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<channel><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082826-us-canadian-battery-sectors-eye-huge-potential-to-partner-despite-trade-feud</link><description>Rising trade tensions between the US and Canada have cast a shadow over efforts to create an integrated North American supply chain for lithium-ion batteries used in electric vehicles and energy storage systems, according to a panel of industry groups and market participants on both sides of the border. But previous initiatives and investments have built a foundation that can endure if the trade</description><title>US, Canadian battery sectors eye &amp;apos;huge potential&amp;apos; to partner despite trade feud</title><pubDate>28 August 2026 15:12:10 GMT</pubDate><author><name>Garrett Hering</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Renewables August 28, 2026 US, Canadian battery sectors eye 'huge potential' to partner despite trade feud By Garrett Hering Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS Canada tariffs on imports from the US to start Sept. 8 China made up 64% of US lithium-ion battery imports Rising trade tensions between the US and Canada have cast a shadow over efforts to create an integrated North American supply chain for lithium-ion batteries used in electric vehicles and energy storage systems, according to a panel of industry groups and market participants on both sides of the border. But previous initiatives and investments have built a foundation that can endure if the trade partners can end a deepening feud that threatens to hike materials prices and impede cross-border business, panelists agreed. "We are kind of at a low point in trust between us," Robert Tremblay, western policy manager at Energy Storage Canada, said on an Aug. 27 webinar co-hosted by the Solar Energy Industries Association and Energy Storage Canada. "That is going to be ... a barrier to building a North American supply chain." The US-Canada trade relationship has soured during President Trump's second administration, with Canada recently announcing 15% to 50% tariffs targeting about $20 billion in imports from the US, starting Sept. 8. Those counter tariffs came after the US imposed 50% tariffs on a range of Canadian imports on Aug. 22 in response to failed trade talks. Despite the trade conflict, Tremblay said there is "huge potential" to collaborate on batteries and clean energy supply chains in general. "At the end of the day ... politics aside, I think we're still fundamentally similar nations with low cultural and geographic barriers," Tremblay said. "If we're thinking about the growth of a North American battery supply chain, or even more broadly, just a North American clean economy that includes critical minerals, I think that certainty and trust is what needs to come back and to grow." Canada is looking to its neighbor and other trading partners as it seeks to further develop its reserves of minerals used to manufacture batteries, including graphite, lithium, cobalt, nickel, copper and rare earths. Amid worsening relations with the US, however, Canada has deepened its ties with China on various clean energy technologies. China, the world's largest battery maker, also remains a major exporter of lithium-ion batteries to the US, despite a recent buildout of manufacturing capacity in North America and new US supply chain restrictions on Chinese shipments. China accounted for nearly 64% of US lithium-ion battery imports in the first half of 2026, compared with 3.5% from Canada, according to the S&amp;P Global Market Intelligence Global Trade Analytics Suite. 'Opportunities for investment' The US and Canada have prioritized collaboration on critical minerals and battery manufacturing, partly to reduce their reliance on China, including during Trump's first administration. In January 2020, for instance, the US and Canada issued a joint action plan to collaborate on critical minerals, including battery-grade materials, to boost North American supply chains. The countries have jointly funded numerous cross-border investments on critical minerals for batteries and other technologies, Emily Burlinghaus, director of energy storage manufacturing and supply chain at the Solar Energy Industries Association, said on the webinar. "There's also been strong private sector cooperation across the value chain," she added. "There are a lot of opportunities for investment, both domestically in each country, and opportunities for continued cross-border cooperation." South Korean battery giant LG Energy Solution Ltd. has built factories in both countries, including facilities in Spring Hill, Tennessee; Lansing and Holland, Michigan; and Jeffersonville, Ohio, in the US, and Windsor, Ontario, in Canada. The company plans to exceed 50 gigawatt-hours of lithium-iron-phosphate battery cell capacity for energy storage at the five facilities by the end of 2026, executives said on an earnings call in July, reiterating a prior target. "One of the great things about LG is that we were able to leverage our capacity built in both countries to meet the markets where they are, bringing jobs across the borders," Dylan Leazes, senior manager for policy and government affairs at US energy storage subsidiary LG Energy Solution Vertech Inc., said during the webinar. Whether markets are favoring electric vehicles or energy storage, "we can meet that with Canadian cells, with US cells and systems, et cetera," Leazes said. "This is part of our longer-term strategy to continue diversifying our supply chains and building that battery ecosystem on both sides of the border that will then be able to serve both sides of the border." Teodora Durca, a senior associate on federal matters at Toronto-based public affairs firm Sussex Strategy Group, pointed to current negotiations over the US-Mexico-Canada Agreement (USMCA) as an opportunity for the North American battery supply chain. "There's already existing integration with our critical mineral supply chains, and although there are several points of contention in the agreement right now, those negotiations are very much ongoing," Durca said. "Whatever form [USMCA] will take in the future .... that'll provide the groundwork for companies to further cooperate, to integrate, and to form new agreements across borders." US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082826-eu-carbon-prices-retreat-from-one-month-highs-as-market-awaits-2026-allocations</link><description>European carbon prices touched a one-month high in the week to Aug. 28 before retreating, as summer liquidity remained subdued. EU Allowances traded at â&amp;#x82;¬82.56/metric ton of carbon dioxide equivalent ($96.12/mtCO2e) at 1302 BST Aug. 28, according to the Intercontinental Exchange, largely unchanged from the Aug. 21 settlement of â&amp;#x82;¬82.61/mtCO2e. Platts, part of S&amp;amp;P Global Energy, assessed EUAs for the</description><title>EU carbon prices retreat from one-month highs as market awaits 2026 allocations</title><pubDate>28 August 2026 14:56:15 GMT</pubDate><author><name>Irina Breilean</name><name>Eklavya Gupte</name></author><content><![CDATA[ Natural Gas, Crude Oil, LNG, Coal, Energy Transition, Renewables, Carbon August 28, 2026 EU carbon prices retreat from one-month highs as market awaits 2026 allocations By Irina Breilean and Eklavya Gupte Editor: Arushi Jain Getting your Trinity Audio player ready... HIGHLIGHTS Funds continue to reduce net long positions EC says free allocations will be published next month UK postpones waste sector ETS expansion plans European carbon prices touched a one-month high in the week to Aug. 28 before retreating, as summer liquidity remained subdued. EU Allowances traded at â¬82.56/metric ton of carbon dioxide equivalent ($96.12/mtCO2e) at 1302 BST Aug. 28, according to the Intercontinental Exchange, largely unchanged from the Aug. 21 settlement of â¬82.61/mtCO2e. Platts, part of S&amp;P Global Energy, assessed EUAs for the December 2026 contract at â¬82.36/mtCO2e Aug. 27. ICE volumes stayed low throughout the week, funds trimmed long positions, and counterparties awaited regulatory negotiations on the EU Emissions Trading System. Spain said it had handed out free allowances to industry, but the status of allocations in other European countries remained unclear as data from the Union Registry had not been updated. "Starting in September, the Commission will publish every two weeks the progress of the distribution of free allocation to industry," a European Commission spokesperson said Aug. 27. The EC said it was too early to provide figures because the National Allocation Table had only recently been adopted. "It is now up to the Member States to proceed with the actual allocations," the spokesperson said. Fund positioning Financial sector participants cut net long EUA positions to 36.4 million allowances as of Aug. 21, down 5.85% week over week, according to ICE. Funds have reduced net longs in eight of the past 12 weeks, data collected by Platts showed. Demand for environmental assets has declined amid geopolitical and supply chain tensions. Higher volatility for natural gas and oil contracts has drawn capital into markets with greater perceived returns. Natural gas prices are at their highest since the start of 2023, rising steadily in recent weeks as the war in the Middle East continues, pushing LNG prices higher globally. Europe's storage fill remains below previous years' averages, pushing gas prices higher still, though the impact on EUAs has been minimal. "There is basically no gas-to-coal fuel switching left in the power system, so this can't be a fundamental driver of EUAs," a carbon trader said. Analysts at S&amp;P Global Energy CERA expect EUAs to range between â¬80-â¬86/mtCO2e from September to December. The upper end is contingent "on continued Middle East-driven energy strength and a colder-than-normal Q4 lifting gas-for-power demand, while the September auction step-up and any geopolitical de-escalation represent the primary downside catalysts," they said in a recent note. UK market link UK carbon prices tracked EU counterparts as the market awaited a timeline for linking their emissions trading systems. Platts assessed UKAs for the December 2026 contract at Â£59.06/mtCO2e Aug. 27, a discount of â¬13.48/mtCO2e to the counterpart EUA contract. The UK said it would delay the expansion of its ETS to the waste sector to an unspecified date. The expansion had been planned for 2028, but regulatory and industry concerns prompted the government to reappraise the plan. The EU proposed expanding its own cap-and-trade scheme to the waste sector from 2031, gradually increasing obligations to 100% by 2034. The divergence may prove a sticking point at the summit between the two jurisdictions expected later in the autumn, where discussions are likely to touch on ETS linking. To link carbon markets, the two sides must negotiate a treaty and align their emissions caps and market rules. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/082826-nz-ets-reform-needed-as-forestry-supply-risks-undermining-carbon-prices-commissioner</link><description>New Zealand&amp;apos;s Emissions Trading Scheme requires major reform as increasing forestry-driven unit supply risks undermining carbon prices and the country&amp;apos;s climate objectives, according to a report released Aug. 26 by Parliamentary Commissioner for the Environment Simon Upton. The report argues the NZ ETS is &amp;quot;at risk of being swamped by unit supply&amp;quot; and lacks the tools needed to ensure New Zealand</description><title>NZ ETS reform needed as forestry supply risks undermining carbon prices: Commissioner</title><pubDate>28 August 2026 06:29:34 GMT</pubDate><author><name>Himanshu Chauhan</name></author><content><![CDATA[ Energy Transition, Carbon, Emissions August 28, 2026 NZ ETS reform needed as forestry supply risks undermining carbon prices: Commissioner By Himanshu Chauhan Editor: Adithya Ram Getting your Trinity Audio player ready... HIGHLIGHTS Report says current NZ ETS will not achieve New Zealand's climate goals Forestry-driven supply risks weakening carbon prices over time Commissioner calls for major review and rethink of forestry's role New Zealand's Emissions Trading Scheme requires major reform as increasing forestry-driven unit supply risks undermining carbon prices and the country's climate objectives, according to a report released Aug. 26 by Parliamentary Commissioner for the Environment Simon Upton. The report argues the NZ ETS is "at risk of being swamped by unit supply" and lacks the tools needed to ensure New Zealand meets its emissions budgets, 2050 net-zero target, and international climate commitments. However, several market participants told Platts, part of S&amp;P Global Energy, that the report is more of a non-event for the actual market. Platts assessed NZUs at NZ$52.50/mtCO2e, down 30 cents/mtCO2e day over day. Since the report was released after the market closed Aug. 26, prices haven't moved much, and only gained 20 cents/mtCO2e. Oversupply concerns mount The NZ ETS is New Zealand's primary climate policy instrument, requiring covered emitters to surrender NZUs for their emissions while allowing forestry participants to earn NZUs by removing CO2 from the atmosphere through forest growth. A central finding of the report is that the mechanism helping New Zealand meet climate targets in the short term is also undermining long-term emissions reductions. According to modeling commissioned by the Commissioner, higher carbon prices encourage more afforestation, generating additional NZUs that eventually suppress carbon prices and weaken incentives for gross emissions reductions. The report concludes that the NZ ETS, as currently designed, is unable to deliver substantial gross emissions reductions while also maintaining New Zealand's long-term emissions goals. Forestry representatives pushed back against the report's conclusions, arguing the issue lies with the design of the ETS rather than forestry participation itself. "Forestry is not the problem. A poorly managed ETS with constant changes is," a New Zealand-based forestry industry representative said. The report highlights growing supply concerns within the NZU market. The NZU stockpile was estimated at 121.2 million units as of May, including around 29.7 million surplus units, equivalent to roughly one year of emissions covered by the scheme. The modeling cited in the report projects NZU prices could initially rise before declining from the mid-2030s as forestry supply increases and emissions demand falls. It further suggests gross emissions reductions under current NZ ETS settings would occur only slightly faster than in a scenario where the carbon price effectively falls to zero. Different reports say different outcomes Concerns over long-term oversupply are not new. In recent years, the government has repeatedly adjusted NZ ETS settings in an effort to restore market confidence, including reducing future auction volumes and introducing restrictions on farm-to-forestry conversions. Platts reported that the government changed the Climate Change Response Act to limit exotic forestry conversions on LUC class 1-6 farmland that can be registered in the NZ ETS. A New Zealand-based forester and NZU developer said emissions reductions and afforestation should be viewed as complementary rather than competing approaches. "New Zealand doesn't need to choose between reducing emissions and growing forests. We need both," the developer said. Platts reported that New Zealand's Climate Change Commission has warned that demand for New Zealand Units may outpace supply as early as 2028, potentially triggering volatile price spikes and prompting government intervention, according to its annual advice on NZ ETS auction settings for 2027â2031, released on April 25. The developer added that a blanket forestry moratorium would undermine investor confidence and risk slowing forest establishment, arguing that forestry units are fundamentally different from government-auctioned units because they represent carbon already removed from the atmosphere. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082526-interview-ex-wto-chief-urges-special-cbam-treatment-for-ukraine</link><description>Pascal Lamy, the former World Trade Organization director-general who now sits on the advisory council of Ukrainian energy company DTEK, said Ukraine deserves special treatment under the EU&amp;apos;s Carbon Border Adjustment Mechanism, arguing the war-torn country cannot be treated like any other trading partner. &amp;quot;I do not think Ukraine can be considered as a sort of normal third country,&amp;quot; Lamy said in an</description><title>INTERVIEW: Ex-WTO chief urges special CBAM treatment for Ukraine</title><pubDate>25 August 2026 16:46:46 GMT</pubDate><author><name>Eklavya Gupte</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Electric Power, Refined Products, LNG, Natural Gas, Crude Oil, Ferrous, Emissions, Renewables, Hydrogen, Carbon, Non-Ferrous August 25, 2026 INTERVIEW: Ex-WTO chief urges special CBAM treatment for Ukraine By Eklavya Gupte Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS EU's CBAM already having a large political impact, says Lamy Brussels-Kyiv carbon alignment should be tied to accession path Former EU trade commissioner reveals shift in his CBAM stance Pascal Lamy, the former World Trade Organization director-general who now sits on the advisory council of Ukrainian energy company DTEK, said Ukraine deserves special treatment under the EU's Carbon Border Adjustment Mechanism, arguing the war-torn country cannot be treated like any other trading partner. "I do not think Ukraine can be considered as a sort of normal third country," Lamy said in an interview with Platts, part of S&amp;P Global Energy, pointing to Kyiv's path toward EU accession and its commitment to align carbon pricing with the bloc over time. Ukrainian industry has for months pressed the European Commission for CBAM exemptions, warning that Russia's war would compound the toll of CBAM on an economy already under severe strain. Ukraine ships large volumes of pig iron, steel billets and long steel products, along with some cement and aluminum, to the EU, leaving these sectors squarely exposed. Lamy, who also served as the EU's trade commissioner, said Ukraine's electricity and steel exports sit at the heart of the issue. "Ukraine is likely to be a major energy exporter to the EU," he said, adding that this is already happening to some extent on the electricity side, "in terribly difficult conditions" as Russian strikes batter the country's power infrastructure. Rather than a blanket exemption from CBAM, Lamy proposed a tailored trajectory tied to Ukraine's own decarbonization roadmap. "Ukraine should benefit from a specific CBAM trajectory," he said, describing it as "a sort of down payment" on future alignment with the EU's Emissions Trading System rather than a permanent carve-out. War and CBAM So far, the European Commission has granted no country an exemption from CBAM. In December, weeks before the CBAM's transitional phase took effect, EC Climate Commissioner Wopke Hoekstra downplayed the impact CBAM would have on Ukraine, pointing to its nuclear-heavy energy mix. Any exemption would require the Commission to invoke Article 30.7 of the CBAM regulation, which allows exceptions for unforeseeable, exceptional and unprovoked events affecting the economic infrastructure of third countries. But Lamy was clear that the war outweighs trade policy as the dominant force shaping Ukraine's energy system. "The impact of the war and Russian disruptions on the electricity system of Ukraine are much larger as a shaping factor than any bit of CBAM," he said. Kyiv has meanwhile pressed ahead with its own carbon pricing framework. Ukraine's Ministry of Economy released a draft law in May 2026 to establish a national emissions trading system, complete with a modernization fund to help channel ETS revenues into energy efficiency and low-carbon investment. The scheme's first phase would run from 2028 until three years after martial law is lifted, with no overall emissions cap during that period. The EU's CBAM aims to prevent carbon leakage by