of how labor unions and environmental organizations have found ways to work together on issues that affect both contingents. As a former director of United Steelworkers District 11, Foster recalls the “Donora incident” as the main catalyst for the union’s interest in environmental affairs. Foster shares his firsthand recollection of the history behind the creation of the BlueGreen Alliance, including some of the various struggles, wins, and early initiatives that helped secure the partnership between labor and environmental organizations.

References and recommendations:

“Sea of Grass: The Conquest, Ruin, and Redemption of Nature on the American Prairie” by Dave Hage and Josephine Marcotty; https://www.penguinrandomhouse.com/books/712585/sea-of-grass-by-dave-hage-and-josephine-marcotty/

“Power Lines: The Human Costs of American Energy in Transition” by Sanya Carley and David Konisky; https://press.uchicago.edu/ucp/books/book/chicago/P/bo254000286.html

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A History of Alliances Between Workers and Environmentalists, with Dave Foster

In this week’s episode, host Kristin Hayes talks with Kaitlin Raimi about public perceptions of solar geoengineering. Raimi, a social psychologist and associate professor at the University of Michigan, describes how only around 15 or 25 percent of people know what solar geoengineering is, and those who are aware tend to be wary of the concept. She discusses techniques to inform the public about the benefits and pitfalls of solar engineering, avoid political polarization, and prevent solar geoengineering from being seen as the only solution needed to tackle climate change.

References and recommendations:

“Public perceptions of geoengineering” by Kaitlin T. Raimi; https://www.sciencedirect.com/science/article/abs/pii/S2352250X21000385

Solar geoengineering research at Resources for the Future; https://www.rff.org/topics/comprehensive-climate-strategies/solar-geoengineering/

“Cane Toads: An Unnatural History” documentary; https://en.wikipedia.org/wiki/Cane_Toads:_An_Unnatural_History

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Nature vs. Unnature: Public Perception of Solar Geoengineering, with Kaitlin Raimi

In this week’s episode, host Daniel Raimi talks with Kate Gordon about California’s recent raft of climate policies. Gordon, the CEO of California Forward who also has held senior policy positions in California and the US Department of Energy, discusses the various Senate bills that have been proposed and passed recently in the state. She talks about the importance of considering energy affordability when addressing California’s energy and climate concerns and what she’s noticed as evolving perceptions of carbon management. Gordon also touches on specific bills that extend California's cap-and-trade program and ramp up permissions for oil drilling, sharing her own take on the current state of climate policy in California.

References and recommendations:

“California’s Innovative Vision for Climate Policy and Energy Affordability” by Dallas Burtraw; https://www.resources.org/common-resources/californias-innovative-vision-for-climate-policy-and-energy-affordability/

Blog posts by Severin Borenstein through the Energy Institute at Haas; https://energyathaas.wordpress.com/author/severinborenstein/

“The Age of Extraction: How Tech Platforms Conquered the Economy and Threaten Our Future Prosperity” by Tim Wu; https://www.penguinrandomhouse.ca/books/691177/the-age-of-extraction-by-tim-wu/9780593321249

Subscribe to stay up to date on news and research from Resources for the Future: https://www.rff.org/subscribe/

California’s Revamped Energy and Climate Policies, with Kate Gordon

At Flywheel Economics, we explore economies as ecosystems. The Flywheel Economics podcast is your gateway to a world of innovative thinking and creative problem-solving. Our podcast series examines the intricate relationships within economic ecosystems, highlighting successes, challenges, and lessons learned from experts and trailblazers across various industries. Join us for inspiring stories, expert analysis, provocative discussions and practical wisdom that give unconventional insights for a changing world.

Resources Radio is a weekly podcast by Resources for the Future. Each week we talk to leading experts about climate change, electricity, ecosystems, and more, making the latest research accessible to everyone.

New tracks tagged #policymaking