Sustainable finance has entered what might be its “messy middle.” For years, governments leaned into reporting regulations and other policies in support of ESG-aligned financial activities. Then came 2025, with the European Union weakening flagship rules, the US rolling back federal guidance, and other markets pausing or delaying new standards. Yet investors still demand standardized data on how companies are spending their money. So is this retreat a sign that the era of sustainable finance is coming to an end, or simply part of the shift to its next phase? On today’s show, Tom Rowlands-Rees is joined by Maia Mesanger, a BNEF specialist in finance policy and transition risk, to review findings from her note “Sustainable Finance Policy Quarterly: 4Q 2025.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Sustainable Finance Policy Quarterly: 4Q 2025 - https://www.bnef.com/insights/38471

Sustainable finance has entered what might be its &ldquo;messy middle.&rdquo; For years, governments leaned into reporting regulations and other policies in support of ESG-aligned financial activities. Then came 2025, with the European Union weakening flagship rules, the US rolling back federal guidance, and other markets pausing or delaying new standards. Yet investors still demand standardized data on how companies are spending their money. So is this retreat a sign that the era of sustainable finance is coming to an end, or simply part of the shift to its next phase? On today&rsquo;s show, Tom Rowlands-Rees is joined by Maia Mesanger, a BNEF specialist in finance policy and transition risk, to review findings from her note &ldquo;Sustainable Finance Policy Quarterly: 4Q 2025.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Sustainable Finance Policy Quarterly: 4Q 2025 - <a href="https://www.bnef.com/insights/38471">https://www.bnef.com/insights/38471</a>
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The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.

The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.

The future of energy, transport, sustainability and more from Bloomberg analysts

Switched On

Sustainable Finance Enters Its ‘Messy Middle’

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/87a85415-fa81-407d-9740-b3f500a7fdd3/transcript

Climate adaptation is increasingly a matter of financial resilience, not just physical protection. Across the US, climate risk is filtering into rising insurance costs, shifting property values and heavy reliance on property tax revenues, exposing some cities and counties to mounting fiscal strain and potential spillovers into municipal bond markets. With climate exposure, tax dependence and access to federal aid varying sharply by location, risks are emerging unevenly across the country. So how are climate stresses reshaping municipal finances, and what should investors and policymakers be watching? On today’s show, Tom Rowands-Rees is joined by Danya Liu, a BNEF specialist in climate resilience and adaptation, to discuss findings from her note “Climate Risk and US Municipal Finances: Storm Ahead.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Climate Risk and US Municipal Finances: Storm Ahead? - https://www.bnef.com/insights/38257

Climate adaptation is increasingly a matter of financial resilience, not just physical protection. Across the US, climate risk is filtering into rising insurance costs, shifting property values and heavy reliance on property tax revenues, exposing some cities and counties to mounting fiscal strain and potential spillovers into municipal bond markets. With climate exposure, tax dependence and access to federal aid varying sharply by location, risks are emerging unevenly across the country. So how are climate stresses reshaping municipal finances, and what should investors and policymakers be watching? On today&rsquo;s show, Tom Rowands-Rees is joined by Danya Liu, a BNEF specialist in climate resilience and adaptation, to discuss findings from her note &ldquo;Climate Risk and US Municipal Finances: Storm Ahead.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Climate Risk and US Municipal Finances: Storm Ahead? - <a href="https://www.bnef.com/insights/38257">https://www.bnef.com/insights/38257</a>

How Climate Risk Flows From Insurance to City Budgets

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/09d73f9b-033d-4c2e-8e2f-b3ee00816e36/transcript

As AI drives a new wave of data center expansion, the focus is shifting from chips to the infrastructure that powers and cools them. Denser AI workloads are accelerating the move toward liquid cooling, higher-capacity electrical equipment and new power architectures, putting pressure on traditional supply chains and forcing rapid innovation across the ecosystem. So how is AI reshaping the hardware behind data centers, and what does it mean for the future of power, cooling and grid infrastructure?

At the BloombergNEF Summit San Francisco, Mark Daly, BNEF’s head of technology and innovation, moderated a panel titled “Seeing Beyond the Chips: Innovations in Data Center Supply Chains.” This episode brings listeners that panel, which featured Steven Carlini, chief advocate for data centers and the AI energy management business unit, at Schneider Electric; Haroon Inam, the co-founder and chief executive officer of DG Matrix; Jill Macari, the chief financial officer of VEIR; and Angela Taylor, the chief of staff and head of strategy at LiquidStack.

To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/events/type/summit/

As AI drives a new wave of data center expansion, the focus is shifting from chips to the infrastructure that powers and cools them. Denser AI workloads are accelerating the move toward liquid cooling, higher-capacity electrical equipment and new power architectures, putting pressure on traditional supply chains and forcing rapid innovation across the ecosystem. So how is AI reshaping the hardware behind data centers, and what does it mean for the future of power, cooling and grid infrastructure?
At the BloombergNEF Summit San Francisco, Mark Daly, BNEF&rsquo;s head of technology and innovation, moderated a panel titled &ldquo;Seeing Beyond the Chips: Innovations in Data Center Supply Chains.&rdquo; This episode brings listeners that panel, which featured Steven Carlini, chief advocate for data centers and the AI energy management business unit, at Schneider Electric; Haroon Inam, the co-founder and chief executive officer of DG Matrix; Jill Macari, the chief financial officer of VEIR; and Angela Taylor, the chief of staff and head of strategy at LiquidStack.
To learn more about BNEF&rsquo;s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to <a href="https://about.bnef.com/events/type/summit/" data-destination="rte:bind">https://about.bnef.com/events/type/summit/</a>

Beyond the Chip: Rewiring Data Center Supply Chains

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/626e284e-e737-4d20-b737-b3e60189386d/transcript

After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new phase mean for solar, and how far can co-location carry the industry? On today’s show, Tom Rowands-Rees is joined by BNEF’s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes “4Q 2025 Global PV Market Outlook: First Ever Dip” and “Co-Located Storage Boosts Solar’s Business Case.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

4Q 2025 Global PV Market Outlook - First ever dip - https://www.bnef.com/insights/38279

Co-Located Storage Boosts Solar’s Business Case - https://www.bnef.com/insights/38241

After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new phase mean for solar, and how far can co-location carry the industry? On today&rsquo;s show, Tom Rowands-Rees is joined by BNEF&rsquo;s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes &ldquo;4Q 2025 Global PV Market Outlook: First Ever Dip&rdquo; and &ldquo;Co-Located Storage Boosts Solar&rsquo;s Business Case.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
4Q 2025 Global PV Market Outlook - First ever dip - <a href="https://www.bnef.com/insights/38279">https://www.bnef.com/insights/38279</a>
Co-Located Storage Boosts Solar&rsquo;s Business Case -&nbsp;<a href="https://www.bnef.com/insights/38241">https://www.bnef.com/insights/38241</a>

How Co-Located Batteries Are Reshaping Solar’s Future

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/51ab2d79-b79a-4641-9dac-b3e0006d2aed/transcript

Sustainable Finance Enters Its ‘Messy Middle’

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