ensuring imported goods face similar carbon costs to those produced within the EU, potentially affecting trade flows of carbon-intensive products. The definitive phase of CBAM began Jan. 1, 2026, following a transitional reporting period. The mechanism targets imports of goods from the iron and steel, aluminum, cement, hydrogen, fertilizers and electricity sectors, aiming to prevent carbon leakage where companies relocate production to regions with weaker climate policies. Shift on CBAM Lamy said his own views on carbon border measures have evolved. "I was not in favor of CBAM because at that time, I thought that the difference did not justify such an impediment to trade," he said of his years at the WTO and European Commission. "I have changed my mind given the numbers." He said CBAM's influence today extends well beyond the mechanics of trade. "In a way, the political impact of CBAM is larger than its technical impact," Lamy said, an outcome he suggested was hardly unexpected given how the policy has forced governments and industries worldwide to confront carbon pricing head-on, whether or not they welcome it. He pointed to a study he co-authored on CBAM's effect on India's steel industry, published by the Jacques Delors Institute in Brussels, saying it showed the mechanism has already reshaped industrial thinking even where governments resist it. "I have absolutely no doubt that the big [players] in the Indian steel industry know they have to adjust to carbon pricing," Lamy said. The EU and India recently committed to establishing a technical dialogue on CBAM under their free trade agreement, with provisions designed to facilitate the deduction of carbon prices paid in India from EU border levies. Grid and finance Ukraine holds Europe's second-largest deep gas reserves after Norway, along with significant renewable potential, positioning it to help diversify the region's supply away from Russian energy. Lamy said DTEK's push into renewables like wind and battery storage, and into decarbonization, was a key reason he joined the advisory board, alongside guarantees of anti-corruption controls at the company. Faster EU grid integration is essential to the region's long-term energy security, Lamy said, though political resistance remains a barrier. Lower average prices from a more connected grid benefit consumers but unsettle producers used to higher returns, he said, citing tensions between some countries as examples of the "purely political obstacles" still to be overcome. This comes as the EU is working to integrate wider regional systems, such as those in the UK, Ukraine and the Balkans into the EU's internal electricity market by 2028. Lamy said he is working with the Jacques Delors Institute and former Italian premier Enrico Letta on a broader push to complete EU electricity market integration by 2028. The effort focuses on finance, connectivity and energy, a framework to which Ukraine "has and will have to align and adjust." Ukraine synchronized its electricity grid with the continental European network in March 2022, shortly after Russia's full-scale invasion began, enabling emergency power supplies from EU neighbors during subsequent attacks on energy infrastructure. Maximizing power imports from the EU has been critical for Ukraine, particularly in winter as Russian strikes pound its power infrastructure. Imports hit a record high in February, though Ukraine can also boost revenue through occasional exports during the summer months. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/081326-eu-pv-storage-inverter-funding-ban-could-reflect-shift-toward-clean-energy</link><description>European clean technology companies are exploring alternative sourcing options outside China after the European Commission removed EU funding eligibility for certain Chinese-made solar photovoltaic and battery storage inverters, a move that could mark a broader shift toward diversified clean energy supply chains. Under interim guidance adopted in April 2026, the Commission barred EU-funded clean</description><title>EU PV, storage inverter funding ban could reflect shift toward clean energy</title><pubDate>13 August 2026 17:37:44 GMT</pubDate><author><name>Lena Dias Martins</name><name>Eklavya Gupte</name></author><content><![CDATA[ Energy Transition, Electric Power, Renewables, Emissions August 13, 2026 EU PV, storage inverter funding ban could reflect shift toward clean energy By Lena Dias Martins and Eklavya Gupte Editor: Juan Tolentino Getting your Trinity Audio player ready... HIGHLIGHTS Industry warns rapid rollout may slow solar growth Guidance part of broader cybersecurity push US follows with similar restrictions on foreign power inverters European clean technology companies are exploring alternative sourcing options outside China after the European Commission removed EU funding eligibility for certain Chinese-made solar photovoltaic and battery storage inverters, a move that could mark a broader shift toward diversified clean energy supply chains. Under interim guidance adopted in April 2026, the Commission barred EU-funded clean energy projects from using solar PV and battery storage power conversion systems from countries classified as "high-risk," with requirements taking effect this November for grid-connected projects and next April for off-grid installations. The policy directly challenges Europe's dependence on Chinese manufacturers, which supply the vast majority of the continent's solar inverters and battery storage PCS. A European Commission spokesperson told Platts, part of S&amp;P Global Energy, the work on this policy is "ongoing" as it aims to "better align EU funding with the bloc's economic security objectives," part of a broader strategic effort to address mounting cybersecurity threats across critical infrastructure. Solar and wind infrastructure has become a cybersecurity priority for Brussels because inverters control electricity flow and connect directly to grid, creating vulnerabilities that could allow production manipulation, data breaches or remote blackouts. Rollout concerns Members of the solar industry have expressed concern about the speed at which the guidance is being implemented and about how its impact might vary across countries. "We fully understand why this is happening. It's rather the how and when that we have a current problem with," Jan KrÄmÃ¡Å, executive director at the Czech Solar Association, told Platts. Speaking on S&amp;P Global's Energy Evolution podcast, KrÄmÃ¡Å explained: "There are countries that use very little EU funding, where European inverter manufacturers are already present with local offices, local distribution networks, service centers, and countries where this is not the case." In Czechia, where solar growth is slowing down, KrÄmÃ¡Å said developers might need to switch supply chains, technologies and project designs, potentially slowing growth in the short to medium term. Analysts at S&amp;P Global Energy Horizons estimate that more than 80% of solar inverters in Europe originate from Chinese suppliers, while China accounts for more than 50% of Europe's energy storage inverters. "Based on historical funding, we estimate around 20% of projects [will be impacted by the ban], and most of them steered towards utility scale," Cormac Gilligan, director of clean technologies at Horizons, said on the same podcast. KrÄmÃ¡Å added that the debate should not be framed simply as "Europe against China," but as a question of how Europe can decarbonize quickly, cost-effectively and without deepening dependence on specific countries. Speaking on what the association would like to see, KrÄmÃ¡Å said that, as well as a member-state level analysis, he believes implementing the ban in phases would be beneficial. Sourcing outside China In light of the new guidance, KrÄmÃ¡Å noted that members of the market had begun exploring sourcing opportunities outside China for their inverter supply. "It's early days," KrÄmÃ¡Å said, "but what we are seeing is the wholesale market looking for alternatives." Gilligan noted that Europe currently has around 60 gigawatts-ac of inverter demand as of 2026, compared with about 100 GW-ac of inverter manufacturing capacity in Europe. He estimated that more than 50 GW-ac of European capacity could serve European demand, as some output is already directed to markets such as the US and Australia. Gilligan also cited a further 100 GW-ac of potential international capacity, including in the US, the Middle East and India, that could supply the European market. However, non-Chinese clean technologies are likely to carry a premium because China-made renewable products benefit from earlier scaling of manufacturing capacity. Platts assessed TOPCon utility-scale solar modules shipped from China on an FOB basis at 10.8 cents/W on Aug. 12 for lower volumes, compared with 26.5 cents/W for TOPCon modules shipped from India. The inverter pricing for supply from European manufacturers might typically increase in the range of maybe 10%-20%, Gilligan said. Even so, Gilligan said inverters account for a relatively small share of total project capital expenditure, meaning any price rise should not create a significant overall cost burden. Global shift underway The US has also tightened policy around imported clean technology products, citing national security concerns. Despite existing import tariffs on several markets, including China, Washington issued restrictions on foreign-made inverters effective July 28. The restrictions apply to all new model inverters produced abroad unless they receive conditional approval from the Department of Homeland Security or the Department of Defense. "I would say this is just a continuous activity that I expect that a lot of governments and jurisdictions are going to do across the world," Gilligan said. "The reason why inverters are under the spotlight a bit is because they are part of the interface, they're part of the brains of controlling the flow of electricity," Gilligan said, noting the growing role of renewables in power mixes worldwide. What began as an EU funding restriction could crystallize into a coordinated global effort to reshape clean energy supply chains around security as much as cost. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082426-rise-of-negatively-priced-hours-points-to-reshaping-of-europes-power-markets</link><description>The increasing number of negatively priced hours across European power markets highlights a growing need for battery storage systems that can help maintain renewables&amp;apos; profitability during peak solar generation. Negative prices, once largely viewed as an occasional signal of system stress, have become a recurring feature in spring and summer periods, when strong solar output coincides with</description><title>Rise of negatively priced hours points to reshaping of Europe&amp;apos;s power markets</title><pubDate>24 August 2026 12:32:51 GMT</pubDate><author><name>Maxim Grama</name></author><content><![CDATA[ Electric Power, Natural Gas, Energy Transition, Renewables August 24, 2026 Rise of negatively priced hours points to reshaping of Europe's power markets By Maxim Grama Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS Negative prices drag on solar profitability, give strong signal for battery rollout Energy portfolios with batteries can deliver robust structure for PPAs Industry converging toward supply and demand hourly matching The increasing number of negatively priced hours across European power markets highlights a growing need for battery storage systems that can help maintain renewables' profitability during peak solar generation. Negative prices, once largely viewed as an occasional signal of system stress, have become a recurring feature in spring and summer periods, when strong solar output coincides with moderate demand, wind generation and limited grid flexibility. Negatively priced hours have also emerged during high-wind periods, underscoring periods of oversupply or subdued demand, and the need for additional battery storage capacity to store excess generation or "load shift" for periods when there is an uptick in power demand. "The expansion of solar capacity at a faster rate than the market's ability to absorb it has led to an increased number of negative and low-priced hours during the solar peak," said Glenn Rickson, Associate Director at S&amp;P Global Energy CERA. "Conversely, we have also seen increased instances of price spikes in summer evenings as flexible plants such as gas need to turn up quickly to offset the steep decline in solar generation at the end of the day." In the EU5, including Great Britain, for the first half of 2026, negatively priced hours were around 2% above the record levels seen in H1 2025. The total number of negatively priced hours in 2025 was more than 13 times higher than in 2022. France has registered the highest amount of negatively priced hours, as its multi-year high nuclear output this year has weighed on prices across the region, while higher gas prices in Germany supported prices during the summer. Italy has registered no negatively priced hours due to its higher share of gas-fired generation. But the trend of negatively settled power prices is visible across most European markets, where solar-heavy midday hours are increasingly trading at a discount to evening peak demand periods. This is widening intraday spreads, eroding solar-weighted realized prices and changing the economics for merchant renewables projects, while creating new opportunities for battery capacities. Wholesale battery spreads in Germany have reached a daily maximum above â¬650/MWh, while averaging almost â¬200/MWh in Q2 2026, above Spain and Great Britain, data from Platts, part of S&amp;P Global Energy, shows. "Europe's power markets remain highly exposed to gas prices, and we have seen this summer that a combination of cooling demand, low water levels impacting hydro generation and thermal plant operation, and occasional times of low wind can at times increase summer power prices' sensitivity to gas to levels equivalent to those in winter," Rickson noted. In solar-predominant regions, such as Spain, the market dynamics over the last few years have strengthened investment opportunities for grid-scale battery storage, as the development of negative pricing indicates that the energy system is more inflexible solar generation increases. The shift is leading to a fundamental reshaping of merchant solar revenues amid higher tail risks. Currently around 10-15% of the European solar capacity is exposed to merchant risks, as over 61 GW is contracted under power purchase agreements (PPAs). In comparison, in Germany, only about 9% of the total installed capacity is market-exposed. The issue is not that solar is uneconomic as a technology, but rather when "unshaped" solar output becomes less valuable during its peak generation, with corporates and utility offtakers changing how solar PPAs are valued. "Unshaped" solar output means the electricity is delivered to the offtaker based on the actual (as-produced) solar generation profile, rather than being converted into a fixed, predetermined hourly delivery shape. Traditional pay-as-produced PPAs were built around a relatively simple structure, where the buyer pays a fixed or indexed price for renewable output as generated. That model worked when solar output was broadly valuable and negative prices were rare. In today's market, pay-as-produced solar carries significantly higher profile risk. The buyer receives electricity when the plant generates, not necessarily when it needs the power or when the market values it. If the project produces heavily during low or negative-price hours, the buyer can be exposed to an unfavorable shape. "The decline in stand-alone solar contracting shows that negative pricing is becoming a structural PPA design issue, not just a merchant-market concern," said Bruno Brunetti, Head of Renewable Revenue Streams at S&amp;P Global Energy Horizons. "Pay-as-produced solar PPAs were built for a simpler market, where renewable output was typically valuable when generated and profile risk was easier for offtakers to absorb." "That is no longer the case in markets with high solar penetration. Across Europe, stand-alone solar PV represented more than 55% of total reported PPA transactions in 2025, but its share has dropped to about one-third in the first half of 2026, with less than 3 GW contracted. Buyers still want renewable energy, but they are increasingly looking for contract structures that manage timing, capture price and negative-hour exposure more explicitly," Brunetti explained. The oversupply risk during peak solar hours is increasingly difficult to manage without a broader portfolio or battery storage, as a stand-alone solar project has limited ability to reshape output. A portfolio combining wind, solar, batteries and flexible trading capability does provide a robust structure for PPA buyers requiring a delivered baseload product. This results in the PPA market transitioning toward aggregation, as buyers want simplicity and firming while sellers need flexibility to provide it, with the industry converging toward supply and demand hourly matching. "Hourly certificates represent the next step in corporate clean energy procurement. The focus is shifting from simply buying more renewable energy to matching clean electricity with consumption patterns," Brunetti said. He noted also that a review underway of the global standard for corporate electricity emissions accounting, the GHG Protocol Scope 2, is exploring ways to align market-based claims with when electricity is actually used. "By reflecting the temporal value of renewable generation, hourly matching frameworks and granular certificates are aligning with electricity market needs, strengthening investment signals not only for wind and solar, but also for storage, flexible hydro and other resources needed to meet demand during scarce hours," he said. The PPA market is shifting from simple renewable procurement toward structured energy management product, with the value no longer being in only producing renewable megawatt-hours, but in delivering them when they are needed. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081926-europes-hydrogen-pipeline-plans-confront-energy-transition-reality-check</link><description>Europe&amp;apos;s hydrogen pipeline plans are taking shape, with the first sections of a planned 30,000-kilometer network already completed and primed to start operations. But developers are facing a reality check in Europe&amp;apos;s energy transition, which has stalled infrastructure projects and pushed back development timelines. First hydrogen flows on the planned European Hydrogen Backbone pipeline grid are</description><title>Europe&amp;apos;s hydrogen pipeline plans confront energy transition reality check</title><pubDate>19 August 2026 09:49:04 GMT</pubDate><author><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Natural Gas, Electric Power, Metals &amp; Mining, Chemicals, Hydrogen, Renewables, Ferrous August 19, 2026 Europeâs hydrogen pipeline plans confront energy transition reality check By James Burgess Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS Pipeline network faces delays, timeline slips to 2030s Germany completes 400 km, bookings exceed expectations Most infrastructure plans remain in feasibility stage Europe's hydrogen pipeline plans are taking shape, with the first sections of a planned 30,000-kilometer network already completed and primed to start operations. But developers are facing a reality check in Europe's energy transition, which has stalled infrastructure projects and pushed back development timelines. First hydrogen flows on the planned European Hydrogen Backbone pipeline grid are expected from 2027 along small sections of local networks, before larger sections are connected from around the end of the decade, infrastructure developers say. The proposed pipeline network is crucial to Europe's plans to decarbonize heavy industry using green hydrogen. "Hydrogen production will not necessarily be located where the demand will be located," Lucie Boost, Secretary General of trade group Gas Infrastructure Europe, told Platts, part of S&amp;P Global Energy, in an interview on Aug. 13. "Production will be located where there's a lot of renewable electricity available. It will be necessary to link regions with abundant renewables with regions where there is a lot of demand." And pipelines offer a cost-effective option for transport and energy storage, particularly compared with electricity. "Pipeline deliveries are still the cheapest way of transmitting hydrogen across Europe at scale," S&amp;P Global Energy senior principal analyst Matthew Hodgkinson said. The years from 2027 to 2030 mark the early project development stage for many projects, Boost said, with a second round of investments planned by 2035. Much of the network will use repurposed natural gas pipelines. The development will come on in "leaps and bounds," she said. "It is not something that will be linear, but we do see the development is progressing through national and cross-border projects." GIE is coordinating the European Hydrogen Backbone initiative, which is being developed by gas transmission system operators across Europe. TSO Gascade Gastransport GmbH completed the first 400 kilometers of Germany's hydrogen network in December 2025, and early capacity bookings across the planned national network have surpassed expectations. And the first hydrogen pipeline section in the Netherlands was completed and filled in Rotterdam earlier in 2026, with operations to supply Shell's Pernis refinery to start by the end of the year, while sections of pipeline are also under construction in Belgium. Several companies have signed large-scale hydrogen offtake agreements via pipeline, with the refining sector a notable early customer for renewable hydrogen, along with potential demand from steelmakers and other industrial companies. Reality check But delays in construction, policy, and funding have hindered the rollout of the network, with some initial plans delayed or scrapped. A planned pipeline from Norway to Germany was abandoned in 2024 after Equinor ASA and Shell PLC both pulled the plug on Norwegian low-carbon hydrogen projects. In the Netherlands, delays to the proposed Delta Rhine Corridor hydrogen pipeline led Vattenfall AB and Copenhagen Infrastructure Partners P/S to withdraw their 560-MW Zeevonk renewable hydrogen project from the EU Hydrogen Bank subsidy auction. The European network was initially planned to reach over 31,000 km by 2030, but timelines have slipped as developers grapple with uncertain demand and project delays. "The expectation was that by 2030 it would be up and running," Boost said. "But we need the legislation. That legislation needs to be implemented on a national basis." Hodgkinson said most infrastructure plans remained at the feasibility stage, with developers awaiting clarification of renewable hydrogen definitions and national compliance targets. "The main developments in 2026 are centered around specific transmission routes linking one supply source and offtaker," he said. "Pipeline networks are likely to develop around industrial clusters and production hubs over the medium-term, while it will likely be at least 10 years until a widespread network is available." Boost said that while the EU had established frameworks, the practical day-to-day details were still to come from member states. The anticipated timeline for infrastructure delivery has slipped into the next decade. ENTSOG's latest 10-year network development plan report identified just 23% of projects to be commissioned by 2029, down from 74% previously planned. Nevertheless, the gas TSOs group said a large share of hydrogen infrastructure projectsâaround 95%âwas still expected to be delivered by 2035. Overcoming barriers Issues facing infrastructure developers range from discussions over whether to convert gas networks or build new pipelines to questions about hydrogen blending into the natural gas network, purity considerations, and storage, Gas Distributors for Sustainability Public Affairs Advisor Valentin Calfa told Platts in an Aug. 12 interview. Chemical sector offtakers, for example, require high-purity hydrogen for their processes, whereas other industrial users and TSOs can tolerate lower purity, Calfa said. The question of where in the system the hydrogen purity is increased and who pays remains unresolved. Indeed, gas demand has proved more resilient than previously thought when hydrogen pipeline plans were first envisioned, and the potential timelines for switching infrastructure over to alternative use have similarly shifted. A renewable hydrogen network could enhance power system resilience, reducing the need for electricity flexibility and the need to build long-distance power lines, GIE's Boost said, adding that a holistic approach to energy transition infrastructure was needed. "We need to make informed decisions and only by having a sector integration approach will we be able to do that." But the hydrogen network comes at a cost. Platts assessed Northwest European long-term renewable hydrogen offtake prices at â¬6.60/metric ton ($7.64/mt) on Aug. 3, around a â¬4/mt premium to conventional hydrogen. "It's not about being cheap, it's about being the least cost," Boost said. "Then again, we need to compare it to no action as a cost." US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bond-outlook-midyear-2026-stability-in-a-maturing-market-s101696494</link><description>This report does not constitute a rating action. In the first half of 2026, European issuers and European supranationals set a new benchmark for sustainable bonds, with green bond issuance reaching a record $250 billion, a 36% increase versus first-half 2025. Renewable energy continues as the dominant use-of-proceeds category, reflecting the intensifying convergence of two global priorities: the transition to a low-carbon economy and the pursuit of energy security. By prioritizing low-carbon ene</description><title>Sustainability Insights: Sustainable Bond Outlook Midyear 2026: Stability In A Maturing Market</title><pubDate>27 August 2026 16:18:27 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/082726-brazil-leads-latin-america-in-data-center-growth-on-renewable-energy</link><description>Brazil has been leading investments in data centers among Latin American countries, due to the country&amp;apos;s high renewable generation capacity and local data consumption. By August, Brazil had a total of 706 megawatts of data center inventory, a record-high increase of 106 MW from December 2025, reaching about half of Latin America&amp;apos;s total capacity, according to a recent study from JLL Research.</description><title>Brazil leads Latin America in data center growth on renewable energy</title><pubDate>27 August 2026 19:45:47 GMT</pubDate><author><name>Felipe Peroni</name></author><content><![CDATA[ Energy Transition, Electric Power, Renewables August 27, 2026 Brazil leads Latin America in data center growth on renewable energy By Felipe Peroni Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS Brazil reaches 706 MW datacenter capacity Campinas city emerges as top hub with 316 MW Fortaleza targets overseas data processing Brazil has been leading investments in data centers among Latin American countries, due to the country's high renewable generation capacity and local data consumption. By August, Brazil had a total of 706 megawatts of data center inventory, a record-high increase of 106 MW from December 2025, reaching about half of Latin America's total capacity, according to a recent study from JLL Research. Since 2012, data center capacity in the country has increased more than sixfold, driven by cloud computing and AI, and the current vacancy rate is only 4%. "The availability of renewable energy is a major appeal and makes Brazil stand out against other countries in its region," Bruno Porto, manager for logistics, industrial and data center real estate at JLL, told Platts on Aug. 26. "If you look at the pipeline, to projects under construction, Brazil is even further ahead among its peers." Brazilian capacity is expected to continue growing, with a total of 660 MW under construction, of which 56% occupancy is pre-committed, JLL data shows. The development is expected to drive renewable energy consumption, as most hyperscalers demand renewable sources for their datacenters, securing their supply mainly via power purchase agreements, or PPAs. With an installed capacity of 219 GW, 77% of which is from renewable sources, Brazil has become attractive to this sector. "All new projects require energy to be 100% renewable," Rafael Garrido, CEO of 247 Data Centers said. "Not using renewable energy is out of the question, and that is one of the reasons Brazil is emerging," he added. Another competitive advantage for Brazil is its existing submarine cable infrastructure, which has established the country as South America's primary connectivity port. Major submarine cable systems landing in the Brazilian cities of Fortaleza, Rio de Janeiro and Santos provide direct, high-capacity links to North America, Europe, and Africa, ensuring low-latency connectivity essential for digital services. But a strong local data consumption also creates a local demand for these structures, most of which are currently located near large urban areas. "It is estimated that around 60% of the Brazilian data processing occurs outside the country, meaning there is room to increase local processing," Porto said. Campinas as a new hub For data centers aimed at supplying local demand, it is critical to be located close to consuming centers, making the regions near the cities of Rio de Janeiro and SÃ£o Paulo the primary locations for projects. Campinas, a city with a population of 1.2 million and 93 km from SÃ£o Paulo, has become the country's main hub for data centers, with the fastest inventory and expansion. Capacity has reached 316 MW in August, with a 1% vacancy rate, JLL data shows. For comparison, SÃ£o Paulo and its neighboring city, Barueri, have a combined 269 MW, while Rio de Janeiro has 73 MW. "Campinas, less densely populated than SÃ£o Paulo, provides cheaper land and easier access to transmission infrastructure," Porto said. As a result, the city attracted hyperscalers such as Microsoft and Amazon Web Service, both with operations in the city, according to sources. Microsoft has announced it is expanding operations with facilities under construction in HortolÃ¢ndia and SumarÃ©, both in Campinas' metropolitan area. These hyperscalers bring service providers, many of which require their own nearby data centers, creating a cycle, Garrido said. "AI agents, for one, need to give immediate answers, which requires a low latency rate, so they must be located near users," Garrido said. Exporting data processing Brazil's northeastern city of Fortaleza is emerging as a data center hub focused on overseas demand. The city, being near relevant submarine connections, is seen as a privileged place to send data overseas with lower latency. As of August, the city has 19 MW of datacenter capacity, with a 25% vacancy rate, and a total of 227 MW under construction. Most of the capacity under construction belongs to a single project from the Chinese company ByteDance, owner of TikTok social network, under construction at the PecÃ©m port complex with 200 MW of capacity at launch. Limited access to energy infrastructure in the region, especially for planned expansions, has been one of the obstacles to additional investments in the region, according to Porto. But many projects in Brazil are also waiting for regulatory definitions before being implemented. A law establishing a special tax regime for data centers, called Redata, is being discussed in Congress, and many are waiting for the approval to benefit from the proposed tax reductions. "The Redata law was welcomed by data center companies and can become a catalyst for investments, once approved," Porto said. Platts is a part of S&amp;P Global Energy. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/082526-eva-air-ait-microsoft-in-saf-deal-to-cut-air-freight-co2</link><description>Taiwan&amp;apos;s Eva Air has signed a memorandum of understanding with freight forwarder AIT Worldwide Logistics to expand a sustainable aviation fuel program that will deliver roughly 15,000 metric tons of Scope 3 emissions reductions to Microsoft in the first year, the airline said Aug. 25 in a statement. The two-year collaboration, signed in Taipei, will see Eva Air supply Microsoft with SAF</description><title>Eva Air, AIT, Microsoft in SAF deal to cut air freight CO2</title><pubDate>25 August 2026 20:35:15 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Refined Products, Energy Transition, Biofuels, Vegetable Oils, Jet Fuel, Emissions August 25, 2026 Eva Air, AIT, Microsoft in SAF deal to cut air freight CO2 By Samyak Pandey Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS Taiwan carrier partners on 15,000 mt cut Used cooking oil fuel slashes emissions 80% ISCC system tracks corporate carbon credits Taiwan's Eva Air has signed a memorandum of understanding with freight forwarder AIT Worldwide Logistics to expand a sustainable aviation fuel program that will deliver roughly 15,000 metric tons of Scope 3 emissions reductions to Microsoft in the first year, the airline said Aug. 25 in a statement. The two-year collaboration, signed in Taipei, will see Eva Air supply Microsoft with SAF environmental attributes tied to flights departing Taiwan, helping the technology company offset emissions from air transport of its cloud infrastructure equipment, according to the statement. The fuel underpinning the deal is produced by Formosa Petrochemical from used cooking oil and is certified under the International Sustainability and Carbon Certification system for both feedstock and production process, the companies said. Compared with conventional jet fuel, it delivers about 80% lower lifecycle greenhouse gas emissions, according to the statement. The associated environmental attributes will be issued and retired through the ISCC Credit Transfer System, an internationally recognized registry, enabling Microsoft to account for the resulting Scope 3 reductions, the companies said. Microsoft committed in 2020 to becoming carbon negative by 2030 and has continued investing in SAF and other measures to cut emissions across its value chain, according to the statement. Eva Air has incorporated SAF into flights departing Asia, Europe and North America since 2025 and has signed a five-year SAF procurement agreement with Formosa Petrochemical, the companies said. Platts, part of S&amp;P Global Energy, assessed sustainable aviation fuel HEFA-SPK FOB Straits at $2,487.25/metric ton Aug. 25, down $10/mt from Aug. 24. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/ai-infrastructure-debt-is-testing-private-market-valuations</link><description>The AI infrastructure boom is reshaping credit markets as hyperscalers accelerate data center construction to support cloud and AI workloads. </description><title>AI Infrastructure Debt Is Testing Private Market Valuations</title><pubDate>26 August 2026 12:00:00 GMT</pubDate><content><![CDATA[ BLOG â Aug 28, 2026 AI Infrastructure Debt Is Testing Private Market Valuations What follows is a summary of âThe AI Boom Has a Pricing Problem,â published originally by WBR Research, featuring commentary from Luca Blasi, Head of Private Markets &amp; Regulatory Solutions at S&amp;P Market Intelligence. Read the full article here. The AI infrastructure boom is reshaping credit markets as hyperscalers accelerate data center construction to support cloud and AI workloads. What began as a capital expenditure cycle led by a small group of global technology companies has become a broader credit market story, with financing increasingly routed through private credit, asset-based finance (ABF), commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and corporate debt markets. The result is a fast-growing pool of AI-linked infrastructure debt that can be difficult to value, monitor and compare across portfolios. While these financing channels can provide scale, flexibility and access to long-duration infrastructure exposure, they also introduce new challenges around transparency and concentration. One of the central issues is valuation. Private and structured credit instruments are often illiquid and infrequently traded, meaning their marks may not immediately reflect changes in broader market conditions. When public markets reprice quickly, private market valuations can lag, creating a gap between reported value and current risk. Concentration is another concern. Data center debt may appear diversified when viewed across different structures or asset classes, but much of the underlying exposure can trace back to the same small group of hyperscalers. That interconnectedness can be difficult to identify without portfolio-level analysis that looks across markets rather than within individual transactions. Reporting and monitoring practices are also under pressure. AI is already influencing underwriting and due diligence, but visibility into ongoing portfolio risk has not advanced at the same pace. Allocators need to understand how managers mark assets, screen payment-in-kind exposure, assess cash generation and stress test correlated risks. Key Takeaways AI infrastructure is becoming a major credit theme: Hyperscaler-driven data center growth is influencing both public and private debt markets. Valuation discipline is critical: Illiquid credit assets may reprice more slowly than public markets, creating potential valuation gaps. Concentration risk can be hidden: Exposure spread across CMBS, ABS, corporate credit and direct lending may still rely on the same underlying hyperscaler demand. Transparency is now a core risk-management tool: Investors need clearer insight into marks, assumptions, collateral quality and cross-market exposure. S&amp;P Global Market Intelligence supports investors and managers with independent valuation expertise, robust methodologies and portfolio-level insights for hard-to-value private market assets. As AI infrastructure debt grows larger and more interconnected, transparency is essential to understanding what investors own, how exposures are evolving and where risks may be building. Discover how we help clients streamline private market valuations Click here ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/us-power-market-natural-gas-gains-on-renewables-and-storage</link><description>Analysis of the Q2 2026 US power forecast shows natural gas gaining market share due to demand shifts, rising capex for renewables, and reliability needs.