https://www.spglobal.com/energy/en/news-research/latest-news/metals/080726-rosatom-rare-earth-phytomining-plausible-but-commercially-premature-expertRussian state-owned atomic company Rosatom has claimed a 65%-85% rare earth element recovery rate with lab-scale phytomining, but an REE expert cautions the company's self-declared milestone still lacks peer review, detailed public data and industrial performance testing. While Rosatom's June announcement is scientifically plausible, it is "most certainly commercially premature," Daniel O'Connor,07 August 2026 17:20:21 GMTKatya Bouckley ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/080626-factbox-european-drought-snarls-inland-commodity-flows-cuts-power-suppliesRecord temperatures in Europe have left its two busiest waterways – the Rhine and the Danube – at critical lows, shutting down key trade arteries and power plants stymied by cooling water restrictions. Rhine water levels hit an all-time low of under 20 cm at Germany's Kaub chokepoint, where barges make their way from the country's south into Switzerland, on Aug. 5. On the Danube, water levels in06 August 2026 20:57:53 GMTStaff ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/080426-factbox-energy-affordability-dominates-us-midterm-contests-as-climate-takes-backseatRising energy costs have taken a central spot in US 2026 midterm campaigns, with candidates prioritizing consumer affordability. Democrats have linked gasoline price increases to President Donald Trump's foreign policy decisions, while electricity rate hikes emerge as a key voter concern. Data center expansion has sparked debate over grid costs and consumer rate impacts, forcing candidates to04 August 2026 17:05:05 GMTMaya WeberZack HaleLeah GardenKate Winston ]]>https://www.spglobal.com/energy/en/news-research/latest-news/metals/080426-rare-earth-developers-eye-industrial-residues-as-new-source-of-us-critical-mineralsIndustrial byproducts, once viewed primarily as waste, are attracting renewed investment interest as companies seek alternative sources of rare earths and critical minerals, industry sources told Platts, part of S&P Global Energy. A growing group of US companies is seeking to recover rare earth elements, gallium, and other strategic materials from industrial residues accumulated over decades of04 August 2026 09:00:05 GMTLiubov Georges ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/080626-india-aims-carbon-emissions-reporting-for-international-flight-amid-2027-saf-pushIndia's aviation regulator plans to introduce a mandate requiring aircraft operators on international routes to report data covering a minimum of 90% of their annual carbon emissions from operations involving all international airports in India, as the country prepares to meet a 1% sustainable aviation fuel blending target by 2027 under the global Carbon Offsetting and Reduction Scheme for06 August 2026 20:24:10 GMTSamyak Pandey ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/picture-this-super-el-nino-economic-impact-scenariosA Super El Niño could slow global growth, drive inflation and disrupt food, energy and supply chains, according to an S&P Global scenario.05 August 2026 19:45:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/peer-comparison-unpacking-protein-processor-ratings-as-they-feed-on-different-earnings-s101698629This report does not constitute a rating action. The operating outlook for protein processors remains mixed as certain segments face challenges like still-weak U.S. beef packing margins and higher Brazilian cattle prices. Poultry and pork processors have a more favorable margin outlook. While ratings performance has remained mostly positive since the unprecedented cyclical downturn in 2023, rating trends will likely continue to vary by issuer as a broad set of credit factors impact each issuer d05 August 2026 20:05:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/indonesia-seeks-credit-recovery-in-policy-transition-s101699882This report does not constitute a rating action. Indonesian credit indicators weakened over the past year. The sovereign rating outlook, however, remains supported by our expectation that recent policy shifts will yield tangible future benefits. The key lies in the transition from the current state of perceived policy unpredictability to one where positive policy outcomes have become obvious. Indonesia’s sovereign credit trend in the next one to two years will depend on whether the administrat06 August 2026 00:55:51 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/metals/030226-vale-sees-strong-iron-ore-demand-despite-china-plateau-low-pricesBrazilian iron miner Vale expects strong long-term demand growth in emerging markets and high ore depletion rates across the industry to boost growth, Vale CEO Gustavo Pimenta said in a keynote at the Prospectors and Developers Association of Canada conference on March 1. The Brazilian mining company expects urbanization and infrastructure development in markets such as India to sustain strong02 March 2026 16:56:02 GMTLiubov Georges ]]>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/080526-et-highlights-xpansiv-nuclear-australia-singapore-ccs-japan-saf-green-hydrogenEnergy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.04 August 2026 20:05:00 GMTStaff https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/080326-interview-biomethane-to-play-pivotal-role-in-asia-energy-transition-engieAsia is approaching a pivotal moment in low-carbon fuel development, as markets across Southeast Asia and China begin building the commercial and regulatory foundations needed to scale biomethane adoption, unlike Europe, which has spent more than a decade incorporating biomethane into its energy system. Biomethane is poised to become an increasingly important component of Asia's energy transition03 August 2026 10:03:12 GMTDonavan Lim ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/080426-more-than-100-countries-have-adopted-energy-policies-to-adapt-to-hormuz-closure-ieaMore than 115 countries have adopted policy measures like energy conservation, price supports and structural changes to adapt to the energy impact of the Iran war and the closure of the Strait of Hormuz, an official form the International Energy Agency said Aug. 4. "Demand-side measures are not enough to replace the sheer size of energy that's transiting through that strait, but it can dampen and04 August 2026 22:19:28 GMTKate Winston ]]>https://www.spglobal.com/energy/en/news-research/latest-news/metals/050526-zambia-rejects-us-critical-minerals-deal-over-preferential-access-termsThe Zambian government has rejected a proposed critical minerals partnership with the US, citing Washington's efforts to link negotiations to a $2-billion health aid package and the requirement that US companies receive preferential access to Zambia's mineral resources. The breakdown in talks underscores ongoing tensions as the Trump administration reshapes US engagement with resource-rich African05 May 2026 13:55:43 GMTEuan Sadden ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/carriers-forwarders-pile-in-to-africa-trade-as-demand-surgesAsia-Africa trade is surging as carriers expand services, but port bottlenecks and inland logistics constraints threaten cargo flows.24 July 2026 12:00:00 GMTGreg Knowlerhttps://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/080426-grid-operator-pjm-juggles-reforms-as-power-auction-results-hit-price-cap-againOn July 14, grid operator PJM released the results of its latest capacity market auction for the 2028-29 delivery year. Prices hit the federally approved cap of $325/megawatt-day, but the amount of procured capacity came up short of PJM's reliability requirement by 6.8 gigawatts. In other words, prices went as high as they were allowed to go, but still did not incentivize enough generation to meet04 August 2026 18:51:54 GMTDan TestaDarren SweeneyStaff ]]>https://www.spglobal.com/energy/en/news-research/blog/crude-oil/080426-ctracker-electric-vehicle-oil-us-stocks-eu-carbon-ets-china-hrc-steel-brazil-soybean-north-asia-chicken-porkElectric vehicle sales hit record levels amid tensions in the Middle East, while US crude inventories drop to eight-year lows amid robust refinery demand. European carbon prices ease during the summer recess ahead of EU ETS reform talks and China's hot-rolled coil exports face pressure. 04 August 2026 12:03:38 GMTStaff ]]>https://www.spglobal.com/energy/en/news-research/latest-news/metals/080326-china-unveils-plan-to-boost-battery-metal-recycling-by-2030China has unveiled ambitious plans to significantly expand recycling of end-of-life batteries, metal scrap and renewable energy components by 2030 as part of a new five-year program aimed at decarbonizing its industrial sector. In a statement released July 31, China's official press agency said the road map — published by the Ministry of Industry and Information Technology — sets specific volume03 August 2026 15:38:24 GMTEuan Sadden ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/072826-spp-sets-all-time-peakload-record-of-58127-gw-as-hot-weather-alerts-persistThe Southwest Power Pool's East Balancing Area authority set an all-time peakload record of 58.127 GW on July 27 as the SPP region was under multiple weather-related alerts due to high loads, forecast uncertainty, and severe hot weather. The record was reached at 4:47 pm CT, SPP spokesperson Seth Blomeley said July 28. The record surpassed the previous record set Aug. 21, 2023, by 369 MW,28 July 2026 21:26:10 GMTKassia Micek ]]>https://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-middle-east-sustainable-bond-outlook-midyear-2026-market-momentum-despite-headwinds-s101696715This report does not constitute a rating action. Middle East sustainable bond issuance is continuing, but regional volatility is beginning to bite. Geopolitical risk and more restrictive market conditions than we anticipated have prompted us to lower our forecast for sustainable bond issuance to $15 billion-$20 billion in 2026 from $20 billion-$25 billion previously (see " Sustainable Bonds Outlook 2026: Middle East Issuance Persists ," Feb. 15, 2026). The year started off strongly, with about $03 August 2026 04:51:16 GMThttps://www.spglobal.com/energy/en/news-research/blog/energy-transition/073126-indias-power-and-renewables-market-q2-brings-record-demand-rising-curtailmentIndia's power sector during April-June was shaped by robust electricity demand growth and rapid renewable energy expansion. El Niño-driven heatwaves boosted power consumption 13.2% year over year, according to Central Electricity Authority data, while renewable capacity additions reached 13.25 gigawatts. 31 July 2026 08:56:15 GMTGautam Sood and Md. Jawed Alam ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/073126-many-russian-low-carbon-hydrogen-projects-canceled-or-on-hold-as-costs-mountA majority of Russia's renewable hydrogen projects have been canceled or shelved amid geopolitical tensions, which have driven up costs, restricted access to technology, and curtailed export opportunities, multiple industry sources and analysts told Platts, part of S&P Global Energy. Russia has 18 low-carbon and renewable hydrogen projects with a combined projected capacity of 1.2 million metric31 July 2026 13:10:03 GMTVladislav Vorotnikov; Ruchira Singh ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/073126-interview-domestic-solar-cell-mandate-extension-sufficient-to-address-project-construction-backlogThe government's decision to extend the deadline for using solar cells outside the Approved List of Models and Manufacturers framework should ease industry concerns and give the sector enough runway to work through its backlog of project construction and module manufacturing, according to Vinay Rustagi, chief business officer at Premier Energies. "I expect about 15-20 GW of new cell capacity to be31 July 2026 18:11:14 GMTHardik VermaAditya Saroha ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/073126-japanese-entities-to-survey-renewable-hydrogen-production-use-in-maibara-citySix Japanese entities, including Shiga prefecture, Maibara city, and Chiyoda Corporation are examining the establishment of a renewable hydrogen production and supply hub, leveraging Maibara city's geographical characteristics and transport convenience, the entities said in a joint statement July 30. It comes as the jointly proposed 'Survey on Hydrogen Production and Utilization in Collaboration31 July 2026 04:55:20 GMTRuchira SinghTakeo Kumagai ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/072926-german-cabinet-approves-green-energy-law-reform-amid-shift-to-cut-grid-costsGermany's cabinet approved major reforms to its green energy law (EEG) that will end feed-in tariffs amid a shift from rooftop to ground-mounted solar and link future wind and solar projects to regional grid capacity in a bid to cut redispatch costs, the energy ministry said July 29. Cabinet approved amendments to the EEG 2023 alongside a new grid connection package that introduces market-based29 July 2026 14:22:28 GMTAndreas Franke ]]>https://www.spglobal.com/en/research-insights/podcasts/look-forward/ai-energy-paradox-balancing-innovation-with-sustainabilityArtificial intelligence is accelerating demand for data center power at a pace that is reshaping the global energy agenda. In this episode of the Look Forward podcast, host Aries Poon speaks with Tony Lenoir, data center expert at S&P Global, about whether AI growth can coexist with decarbonization goals — and how hyperscalers are rethinking their energy strategies in response.31 July 2026 15:00:00 GMTAries Poonhttps://www.spglobal.com/ratings/en/regulatory/article/africas-credit-outlook-remains-vulnerable-to-conflict-spillover-effects-s101699133This report does not constitute a rating action. Our sovereign ratings in Africa have remained broadly resilient despite the Middle East war, but risks to the region's credit outlook are rising. The conflict's primary transmission channel remains higher fuel, shipping, and fertilizer costs. While financing conditions and ratings momentum have remained largely supportive, the shock is increasingly widening differences in inflation, growth, and financing conditions across economies. For more, see 30 July 2026 17:15:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/latin-american-corporate-and-infrastructure-credit-outlook-midyear-2026-some-cushion-against-geopolitical-risks-s101690529This report does not constitute a rating action. Latin American (LatAm) corporations benefit from the resilient regional outlook --contrasting with a bearish sentiment in Asia and Europe. However, the strength is increasingly contingent on sector-specific resilience to prolonged geopolitical volatility and the impact of oil prices on inflation. Revenue growth shifted in Q4 2025, following the adverse impact of the U.S. trade war, has grappled with additional uncertainty stemming from the Middle 30 July 2026 16:28:40 GMThttps://www.spglobal.com/energy/en/news-research/blog/energy-transition/070726-tier-1-cleantech-companies-pv-wind-turbine-battery-cells-storage-systemsIn these changing market conditions, S&P Global Energy draws on its extensive cleantech supply chain data and market intelligence expertise to deliver a rigorous and differentiated assessment to identify Tier 1 cleantech companies. 07 July 2026 02:58:00 GMTEdurne Zocohttps://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072426-indias-seci-may-sign-renewable-ammonia-supply-pacts-with-japan-the-netherlands-officialThe Solar Energy Corp. of India is in discussions with counterparts in Japan and the Netherlands to sign agreements that could pave the way for renewable ammonia supply tenders in the coming months, a senior SECI official said. SECI is in touch with Japan's state-backed Japan Organization for Metals and Energy Security (JOGMEC), and private market participants in the Netherlands, who are looking24 July 2026 14:47:15 GMTRuchira Singh ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072826-australia-singapore-pledge-deeper-energy-ties-eye-ccs-dealAustralia and Singapore agreed to conclude negotiations on a cross-border carbon capture and storage pact by the end of the year, as the two nations deepen their energy cooperation, according to a joint ministerial statement released July 28. The commitment came from the inaugural Australia-Singapore ministerial dialogue on energy in Sydney on July 28, where Australian Climate Change and Energy28 July 2026 10:27:18 GMTAngelica Garcia ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/072826-delta-opens-saf-blending-facility-at-minnesota-refinery-hubDelta Air Lines marked the completion of a sustainable aviation fuel blending facility at Flint Hills Resources' Pine Bend Refinery on July 27, enabling direct pipeline delivery of SAF to Minneapolis-St. Paul International Airport, as the carrier works to scale lower-carbon fuel use at its second-largest hub. The facility will blend up to 30 million gallons of neat SAF annually with conventional28 July 2026 20:18:18 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/072226-us-department-of-energy-criticizes-eu-methane-guidance-as-insufficientThe US Department of Energy criticized the European Commission's guidance on methane emissions compliance as insufficient, arguing that the EU's landmark regulation continues to threaten global energy security despite recommendations to delay penalties until 2030. The DOE said the EC's non-binding recommendations, released July 20, failed to address "fundamental risks and uncertainty created by22 July 2026 20:52:31 GMTCorey PaulMaya Weber ]]>https://www.spglobal.com/energy/en/news-research/infographics/horizons-energy-expansion-sustainability/clean-energy-pulseS&P Global Energy Horizons Clean Energy Pulse tracks 70 indicators to measure global clean energy growth momentumhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-behind-the-shades-water-supply-and-wastewater-treatment-s101698328S&P Global Ratings assesses water-related projects by applying its Shades of Green assessments (" Analytical Approach: Shades Of Green Assessments ," July 27, 2023) in the context of: Our Second Party Opinions (SPOs) on sustainable finance frameworks and transactions (" Analytical Approach: Second Party Opinions ," March 6, 2025); and Our Climate Transition Assessments (CTAs; " Analytical Approach: Climate Transition Assessments ," May 29, 2025). Since launching SPOs in 2023, 9% of those we have30 July 2026 09:38:13 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/lng/072826-india-power-sector-to-face-26-gw-load-from-ai-data-centers-by-fy-2031-32-ministryIndia's Ministry of Power, in a written reply to the Parliament on July 27, projected an additional load of 26.3 gigawatts from artificial intelligence data centers by fiscal year 2031-32 (April-March), which is expected to be integrated into the grid and be primarily met through renewable energy capacity. India's peak power demand is estimated to be 289 GW in FY 2026-27, up 17.96% year over year,28 July 2026 11:40:23 GMTSurabhi Sahu ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072726-xpansiv-expands-nuclear-backed-certificates-trading-amid-data-center-demandXpansiv has been increasing its footprint in nuclear-based emission-free energy certificates, amid emergent voluntary markets in the US and growing energy demand from data centers. Xpansiv CBL launched trading of the so-called emission-free energy certificates, or EFECs, from the New England Power Pool on July 15, six months after launching the same certificates from the PJM Interconnection power27 July 2026 15:47:08 GMTFelipe PeroniJose Del angel ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/picture-this-us-trade-policy-shifting-temporary-tariffs-enduring-leverageAs Section 122 tariffs expire, the administration shifts to Sections 301, 232, and 338. Tariffs now serve as bargaining tools, not just protection measures. 
29 July 2026 19:45:00 GMThttps://www.spglobal.com/ratings/en/blog/investors-look-beyond-labelsSustainable finance is entering a more mature phase as investors continue to support sustainability and transition objectives but increasingly assess issuers through the credibility of their transition strategy, quality of execution, and ability to demonstrate measurable progress. Labels remain relevant but are no longer sufficient on their own to attract capital. 15 July 2026 17:04:00 GMThttps://www.spglobal.com/ratings/en/blog/takeaways-private-markets-forumWe recently hosted our inaugural U.S. Private Markets Forum in New York City, convening investors and market participants to discuss the evolving dynamics across private credit, fund finance, and structured solutions.08 May 2026 17:04:00 GMThttps://www.spglobal.com/ratings/en/blog/french-investors-are-becoming-more-vigilantFrench institutional investors are adopting a more guarded stance. This indicates that current market conditions may not fully capture underlying risks. 12 May 2026 17:04:00 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072326-india-plans-electrolyzer-on-lease-initiative-to-boost-renewable-hydrogen-officialIndia will introduce initiatives that will boost the consumption of renewable hydrogen, including an "electrolyzer on lease" agreement, Prasad Arvind Chaphekar, director in the Ministry of New and Renewable Energy, said July 23. According to the upcoming initiative, the consuming company can receive renewable hydrogen without incurring the cost of owning an electrolyzer, Chaphekar said at the29 July 2026 07:36:04 GMTRuchira Singh ]]>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/072926-et-highlights-california-ev-gasoline-new-zealand-climate-data-center-ccsEnergy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.28 July 2026 20:05:00 GMTStaff https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072326-india-i-rec-vintage-spread-narrows-in-july-on-arbitrage-buyingIndia's International Renewable Energy Certificate vintage spread narrowed sharply as buyers shifted procurement strategies to capitalize on price arbitrage, creating an unusual supply squeeze for older certificates. The spread between vintage H2 2025 and vintage 2026 I-RECs narrowed to 6 cents/MWh in July from 19 cents a year earlier, reversing typical market dynamics where newer vintages command23 July 2026 07:49:09 GMTAhmad afiq Muhammad zahirVipul Garg ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072126-india-targets-650mt-renewable-ammonia-as-japan-tightens-power-auction-termsIndian renewable ammonia developers are offering the renewable hydrogen-based clean fuel to potential Japanese power auction bidders at above $650/mt FOB India for 20-year contracts, as bidders prepare for stricter requirements under the fourth edition of the auctions, market participants told Platts, part of S&P Global Energy. Multiple Indian project developers said Japanese end-users and traders21 July 2026 16:34:25 GMTVipul Garg ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/is-the-ai-trade-in-asia-running-out-of-steamSecurities lending data and recent market turmoil suggest the region's semiconductor rally has entered a new, more selective phase.28 July 2026 09:00:00 GMThttps://www.spglobal.com/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-episode-47-risk-resilience-and-relationships-with-churchills-alona-gornickIn this episode of Private Markets 360°, we welcome Alona Gornick, Managing Director, Senior Investment Strategist at Churchill Asset Management. Alona's journey from investment banking to deal origination at Churchill and now guiding wealth investors through a rapidly changing landscape highlights the importance of adaptability, discipline and transparency in today's market. She discusses Churchill’s differentiated approach, the advantages of its integration with Nuveen’s broader ecosystem16 July 2026 04:00:00 GMTJocelyn LewisChristina McNamara Credits: Host/Author: Christina McNamara and Jocelyn Lewis Guests: Alona Gornick, Churchill Asset Management Producer: Georgina Lee Published With Assistance From: Sophie Carr, Kimberly Olvany View Full Transcript Jocelyn Lewis 00:00:01 Welcome to Private Markets 360 insiders guide to the world of private investments. Today, we're joined by Elona Gornk, Managing Director and Senior Investment Strategist at Churchill Asset Management. With a career spanning 25 years across investment banking and the buy side, Elona has navigated the evolution of private credit from the early days of alternatives before they became mainstream and experienced firsthand the seismic shifts brought on by the 2008 financial crisis. Elona's journey has taken her from originating high-yield deals at Oaktree and progressing into private placements at TIAA to pioneering Churchill's approach to sourcing deals in the private credit middle market, where she was the firm's very first originator. Over the years, she has focused on working with private equity sponsors to source and structure deals, bringing a credit perspective that blends high-yield expertise with investment-grade discipline. Now as Churchill expands beyond institutional