But when we look at financing flows, whether in capital markets or bank finance, we see they are mostly directed towards large and often carbon-intensive companies – companies perceived as having low credit risk. The energy transition, however, hinges on successful technological innovations.
That sounds pretty much what one might expect on the basis of common sense, and that is consistent with the data (figure 9). Figure 9 NZ’s export partner growth and world commodity prices  Sources: RBNZ, Consensus, ANZ. BIS Review 95/2001  7  Figure 10 World export price index projections (previous Monetary Policy Statements)  Source: RBNZ. November 2001 is central projection.