</description><title>US Power Market: Natural Gas Gains on Renewables &amp;amp; Storage</title><pubDate>26 August 2026 12:00:00 GMT</pubDate><author><name>Steve Piper</name><name>Katherine Nelson, PhD</name><name>Adam Wilson</name></author><content><![CDATA[ BLOG â Aug 26, 2026 Natural Gas Gains Ground: Key Shifts in the US Power Market Competition By Steve Piper, Katherine Nelson, PhD, and Adam Wilson A dynamic shift is underway in the U.S. power generation landscape. While the long-term trend favors decarbonization, a confluence of evolving demand forecasts, rising capital costs for renewables, and a renewed focus on grid reliability is creating a significant opening for natural gas. Analysis from the S&amp;P Global Q2 2026 Market Indicative Power Forecast reveals that natural gas is poised to capture a larger-than-expected share of the market, challenging the recent dominance of battery storage and solar in capacity expansion plans. This analysis, detailed in our recent webinar, "US Power Forecast Q2â26 - Natural Gas Gains Ground in the Competition for Market Share," unpacks the complex interplay of market forces, policy changes, and technology economics reshaping the grid. The findings indicate a more nuanced energy transition, where incumbent technologies like combined-cycle gas turbines (CCGTs) are finding new relevance alongside continued, albeit more challenging, growth in renewables. Key Highlights Shifting Market Fundamentals: Downward revisions in electricity demand forecasts in key states, coupled with rising capital expenditures across all generation asset classes, are altering the competitive landscape and narrowing the cost gap between natural gas and renewables. Gas Generation Economics: Lower domestic natural gas prices are providing a tailwind for gas-fired generation. Our forecast shows a 51 GW increase in CCGT capacity by 2045, largely displacing previously projected battery energy storage systems (BESS) in markets like ERCOT, MISO, and SPP. The Reliability Question: The capacity value of battery storage, measured by Effective Load-Carrying Capability (ELCC), is projected to decline significantly as market penetration increases. This makes longer-duration storage and firm, dispatchable resources like gas turbines more critical for ensuring grid reliability. Interconnection Queues Signal a Change: While renewables and storage still dominate U.S. interconnection queues in aggregate, natural gas has seen the largest percentage increase in proposed capacity, nearly tripling since 2024. This surge reflects a growing focus on dispatchable generation to meet rising load from data centers and industry. Regional Dynamics Diverge: The growth of natural gas is not uniform. It is most pronounced in the non-ISO Southeast, where it now leads all technologies in the queue, and in ERCOT, where planned gas capacity has quadrupled in two years to meet significant load growth. Five Key Takeaways from the Q2 2026 Forecast 1. Why are market fundamentals tilting back toward natural gas? Several structural changes are creating a more favorable environment for natural gas generation. First, forecasts for peak electricity demand have been revised downward in key regions pursuing aggressive electrification, including California (down 3.5 GW by 2030) and ISO-NE (down 3.2 GW by 2030), reducing the immediate market size for new renewable builds. Second, updated rules for the Regional Greenhouse Gas Initiative (RGGI) are expected to increase carbon allowance prices by 80% over previous forecasts, equivalent to adding $1.15 per MMBtu to the cost of natural gas in the East. While this benefits renewables, it is counteracted by a third factor: a broad-based increase in capital expenditures (capex) that now impacts BESS, solar, and wind, eroding their cost advantage. This narrowing capex gap, combined with lower capacity factors for renewables, gives dispatchable gas generation a stronger economic footing. 2. How is gas generation displacing other technologies in forecasts? The combination of narrowing capex differences and lower domestic natural gas prices is directly impacting generation buildout forecasts. Our Q2 2026 outlook projects a net increase of 51 GW of combined-cycle gas turbine (CCGT) capacity by 2045 compared to the previous quarter's forecast. This growth is centered in markets with strong demand and access to inexpensive gas, such as ERCOT and MISO. This new gas capacity comes at the expense of other technologies; the forecast for battery storage capacity has been reduced by 37 GW in the same period. While solar deployment remains resilient through the 2030s, the improved economics for CCGTs are making them the preferred option for firm, dispatchable power in many regions. 3. How does battery storage reliability change with increased deployment? As grids rely more heavily on intermittent renewables, the role of battery storage in providing reliable capacity becomes critical. However, its effectiveness, measured by ELCC, diminishes with scale. Our analysis of Virginia's storage targets shows that if the 16 GW goal by 2045 is met entirely with 4-hour duration BESS, the marginal ELCC would fall to just 16%, providing only 6.5 GW of reliable capacity. In contrast, a portfolio including 6- and 8-hour duration batteries could maintain an average ELCC of 82%, providing 13 GW of reliable capacity. This demonstrates that as shorter-duration BESS saturates the market, its value for reliability declines, increasing the relative cost-effectiveness and necessity of longer-duration storage or alternative firm resources. 4. What do interconnection queues reveal about the rise of natural gas? Interconnection queues provide a forward-looking view of developer intent. While still dominated by 1,700 GW of proposed hybrid, solar, and storage projects, the most significant recent trend is the growth of natural gas. Since 2024, the amount of natural gas capacity in U.S. queues has nearly tripled, adding approximately 100 GW in the last year alone. Natural gas now accounts for 14% of all proposed capacity, up from just 3% in 2024. This rapid increase is a direct response to soaring electricity demand projections, driven by the proliferation of AI data centers, and a renewed focus by grid operators on securing dispatchable resources to ensure reliability. 5. Where is the growth in natural gas generation concentrated? The resurgence of natural gas is highly regional. The non-ISO Southeast has become the epicenter of this trend, where natural gas is now the leading technology in the interconnection queue with 87 GW of proposed capacityâmaking up 46% of the region's total queue. This is driven by expectations of massive load growth from data centers. ERCOT has also seen its planned natural gas capacity quadruple in just two years, from 12 GW to 49 GW, to serve its booming industrial and data center demand. Even in the renewable-heavy non-ISO West, planned gas capacity has quadrupled in the last year. This geographic concentration highlights that gas is being deployed strategically in regions facing the most acute reliability challenges and load growth. How S&amp;P Capital IQ Pro Supports Analysis of the US Power Market Navigating the evolving U.S. power market requires access to granular data and forward-looking analysis. S&amp;P Capital IQ Pro â Energy service provides comprehensive power price forecasts, asset-level data, and market intelligence to help stakeholders understand the competitive dynamics among natural gas, renewables, and storage. Our analysis of interconnection queues, capacity accreditation, and policy impacts enables clients to identify risks, evaluate investment opportunities, and build robust strategies in a rapidly changing energy landscape. What the data shows about the US power market What is causing the renewed interest in natural gas for power generation? The renewed interest is driven by a combination of factors, including lower domestic gas prices, rising capital costs for renewables and storage, and a critical need for dispatchable generation to ensure grid reliability amid soaring demand from data centers. Is natural gas capacity growing everywhere in the US? No, the growth is highly regional. It is most concentrated in the non-ISO Southeast, ERCOT (Texas), and the non-ISO West, which are regions experiencing or anticipating significant electricity demand growth and facing potential reliability challenges. Are renewables and battery storage still growing? Yes, renewables and battery storage still dominate interconnection queues in aggregate and are forecast to see significant capacity additions. However, the pace of growth is being challenged by higher costs, supply chain constraints, and the diminishing reliability value (ELCC) of short-duration storage as it becomes more widespread. What is ELCC and why is it important for battery storage? Effective Load-Carrying Capability (ELCC) measures the actual contribution of a resource to meeting peak electricity demand. For battery storage, ELCC can decline significantly as more capacity is added to the grid, meaning each new battery provides less incremental reliability value, impacting its overall cost-effectiveness. How have interconnection queues changed recently? While still large, interconnection queues for renewables have seen some contraction due to market reforms aimed at reducing speculative projects. The most significant change is the rapid growth in proposed natural gas capacity, which has nearly tripled since 2024, signaling a market shift toward ensuring resource adequacy. US Grid Outlook: Renewables Add Over 90 GW as Data Center Demand Tests Reliability Click Here Learn more about our US power market intelligence. Explore S&amp;P Capital IQ Pro ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/072826-discussing-democrats-midterm-message-on-energy</link><description>From 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 talking</description><title>Discussing Democrats&amp;apos; midterm message on energy</title><pubDate>28 July 2026 10:36:55 GMT</pubDate><author><name>Dan Testa</name></author><content><![CDATA[ Natural Gas, Coal, Electric Power, Energy Transition, Renewables, Emissions, Hydrogen July 28, 2026 Discussing Democrats' midterm message on energy Featuring Dan Testa HIGHLIGHTS Democrats craft midterm energy message Rising gas prices dominate campaign focus Iran war impacts fall election strategy From 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 talking about energy and selling their own policies to convince voters they can do a better job addressing rising gasoline prices and utility bills? And how will issues like climate change and the Iran war impact campaigns this fall? In this episode, Dan Testa discusses these issues with Mary Landrieu, a senior policy adviser at Van Ness Feldman LLP and former Democratic US senator from Louisiana, and Scott Segal, a partner at Bracewell LLP and a co-chair of the law firm's Policy Resolution Group. View Full Transcript Dan Testa: Hello and welcome to Energy Evolution, the podcast where we discuss the major trends shaping the energy transition with the experts and executives making it happen. I'm Dan Testa. Today, we're going to be looking at how Democrats are talking about energy and what energy policies they're pursuing as the US heads into critical midterm elections in the fall. For this episode, we'll be hearing from Mary Landrieu, a former US Senator and Democrat from Louisiana, and from Scott Segal, who co-heads the government relations and strategic communications team at Bracewell, a major international law firm with a long history in the energy field. But first, let's take a few moments to discuss the current state of play in Washington, where Republicans control the House and Senate, the White House, and conservatives control a majority on the US Supreme Court. It would be hard to overstate the scope and significance of the changes to federal energy policy under the second administration of President Donald Trump. From his first day in office in January 2025, Trump has leveraged and expanded executive authority in pursuit of his goals, especially on energy. His executive orders, including declaring a national energy emergency, kickstarted a process to remove energy regulations the administration considered overly burdensome and unlocked new authorities to accelerate leasing and permitting for energy projects. At the same time, solar and wind were excluded from the national energy emergency, and Trump halted funding and leasing for clean energy projects that were moving forward under the 2022 US Inflation Reduction Act. The administration has been particularly tough on offshore wind, pausing leases for new projects, and eventually even those under construction. For some projects, the federal government has made deals to buy out those leases in exchange for the developers agreeing to pursue fossil fuel projects, and these deals are being challenged in court. In Congress, Republicans passed the One Big Beautiful Bill Act signed into law by Trump in July, which further undid many of the provisions in the Inflation Reduction Act, which had passed under President Joe Biden. The GOP budget bill repealed a consumer tax credit for electric vehicles. It accelerated deadlines for clean energy tax credits and got rid of a host of other climate-related provisions in the IRA. In the name of grid reliability, the Trump administration has also pushed to extend the operating lives of coal plants that have been slated for retirement. In January, Trump issued an executive order kicking off a process to withdraw the US from international climate change treaties. And the administration has also taken steps to strongly encourage the construction of new nuclear reactors by setting up a program to help purchase large components in advance. And then in February, the US and Israel struck Iran, beginning a war that continues today in which has had major impacts on the price of oil and other commodities relying on safe passage through the Strait of Hormuz. Okay, that's just a very brief and high level summary of some of the major energy policies and actions taken by the second Trump administration over the last year and a half. And we didn't even get into tariffs there. Now with the midterm elections approaching in November, it feels like energy issues are at the top of many voters' lists of concerns. Whether it's a price of gasoline, utility bills, the Iran war, data center development, or grid reliability. Tackling these issues is going to be a factor in how successful Democrats may be in gaining some control of Congress. So what strategies are Democrats pursuing and how are they talking about these issues? To get some insights, I spoke with Mary Landrieu. She's a former Democratic Senator for Louisiana who served for 18 years, including as chair of the Senate Committee on Energy and Natural Resources. She's currently a policy advisor at Van Ness Feldman in DC and co-chairs the leadership council of a group called Natural Allies for a Clean Energy Future, which advocates for natural gas and renewables to all be part of emissions reduction strategies. She also sits on the board of Evergy, an investor-owned utility headquartered in Kansas City, Missouri. I spoke with Landrieu at the CERAWeek by S&amp;P Global Conference in Houston earlier this year, and she had some thoughts about what Democrats' campaign message should be on energy in 2026. Mary Landrieu: I think Democrats would be extremely wise to lean into the abundance message for energy all of the above, including oil and natural gas, and particularly natural gas. I think Democrats would be wise to stop beating up on the industry, which they do constantly and to no good end, and join with the industry, partner with the industry to produce more energy and lower emissions. This industry has advanced so much. And I talk about the global energy industry has advanced so much in just the last decade. And I think Democrats are stuck in the 1970s and '80s. It's not the 1970s. It's not the 1980s. It's 2026. Oil and gas industries are efficient. They're technologically driven and a lot of capital. The tech world and the energy world emerging, not just with AI, but in other ways. And it's like the democratic leadership is stuck back in the '70s and '80s about, "No, you can't build here. Not in my backyard. We don't want anything." The American public is not going to accept that. Now, the Democrats have a good chance of taking the House back because Donald Trump has, in many people's views, gone way too far, raising the price of everything because of his tariffs and other things entering into wars without a clear plan or exit strategy. I mean, there's some, not that Iran should be coddled in any way, and not that we shouldn't help our allies like Israel and others in the Mid-East, but very unsettling about that. And of course, the high price of gas and oil. But Democrats have a good chance, but I hope they don't go back to this, leave it in the ground. We hate the industry as the American public is not there. I can promise you, every polling I've seen supports more energy from every source and Americans want lower cost of energy. And the way you get that is allowing it to be produced from a variety of different sources, including natural gas, to keep prices low and affordable. So affordability has really come back. It's not just the environment, because under Biden, it was all environment, environment, environment. Nothing about reliability or very little about reliability and growth. It was all environment, environment, environment. I don't think Democrats will win on that. I think what is a winning argument is balanced. Affordability first, reliability second, environment third. And maybe almost equal, you don't have to put environment... I'm not talking about putting it so low, it doesn't matter. I'm talking about a three-legged stool that stands together. Cleaning our environment, affordable prices and availability. No one wants their lights to go out. No one wants to be cold in the winter. No one wants to freeze to death. I promise you that. And Democrats need to respond to that and say, "We hear you. We want to produce energy and not just from wind and solar. People are tired of it. They understand you need natural gas. You need some oil, of course, still. You even need coal in some places. Now we'd like it to be as clean as possible." So I think Democrats have a real chance to take back the House, but they will lose it as fast as they gain it if they go back to the old, green, old deal. They need to be for an abundant strategy on energy, affordable, abundant, and clean. Dan Testa: Are those two things opposed, I guess, in the sense that if you're going to build a lot of new power plants and new grid upgrades, that takes money. That goes into electric utility rates. I mean, it's going to be very difficult for whether there are Republicans or Democrats in charge over the next couple of years to lower prices or minimize energy prices. Mary Landrieu: But let me tell you, Dan, why it does lower prices. Because the grid right now, our transition grid has built-in cost. So the more customers you have connected to it, the lower the cost is for the whole thing. It's sort of counterintuitive. It will lower the cost of electricity if you have more customers using it, if you're efficient with what you're building or supporting that supports more customers. So you want more volume. And the same way when we export gas, people say, "Well, it drives up domestic price." Oh no, it's the reverse because when you export gas and you open up markets outside the country, producers here will produce more gas because they know their markets for it. And so you have an abundant supply that lowers prices. That's point number one. Point number two is these AI data centers are now realizing after 10 years of being a little bit slow off the mark on this and a little belligerent, and in my view, a little bit arrogant, but they're now realizing, "Oh my goodness, we need to step up with solutions and we need to pay for these upgrades and not put it on the current rate payer." So that's happening all over the country. So the data centers are paying their own way, maybe paying a little extra. They're using their technology. And so if we do this correctly, we can actually, if we use all of the above, if we build enough pipelines, if we build and not restrict supply, build more offshore wind where you can build it, build more pipelines to the Northeast, to California, build more transmission lines, we will lower the price for everyone and make it more affordable. So it's exciting to work on. And I think we have a number of members. Andrew Garbarino is here from New York, is phenomenal. Scott Peters from California. Dave Valadao from California. Congresswoman Meeks from Iowa. She's the leader of the Conservative Caucus on Climate. She is color of pepper. She's really feisty and smart. And Iowa is a Republican state. Well, it has been purple, but it's red now. But it's very pro wind. And so some of these things don't cut in a clear fashion. So there are Republicans in many of these conservative states like Texas that support wind. And they also support oil and gas. And I think that's the way we should be, in my view, everywhere where you can have solo where it works, have it. And America's blessed to have a lot of land, a lot of choices, a lot of options. Let's use them. And let's use these gifts that God's given us, these gifts that we have, these resources. Dan Testa: Okay. That's the take from one former Democratic senator who's from an oil and gas state on what her party should be doing insane on energy this year. But is that actually the message we're seeing and hearing from Democrats running for office? And is it resonating? To find out more, I spoke with Scott Segal. He's co-head of the Policy Resolution Group or PRG, which is