capital to serve the growing wealth investor segment, Ilona acts as a strategist, bridging investment professionals and clients and helping investors understand the evolving landscape of private credit. In this episode, Alona shares her insights on the competitive dynamics of wealth management, the importance of consistency in deal structuring and the critical questions high net worth investors should be asking in today's market. Ilona, welcome to Private Markets 360. It's a pleasure to have you join us today.How are you? Alona Gornick 00:01:54 Thank you, Jocelyn. So great to be here and doing well. Jocelyn Lewis 00:01:57 Excellent. Christina McNamara 00:01:58 Welcome, Alona. You've spent 25 years in finance across investment banking and private credit. What initially attracted you to private credit? And how has your perspective evolved over those 25 years? Alona Gornick 00:02:14 Great and interesting question as I think back, I think what first attracted me to private credit was that it sort of felt like one of the more thoughtful corners of finance. If you think about investment banking, that's where I got my start. You learn a ton about markets, execution, pace. It's very quick. It's very transaction-oriented. But as I learned about private credit, I always felt that there was a bit more of a completeness to it. You're not just analyzing numbers here, you're really thinking about underwriting a business, its capital structure and particularly with what we do here at Churchill, the sponsor relationship. And given you're a buy-and-hold investor here, what can go wrong in the downside, so downside scenario analysis. So what I liked then and what I still like now is that private credit really combines this sort of analytical rigor with judgment. And it's really quantitative, but it's also, I guess, very human. You're evaluating people, what incentivizes them, the alignment of interest in a deal and really the resilience of those people and the business model that we're evaluating underneath. And that's really always appealed to me. But in terms of perspective evolving over time, I guess I'd say earlier in my career, I was probably more focused on whether a deal looked attractive on its own, right? And now I think about a lot more in terms of is the business we're lending to the right company? Is it the right capital structure? And are we getting paid appropriately for that risk? And particularly with private credit, who are we partnering with? The relationship is so important. The other thing that I'd say has changed about private credit is really the scale and the visibility of the asset class altogether, say, private credit has become very much more mainstream, and that's exciting. It's definitely in the news and such a buzzword, hopefully, for the positive, but it also means that manager selection, I think, matters a lot more now than ever. And growth in the asset class is a positive but it doesn't reduce the need for discipline. I think it actually increases that need for discipline. So I'd say I was initially drawn to private credit because it was intellectually interesting, but I've stayed with it because I think it rewards more of that patient mindset, the ability to recognize patterns and also shows you a lot and having humility. I'd say even the word humility is pretty important here. And it's useful in credit because the market has a pretty interesting way of correcting overconfidence if you use it too much. Jocelyn Lewis 00:05:07 Thank you for that explanation, Alona. I think that it really paints a nice picture of how you move from that really great experience that you've got within investment banking, where it is definitely more transactional focus where you're chasing those individual deals. And now you're looking more broadly across the private credit landscape and how particular deals really fit within an existing portfolio. And that evolution seems to mirror how different platforms themselves have scaled and been able to differentiate themselves. And with that in mind, I want to understand more about Churchill specifically and how the position that Churchill has within Nuveen's ecosystem enhances what you're able to do and the value that you're able to then deliver to your clients. Alona Gornick 00:06:05 Sure. I think Churchill is in a really interesting position. We've got a unique combination of what I guess I'd call specialization at scale behind it. So with Churchill, we've been really focused on the core middle market or middle market in general and specifically core middle market that we can talk about, where we are trying to identify top-performing companies that are backed by leading private equity firms here in the U.S., and we do this with a very sponsor-centric approach. In doing so, I think that having that specialization is a really important focus that matters. And it's often where your real edge can come in as an investment firm, right? Knowing your market really well, understanding your sources of deal flow, the sponsor community from whom we source deal flow from, structuring those transactions thoughtfully and appropriately for that size of the business that it is and really staying disciplined over time. I'd say at the same time, because we sit, as you noted, within Nuveen's broader ecosystem, we've got a really interesting and different but equally important layer of value here. where if you're a client in Churchill, you're not just evaluating our investment judgment. I feel like clients here are also evaluating and they should, the platform that stands behind us, right? The infrastructure, the governance, the risk management, our level of reporting, the depth of the reporting and really the long-term stability and the support that we can get as an investment team broadly. So that combination living within Nuveen's ecosystem becomes, I'd say, even more meaningful as the private markets open up, we're seeing investors gain interest in this asset class beyond traditional institutional investors. And whether you're talking to an institution or a family office or a wealth investor through their adviser, people really ultimately want the confidence that they are going to be working with a platform that offers specialization, but both the durability lasts for a long time, right? So Churchill today, we've got about $64 billion of committed capital. And when you combine us with Arkmont, our European middle market business, we're at nearly $100 billion. So that really speaks to that scale. Each of the platforms here remain very specialized. We've each got our own long-standing reputations that we've hard earned over multiple decades. So with Nuveen, our ultimate parent TIAA as well being one of the highest rated insurance companies in the U.S., I really think that speaks to that durability and that really appeals to investors. So I'd frame it that Churchill brings both an expertise and specialization that investors are looking for and Nuveen would help really bring that kind of institutional strength, the connectivity that really allows us to broaden our distribution and our product development at scale very thoughtfully. Christina McNamara 00:09:23 That focus on relationships and long-term alignment really does set the stage for how Churchill approaches the market today. So to build on that, Churchill is known for originating deals through private equity sponsors. What makes this approach unique? And how does it benefit both Churchill and its clients? Alona Gornick 00:09:45 Sure. With our focus on sponsor relationships, I'd say you're getting to the heart of our model. I think what's really important is that private credit and specifically direct lending where we're focused, isn't really just about deal access for the sake of access. It's really about creating a depth and a durability of those relationships, those sponsor relationships I mentioned and what that can enable. So at Churchill, we've really thoughtfully created what I think is unique about our platform, a nearly $13 billion portfolio of commitments we've made into funds, now over 350 different private equity funds that ultimately roll up to about 150 different general partners or managers. That matters because it shows that we're not just a lender that's showing up when the financing is needed. We, as Churchill as a broader platform really can build out more of a broader connectivity with our sources of deal flow here, these sponsors. That is first rooted in our LP commitments and then ultimately complemented by the variety of direct financing capabilities that we can offer, senior, junior, equity co-insecondaries. So I think that really resonates across the private equity ecosystem. And you've got to ask yourself, why would that be valuable to investors. Ultimately, it's because having these strong sponsor relationships can really -- when you look at the deal level, translate for the most part into earlier looks at opportunities, right, and more time to underwrite, more insight, if you will, into who you're partnering with. We've got a lot of intel because we're invested with a lot of these sponsors in their funds. So with sponsor-backed lending, you're not only evaluating the company that you're lending to, you're also evaluating that sponsor and their track record and the support management teams and really how they behave when things get more difficult. So for clients, I think the ultimate benefit that we're giving them is the ability to be really selective, right? So if we have a good network and this good network of sponsors doesn't necessarily mean we're going to do more deals. Ideally, I think it means what you should see is enough high-quality opportunities so that you can be more selective about the ones we ultimately choose. So where we're focused, specifically in the core middle market, where we really align with a target range of companies that vary from on the small end, $10 million to $20 million of EBITDA to the top end of about $100 million of EBITDA. This is a part of the market where relationships really matter. And what we see in terms of the best outcomes, they don't necessarily come from being the most aggressive lender in the room. We're invited to participate and provide a term sheet. Private equity sponsors that we work with in this part of the market typically want lenders who are reliable, who are also constructive, but they're consistent across cycles, across markets. So those who can partner not only in good times, but also through tough times. I often say that we've gone through just a few here at Churchill over the past 20 years, I'd say, is extremely important. But that uniqueness of Churchill's approach being rooted in sponsor relationships, is really intentional. And I think one of the main engines of how we think about driving growth and differentiation for Churchill in the core middle market as demonstrated by significant repeat business for the platform. Jocelyn Lewis 00:13:42 And in any business, you want to have the right partners and you want to be able to drive repeatable business because that's important as you scale, as you mentioned, having that reliability and not having to kind of start from scratch with every relationship is also really beneficial because like you mentioned, it is not only about who can provide that financing that a sponsor would be looking for, but who can provide the financing in a manner that is expected and deliver upon that. So I think that very deliberate and repeatable approach to sourcing and structuring deals that you mentioned really underpins how Churchill is able to grow and continuously differentiate itself. But stepping back from just Churchill specifically, it also raises a broader question as you're also getting more capital from the retail or high net worth individuals via financial advisers, is there any criteria that you would suggest that the financial adviser community should prioritize when they are evaluating investment managers in this current market environment? Alona Gornick 00:15:07 Yes. It's been fascinating to sit in the seat of a strategist focused on this investment community or channel. in addition to thinking about, obviously, the quantitative metrics that everyone should be looking at, track record and your performance through cycles to the extent you've been doing what you're doing for a long enough time, I probably boil it down to a few things. really sourcing, huge, number one. Two, I'd say selectivity, as I mentioned before, is really big. Three, structure sort of risk management, how risk focused on risk you