Hector Pollitt, Senior Economist, World Bank

Speaker Biography:

Hector Pollitt is a Senior Economist at the World Bank. His work focuses on the interactions between climate change, climate change policy, and economic development in East and Southeast Asia. He contributes to the World Bank’s Country Climate and Development Reports (CCDRs) and climate inputs to other products in the same region, covering both adaptation and mitigation strategies. 

Prior to joining the World Bank, he was Head of Modelling and Chief Economist at Cambridge Econometrics in the UK. He has extensive experience of macroeconomic modelling for climate and energy policy analysis, and has contributed to several high-profile European policy assessments in the past decade. Hector holds a BSc in mathematics and economics from the University of Nottingham, UK. He is currently completing a PhD on integrating complexity to standard economics frameworks at the Department of Land Economy, University of Cambridge, UK. 
 

Abstract:

The global energy transition is rapidly taking shape, driven by the declining costs of solar power, battery technologies, and the rise of electric vehicles. As the age of combustion comes to an end, two critical questions emerge: Will the transition occur swiftly enough to prevent dangerous climate change, and how will our economies and societies adapt to this new energy paradigm? These questions are crucial for economists to address, yet current mainstream economic models fall short. 

Traditional economic assumptions of perfect knowledge and rational, price-driven behavior fail to explain why technologies become cheaper or why they are not immediately adopted when they surpass alternatives in cost-effectiveness. Additionally, a limited understanding of innovation within these models hinders our ability to predict societal evolution during the transition. Economic growth is often viewed as ‘more of the same’ rather than the emergence of new products and systems. 

This seminar explores how alternative economic approaches, particularly those from evolutionary and complexity economics, can offer more valuable insights. By revisiting the contributions of Veblen, Keynes, and Schumpeter, we aim to identify policy needs and solutions both to accelerate the energy transition and manage the socio-economic challenges it will bring. Emphasizing interdisciplinary and pluralistic thinking, this seminar seeks to uncover the enormous potential benefits of a more nuanced economic perspective on the energy transition. 

About the UT Energy Symposium:
The UT Energy Symposium is a weekly guest lecture series that is both free and open to the public and available for course credit.

In an effort to provide a multi-disciplinary platform for UT faculty and students to interact on the most pressing energy issues facing our world, the Energy Institute sponsors the UT Energy Symposium (UTES).

The UTES serves as a “convener” for the campus community, uniting students interested in energy issues with faculty and others working on sustainable energy security. Students who register for the symposium receive one credit hour for the 15-week seminar course, which is open to both undergraduate and graduate students.

Ongoing themes for UTES include climate change policy, innovation and diffusion of energy technologies, low-carbon technology options and status, and behavioral aspects of energy consumption. Each UTES talk will be recorded and posted on this page and on
the Energy Institute YouTube channel following the event.