the government relations and strategic communication section of Bracewell LLP. He's also a partner in Bracewell, which is an international law firm with a significant presence in energy. Scott had some really interesting observations about Democrats' policies on climate change and how that relates to the party's current message on affordability. Let's hear what he had to say. Scott Segal: Well, I think energy has been perhaps quietly sort of a sleeper issue for the midterm elections. For Democrats, it's not climate change per se any longer. It's not the grid and the abstract, but it's been framed around the monthly electricity or monthly gasoline bills. I think not just in the case of energy, but in the case of healthcare and housing, this cost of living frame lets them talk about the issues they wish to advance like clean energy, but without ever using the word climate. So it's sort of like energy has become the new dozen eggs, but the example of something the price has gone up for. Republicans basically spent a decade or so being asked whether they believed in climate change, but in 2026, Democrats are asking them if they can read a utility bill. So it's been a change in frame, a change in orientation. And the issue is really framed around affordability. Dan, let me just sort of hum a few bars on affordability for a moment. So the Democrats have basically subsumed energy entirely inside of a broader affordability narrative rather than running on climate policy per se. And I think there's been a fair amount of message testing. This is by design. It's purposeful that the strongest performing democratic messages are the ones that combine electricity and gasoline with housing and groceries and childcare and healthcare into one sort of holistic cost of living pitch. So it's not necessarily a standalone energy pitch, but it's a tool in the tool bag of a broader cost of living pitch. And they're letting numbers do the work for them. It is true that electricity rates have increased and they've increased oftentimes outside of the total inflation rate or the general inflation rate. And the forecasts through 2026, certainly through the midterm elections have suggested in particular regions of the United States, that's going to be a trend line that continues and one that Democrats think they can ride forward on. You know that it's been a year now, almost exactly a year since many of the provisions of the Inflation Reduction Act were repealed. And in their place, the One Big Beautiful Bill limited a lot of the spending either through tax policy or direct spending in favor of a sort of broader range of clean energy alternatives. And I think that Democrats are attempting to take that policy action and frame it as a mechanism that took electrons out of play, that took energy sources out of play at a very time when the cost of electricity is important and reliability of electricity continues to be important, particularly in this age of the data center with lots of new demand being brought online. First time in two decades, we've had an increase in demand for electricity. So that's basically how I think they are writing the affordability pony when it comes to the midterm elections. Dan Testa: That gets at a question that I had planned to ask you a little bit further down in terms of the Inflation Reduction Act and then the impact of the One Big Beautiful Bill, undoing a lot of those tax credits or accelerating them or rescinding unspent funds, getting rid of the $7,500 tax credit for EVs that was out there for a few years. Scott Segal: There are 120 Democrats or so that have signed onto this bill in the House of Representatives to essentially restore that broader clean electricity framework, restore the IRA era, renewable tax credits that were repealed in the One Big Beautiful Bill. Add a new 30% transmission investment credit, claw back some of the administration's positioning that they've taken that favors fossil fuel generation and permitting decisions. So this big omnibus bill. And I think it's instructive that Casten and Levin, who are the leaders on this bill, have entitled it the Energy Bills Relief Act. So all of these issues from permitting reform to restoration of the IRA, renewable tax credits, EVs, and even a new transmission credit, all framed around relieving energy bills by making the argument that you're removing these externalities, these additional costs that are associated with bringing newer, cleaner electricity and EVs and others on the market. Now, of course, it's a good tagline for the run-up to an election. Whether or not nearer term incentives for new investment in energy will bring down actual bills that are being received, that's a different story. I mean, there's a bit of a disconnect because by the time you begin to make investments in new energy sources, those don't pay dividends until quite far down the line. Arguably, clean energy does come online faster than other sources of energy, but nonetheless, it still takes time. So it's not really a cure for near term rates, utility bills, et cetera. But it is, I think, more of a persuasive talking point, even if it's not an accurate talking point. Dan Testa: I wonder, to your point, how much all of this is the minutia of the policy back and forth is a little bit lost on the average voter. I mean, some of our reporting over the last couple of weeks has, when we cover renewables industries themselves, like solar manufacturers, many of them would be happy to not have these tax credits be reinstalled and reinstated. That term the solar coaster of just sort of riding these tax credit horizons can be difficult for the planning purposes of businesses. And they feel like they're almost equipped to stand on their own at this point. I mean, how much of this kind of gets through to the average voter? This is pretty insider stuff, right? Scott Segal: I think that's right. A couple of different things come to mind. I mean, first, it's always been the case that investment and production tax credits in the renewable area had a lifespan of only a couple of years. And then you had to come back to Congress to get them reauthorized. And that's a feature, not a bug. In other words, Congress intended to do it that way. So that industry had to return to Congress hat in hand and ask for additional extensions of tax credits. It keeps Congress in the center of relevance by doing that. So it's always been that case. And I do agree that the renewables industry and really energy industry rit large has noticed that that is problematic. And they would rather see, it seems, credits focused more on manufacturing capacity and perhaps on build out of transmission than having tax policy focused purely on production or investment in generation. So we have seen a shift to sort of get away from this boom and bust cycle that occurs in investment and production credit. In terms of what the average voter sees about this, that's where the importance of this affordability frame comes in mind. I mean, I don't think there's any voters, or at least not many, who are pledging their vote based upon the restoration of Inflation Reduction Act tax credits. I mean, it's way too inside baseball to impact directly on elections. That said, I saw some data from the Kaiser Family Foundation that said about eight in 10 voters name affordability as their top issue. And among the affordability issues, electricity ranks just behind gas and groceries. So there is definitely a focus on the affordability frame, which explains why more inside baseball questions like tax credits are framed around affordability, because that's the issue the voters know. And so it's the idea of taking this more corporate issue and reframing it as a kitchen table issue. That's what's going on. And the way to achieve that is through this affordability frame. Dan Testa: This is probably related to that. As of this week, the Iran war has picked up again in intensity. Hostilities have resumed. And that's an issue that affects not just petroleum prices, but diesel and fertilizer prices, which hits the US agricultural industry very hard. What impact does that have heading into the fall elections? And how are Democrats talking about Iran from an energy perspective? Scott Segal: So if you look at all the factors that go into the pricing of gasoline, diesel, other liquid motor fuels, the input price of crude petroleum is the biggest factor. And crude is traded on an international marketplace. So when the Strait of Hormuz gets a cold, the world oil market sneezes. So it's not a situation where you can say, "Well, the public has one view in Iran and a different view on gasoline prices at the pump." The interesting thing about the price of motor fuel is its one of the only commodities that when you're out and about doing your daily routine, they actually have the price of it plastered on placards on every street corner. I mean, there's almost no other commodity like it. Even your electric power bill only comes once a month. But here you're sort of confronted by the price of gasoline. So people do care a lot about the price of gasoline. The other issue is this, is that every time the price of crude petroleum goes up, the petroleum refiner has to purchase that elevated price of crude petroleum. And then it is only until after that high-priced crude petroleum works its way out of the system that gasoline prices can come down. So it is the case. The gasoline prices in response to something like the closure of the Strait of Hormuz tend to go up quickly and they don't come down quite as fast. So it can be a source of real frustration. There's really nothing the refiner or the gasoline marketer could do about that because it's a commodity and it's a commodity that's essential for the production of motor fuel. But nonetheless, I think that the resumption of hostilities in Iran is fairly poorly timed from an election perspective. Not that that was the primary motivation, but it's poorly timed in the sense that knock on effect with respect to motor fuel prices is likely to leave a hangover that may last more fully into the midterm elections as opposed to if matters have continued to resolve over time as we were seeing. And we were seeing a decline in a normalization of gasoline prices. But now that seems to be knocked into a cocktail as it were. And I'm not 100% sure where motor fuel prices will be by the time the election rolls around. I would make this one note, gasoline prices tend to be higher during the summer months because it's the so-called summer driving season. And so there is some natural normalization of gasoline prices as you enter into the fall. The election obviously is in November. So it is possible that there'll be less of this volatility as we move into the fall. But if there are continued significant hostilities for the near future, that's going to keep the normal reduction one would see from the summer driving season to the fall. It's going to keep that at bay a little bit and present problems for consumers. Dan Testa: You mentioned Democrats kind of wrapping the idea of taking action on climate inside this message of affordability. Are Democrats still interested in pursuing aggressive measures to deal with climate change? Even in progressive states like New York, we recently saw the governor pass a budget that pushed back some of the deadlines in that state's climate law. What does that say about how Democrats are prioritizing action on climate change? Scott Segal: Well, it's an understandable reaction for Democrats to prefer the affordability frame to the climate frame. And if you look at polling data and just a common sense approach to it, it'll tell you that affordability and the handling of the economy are always among the top one or two issues that are faced by politicians at the ballot box. And climate change or environmental issues generally or climate change specifically will be number 10 if there are only 10 issues and they're all named. And so you remind the voter about climate change. If you don't remind the voter about climate change, they may not mention it at all. So it's understandable that affordability is much more of a rising balloon as a political issue than climate change is. Now, I don't think that democratic politicians, particularly in certain areas of the country, have given up on climate change. I think what they have done is they have harnessed the affordability issue to the set of policies that otherwise would be a good idea from their perspective based on climate or environmental protection generally. So for example, diversification in motor fuels or diversification in sources of generation or energy efficiency or things like this help them to achieve their climate change objectives, but do so on the back of affordability concerns. So I don't think they're giving up on these issues. I just think they're using a different tack for purposes of the run-up to the midterm election. And in some respects, they're having more conversations about diversity in energy than they've ever had in past years running up to an election. Because in past years, these issues just didn't resonate. But because they're linked to affordability, they do resonate more and it actually allows them more freedom to discuss these issues. As I say, the punchline of the joke may not be climate change, but the setup is the same. So I think it's a wise choice to choose that frame. Dan Testa: Also wanted to ask you about the issue of data centers and how Democrats should handle that. I mean, you see some recent polling and articles I've read that data center developments are unpopular among both Democrat and Republican voters. But from my perspective, covering the US power sector, all we do all day is write about the utilities and other power providers competing as hard as they can to draw those types of projects to their service territories. They want the long-term power demand. They want the economic development. They want the huge infrastructure investments that those projects bring. So how does frankly anyone running for office square these two opposing views? Scott Segal: Yeah. No, it's true. If there's anything that has seemed to bring Democratic and Republican politicians together, it's been their rethinking of the data center issue. And what I mean by that is that this growing recognition that the public is wary of data center construction is something that both Republican and Democratic governors have taken action on. Now, I don't think that simply because there's controversy associated with data centers, that politicians are that fast to embrace an actual moratorium. Now there have been, I mean, obviously Governor Hochul in New York signed an executive order, which is sort of a temporary moratorium for facilities of a certain size. And she grandfathered in those that had already gone through the permitting process previous to it. So it sounded like a moratorium, but it perhaps is a little more porous than that. But I think Democrats candidly are increasingly divided over how aggressively, for example, the federal government ought to regulate data center development. You've seen folks like the Energy and Commerce Committee ranking member, Frank Pallone, call for a national moratorium on construction of new data centers. But at the same time, he also has worked arm in arm with other members of the committee on both sides of the political aisle, working on mechanisms to limit the cost impacts and ensure that data center developers bring their own generation and do so in a way that manages any infrastructure cost impact for consumers. So Frank's kind of had both sides of the issue, hasn't he? I mean, he's talked about moratorium and he's also talked about more of a centrist approach. I think that latter is probably more acceptable even to Democrats, certainly to Republicans. Not to say they aren't getting pressure the other way, but I look at Chuck Schumer, the Senate minority leader. He's not advanced a particular moratorium proposal. I look at the House minority leader, Hakeem Jeffries, has also declined to endorse any detailed federal pause, even though other members of his own delegation like Alexandria Ocasio-Cortez has certainly endorsed such a moratorium. I think what we're seeing in the House Energy and Commerce Committee is a more targeted approach that is bipartisan. And this of course is the Rate Payer Protection Act. That proposal still has a lot of work to be done on it before I think it would be sensible policy and respectful enough of the role that state utility regulators play because they mostly have the final say on establishing rules that address themselves to residential and ordinary business customers. But nonetheless, there does seems to be that this center path a couple of years ago, something like the Rate Payer Protection Act would have been seen as quite radical. But now in comparison to a moratorium, it seems like more of a centrist approach. And I still think that's where Democrats who are both concerned with holding a line on energy prices, but also concerned with stimulating development in their states, that's the middle path that I think they're walking. And frankly, I think Republicans are walking the same path because they have perhaps different interest groups like rural voters that might be primarily Republican voters, but who are concerned about different concepts like land use and water use and things like that, that can be perceived to be threatening to rural areas. So I think both parties are being forced to discover what the art of the possible is in that center way of bring your own generation, fixing the questions of queuing up for interconnection to the grid, all those sorts of things. I talk about something that will not be significant for voters. I don't think the voters follow the Federal Energy Regulatory Commission particularly closely, but it's just symptomatic. FERC came up with this approach. It was as far as they could go in their own legal authority to look at large loads and to do these six show cause orders that they did. But again, what that shows from a policy position is this sort of more centrist approach. Tell us what we can do. What is the art of the possible to make sure that data centers not only don't add cost and don't reduce reliability, but can have the opposite effect? And Dan, here's the irony behind it all, is that data centers have gotten everybody talking about something that we hadn't talked about as a central issue in a long, long time, which is the need to build out more electric generation and more grid capacity. And if it ends up being the case that data centers bring new sources of capital into these energy markets and reduce the cost of building out infrastructure that would be needed anyway for reliability reasons and for grid stability reasons, the consumer's actually going to benefit from the build out of data centers rather than be hurt by it. But of course, the only way to know that is to press the data centers by giving them these policy positions that will make sure that they do protect the interests of consumers as they advance and develop the data center. But if they do that, it actually will bring more capacity to the grid online faster and at less cost because the capital will be paid for by, if not exclusively, but largely by the data centers. And that's the real irony behind all of this. And folks that stand up and say, let's do a moratorium, they're actually cutting off access to capital for some very important projects. So the problem with that whole argument, Dan, it doesn't fit in an elevator conversation or on a bumper sticker, but it has the added virtue though of being true. Dan Testa: This kind of relates to the subject of data centers and it also touches on climate change, but I just wanted to ask as well about in terms of the large addition of gas fire generation that's being undertaken by the power sector in the United States. I mean, how do Democrats react to this build out of gas generation? And how are they talking about it? Are they supportive? I mean, new gas plants are dispatchable. They're part of the resource plans of many utilities across the US. And even as those costs of renewables and storage are becoming more and