are. And then four, I'd say, transparency, kind of -- it sounds simple, but transparency, and I'll talk about in a little bit. But with first on sourcing, as we started talking about earlier, I think advisers should really identify and fully understand and feel comfortable with where are the deals coming from. In a crowded market, differentiated sourcing really matters because it can affect many things other than even having the opportunity to look at the deal flow, pricing, documentation and really how early you can get that look and give you just that much more time to get comfortable with this asset, do more diligence than someone else, not have to be squeezed on the time because we're talking about investment banking, there's a bit more of like an execution and pace and fast pace measure to it with private credit, the more time you have, hopefully, the better underwriting you can actually accomplish. So your sourcing, as I like to say, is a bit more of your destiny in private credit. So really understanding how a manager finds and selects its deals and how repeatable and defensible that process is, is extremely important. I'd say second, on selectivity and sort of risk management. This is a big one for me. I often think that a manager's decline or pass rate can be just as revealing if calculated without a lot of additions to it as their deployment rate, right? How much you turn things down? It's very hard. It's very hard to turn deals down and multiple times to the same private equity firm. If what you ultimately do want to do is get to investing, right, and deploying. So that is an extremely important measure, I think advisers should spend a little more time on. And in a market where we have seen a ton of capital come in and more so even through the wealth channel as it's on its early innings moving forward, the pressure on the part of lenders or managers here to put money to work has really increased. So advisers should want to know what a manager can say no to. And to the extent there are any issues on -- in a portfolio from a risk perspective to the extent that happens, what is their team's ability to work through that? Do they have the right capabilities in terms of workout and restructuring? How do they assess and integrate that risk management kind of capability? And do they use technology or AI to assess that early on, try to eliminate the surprises as much as possible? And how do they improve their workout and restructuring scenarios from a lessons learned perspective. The last I'll say is that point about transparency, and we can talk about this here. The managers nowadays, I think, the better you can explain your strategy, how -- what your competitive edge really is clearly and candidly, I think it's so important. It might sound on the cover of every fact sheet or presentation that we all somewhat do the same thing. So it's really important to understand what -- from an adviser standpoint, what does that manager actually do and what makes them different, especially as we see private credit expand further into this wealth channel, I do think advisers need to ask and look for managers who can educate, right, help them better understand both risks and opportunities and not just market to them, right, and sell them on a product. I think this is also why we've seen the surge in adviser interest here more recently, why we think that makes the diligence on these big important questions or criteria even more important. There has continued to be interest in this asset class, meaningfully so. surveys tend to point to steady to increasing appetite to allocate to private credit. I'm looking at a KKR 2025 RIA survey that showed RA is planning to increase private credit from those -- the percent wanting to increase jump from 15% to 53%. That's a significant continued appetite towards private credit. So as we see that, I think this diligence and this question asking about criteria and asking beyond the quantitative measures is extremely important. Christina McNamara 00:20:28 And that strategy and approach becomes even more important as market conditions start to shift, whether it's changes in interest rates, deal flow or overall economic uncertainty, those dynamics can really test an investment strategy -- so with that in mind, how do shifting market conditions influence Churchill's investment decisions? And just as importantly, its willingness to walk away from deals. Alona Gornick 00:21:00 Yes, you make a very good point. I'd say market conditions absolutely do influence sort of the opportunity set that we look at, of course. But I don't think that they should cause you to abandon your standards by any means. I think the goal ultimately is to be adaptive without becoming reactive. So for Churchill, we've really developed an investment philosophy and an underwriting rigor that stems from over 20 years of direct lending experience. Now that means in 20 years, we've seen multiple cycles. We've seen the effects of macro shocks and different rate environments. And this has resulted in a very unrelenting focus on credit quality. That is always first for us and really sticking to disciplined deal structuring regardless of what happens in the market, right? So we need to be prepared to walk away from deals that just don't meet our criteria. It will always be credit quality over yield for us or aligning with the market reality, of course. So in more competitive markets, as we have seen the case in some parts of the middle market as we continue to see lenders create and amass more capital, the pressure often shows up in some ways. Here, I talk about tighter spreads, higher leverage, weaker documentation, generally a temptation to stretch. But in more uncertain times, right, the opposite can happen, and we are experiencing now potentially a little bit more uncertainty. Well, we're getting some stability under our feet as we look at private credit through the lens of BDCs and nontraded BDCs at that. But the opposite can happen when we approach uncertain markets and people can become maybe too defensive or overly defensive and then ultimately miss on opportunities, right? And the leaning back approach at the wrong time could also be bad for investment outcomes. So the challenge ultimately is don't get too pulled too far in either one direction or the other, right? I think at Churchill, the right posture will be to really stay anchored in that route for us, which was credit quality, right, over yield and really thinking about underwriting rigor and truly an ultimate risk-adjusted return with durability. If the structure that we're looking at looks too weak, if the leverage feels too high or too aggressive, if the business just has too much exposure to one customer or one industry over others or if the compensation or what we're getting paid maybe doesn't match the risk that we're assessing, then yes, we do have to be willing to walk away. And I think that walkaway discipline isn't a failure in private credit or showing something to be noted, it's really key or core to private credit. So yes, I do think the market conditions matter, but they should influence how thoughtfully you're investing. And it's most important to make sure that you stay disciplined because sometimes the most important investment decision is really the one you don't make or the deal you do walk away from. And I think that, that has really helped Churchill maintain its credibility, not only with the investors that trust us with their capital, but also the private equity sponsors who we work with, we partner with and we source deal flow from on a regular basis. Jocelyn Lewis 00:24:39 And you have a track record that includes that long-standing discipline that's really, I would think, help you build credibility through those different cycles and that you understand what LPs are looking for, what the sponsors that you're partnering are looking for I'm curious now that private credit is gaining that wider audience. And as you're expanding your kind of partnerships, we'll call them, just beyond institutional capital, what is really driving the shift beyond institutional capital? And also, how are the needs beyond that institutional capital different than some of the, I guess, institutional capital that you're used to partnering with? Alona Gornick 00:25:31 I'd say what's driving the shift is really the private markets at large have become a lot more relevant to the wealth channel. I'd say as I talk to and survey and read surveys about advisers or family offices or high net worth investors, they're really looking for income and diversification and opportunities that are beyond the traditional public markets -- and private credit really fits naturally into that conversation, right? And the data is definitely supporting this trend. Another interesting survey that we found, BlackRock had a 2025 survey, but this is for global family offices, where family offices plan to increase allocations not only in '25, but into '26. So I really think that as we look at this continued shift, really meeting the income diversification, lack of volatility, lack of correlation that investors are looking for in their portfolios, private credit is going to be a very important topic. But the needs, you're right, are different. I do think institutional investors can often come in with a lot more familiarity with the typical mechanism in which you've accessed private credit, which would be a drawdown structure. And they typically understand upfront that there are trade-offs in liquidity. There's going to be vintage diversification because these had typically been or historically been funds by vintage and a drawdown mechanism or closed term vehicle and pacing or deploying over time, right? In the wealth channel, I think those concepts may be newer. So the education factor becomes extremely important and that much more important. With wealth investors, I'd say they're often asking maybe more practical questions, really thinking about, one, like how does this fit in my portfolio or two, what kind of income should I expect? Three, what are the liquidity terms? How does that work? One we're getting very often now is valuation. How do I think about valuation? How are you valuing these private assets? And then ultimately, I think the understanding of what role should private credit play in my portfolio relative to what I already have there, the public part, the fixed income or the equities. And I think these are the right questions to ask as wealth is sort of getting more familiar for the first time with this asset class. So that's, I think, a starting point. But as they get more comfortable, they obviously can go deeper. But I do think that, that's a very different mindset that the wealth investors are sort of bringing to private credit somewhat for the first time versus the institutional side. Ultimately, I do think spending a lot more time about risk is really ultimately what's needed here and having advisers really understand and be able to explain what they learned and interpret that and then explain it again to their clients in a trustworthy way that there are both risks and rewards to this illiquidity of private credit and explain how credit selection matters. These portfolios are constructed not based off of benchmarks over or underweighting a benchmark, but uniquely and bespoke. And then what do the rates and yields sort of look like today and longer term and with a historic context, right? So I think portfolio implementation generally tends to be a lot more of a focus for wealth than it is with institutions. And given we're still on the earlier days, I do think advisers need a bit of help. with understanding how to implement private credit. And a big question we tend to get and what they focus on is where should I take it from? We have often seen most of that reallocating from fixed income to private credit or a new sleeve than alts generally, and some of that alts are private alts being dedicated to private credit, but it is unique and something where we spend a lot of time. Christina McNamara 00:29:56 And as we've been discussing opportunities that lie within private credit, it's also important to take a clear-eyed look at some of the risks, especially in a market that continues to evolve. With that in mind, what are some of the key risks high net worth investors should understand when entering private credit? And how does Church Hill address them? Alona Gornick 00:30:20 I think the main risks for high net worth investors and wealth in general, the wealth channel, they