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 BNEFGO on the Bloomberg Terminal or on bnef.com (https://www.bnef.com/) Links to research notes from this episode: Sustainable Finance Policy Quarterly: 4Q 2025 - https://www.bnef.com/insights/38471 (https://www.bnef.com/insights/38471) See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. 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. Check out more episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0O1zx-dJnH-YQw7APqnHLcm Watch video podcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Visit us: https://www.bloomberg.com/podcasts #energy #sustainability #podcast