more competitive and are often cheaper than new gas capacity, which is part of that diversification message that you touched on briefly. But how can Democrats reconcile this build out of gas generation with maybe voter concern over climate change or just these large projects going up in their communities or other concerns voters may have? Scott Segal: Well, I think it was Will Rogers that said, "I'm a member of no organized political party. I'm a Democrat." And in the case of natural gas, you kind of see that in bold relief because the Democratic Party doesn't speak with one voice on natural gas. You have certainly folks to the left of the party, the sort of progressive left for whom the issue of climate change is a much higher priority. And for them, they are not supportive of really any form of fossil fuels. I mean, they certainly don't want to see expansion of fossil fuels. They may tolerate it as a necessary evil, but they don't want to support expansion. But I would say that's not even the majority position in the Democratic Party anymore, because I think that the kitchen table issues like cost, the issue of how we're going to provide power to new consumers like data centers or even outside of data centers, those electric vehicles that we talk about and also to manufacturing that's being onshored. These all are net electricity consumers and they need to have a source of power. And you looked at the politics of when some folks on the progressive left have tried to ban new hookups for gas appliances, for example, you saw the reaction there. That's actually a pretty good election issue for Republicans that want to take your gas range away, that sort of a thing. So I don't think it's a centrist position of the Democratic Party even to get rid of or marginalize natural gas. Now, the recipe for addressing electricity demand is really a three-part harmony. It's renewables, it's energy storage, and it's dispatchable gas. So it really is all three. Now, when I say renewables, you can put a parentheses after that and put "nuclear," close parent. So in other words, we'll just call it cleaner capacity. But because of course there are folks that are investing in nuclear, there is one of the few investment tax credits where I think there's a lot more interest is the one dealing with nuclear. And I think there is an effort to push forward both the new sort of Westinghouse utility scale as well as smaller modular reactors, but there's a great deal of interest there. So I don't want to exclusively say when I say renewables that I'm only talking about renewable solar and wind, but also geothermal and of course nuclear as well. But natural gas is an essential ingredient to that. As I say, it's three parts. And so if we're going to address these issues that people do care a lot about, like reliability and affordability of power, we can't just pick every other spoke on our wheel. That doesn't work very well. So we've got to have all the tools in the toolbox to mix a metaphor a little bit. So I think that if there is a centrist gas position in the Democratic Party, it's marginally favorable to the extension of transportation of gas, particularly if it's viewed in comparison to incumbent coal-fired capacity, which is increasingly, despite the administration's use of must run orders or attempts to even build new coal-fired capacity, mostly gas is used as the dispatchable alternative to coal-fired capacity. So I do think when viewed in that context, even an environmental voter can certainly support a combined cycle natural gas power plant, or at least not be too upset by one. Dan Testa: You just touched on this, and this is my last question. And it's about nuclear and geothermal and some of these forms of generation that seem to enjoy bipartisan support. I mean, we've seen the Trump administration move to stop or undermine certain forms of renewables, primarily wind power. Are there opportunities for these industries like nuclear and geothermal to kind of leverage this bipartisan support that seems to be existing right now? And can Democrats take advantage of the popularity of these technologies as well? Scott Segal: Well, they say success has a thousand fathers. And if they do advance the ball for nuclear and they do advance the ball for geothermal, those are two sources of energy that the administration is comfortable with, but they also happen to be low or no carbon sources of energy. And in the case of geothermal, I want to hum a bar or two on that because we mostly think of geothermal in terms of what are sometimes called hot rocks. In other words, we use essentially volcanic sources of subsurface heat to essentially heat water to create steam. I mean, that's the sort of standard approach. But it may be the case, particularly as we bring on data centers and we bring on other sources of manufacturing, that we not only need to deploy energy resources that bring new power to market, but we also need to cut demand and enhance efficiency to the massive extent possible. So there are other geothermal technologies like geothermal heat pumps, for example, which are also part of the same program at the Department of Energy that can actually be used to reduce the energy impact of everyday life of, for example, heating, ventilation and air conditioner, HVAC, which is the sort of number one power need for many small businesses and certainly for residences. So why do I spend time on this? Well, because a lot of times when you're building new manufacturing facilities or you're building data centers, consumers that live in that area feel like this might increase their power bill. If the administration working together with Democrats and Republicans can support mechanisms that actually cut demand, that's a way to make these voters feel heard. Because rather than increasing their power bill, you're actually decreasing the amount of electricity that they need to use in order to power key systems in their houses. And that is an application of geothermal energy, which is very unique to that sector. So I think as a political matter and as an energy policy matter, there's a very bright future for geothermal, both for electric power generation like hot rocks and for reducing power demand in small businesses and universities, colleges, churches, and homes like in geothermal heat pumps. So that's one of the reasons why I think there's so much interest in the technology right now because it hits on both pistols. Nuclear, obviously nuclear has high capital investment, but the thing about nuclear is that once it's installed from a generation capacity, it's like those old battery commercials, but just it keeps on going. And it's both clean and clearly base load power. And not all base load power is clean. And so nuclear stands head and shoulders above it. And once you make the large capital investment, the day-to-day operational cost associated with it is actually quite low. So I can tell you from dealing with folks in the energy markets, there's a great deal of interest in new nuclear capacity, as well as perpetuating and extending the licensure of existing nuclear. So that's all part of the puzzle. But remember, there's a recipe here. Cleaner energy plus energy storage, candidly plus gas is the recipe that's used for data centers, manufacturing facilities, and new neighborhoods and residential construction. All of it is this recipe. And as an election year issue is concerned, that's a 202 level energy, not the 101 level energy that would normally find in a bumper sticker. So on a bumper sticker, it says affordability, right? That's right. Dan Testa: All right. We just covered a lot of ground there with Mary Landrieu and Scott Segal. So what did we hear? Well, in the opinion of these two, there's a broad consensus within the Democratic Party kind of coalescing around an energy policy focused on renewables, storage, and natural gas. And there's bipartisan support for nuclear and newer technologies like geothermal also. Less clear, however, is how and whether Democrats take positions for or against data center development, because that's an issue that doesn't map neatly across partisan lines. And it's also something where voter sentiment varies widely depending on the states and cities and towns where these projects are being planned. And then clearly we heard how important it's going to be for Democrats to frame their energy policies as part of a broader push to improve the affordability of everyday life for American voters, from utility bills to gasoline prices. And to the extent they're successful, that's certainly going to play a role in voters' choices as they head to the polls in November. Lastly, and before we go, I just want to acknowledge that we heard from two very experienced and trusted policy experts at two major lobbying and legal firms in Washington DC, but they're just two people giving their best perspectives from inside the beltway, as they say, on a vast array of issues affecting the entire US. We might have heard very different viewpoints interviewing folks in say, I don't know, West Texas or California or North Dakota. But either way, we've got a lot to think about in terms of how these energy issues are going to be debated and discussed over the next couple of months in the US. Okay, that's it for this week's episode. I want to sincerely thank Mary Landrieu and Scott Segal for sharing their time and insights on these critically important issues. I also want to recognize the rest of our Energy Evolution podcast team, including Camilla Nashert, Karen Willenbrecht, Drew Engblom, and Eklavya Gupte. And thank you as well to producer Donovan Menard of our agency partner, The 199 and the S&amp;P Global Energy Digital Content Team. Make sure you subscribe to Energy Evolution on your favorite platform so you can always catch the next episode. And if you've got any ideas for future podcast topics, guests, issues, questions, problems, solutions, email us at energyevolution@spglobal.com. As always, thank you for listening. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/050526-how-eus-methane-rules-could-upend-global-gas-trade</link><description>The EU&amp;apos;s methane emissions framework has drawn pushback from major gas producers and industry groups, which warn that critical implementation details remain undefined even as a key 2027 regulatory deadline looms. In this episode of Energy Evolution, host Eklavya Gupte asks whether Europe&amp;apos;s methane regulation will set a new global standard for climate accountability or trigger an energy crisis by</description><title>How EU&amp;apos;s methane rules could upend global gas trade</title><pubDate>05 May 2026 10:25:48 GMT</pubDate><author><name>Eklavya Gupte</name><name>Desmond Wong Zheng Wei</name><name>Max Mucenic</name><name>Staff </name></author><content><![CDATA[ Electric Power, Natural Gas, Energy Transition, Emissions May 05, 2026 How EU's methane rules could upend global gas trade Featuring Eklavya Gupte, Desmond Wong Zheng Wei, Max Mucenic, and Staff HIGHLIGHTS EU methane rules face pushback from producers 2027 deadline looms with key details undefined The EU's methane emissions framework has drawn pushback from major gas producers and industry groups, which warn that critical implementation details remain undefined even as a key 2027 regulatory deadline looms. In this episode of Energy Evolution, host Eklavya Gupte asks whether Europe's methane regulation will set a new global standard for climate accountability or trigger an energy crisis by impacting long-term contracts and reshaping global gas trade flows. Desmond Wong, global lead for low-carbon gas pricing at Platts, part of S&amp;P Global Energy, interviews two experts on the legislation's far-reaching implications. First, Doug Wood, gas committee advisor at Energy Traders Europe, explains the commercial realities facing importers: unclear penalties, missing verification standards and regulatory gaps that could prevent companies from signing new supply deals. The conversation then turns to Max Mucenic, senior principal emissions analyst at S&amp;P Global Energy Horizons, who breaks down the technical challenge of measuring methane across complex supply chains and discusses why wide variations could determine which suppliers win or lose access to European markets. View Full Transcript Eklavya Gupte: Welcome to Energy Evolution, the podcast where we examine the forces reshaping how we power fuel and electrify our future. I'm your host, Eklavya Gupte, and today we're turning our attention to a regulatory shift that promises to redraw the contours of Europe's energy trade with consequences that will reverberate across continents. We are focusing on the EU's methane emissions regulation, an ambitious legislation designed to curb one of the most potent accelerants of climate change, not merely within its own borders, but along the entire supply chain. Importers of natural gas, LNG, crude oil, and coal must disclose the annual methane emissions data. From 2027, any new import contract will be held to the same rigorous standards of monitoring, reporting, and verification that apply to European producers or face steep penalties. By 2030, the bar rises higher still. Both domestic output and imports must meet methane emission intensity limits for all new and renewed agreements. The problem, these limits remain undefined. The methodology for measuring them is still unwritten. And with a critical deadline set for August 2027, the clock is ticking and the uncertainty is deepening. The stakes could scarcely be higher. Will Europe's methane crackdown prove a model of climate leadership or will it sow confusion, fracture supply lines, and inadvertently tighten the very energy market it depends on? The opposition is mounting the US ambassador through the EU has warned that the regulation could precipitate another energy crisis. Nearly 70 companies and trade groups have called for delays and amendments cautioning that significant portions of the EU's gas and oil imports may fall short of the 2027 requirements. But the European Commission insists it is working to ease the path forward. Officials say they're very, very close to finalizing recommendations that would allow country level compliance rather than cargo by cargo tracking. And they ensure that these penalties will not threaten energy security. The commission is also assembling guidance to harmonize implementation across member states, signaling a willingness to interpret the law flexibly. Yet critics argue that guidance alone falls short of the legal certainty needed to underwrite billion dollar contracts. Can the industry recalibrate in time or will the fog of regulatory ambiguity freeze investment and imperil the long-term contracts that underpin Europe's energy security? Now, to help us make sense of it all, Desmond Wong, global lead for energy transition and low carbon gas at S&amp;P Global Energy Plants spoke to two experts on this topic. Desmond spoke with Doug Wood, who is the gas committee chair of Energy Traders Europe, whose members are grappling daily with the commercial and compliance realities of this new regime. And he also spoke with Max Muceni, principal analyst for emissions insight and analytics at S&amp;P Global's Center of Emissions Excellence. Each of them offer a clear-eyed view of what it will actually take to meet these emerging mandates. The question now hanging over Europe's energy future. Can the continent secure the fuel it needs while imposing a new standard of environmental accountability? Let's go straight to that conversation now. Desmond Wong: One of the things here for members of our audience who don't quite know what the EU methane regulation is, Doug, you could give us a quick idea of what its role is and what the sort of initial issues that people have come across in trying to meet it, especially given how it's got a bit of a deadline for 2027 when it comes to implementation. Doug Wood: Sure, that's a big question. At its broadest sense, the methane regulation covers imports of crude oil, natural gas, and coal. It places obligations on importers to the EU and producers inside the EU to report a series of methane emissions related activity on the products they're importing into the EU, and it places a series of obligations on producers and infrastructure operators to manage the methane emissions around that. And in due course, the European Commission will determine how methane intensity is to be calculated and will reduce a ceiling. And the idea for that is to try to reduce methane emissions related to imported fuels into the EU. Now, our interest here is primarily around just the importation of natural gas and what obligations that places on importers. And the regulation is unfolding. There's still an amount of secondary legislation still to be developed, which leads to a lack of clarity around a number of elements that I'm sure we'll discuss later and some of the challenges in how we are going about trying to implement the legislation within the industry and in discussion with the commission and authorities. Desmond Wong: I guess we should probably go over some of those potholes in that pathway to implementation. And it breaks down to several elements. And I guess you mentioned this earlier, the clarity on penalties. Now, where are we at with that? Doug Wood: Yeah, there's actually a very high level of possible penalty that's allowed for within the regulation, although there's some limitations around that, but up to 20% of relevant turnover could be at stake if you fail to report or fail to be able to justify why you have been unable to obtain information to report that information. So that could potentially be extremely serious. So we're taking this very seriously, but we don't really have clarity on how that will work. The penalties are not exercised at an EU level. They are delegated to individual member states, but many of the member states have not yet appointed a competent authority to be able to levy penalties. They have not necessarily passed the internal legislation to give those competent authorities the power to issue levies. And there are still a lot of uncertainty around the definition of an importer and who would actually be eligible for penalties in which member state, depending on where the importer is registered versus where the importer is actually importing the gas. So there's a potential conflict across competent authorities here. These are things which are an active discussion at the moment that we're trying to get clarity on. Desmond Wong: And there's also that matter of standards and thresholds insofar as how to get it done, how we track it, all the mechanisms involved. Those standards haven't exactly been established either, if I understand things correctly. Doug Wood: Yeah, there's still a lot of secondary legislation of delegated acts and implementing acts that have yet to be put in place, which define in further detail how the regulation is intended to deliver and to try to make sure that it's implemented consistently across all of the member states within the EU. Because of this delegated competence, there is a risk that if different member states implement the regulation differently, then there will be some kind of regulatory arbitrage around what companies you might use to import natural gas into the EU and what standards are being applied there. There's also an obligation for accreditation and verification to ensure that the data being reported is correct. So for example, on production in the US, what standards are being applied there? Are they considered to be EU equivalent? How do we determine who the accreditation bodies are to be able to carry out some level of certification or appointment of authorities of experts to verify this information? All of that information's missing at the moment. Until we have greater clarity, it's very difficult for an importer to be able to comply or demonstrate compliance with this and therefore avoid the potential for penalties as we are out negotiating deals with potential suppliers. Desmond Wong: Well, with that in mind, should Brussels be looking at something a little different? Because I think we're closing in on 2027, there's not a lot of time left. Doug Wood: