Fig. 2: The topology of the syndicated lending network and the substitution effect.
From: The challenge of phasing-out fossil fuel finance in the banking sector
a Banks’ eigenvector centrality in the syndicated lending network is plotted against their average syndication activity in the pre-Paris Agreement (2010–2016) and post-Paris Agreement (2017–2021) period. Pearson’s correlation coefficient between network centrality and syndication activity is 0.98 in each period. The size of each node represents banks’ average yearly lending. Selected banks are coloured and annotated with their average yearly lending. b Time series plot shows changes in the co-investment activity between Citi and its syndicate partners. Selected banks (coloured lines) increased or decreased their share of Citi’s co-investments by greater than 1 percentage point between the pre-Paris and post-Paris period. The average share of Citi’s top 20 syndicate partners is shown by the dashed grey line.
