b) revenues

In the infrastructure sector, we expect the revenues of corporate companies to be correlated with total assets and further impacted by macroeconomic variables. We find that revenue growth is well and sufficiently explained by total assets growth:

The effects of GDP and inflation on revenues are reflected through their effect on total assets. It needs to be noted that we did not add an intercept since there are no revenues in the absence of total assets. Assuming that these relationships between financials and macroeconomic variables hold in the future in all climate scenarios, we can project the total assets and revenues of companies based on the projections of GDP and inflation in these scenarios.