I think I must be misunderstanding something about the BloombergNEF report. It seems to say that it does not include direct and bilateral *loans* in its analysis. Have I got that right? If so, do you have a sense of how big of a gap that is?
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Nevermind. I figured out that when BNEF said they excluded "direct lending" they meant "private loans". At first, I thought they were saying they were excluding all bank loans that were not syndicated.
Hi Sam, indeed, BNEF ratio does not include corporate bilateral and private loans (BNEF p.31). On the difference with Profundo's research, the timeframe (2021-23 vs. 2016-2022), the bank universe (1,069 vs. 60 banks) and the concept (low-carbon vs. renewables) might explain the difference (p.25)
Hi Sam, thnxs fr yr q. The BNEF method only looked at 1 year, we looked at a longer period. Besides biomass, nuclear & CCS: in BNEF there are sovereign bonds without specific targets, infrastructure financing including an airport. We also did not include Storage and Electricity Grid. Best,
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