need to understand there are a few. I'd say credit risk for sure, but liquidity risk and then also manager risk and then ultimately, expectation risk. I think this is very important today because there's been a bit of like it's been coming to the surface, what do you expect out of this asset class in this fund versus what you're seeing and what is the longer-term reality? So starting with credit risk, I think this is a very obvious one. Ultimately, with private credit, there is multiple segments or subsegments underneath private credit as an umbrella, the largest of which is where Churchill focus, which is direct lending to companies. These loans to businesses are very easy to understand at that level. The businesses can underperform, right? Their earnings can weaken due to that, the leverage or the debt as a ratio to the cash flow they generate can become too high. And then ultimately, the sectors that they are in or that they serve can come under pressure. That's why underwriting and structure are so important, not just understanding that you like the business, but the structure around that. I think liquidity risk is a huge one. Private credit is not built to behave like a daily traded bond fund. Investors need to understand the terms of the vehicle that they're investing in. So they need to really understand does that liquidity term or reduced liquidity of the vehicle itself and access to my investment align with their own liquidity needs, right? Limited redemptions compared to the public market doesn't necessarily mean it's a bad thing. I think that seeing that as a feature of the vehicle to give you exposure, opportunity to have exposure to an illiquid asset class is a big plus or a positive. Ultimately, I'd say seeing redemptions because it is an important topic, and we are seeing it right now, redemptions in a fund doesn't necessarily signal that the fund itself has meaningful instability. But I do think if we were to see concentrated or sustained outflows that potentially could impact performance in the long run. I think that we've got to keep in mind the difference between headline risk and underlying fundamentals, but there could certainly be maybe an impact on fundraising or deal sourcing. But ultimately, thinking about liquidity risk and understanding what that means and what you're gaining access to and how it's guided or the guardrails around that is extremely important. Manager risk, as I mentioned, and we've talked about manager selection being extremely important. I think that's really something to better understand for advisers in terms of manager selection in this asset class. We've talked about underwriting rigor. Everyone can have their own playbook. It's very important to understand the front-end work on a deal, the process to taking something to an investment committee, the discussion at investment committee, how a deal is voted on unanimously or by vote. All that's really important in terms of how you think about a manager's process, the documentation standards they have, how they ultimately think about the portfolio construction, what feels a little too much overweight or underweight in any specific sector, concentration risk, inside of how a manager views that. And even as we talked about earlier, workout experience, do they have that or not? That's all embedded in thinking about risk around a manager, and that can vary a lot by manager. And last, I mentioned the expectations. I do think there is a need to understand what private credit is actually designed to do and what it isn't designed to do. And that's really all going to stem from the education approach, right? Firms really need to educate investors about this asset class, the landscape and help them build confidence about making informed decisions. So private credit, yes, it can be a really compelling source of income. We talked about that. Diversification, we talked about that. But at the same time, it does require patience -- it does require the right sort of sizing and some realistic expectations, primarily, even as you think about returns, this is a primarily floating rate asset class. So it will have -- it will have an impact or rates will have an impact on it. So how does Churchill address that? You asked me. I'd say we address this through our disciplined underwriting, right? The depth and strength of the sponsor relationships we've developed over 20 years, really rooted in how we underwrite not only the deal, but the sponsor. And if we ultimately invest in that part of our business that invests in funds, that's a really big defense or first line of defense and understanding that much more about the sponsor, being highly selective, having the structural protections in each of our deals that matter to our investors and us and really transparency, explaining what we do and how we do it and reporting on that. I would say Churchill's scale, the sponsor connectivity, this origination model that we've talked about rooted in being a GP-centric approach really are all part of that foundation and ultimately allow us to keep that discipline and walk away from unsuitable deals and really protect our investors' interest. So that's how I think we would address these kind of key risks that I mentioned. Ultimately, I'd say to investors, don't just ask or focus on yield. I think you really need to understand what's underneath that yield, right? How did the manager get to that yield? And what protections are they building to support that yield? -- and ultimately, who is responsible for sourcing and delivering that yield on a consistent basis. Jocelyn Lewis 00:36:41 Alana, that was a great overview of the importance of understanding those 4 key risks that you mentioned, credit risk, liquidity risk, manager risk and expectation risk. And it's really important so investors aren't caught off guard. And for those that are newer to private credit, that naturally leads to the question of advice and insights. And what practical advice would you offer wealth managers and high net worth individuals to help them make more confident decisions? Alona Gornick 00:37:18 The advice-wise, I think back over time and now even particularly right now where we are, there's so much uncertainty and scrutiny around this asset class, which I think still has intact merits that will deliver long-term benefits over time. But I think advice-wise, you really need to think about really learning about who you really are through good and bad times and who you're dealing with. And what I mean by that is when I think about even more recently, what's really stood out to me in terms of identifying a good deal or an opportunity that looked like a great at first glance, but then ultimately was not guided well. I'd say, I think taking the time to understand how does this sit within the broader landscape of private credit -- and how does this really differ from what I'm thinking about on the traditional side of what I do. So when you do that, you've got to ask the question or I mean, what I'm trying to help in my meeting is the question behind the question. There's the obvious kind of check the box diligence questions you have. We talked about the quantitative measures that are very easy to ask. The qualitative are so difficult because there isn't a linear scale of assessing assigning points like 1 to 10, where it's very hard to say what's good, better, best on these more qualitative aspects. So I do think having -- gathering that much information across a variety of managers, not just stopping at 1 or 2 will be extremely important you have a basis of comparison, right? You have the opportunity to assess for yourself what you're looking for. And if everything you're hearing tends to gravitate towards one side, I'd say seeing what stands out and why they stand out would be important. I think also being -- having a full awareness around those risks we talked about, the illiquidity, the redemption, there are different ways to access your capital back, but that also implies there are different ways to manage a portfolio to support that by way of the manager. So I do think that is also just as important as to what type of fund structure does the manager take and why did they take it? And how do they manage to that? What are they doing that is core to their strategy and what are they doing differently to support just to support that fund. I do think that, that's different. And then ultimately, use all the education that the manager is giving you, use education outside of the manager and don't rush. I think we've spent a ton of time with some advisers trying to make their first private credit allocation decision. And when I say a ton, I mean 12 months to even longer than a year. And we are very patient as a manager, and we continue to have multiple calls with them. And I think it's really watching over time that what you see is what you get with the manager. So allow yourself that time, right? -- allow yourself to see -- have that first meeting, that follow-up meeting and follow up over the next few quarters to see if it's really playing out. Jocelyn Lewis 00:40:57 And Alana, what criteria should financial advisers prioritize particularly when they're looking to invest in private credit and get that allocation to the middle market specifically? Alona Gornick 00:41:11 Yes. I think this is a really important question as we think about education, which is so critical to assessing managers in the middle market. In addition to looking at, obviously, the quantitative metrics that an adviser can obtain through fact sheets and presentations on track record, performance cycles, I think there's also a very important element to look at on a qualitative basis in terms of aspects of the manager and its platform and ultimately, its strategy. A few that I'd mention are, one, sourcing, right? For sourcing, I think it's extremely important for advisers to understand where the deals actually come from. In a crowded market, differentiated sourcing really matters because it can ultimately affect the pricing on that deal, the documentation tightness, if you will, of that deal and really the amount of time that a manager has to do real underwriting largely based upon how early you are in that calling order in terms of sourcing, how close is your relationship with your source of deal flow? And do they call you for a first look at a deal before they call others? Do they come back to you to call you as a last look because they've taken a little sense of the market, but really value your relationship ultimately and give you that opportunity to take a look at it on a last look basis. So I think ultimately, sourcing as a private credit manager will ultimately be your destiny in terms of the deals that you have the opportunity to look at and ultimately execute on in your portfolio. So as an adviser, absolutely need to understand how a manager finds and selects deals, how repeatable and defensible is that process. And if you can believe that, that's a successful sourcing strategy, that should show up in their strength of network, their ability to have insight and conviction on deals, their willingness to lean in and walk away. That's all in sourcing. It isn't quantitative, it's more qualitative, but one together. I'd say second, really looking at selectivity that will be born or out of sourcing, how selective a manager can be. This is a big one for me. I think often a manager's pass rate or decline rate can be just as revealing as their deployment rate. So when we're seeing a market like we're seeing today where we've got a lot of capital coming into private credit funds, direct lending funds, there's a lot of pressure to put that money to work. So advisers should want to know when a manager is willing to say no and how often do they do that and reasons for that path. That should ultimately lead to and hopefully less in the way of issues in the portfolio, but really asking about risk management is a third area. What does the team have in terms of risk management capabilities? How integrated is that risk management team with the regular underwriting team? How actionable are the assessments of the risk management protocols that they put in place? Do they use technology, dashboards, alerts and even AI to help assess that risk more proactively and hopefully improve workout and restructuring scenarios to the extent they need to handle stress or distressed situations and ultimately protect investor capital. So I do think having an assessment of, while qualitative, the level and capability of risk management is really an important criteria. And then ultimately, I think thinking about structure also here, you got to think about where in the capital structure is the manager investing, what protections do they have? Typically, how strong is the documentation, how seriously do they think about the downside? Those can sound a little dull in a market, but in a good market, but I do think that they can be much more interesting as we come into some uncertainty here. But last, I'd say another qualitative aspect to think about is the competitive edge. And what I mean by that is what is the secret sauce of the manager? What do they tout as their huge differentiation piece. Oftentimes, that can come down to explaining their strategy. And can they explain that very clearly and candidly? And how is it different and from what others are doing and why do they pursue it? I think this is extremely important for Churchill, when we talk about our strategy or our edge, if you will, I think it comes in 2 ways. We talk about our edge being very sponsor-centric, our ability to fully integrate fund investments onto our platform, giving us advantages in what I mentioned before, sourcing, selectivity, information and structure. All of that lends itself because of our model and the edge. But to our strategy, I think our strategy is very unique in how we focus directly in the core middle market. The middle market itself is pretty large. There's additional specialization we've seen be very successful for managers. For us, that's generally core middle market between, call it, $10 million to $20 million on the small end to about $100 million on the larger end of EBITDA, the cash flow that the business generates. Being focused on this part of the market affords us many benefits for us and for our investors. I'd say here, being able to explain that to investors and help them understand why -- we continue to stay here as we've grown, as our scale has allowed us to move upmarket, we remain very focused here because it, one, gives us a huge opportunity set to choose from. The very, very vast amount of middle market companies in the broader middle market, over 200,000 middle market companies. I'd say over half of that really sized in the range we're focused on, close to 60%. So close to a majority of what we have in private credit in terms of the companies to lend to really sits in our top end of our funnel, allowing us to be extremely selective, build highly diversified portfolios, really look at different industries and really reduce concentration risk. Two, I'd say structural protections are very much an interesting feature for core middle market, where we can have modest or more conservative leverage, financial maintenance covenants that tend to get negotiated away in the upper end of the middle market as you see businesses get larger and have more negotiating power. So I think that, that's very unique and a good edge for our part of the market. And last, I'd say the ability to continuously deploy and have this sort of start small, start modest in the lending or the debt-to-EBITDA that we provide to a business. And as it proves out growth milestones, we will incrementally finance that business and allow us to have more deployment, continuous deployment through markets even when new M&A, new buyout activity is muted or slow or still recovering. It's a really fascinating aspect about the core middle market that we've really benefited from and think will be -- continue to be a great opportunity for investors going forward. So I'd say those areas in terms of criteria sourcing, selectivity, risk management, structure and ultimately understanding the competitive edge can all be very qualitative in nature, but really fitting that to an investment approach and looking at what you want to add to your portfolio is extremely important outside of just quantitative metrics. Christina McNamara 00:49:26 And stepping back from the market itself, it's always interesting to understand the experiences that shape an investor's perspective over time. Looking back on your 25 years in the industry, is there a pivotal moment or a lesson that most shaped your approach to leadership and investing? Alona Gornick 00:49:47 That's a great question. I love it because I think it's a good pause moment to think about what is really shaped how I think about, I guess, investing and leadership together. But when I think through the past 20, 25 years and looking through really milestone moments when I've either been at Oaktree and taken the opportunity to join TIA or move to Churchill, there have been moments in time where I had this front row seat through cycles. And I feel so grateful for that because I think it's been an interesting sort of positive part of the cycle, if you will. We haven't seen a real down cycle in such a long time. And I really am grateful that I've been in finance long enough to have seen that. But I think seeing what does that show you in terms of the people you work with through a tough time is extremely important. Anyone can look good or sound good I call like throwing spaghetti at the wall and seeing if it sticks in an accommodating market when the market is great. I think the real test is how do you behave? How do you look at opportunities when it's tougher, right? When you don't have all the information when it feels like you should hide under a rock when you think that the outcome is going to be extremely uncertain. And I think that, that is very true as you think about investing, and I think it's also true when you think about building teams. So over time, I guess I've come to value consistency a lot more, both in investing, of course, but also in leadership where I think what people are looking for is clarity and honesty and really steadiness. When I think about investing, I think you need those same things, right, that repeatable framework we're talking about. So if I had to distill it, I think it would be not really from a lesson perspective, not really confusing a bunch of activity with productivity. I think some of the best decisions that I've made were when I didn't force a deal, and then I push it too hard at investment committee when I could sense that it wasn't going to be one that was going to get there or on the other end, when I challenged assumptions, right, the status quo or at least when the moments I had some time to kind of ask questions and slow the movement in the room. I think that also applies when you think about leadership, right? For me, I don't think you have to be the loudest person in the room to be the clearest person. And I also don't think you need to be perfect in forecasting and predicting what's going to happen in the future to be a great leader. I think you need to really build an amazing team. And on investing, I think you need to build an amazing investment process. Christina McNamara 00:52:53 I really like that, the clarity, honesty and stability. That's fantastic insight and advice to share with our listeners and we really appreciate you sharing everything and your time with us today. Thank you so much. Also thank you, Alona, for joining us on this episode of Private Markets 360 where we had the opportunity to learn from Alona Gornick's wealth of experience in private credit. Alona's journey from investment banking to pioneering deal origination at Churchill and now guiding wealth investors through a rapidly changing landscape highlights the importance of adaptability, discipline and transparency in today's market. We explored how Churchill's sponsor driven approach, its integration with Nuveen's ecosystem and its commitment to rigorous diligence and investor education set it apart in the world of private credit. Alona's insights on risk management, deal structure and the evolving needs of wealth investors offer valuable guidance for anyone navigating private markets. We hope this conversation has given you practical tools and confidence to make informed decisions in private credit and beyond. Christina McNamara 00:54:15 Don't forget to subscribe to Private Markets 360 for more expert insights and market intelligence. Until next time. ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/behind-ai-boom-electronics-supply-side-constraintsAI growth is straining power, chips and critical materials, keeping costs and supply risks elevated.
28 July 2026 16:45:00 GMThttps://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/072826-discussing-democrats-midterm-message-on-energyFrom his first day in office in his second term, President Donald Trump has implemented major shifts in US energy policy, including opposition to offshore wind projects, extending the lives of coal-fired power plants, withdrawing from climate treaties and war with Iran. But with midterm elections approaching, Democrats have an opportunity to regain power in Congress. So how are Democrats talking28 July 2026 10:36:55 GMTDan Testa ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/072726-japan-plans-to-mandate-5-saf-blend-from-2030-with-7-airports-levyJapan will require oil refiners and trading companies to supply sustainable aviation fuel at seven major airports from fiscal 2030, with blending ratios gradually increasing to more than 5% for international flights as the government seeks to cut carbon emissions from the aviation sector. The Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism27 July 2026 17:05:08 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/shipping/072726-ec-approves-dutch-state-aid-for-ships-running-on-green-methanol-hydrogenThe European Commission has approved the Netherlands' state aid scheme to acquire a fleet of ships running on renewable hydrogen or methanol in shortsea trades amid tightening regulatory requirements, the EU executive said July 27. The scheme will provide direct grants for purchasing new zero-emission ships and retrofitting existing vessels to run on the two low-carbon fuels renewable methanol or27 July 2026 15:34:06 GMTMax Lin ]]>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/071726-indias-net-zero-power-transition-a-strategic-bet-on-technological-leapfroggingIndia's journey to net zero is not simply a climate commitment -- it is emerging as a defining national development strategy. As electricity demand accelerates alongside industrialization, urbanization and electrification, the power sector will sit at the center of this transformation, according to S&P Global Energy CERA analysis.17 July 2026 04:11:12 GMTMohd. Sahil Ali and Ashish Singla ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/072426-philippines-accelerates-saf-plans-as-energy-crisis-sharpens-focus-on-fuel-transitionThe Philippines is stepping up efforts to develop a sustainable aviation fuel industry despite having no domestic SAF production, as policymakers and industry participants look to cut dependence on imported petroleum products following a national energy emergency declared earlier this year, according to a US Department of Agriculture report released July 23. The momentum comes as the government24 July 2026 21:03:36 GMTSamyak Pandey ]]>https://www.spglobal.com/en/research-insights/podcasts/leaders/ubs-inside-the-exclusive-world-of-billionairesIn this episode, Joseph speaks with Mark Haefele, Chief Investment Officer at UBS, about what truly separates lasting wealth from wealth that gets eroded, across investing, family dynamics, and generational planning. They explore why inheritance planning can be the hardest financial puzzle wealthy families face, how billionaires think about keeping families aligned, and what happens when emotions, identity, and “behavioral noise” run the portfolio instead of a clear plan.23 July 2026 16:00:00 GMTJoseph Casshttps://www.spglobal.com/ratings/en/blog/pdi-apac-2026This summer, the PDI APAC Forum 2026 brought together more than 300 private markets professionals in Singapore, including limited partners (LPs), general partners (GPs), intermediaries, and law firms.24 July 2026 17:04:00 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/071626-china-focuses-on-building-voluntary-demand-for-saf-over-issuing-mandatesChina has prioritized building sustainable aviation fuel ecosystems and fostering voluntary demand over issuing demand-side policies such as mandates, said Eason Chen, chief operating officer of the SAF Center at the Civil Aviation Administration of China (CAAC), July 16. At an industry webinar, Chen said China is developing SAF certification, traceability, voluntary markets and book-and-claim24 July 2026 13:47:38 GMTMia PeiOceana Zhou - Oil Market Specialist ]]>https://www.spglobal.com/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-episode-48-unpacking-the-state-of-the-marketIn this episode of Private Markets 360°, we welcome David Hedalen, Head of Private Markets Strategy & Research at Aviva Investors. David discusses how his team approaches research across the private markets landscape, using proprietary and third-party data to inform investment decisions, portfolio construction, and regional views, with a focus on European markets. He explores Aviva’s “insurance-backed buy-and-maintain” strategy for private debt, the growing importance of transparency for 24 July 2026 04:00:00 GMTJocelyn LewisChris Sparenberghttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-oil-and-gas-price-decks-unchanged-amid-middle-east-disruptions-s101698094This report does not constitute a rating action. S&P Global Ratings today reviewed its oil price deck, leaving its oil and natural gas price decks unchanged. Our price assumptions for Brent and West Texas Intermediate (WTI) oil and Henry Hub, Alberta Energy Co., and Title Transfer Facility (TTF) natural gas remain for the rest of 2026-2029 and beyond. S&P Global Ratings' oil and natural gas price assumptions --New prices-- --Old prices-- WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBt23 July 2026 20:06:35 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/072326-tesla-shares-slide-as-multibillion-dollar-capex-surge-commencesTesla Inc. spent more money in the second quarter of 2026 than in any prior quarter in the company's 23-year history. Capital expenditure reached $5.79 billion, rising 142% from a year earlier and more than double the level recorded in the first quarter of 2026, Tesla said July 22 in its second-quarter shareholder update. The surge is central to CEO Elon Musk's bid transform the leading electric23 July 2026 22:08:20 GMTGarrett Hering ]]>https://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-four-private-credit-pressure-points-to-monitor-s101697942Private credit has recently experienced a shift in perception from being an enviable asset class to one facing heightened scrutiny. Concerns center on exposure to software companies whose business model could be threatened by AI, redemption challenges for nontraded business development companies (BDCs) and other semiliquid funds, and lack of clarity around the valuation process in some pockets of the market. In our view, current private credit stresses are unlikely to pose a risk that would mate23 July 2026 16:19:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-the-uaes-exit-from-opec-means-to-oil-markets-s101698049Editor's Note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. On April 223 July 2026 18:22:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-corporate-credit-outlook-midyear-2026-ai-affordability-and-the-middle-east-shape-credit-trajectory-s101697382This report does not constitute a rating action. U.S. corporate credit fundamentals remain broadly sound at midyear, underpinned by favorable financing conditions and AI-driven investment. Yet sector performance is becoming increasingly bifurcated as AI-related winners outpace the broader market, affordability pressures constrain consumer-exposed sectors, and geopolitical disruptions create earnings and margin headwinds. At the same time, the American economy is expanding near trend despite laye22 July 2026 18:19:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/indian-discoms-remain-a-work-in-progress-s101694468This report does not constitute a rating action. India's power distribution companies (discoms) look stronger on the surface. But dig a little deeper and it's apparent that many of these distributors rely heavily on government subsidies. They also lack the resources to invest in much needed modernization. Without deeper structural change, credit risks could grow and spread to other utilities. Steady improvements in EBITDA and liquidity are, in our view, only partly due to improving operational e13 July 2026 00:35:14 GMThttps://www.spglobal.com/en/research-insights/podcasts/look-forward/partner-perspectives-precision-in-a-shifting-bond-landscapeIn this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz explores the rapid evolution and enduring resilience of global fixed income markets. Drawing on S&P Global and Vanguard’s joint research, Partner Perspectives: Unlocking Potential Ahead, the conversation examines how geopolitical disruption, technological innovation, and new market innovations and infrastructure are transforming the bond market for issuers, investors, and portfolio 18 June 2026 15:00:00 GMTMolly Mintzhttps://www.spglobal.com/en/research-insights/podcasts/look-forward/partner-perspectives-inside-the-forces-driving-resilience-and-expansion-in-private-marketsIn this premiere episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz examines how private markets are reshaping capital formation, portfolio construction, and long-term investment strategy. Drawing on S&P Global and Vanguard’s joint research, Partner Perspectives: Unlocking Potential Ahead, this conversation explores why companies are staying private longer, how private equity has expanded in scale and influence, and what today’s higher-rat16 June 2026 15:00:00 GMTMolly Mintzhttps://www.spglobal.com/en/research-insights/podcasts/look-forward/partner-perspectives-decoding-concentration-risk-index-design-and-the-next-era-of-choiceIn this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, the conversation explores one of the most foundational yet rapidly evolving forces in modern investing: indexing. Drawing on S&P Global and Vanguard’s joint research, Partner Perspectives: Unlocking Potential Ahead, this episode examines how market concentration, changing corporate leadership, and expanding index tools are reshaping the way investors access markets and build portfolios.17 June 2026 15:00:00 GMTAries Poonhttps://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/060324-interactive-platts-global-bunker-fuel-cost-calculatorThe Platts global bunker fuel cost calculator shows how Platts price assessments for methanol, ammonia, LNG, bioblends and conventional oil-based fuels can be used to calculate the cost of marine fuels around the world, taking into account the EU Emissions Trading System and adjusted for energy density to put them on an equal footing.14 May 2026 13:30:00 GMTMax LinRowan Staden-CoatsAbhishek AnupamSophie ByronEsther NgMegan GildeaSantiago Canel Soriahttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-redemption-risk-factors-into-ratings-on-common-private-credit-investment-vehicles-s101684910This report does not constitute a rating action. The growth of private credit has fueled an expansion of investment vehicles with a range of investment objectives and different liquidity and risk profiles. While the underlying assets may be similar across investment vehicles, structural features and the fund manager's flexibility can influence our credit rating analysis. Our approach to rating private-market investment vehicles covers multiple types of entities--from regulated investment compani21 May 2026 14:31:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-eu-emissions-trading-system-proposal-could-provide-certain-sectors-some-breathing-room-s101697273This report does not constitute a rating action. S&P Global Ratings expects the proposed revisions to the EU Emissions Trading System (ETS) to provide some relief to industrial sectors facing decarbonization pressures. The EU Commission's proposals would see the overall emission reduction rate slow after 2030, giving included industries more time to decarbonize. At the same time, we have put little weight until now on decarbonization measures post 2030 in our credit ratings, notably because of t21 July 2026 15:55:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-middle-east-war-creates-uneven-risk-for-gcc-corporate-sectors-s101693902This report does not constitute a rating action. Ongoing uncertainty relating to the Middle East conflict and its fallout promises increasingly heterogenous effects on the creditworthiness of Gulf Cooperation Council (GCC) corporate sectors. S&P Global Ratings expects more defensive industries, including utilities and telecommunications, will continue to prove resilient. Yet credit quality pressures are already evident in sectors with greater direct exposure to the conflict (including the ongoin21 July 2026 12:36:08 GMThttps://www.spglobal.com/energy/en/news-research/blog/energy-transition/072226-et-highlights-taiwan-south-korea-saf-new-zealnad-climate-change-ammonia-power-generation-brussels-etsEnergy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.21 July 2026 20:05:00 GMTStaff https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072126-interview-hygenco-eyes-more-renewable-hydrogen-projects-export-push-after-equity-raiseHygenco Green Energies plans to build more renewable hydrogen plants and accelerate development of its export-oriented renewable ammonia project in India, following a recent equity raise, a senior company executive told Platts, part of S&P Global Energy, July 21. The renewable energy developer has been an early mover with two operational renewable hydrogen plants for domestic industrial use and a22 July 2026 04:15:30 GMTRuchira Singh ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072126-interview-data-center-boom-drives-european-ccs-power-uptake-carbon-cleanThe surge in data center construction across Europe is driving demand for carbon capture technology as operators seek clean behind-the-meter power generation to bypass lengthy grid connection queues and meet decarbonization targets, Carbon Clean CEO Aniruddha Sharma told Platts, part of S&P Global Energy. Data center developers are increasingly turning to on-site gas-fired generation paired with21 July 2026 15:34:11 GMTJames Burgess ]]>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/072126-moving-beyond-the-grid-bottleneck-with-smart-technologySmart technology is rapidly redefining the debate over grid infrastructure. Rather than spending millions on new transformers, transmission lines and generation capacity, a growing consensus suggests the answer lies in using existing resources more intelligently. In this episode, host Eklavya Gupte speaks with Devrim Celal, Chief Flexibility and Marketing Officer at Kraken Technologies, about how21 July 2026 22:13:00 GMTEklavya Gupte ]]>https://www.spglobal.com/energy/en/news-research/blog/agriculture/072126-ctracker-black-wheat-platts-french-lng-gas-alumina-guinea-restriction-soybean-brazilWheat prices in the Black Sea climbed amid conflict-related shipping concerns, while weaker economics pressured French LNG terminal utilization. Alumina markets eye tighter balances ahead, and Brazilian soybean exports climbed to their highest point since late 2023. 21 July 2026 17:18:24 GMTStaff ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/corporate-strategy-supply-chain-outlook-q3-2026Supply chain bottlenecks now stem from scarce materials, AI-driven component shortages and tariff timing, reshaping 2026 strategy.21 July 2026 16:45:00 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/agriculture/071526-delta-shell-expand-saf-partnership-at-us-hubs-in-five-year-agreementDelta Air Lines has signed a five-year agreement with Shell Aviation to expand sustainable aviation fuel supply across multiple US airports through 2030, building infrastructure to support consistent SAF delivery as the carrier advances decarbonization efforts, the airline said in a July 15 statement. The partnership will expand SAF availability at key Delta hubs and priority cities, including Los15 July 2026 17:47:00 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/072026-burnham-becomes-uk-prime-minister-pledging-cheaper-energy-bills-more-public-controlAndy Burnham has been officially appointed as the UK's prime minister July 20, pledging to reindustrialize Britain, tackle the cost of living, and enact greater public control of essential services such as energy and water. Burnham replaces Keir Starmer at the helm of the Labour Party, a little over two years after Starmer led Labour to a landslide election victory, returning the party to power20 July 2026 12:09:44 GMTAlex Blackburne ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/072026-brazilian-storage-auctions-to-attract-3-bil-4-bil-investment-association-saysBrazilian battery suppliers are expected to invest between Real 16 billion and Real 20 billion ($3.1 billion-$3.9 billion) in the two storage system auctions scheduled for December 2026, according to the National Storage Systems Association. With both auctions expected to attract broad participation from battery suppliers, the association, known as ABSAE, anticipates they will offer between 4 GW20 July 2026 21:19:32 GMTFelipe Peroni ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/072026-factbox-energy-commodities-in-focus-as-burnham-becomes-uk-pmAndy Burnham replaced Keir Starmer as UK prime minister on July 20, after the ex-Manchester mayor swept to victory in the Makerfield by-election in June and ran uncontested for the leadership of the Labour Party. The new PM has a challenge on his hands when it comes to energy and commodities, from the impact of the Iran war to balancing the energy transition with appeals from the North Sea oil and20 July 2026 19:26:12 GMTStaff ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/070726-petronas-calls-for-cross-sector-cost-sharing-to-scale-domestic-safDurable cross-sector partnerships aimed at building a domestic sustainable aviation fuel market require alignment on financial risks and cost-sharing rather than just a shared environmental goal, according to a senior official from state-owned oil and gas company Petronas. Speaking at the MyAero Sustainable Aviation Asia-Pacific Symposium, Harlina Pikri, General Manager of Strategy &07 July 2026 17:56:43 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/062326-colombias-ecopetrol-partners-on-green-hydrogen-based-synthetic-saf-projectColombian state oil company Ecopetrol has signed an agreement with German development agency GIZ to study the construction of a pilot plant for e-sustainable aviation fuel at its Cartagena refinery, leveraging green hydrogen as feedstock and potentially positioning Colombia as a regional leader in sustainable aviation fuel production. The partners will carry out feasibility and engineering studies23 June 2026 18:29:19 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/refined-products/062226-brazils-petrobras-approves-plan-to-build-15000-bd-saf-biodiesel-plant-at-rpbc-refineryThe board of directors at Brazilian state-led oil company Petrobras approved the final investment decision to build a plant to make renewable sustainable aviation fuel and diesel at the RPBC refinery in Sao Paulo state, according to Petrobras. "Petrobras will advance to the final phase of hiring and contract signing with this approval," Petrobras said in a filing submitted to local stock22 June 2026 20:43:28 GMTJeff Fick ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/071426-brazilian-government-lifts-cap-on-voluntary-biodiesel-blending-creates-barrier-to-importsBrazil's National Energy Policy Council, or CNPE, approved measures July 14 aimed at strengthening the country's biodiesel industry, including a ban on imports for compliance with the diesel blend mandate and the expansion of a voluntary use of the biofuel in percentages higher than the mandatory level. The measures were approved alongside the increase in Brazil's mandatory ethanol blend in14 July 2026 22:31:43 GMTGabriela BrumattiVinicius Damazio ]]>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/carriers-attempt-extra-loaders-amid-india-export-rushCarriers add extra-loaders as India export demand surges, tightening capacity and lifting freight rates to the US East Coast and Europe.24 July 2026 12:00:00 GMTBency Mathewhttps://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/071726-brussels-redesigns-business-friendly-ets-with-slower-emissions-cutsThe European Commission proposed a substantial redesign of the EU Emissions Trading System on July 17, slowing the pace of emissions reductions beyond 2030, delivering Eur6 billion ($6.9 billion) in additional free permits to manufacturers, and introducing controlled access to carbon removals and international credits while deploying more than Eur100 billion toward industrial decarbonization17 July 2026 15:28:58 GMTEklavya GupteFelix NjiniAdam Easton ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/071726-taiwans-saf-ambitions-run-through-ethanol-market-development-industry-expertsTaiwan may need to build a domestic fuel ethanol market before it can scale a sustainable aviation fuel industry, given that alcohol-to-jet (ATJ) technology is identified as key pathway for its SAF market development, according to S&P Global Horizons and Chung-Hua Institution for Economic Research. A policy white paper released by Taiwan's Chung-Hua Institution for Economic Research in June argues17 July 2026 10:55:58 GMTMia Pei ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/071726-thailand-seeks-saf-supply-over-mandates-with-technology-investment-catalystsThailand is prioritizing supply-chain development and institutional reforms for sustainable aviation fuel blending while seeking foreign investment and technology for domestic feedstock production, rather than introducing mandates, Dr. Pongpat Thiensiri, deputy director general of the Civil Aviation Authority of Thailand, told Platts, part of S&P Global Energy, in an interview during the SAF APAC17 July 2026 09:36:06 GMTMia Pei ]]>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/071726-taiwan-south-korea-push-alcohol-to-jet-as-asia-next-saf-pathwayAlcohol-to-jet technology is gaining commercial traction in Taiwan and South Korea as both markets position ethanol-based sustainable aviation fuel as the pathway best suited to overcome domestic feedstock constraints, with policy developments and industry engagement accelerating across the region even as analysts warn that demand-side mandates remain the critical missing piece. Taiwan's17 July 2026 19:27:59 GMTSamyak Pandey ]]>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/071526-environmental-tribal-groups-sue-to-block-trump-esa-rule-changes-to-habitatEnvironmental and tribal groups filed three federal lawsuits July 14 challenging a Trump administration rule that removes habitat protections under the Endangered Species Act, creating regulatory uncertainty for energy project developers seeking permits despite industry support for the changes. The rule — announced July 10 and published in the Federal Register July 14 — eliminates the definition15 July 2026 22:37:24 GMTThomas TiernanKarin Rives ]]>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/071526-new-white-house-rule-would-put-political-appointees-in-charge-of-federal-grantsPolitical appointees will review and sign off on all federal grants under a new rule the Trump administration said will ensure that no tax dollars support "anti-American" values or agendas deemed to be far left-wing. The regulation is now being finalized after the public comment period closed July 13. The rule would also alter federal procurement requirements by eliminating sustainability,15 July 2026 21:28:44 GMTKarin Rives ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/062326-uk-hydrogen-ccs-sectors-await-direction-from-new-prime-ministerThe resignation of Keir Starmer as UK prime minister has created further uncertainty for the country's low-carbon hydrogen sector, bringing the prospect of further delays to key funding and policy decisions, though the favorite to replace him could give the industry a boost. Starmer announced his resignation June 22, ending a two-year tenure marked by an aggressive push to decarbonize Britain's23 June 2026 16:58:21 GMTJames Burgess ]]>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/070926-white-house-picks-science-skeptic-to-head-flagship-climate-research-programA 36-year-old US research program Congress created to help the country respond to climate change will be reinstated and led by a climate contrarian who has questioned mainstream science. The US Global Change Research Program (USGCRP) will be revived, the White House confirmed on July 9 without commenting on the new leader. Matthew Wielicki, a former assistant professor at the University of09 July 2026 21:48:47 GMTKarin Rives ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071526-new-zealand-introduces-amendments-to-climate-change-actNew Zealand has amended its Climate Change Response Act, which would expand the scope of its emissions trading scheme to recognize additional carbon removal activities beyond forestry and remove some industrial allocation review requirements, the Ministry for Cities, Environment, Regions and Transport said July 15. The Climate Change Response Amendment Bill, or CCRA, introduced to Parliament on15 July 2026 07:47:14 GMTAngelica Garcia ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071526-ihi-starts-ammonia-fueled-engine-demo-for-land-power-generationIHI Power Systems and IHI Corp. commenced demonstration of a land-based power generation plant powered by a 6,000 kW-class ammonia-fueled reciprocating engine at Ota Works in Gunma Prefecture, Japan, IHI said July 15. Leveraging its work on ammonia-fueled marine engines, IPS is advancing the development of a land-based ammonia-fueled reciprocating engine capable of achieving ammonia fuel ratios15 July 2026 12:03:07 GMTRuchira Singh ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071626-interview-south-korean-airlines-target-price-driven-intermediary-corsia-procurement-kisSouth Korean airlines are procuring their Carbon Offsetting and Reduction Scheme for International Aviation credits via Korea Investment & Securities to mitigate potential counterparty risk, while credit preference is driven primarily by price, KIS Manager Hwan Young Chang told Platts, part of S&P Global Energy, July 15. Chang said KIS is acting as an intermediary between overseas developers,16 July 2026 16:01:46 GMTBen Carding ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071626-interview-repair-targets-modular-electrochemical-co2-capture-to-cut-energy-useStartup RepAir Carbon is developing a modular electrochemical approach to carbon capture designed to work at low CO2 concentrations, expanding the range of industrial applications where carbon capture and storage could be deployed, and dramatically lowering energy use for the capture process. The technology uses a solid-state electrochemical cell to capture CO2 at concentrations below 5%, where16 July 2026 16:11:15 GMTJames Burgess ]]>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/071626-atj-poised-for-post-2030-growth-as-evs-free-ethanol-supply-policy-remains-key-hurdle-lanzajetAlcohol-to-jet (ATJ) sustainable aviation fuel could emerge as the next major production pathway after 2030 as rising electric vehicle adoption frees ethanol currently blended into gasoline, easing concerns over future feedstock constraints, Flyn van Ewijk, LanzaJet's regional director for Asia Pacific, told Platts, part of S&P Global Energy. While hydroprocessed esters and fatty acids (HEFA) will16 July 2026 06:49:03 GMTMia Pei ]]>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071626-flexibility-is-key-to-increasing-the-scope-and-impact-of-carbon-markets-vitolCarbon markets in Europe and globally can expand to further cut greenhouse gas emissions only if built with sufficient flexibility tools that make carbon prices equitable across regions, Ariel Perez, Head of Carbon Trading EMEA at Vitol and a veteran of carbon markets, said. "We are testing the limit of how far [carbon prices] can go," Perez said in an interview with Platts. "There are signs in16 July 2026 15:11:48 GMTSilvia FavasuliCharlotte Radford ]]>https://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-update-europe-oil-and-gas-s101696713Oil supply swings from excess to shortage--and back? Oil and products prices spike. We anticipated increasing oversupply and lower oil prices in 2026--until the unprecedented disruption in the Strait of Hormuz caused initial panic. European gas benchmarks are up. Title Transfer Facility prices jumped too, but not to 2022 levels. Only 3% of global gas has been affected, but the loss of 20% of liquified natural gas squeezed supply for Asian and European spot purchasers. Market resilience has been 16 July 2026 14:22:22 GMThttps://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/071626-interview-wildlife-works-weighs-new-mai-ndombe-redd-credits-issuance-after-four-year-gapWildlife Works Carbon is exploring options to issue new carbon credits from its Mai Ndombe and Kasigau REDD+ forestry conservation projects after changes in carbon emissions accounting methodology stalled fresh issuances over the past four years. The Mai Ndombe forestry conservation project in the Democratic Republic of Congo, which spans 300,000 hectares of tropical rainforest, has not issued new16 July 2026 11:15:46 GMTFelix Njini ]]>