Absolutely. There have already been reporting obligations in place where we are able to obtain the information related to methane emissions around production, but that doesn't carry penalties at the moment. And what it's done is to demonstrate how difficult it is to get hold of some of this information, particularly within historical contracts where there's no obligation upon an exporter to obtain and supply that information. So this is proving to be very difficult in putting this into supply contracts and it's having a big effect on signing up new contracts because people aren't really sure what the obligations and liabilities are related to that. Now we've been working on a series of proposals, partly on how to demonstrate compliance and what would be a reasonable way of introducing these things, but even that's going to take time. And I think we're also looking for some transitional arrangements or a soft landing such as a delay in the issue of penalties until we have working procedures in place that allow us to demonstrate compliance. Desmond Wong: Well, speaking of proposals actually, I think on April the 9th at the Eurogas Methane Emissions Conference in Brussels, the director general for DG Energy, Beta Jorgensen, did mention two proposals that she would be putting forward. And one of them was around the prevention of interruption to security of supply when it comes to penalties. And of course the other would've been around a sort of reduction in data granularity in so far as you don't need to track the methane down to the molecule in order to constitute compliance. Now, the market did sort of breathe a sigh of relief when they heard about that. Doug Wood: It doesn't directly solve the issue at hand, but it really is an important aspect that we're very pleased that the commission has recognized. The original regulation was designed as if there was a single seller and a single buyer and you could track methane inputs, the molecules back to the field of production. And of course that's not how it works. You get exporters that are working with a portfolio of contracts. They may have their own production or buying production at a trading hub and the gas is commingled in the pipeline. It may be commingled in the liquefaction facility. And so it's not really possible to determine specific sources for molecules. And I think that's an important acceptance by the commission that we can't do it like that. And what we've been working on is a certification regime where as long as your cargo is being exported from the US, then as long as you can produce certificates demonstrating that there has been an equivalent level of compliant production that's been accepted under EU terms, then that could be applied to your cargo. And that would apply obviously not only to the US, but to other major exporters to Europe, including Australia or Qatar or many other locations. So the idea was that this would be a national system whereby you could, as long as you could demonstrate your gas, your cargo came from a particular country, then you could have much lower level of granularity in demonstrating the methane emissions related to that. I think there are some concerns in some quarters that we need to better demonstrate that this continues to provide the necessary incentives for people to continue to invest in methane emissions reductions. Whatever solution is put in place, we need to be sure that there's no potential with greenwashing, that there's no double counting and so on. But the regulation doesn't mandate any specific individual solution. And those would be issues that we would have to demonstrate no matter what compliance solution we came up with. Desmond Wong: Well, the other thing that was mentioned in that conference was also about the implementation of penalties that would not affect security of supply for delivery of cargoes. Now that's admittedly useful, but also still kind of vague because then you end up with an uneven playing field again because then people can apply the penalties to what they deem as a threshold for security of supply. Is that sort of a useful approach at all? Because once again, as you mentioned previously with issues around level playing fields and even rules, that's not really going to result in what people need. Doug Wood: Well, it certainly helps that there is some conditions attached, that if importing countries fear that a security of supply issue might arise because of the lack of complying cargoes, then to have some means to address that such as suspension and penalties could be an important solution to that. However, because of the architecture of the regulation itself, there are some anomalies within the legislation that make that more difficult. So for example, rather oddly, the reporting requirements and therefore the pencil requirements are to a competent authority in the country where the importer is established, which is not the same as the country where the importer might actually be importing the gas. So if you had a Dutch company importing into Italy, for example, they would have to report the Italian imports to the Dutch authority and be subject to Dutch penalties. Now, if Italy came along and said, oh, we have a concern about security or supply and we're going to suspend penalties, it's not clear how they would suspend penalties to Dutch companies. They can only suspend penalties to Italian companies. So there's certain odd instances of how the regulation is being put together that creates a problem for utilization of this conditionality around the penalties. And that's one of the proposals that we've been putting in place is not only to have a grace period before penalties are applied, but also an opportunity to have some targeted amendments to the legislation to fix a number of problems like this, to remove some of these anomalies. Desmond Wong: When it comes to the actual nuts and bolts of this insofar as just because we need to reduce that methane output and find a way to measurably reduce them so that you can maintain a level of compliance to the regulation, there have to be a variety of mechanisms and measuring methodologies for that methane for gas production in the US to make this work. And this is where I kind of want to throw it to you, Max, a little, to find out what options do people have when it comes to measuring and reducing their methane emissions as part of that output before it becomes LNG and makes its way across the Atlantic? Max Muceni: Sure. Yeah. So I'll take that in two parts, I think, because you said measuring and reducing. So there's two steps there, and I think you do have to do the first, the former before the latter. So starting with measuring, I think it's important to know that methane can be emitted at many stages along the supply chain for oil and gas. So going all the way back to the wellhead, to the production of the oil and gas, to the gathering stage, to transport, whether that's a pipeline or otherwise, to liquefaction, finally on a marine vessel and in an LNG vessel or a large oil tanker. And even on the EU side, there could be additional methane emissions, let's say at a re-gas facility. So it's every stage of the process. There needs to be potential interventions to first measure and then potentially reduce the methane emissions at those stages. Some of the main sources of methane are at the wellhead. If the producer is trying to offtake the oil and the gas is seen as something of a byproduct, that gas can be vented, meaning just released into the atmosphere directly as methane. And we know that comes with a high global warming potential, about 80 times that of CO2 over a 20-year period. So it has this very strong short-term warming impact. And so that's one potential source. Alternatively, and sometimes by regulation, producers are required to not vent, but flare that additional gas. And so a flare basically is just a big candle. You're lighting that methane on fire, combusting it and releasing it as CO2, which is preferable from a climate perspective than just venting it. But even that can have methane emissions because inefficient flares sometimes don't totally reach perfect combustion and combust 100% of that gas. And then of course, a flare could go out just like a candle going out on your birthday cake, and then you have that gas just again, effectively being vented to the atmosphere. So there's those options or potential sources. There's also what's called fugitives. This would be like leaks in something like a storage container or a pipeline network. So these would be often small sources. Another big one is pneumatic controllers. These are devices used to regulate pressure and flow within a variety of different assets across segments. And these come in a variety of different types. Some are continuous bleed, meaning they release a small amount of methane continuously, which again, over time and when multiplied across thousands of producers adds up to a large methane footprint. Leak detection and repair is another process where companies are required to or choose voluntarily to monitor their own facilities and make sure that these types of fugitives are kept in check and if they occur are repaired quickly. So yeah, moving now to the repair stage or the reduction stage, there's leak detection and repair. So there are many different possibilities. The reason this matters is because some particular regions and particular producers have instituted a lot of these changes and have very well-developed, for example, leak detection repair programs, whereas others are not as far along on the journey of methane reduction. And so we did some modeling at S&amp;P where we looked at US oil and gas basins and we found a huge range just by basin because of the various regulatory and also just geologic constraints and found some of the dry gas basins in the Appalachian, part of the US, had methane intensities as low as 0.2%. Whereas when you look at the Anadarko or some of the other basins, we saw as high as 3%. So there's this big range and some of that again comes down to regulation. Desmond Wong: So essentially what we're looking at is a fairly complex picture because you've got the complete upstream which has to be accounted for. You've got the midstream, which has to be accounted for. You've got the downstream at the LNG terminal that has to be accounted for. And all of those bits need to combine somehow into a value that can be presented for compliance purposes. One of the many solutions that a lot of jurisdictions have implemented in situations like this would be a certificate mechanism of some kind that tracks the methane attributes of that gas perhaps arriving for export at a US terminal or other kinds of mechanisms that involve declaration of that value X terminal, that sort of thing. What would make the most sense do you think, Doug, for compliance with the current EU disposition as it stands given the complexity of the US network? Doug Wood: So at the moment the obligations to report are related to the original production. Although transportation and infrastructure have to be reported separately, they're not bundled into the production at this stage. So our primary interest is in reporting information related to the original production of that gas. And that's an obligation that's on the importer and the importer pays the penalties. So the importer has to go to the exporter and say, where did you get your gas from that I can obtain this information? And the exporter might be the producer or it might not. The exporter might have acquired that gas as part of a portfolio. And as I said earlier, in any case, it's not traceable to a particular production facility. And the EU has said that's not necessary and the legislation doesn't talk about it requiring to be traced to an original production facility. So to have information that is collectible on that basis so that US producers can report an amount of production was made with these characteristics, and then for us to take that and separate it and apply that certification to a particular cargo, that would be an ideal way of being able to do that. As long as you were demonstrating that somewhere in the world there was some compliant production, that might provide a very soft landing way of being able to introduce this until the relevant systems were in place in order to allow another level of reporting. Or it may even be the case that this is enough for the time being. So by having standard certificates in place that could even be tradable independently and give you a value for what the value of the methane reduction is, that would allow both compliance reporting to the competent authority of the EU and drive commercial activity and providing a value in incentivizing upstream producers to invest in methane reduction technologies. Desmond Wong: So essentially we attach a certificate mechanism to the cargo. The only issue I see with that is you're going to end up with a lot of constraints and optimization because LNG cargoes get moved around and diverted all the time. People look at their spreads, go into particular markets in terms of timing, delivery periods, and adjust their volumes accordingly. Now what this might do is that it'll create a subset of volumes that can only go to the EU and you wouldn't be able to swap say a Nigerian cargo for a US cargo for delivery simply because if the Nigerian project does not have the necessary certification, you're going to end up with a bunch of cargoes flagged with only that methane green flag and the rest not. Doug Wood: Depending on how narrowly defined your area of certification spread. So if you were saying US only and not a global regime, then yes, it's going to provide some limitation to the optimization opportunities that currently take place, that if we've got one cargo heading west to east and another cargo heading east to west, there's an opportunity to swap those cargoes. But without a global certification scheme, you wouldn't be able to take your certificate and apply it to that other cargo. The cargoes contain information about where they're actually coming from. So that's on the bill of lading certificate, you could see this was a US cargo and that was a Nigerian cargo and they weren't necessarily compatible. So yeah, there would be some potential for reducing some of the optimization efficiencies there. Desmond Wong: If we're hoping for a global standard, that's probably another step that we'll have to look into the future for. When it comes to stuff that applies only to Europe in this particular case, I'm just interested, Max, is there anything that's currently been published by the EU that points us into a particular direction in which these standards might take form? We've been talking about potential for global standards or standards only for the US. Do we have any steer from what the EU has already said as to what this might look like? Max Muceni: Yeah. So you mentioned how nice it would be to have a global methane framework. And so the closest thing we have to that, and this is what the EU or the commission has referenced in the original methane reduction regulation, is the Oil and Gas Methane Partnership 2.0. The OGMP, as it's known, started in 2014 to try to get a handle on methane emissions. This is a partnership between some government bodies led by the UN, but also big oil and gas companies around the world are members as well. So this is voluntary entirely. And the European Commission is also one of the non-company members here. So that brings in why OGMP 2.0 was referenced in the original regulation. And basically for imports, there are two ways that you can pass the use threshold for qualifying MRV or monitoring, reporting, and verification standards. And one is to have an entire country granted equivalence with the EU standards. So exactly how this would work is not exactly clear because every country has its own regulations and they might have robust methane rules, but they don't necessarily align to the letter with the EUs. And so would that be considered equivalent or not? We don't know. As of now, no country has been deemed equivalent. The other pathway is the MRV at the time of import where the importer has to show that the EU standards have been met. And what the regulation says is that in order to meet that EU standard, it would need to meet OGMP 2.0 level five. So quick little primer on OGMP is it has a kind of graduated scale of levels of quality or robustness of methane reporting and monitoring. So level one is something very crude where you would just say an operator would just report their total emissions number. Say I emitted whatever, one ton or 50 tons, et cetera, of methane last year. So something like that, you can't really do much with that. And then it's graduated up. I won't go through every step of the process, but it gets more refined over time where you move into differentiating by different sources of methane and moving from using generic emissions factors to using more bespoke or tailored ones for your particular facility. So the important one for level five is essentially you need source and site level methane measurement. So source level would be with various storage tanks or pneumatic controllers or flares and an operator looking at a representative sample of its assets and the potential sources of methane within that asset and actually measuring based on real activity, real production numbers, understanding the methane that's being emitted from each of these point sources and applying that to its entire facility. So that would give you the kind of bottom-up number. And then you have essentially the other side of the coin, which would be the site level number. So this is a separate estimate, which would entail, for example, a aerial flyover, a periodic aerial flyover to capture the methane intensity or emissions from above, which can be done using special cameras. This could also entail the use of satellites, although from what I understand, satellites alone would not be sufficient to meet this requirement because they have a minimum detection threshold. And so once you have the source level calculation, which would correspond to level four, you have your site level number and you put those together and reconcile them. So that reconciliation process is also required as part of level five. And then beyond that, it needs to be verified. So this number, it's not just a number that a producer comes up with on their own and throws out there and then gets accepted. It needs to be verified by a third party. So these are the requirements that would actually get you EU qualified equivalency. At least this is what they've hinted at and suggested in the original regulation. There's still potentially details that need to be worked out there, but that's where the path of travel is. Desmond Wong: I guess there's a big elephant in the room regarding timelines and consequences when it comes to the current energy crisis. What are we going to face if we don't get enough clarity in time, especially given the climate that we're in? Because well, I mean, people need supply and for supply to get there, you need to get those contracts signed and those contracts can only be signed with sufficient clarity. So what's your membership telling you? Doug Wood: Our members are telling us it's very difficult to sign long-term contracts at the moment. It's far from clear how to meet the obligations, how to demonstrate compliance, and the potential for penalties is significant, producers or exporters aren't going to take on these kinds of exposures, these kinds of risks. So we think there is a good amount of gas around which could be compliant, which has made significant improvements in methane emissions. They do have some standards in place. We just don't know that they are compliant. They haven't passed the MRV equivalence procedures. They haven't been passed by the EU. We don't have two regimes that's been approved by the competent authorities. So we are at risk of creating an artificial short of gas in the EU. Desmond Wong: I'm going to sort of bring us to a close with a bit of a blue skies question here. A lot of people have put forward solutions to smooth in the implementation of EU methane regulation. And I'm just wondering from your perspective, Doug, what would be a first step? Doug Wood: There's some momentum building within the industry for a couple of things we need to do now. One is a suspension of penalties across the EU and to have the legal certainty that those penalties will not be applied, which require a different approach. And the commissioner said they'll make a recommendation, but we need something a lot firmer from the member states themselves. And that could buy us some time where we define the obligations in more detail and make some targeted amendments to the regulation itself. And that way we can bring it in properly and effectively and have the certainty that allows people to continue to sign up long-term contracts because they know how that's going to be applied. And that will also require us to grandfather in some contracts signed in the meantime. So that's a couple of very specific things that we put to the commission and we are hopeful they'll listen to and provide further discussion on action. Desmond Wong: And there was also something raised at that Eurogas methane emissions conference where some people were saying maybe we should just stop the clock on this temporarily so that we can get all of our ducks in a row before everything kicks off. Is that something that you folks would also be in agreement with? Doug Wood: Yeah, I think that's consistent with what I was saying. Whether we just bring the whole thing to a halt or have a clear relaxation of penalties while we figure out an implementation timetable and tighten up some of the legislation. Desmond Wong: Exactly. Well, appreciate your time, Doug and Max. Eklavya Gupte: So that's all for this episode. We hope you found it useful and thank you all for listening. Now I'd like to give a quick shout out to the rest of the Energy Evolution podcast team, including Dan Testa, Andrew Engblum, Camilla Nashert, and Karen Willembrecht. And a big thank you to our agency partner, The 199 and the S&amp;P Global Energy Digital Content Team. Also, please don't forget to subscribe to Energy Evolution on your favorite podcast platform. And if you have any ideas for future podcasts or topics or guests, please email us at energyevolution@spglobal.com. Until next time, thank you all for listening. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/033126-political-pressure-mounts-on-europes-flagship-carbon-policy</link><description>The EU Emissions Trading System is facing its greatest test yet. European leaders and companies are sounding the alarm, warning that high carbon prices are undermining the bloc&amp;apos;s industrial competitiveness and threatening to drive manufacturing offshore. In this episode of Energy Evolution, host Eklavya Gupte examines what&amp;apos;s driving the turbulence in Europe&amp;apos;s carbon market and what it means for</description><title>Political pressure mounts on Europe&amp;apos;s flagship carbon policy</title><pubDate>31 March 2026 10:37:09 GMT</pubDate><author><name>Eklavya Gupte</name><name>Irina Breilean</name></author><content><![CDATA[ Energy Transition, Electric Power, Carbon, Emissions, Renewables March 31, 2026 Political pressure mounts on Europe's flagship carbon policy Featuring Eklavya Gupte and Irina Breilean HIGHLIGHTS EU carbon prices fall on pressure concerns ETS reforms target industrial competitiveness Carbon policy shifts toward trade protection The EU Emissions Trading System is facing its greatest test yet. European leaders and companies are sounding the alarm, warning that high carbon prices are undermining the bloc's industrial competitiveness and threatening to drive manufacturing offshore. In this episode of Energy Evolution, host Eklavya Gupte examines what's driving the turbulence in Europe's carbon market and what it means for the bloc's energy transition. First, Irina Breilean, carbon price reporter at Platts, part of S&amp;P Global Energy, explains how political pressure from member states has dragged EU Allowance prices down by almost Eur30/metric tons of CO2 equivalent in recent months. The conversation then turns to Julia Michalak, EU policy director at the International Emissions Trading Association, who breaks down the ETS reforms now under consideration: extended free allocations, the modified Market Stability Reserve and why industrial competitiveness concerns are dominating the climate policy debate in Brussels. Eklavya also speaks with Pedro Barata, associate vice president for carbon markets and private sector decarbonization at the Environmental Defense Fund, who offers a perspective on the political economy of carbon pricing and how the EU's Carbon Border Adjustment Mechanism is evolving from a climate tool into an instrument of industrial policy -- with major implications for global trade. View Full Transcript Eklavya Gupte: Welcome to Energy Evolution, a podcast where we explore the transformative forces shaping how we power fuel and electrify our future. I'm your host, Eklavya Gupte, and in today's episode, we're diving into the turbulence gripping Europe's carbon market and what it means for the block's energy policies and climate ambitions. For more than two decades, the EU's emission trading system has been the cornerstone of Europe's climate policy, a market-based mechanism designed to put a price on carbon and drive the transition to cleaner energy. And it's been held up as a model for the world, but right now this model is under strain. Political pressure is mounting. Industrial competitiveness concerns are intensifying, and carbon prices have tumbled over 20 euros per metric ton since the start of this year. And this comes as the market is digesting a wave of proposed reforms from tweaks to the market stability reserve to extending free allowances. So what's driving this political pushback? Are these reforms a pragmatic course correction or do they signal a deeper rethinking of Europe's climate strategy? To help us unpack it all, I'm going to be joined by several experts in today's podcast. And to start off with, we have Irina Breilean, price reporter in the energy transition pricing team at Platts. Welcome to the podcast. So can you tell us why has there been such a big fall in carbon prices in the EU ETS this year? Irina Breilean: Yeah, of course. Well, first of all, as you said, we've seen the price drop by 20 euros since January, and this has been really driven by a flurry of political statements from various EU leaders. German Chancellor Friedrich Merz gave some mixed signals, first calling for revamping or suspension if need be of the EU ETS and then changing his view quite a bit and retracting those statements. And this has fueled quite a bit of volatility for EU allowances. We've also seen similar calls from Italy who has called for an actual suspension of the market, similar calls from Poland, from the Czech Republic. And this has really weighed on prices for EU allowances, which used to be in the high 90s back in January, and now have fallen towards 70 euros. There has been disquiet caused by the upcoming reform in July. However, the most recent announcement from the European Commission earmarking 400 million allowances for an EU ETS fund, which seeks to gather 30 billion euros in revenues has been a sort of pacifier. And we've seen the drop stop a little since. And now everyone is waiting for further clarity on what their reforms will look like exactly. What will the EU do to the market stability reserve? Will they touch things like the linear reduction factor? Will we see an extension of the phase out of free allowances? So there's just a lot of uncertainty floating around right now, which has dampened the previous bullish narrative for EU allowances. Eklavya Gupte: We saw prices as high as 92 or 93 euros in mid-January. And one of the big reasons for that is we saw a lot of the investment funds take strong speculative positions in the European carbon market. We also saw prices rise because we were expecting a fall in supply for this year. Have those speculative positions fallen very sharply as a result of this political pushback? Irina Breilean: The market reports have been showing curtailments from financial players active in the EU carbon market. Yes, we've seen investment funds who are very volatile players. They hedge long-term. So people do track those positions on a week-to-week basis. We've seen them sharply reduce from over 100 million allowances, I think back in January to, I think we're around 30 million now. We've now seen such low net linked, let's call it that, since August last year when they started ramping up their positions, sort of betting on the long-term bullish trajectory for the EU ETS, which is allowances are taken out of circulation every year. 2026 was forecasted as a particularly short one, especially starting in the second half of the year according to various analysts. And now they've curtailed those bets amid all this uncertainty around reform. We have a war in the Middle East now. There's just a lot of uncertainty causing them to exit. Eklavya Gupte: Yeah, no, that's great because actually my next question was going to be about the conflict in the Middle East. How is this impacting European carbon prices, which were already on a steep downward trend? Irina Breilean: That's a very good question. We're seeing a mix of fundamentals impacting the price. On the one hand, you have more lucrative coal margins with rising gas. Obviously we've seen gas jump dramatically due to the effective closure of the Strait of Hormuz. This has led to higher coal prices for power generation. And this obviously is a heavier polluting fuel. It requires more allowances to be paid by utilities, and this is a bullish factor. On the other hand, war is bad for industry growth. So for new allowances, it's really a question of in which direction will we spill over to? Are we going to see a bearish impact from industrial destruction, burden demand destruction, or are we going to see price support from lucrative coal margins? Eklavya Gupte: Now let's go straight to the interview with Julia Michalak, EU policy director at the International Emissions Trading Association. She will walk us through some of the big changes on the table and what they mean for price predictability and market stability. Welcome to the Energy Evolution Podcast. Great to have you here with us today. Julia Michalak: Hello. Thank you very much for the invitation. Happy to be with you. Eklavya Gupte: Anytime. So obviously the European carbon market has gone through a dramatic few months recently. Why has it become such a political lightning rod right now? And what's changed in the past 6 to 12 months? Julia Michalak: I think it's a very good question. And in my view, key factors are both big geopolitical changes that we are observing worldwide, but also more nitty-gritty technical details that are being agreed with Brussels with regard to changes to the EU ETS and the changes that will already take place in the second half of phase four. And combined, it all have an impact on the political discussion in town. I think that when it comes to this big geopolitical changes, of course, what's happening right now in Middle East is again raising up in the political agenda, the topic of energy prices. And this is always a very relevant issue for policymakers to look at, but it got even more prominence on the agenda in the recent weeks. But when it comes to these more technical changes, the European Commission has published at the end of 2025 preliminary benchmark values that have later on been once revisited. And both versions of this preliminary benchmark values were quite alarming to energy intensive industries as they realized that there is a steep reduction in benchmark values planned from the year 2026 onwards. That all got combined with the conversation about changes to the linear reduction factor post-2030. And then EU leaders have already been discussing options to prolong the linear reduction factor beyond the year 2040 when it goes down to zero under the current rules. And that made everyone aware that the end game for the EU ETS that for a long time we've been focusing on, meaning when cap hits zero and there are no more allowances available on the market, I think people started to doubt whether we really are aiming for this end game by the end of next decade. Altogether, these factors elevated interest in the EU ETS and brought it really high on the policymaker's agendas. Eklavya Gupte: Okay, thank you. And obviously, industrial competitiveness is sort of almost the co-issue here, and that's what we've heard from a lot of the European policymakers and leaders. And I know that previously ITA has warned against what you call political interventions. So what would you say is your message to policymakers right now? Julia Michalak: Let the market do its job. I would say that this is the key message. Market mechanisms are very effective in reducing emissions and delivering cost-efficient abatement. The EU ETS has proved that it works. It reduces emissions. It also provides revenues for member states to invest funds in decarbonization projects. There is a very high compliance rate in the EU ETS around 99%. There is a confidence in the system. There is a long-term visibility. And these are all very, very important elements that should not be put into question. So any political interventions and discussions about suspending or rejecting the EU ETS are counterproductive or dangerous for the EU in the context of its long-term climate targets and also in the context of the need to invest in low carbon transition. The EU ETS is actually a very relevant tool to help and to drive this transition. By political interventions, we mean any action that can be similar, for instance, to the REPOWER EU initiative when suddenly the European Commission announced a plan to release additional supply to the market that undermine trust in the functioning of the EU ETS that impacted price formation. We saw massive drop in prices and spurred a big political discussion in Brussels about how to manage liquidity in the EU ETS and whether the commission should be empowered to make these type of proposals. We think that any changes must be aligned within a kind of broader reforms for the EU ETS. We have the one upcoming this summer, and especially all concepts, all proposals that may impact demand and supply balance and releasing additional allowances entering the market must be very well thought through and should not be proposed in a light manner because they impact the market big time. Irina Breilean: My first question to you would be about the market stability reserve, which we've obviously seen a flurry of headlines around some changes are expected. Could you walk us through what some of the potential changes on the table are and maybe what the price impact would be from such changes? Julia Michalak: So for a long time, the expectation was that the proposal to review the market stability reserve will be published together with the proposal to review the EU ETS for phase five. So we expected that it would come in July, and that was what the market participants were waiting for. However, in the recent weeks, it became clear that there is an expectation from mostly member states to see some kind of action being taken earlier by the commission. And in response to the European leaders gathering in March, President Ursula von der Leyen, president of the European Commission has announced that there will be an accelerated proposal for the MSR review to increase its firepower. And we expect a proposal that will be very well targeted, not aiming to change the entire mechanics on how the market stability reserve works, but to focus on very specific elements. Our expectation is that the proposal will focus on the abolishment of the so-called invalidation provision, which at the moment governs the mechanism to cancel any allowances that are stored in the MSR above 400 million. It is our understanding that commission would like to cancel this provision, so it is possible for the MSR to build up a buffer of allowances. And it is unclear yet what will happen with this buffer in the future, but at least allowances will not be disappearing. This is the intention for this short-term fix. However, we also expect that there will be a more fundamental review of the market stability reserve still published later this year. Together with the review of the EU ETS, both might be accelerated and not come out in July as initially planned. We may see them already in June. Irina Breilean: And what would a targeted intervention when it comes to doing validation rate mean? How many more allowances could we see in the short term if they decide to take this approach? Julia Michalak: At the moment, every year there is a cancellation of allowances from the MSR amounting to around 250, 275 million. It depends on a year as this number is a function of calculation formula that is based on so-called TNAC. So the total number of allowances in circulation, which is basically the surplus being calculated for the EU ETS taking into account different elements. And this amount is different from year-to-year, and it will be slowly decreasing because the TNAC is decreasing year-to-year. However, still we expect quite some big cancellations if the current formula is maintained that will slowly be going down to a point where MSR will become inactive. So it won't be any more absorbing allowances, so then the cancellation provision will be inactive as well. However, as said, last year, it was around 250 million allowances that entered MSR and got canceled. Irina Breilean: My next question is also technical around the phase out of free allocations. Obviously this has been also a hot topic of debate with pressure increasing on Brussels to take measures to address industrial competitiveness. How likely do you think we're to see the phase out trajectory of free allocations be extended beyond 2034? Julia Michalak: That all depends on the political decisions that will be taken in the context of the EU ETS revision for phase five. And there are indeed different ideas on the table put by different stakeholders. For the CBAM sectors, it is the year 2034, also because it's alignment with the phasing of CBAM that will be gradually replacing free allocation. However, it is of course possible that in the context of the revision and the policymakers decide first to change the share in between how many allowances are being auctioned and how many are being given away for free. That might be the first solution to keep that 2034 phase out year, but change the distribution of free allocation in between the years. But it may also be well decided that the LRF will be going farther than it is currently planned. And also that again, this share in between auctioning and free allocation will change resulting in free allowances being available for longer. Of course, that raises many questions on benchmarks on the application on the so-called cross-sectoral correction factor. So the unified reduction of a free allocation for all sectors above the benchmarks to remain under the free allocation cap. And also of course on the compatibility with CBAM and the need of having this measure aligned with WTO provisions. Irina Breilean: Lastly, I wanted to ask you about the EU ETS-derived fund recently announced by the European Commission. They seek to gather 30 billion euros from 400 million allowances. This obviously implies an average EU allowance price of 75 euros, but on the other hand, would this mean an additional supply of 400 million allowances in the market? Where are these allowances going to come from and what could this mean for the allowance price? Julia Michalak: So we know that this will be proposed in July together with the proposal for the ETS review. And there is an expectation that will be linked to the establishment of the Industrial Decarbonization Bank. So it might be some kind of forward-loading of allowances from the Industrial Decarbonization Bank, but may also be a separate source of allowances supply for this instrument emerging. And we don't know yet where it would be, whether it's an MSR, whether it's new entrance reserve, whether it's so-called a flexible share in the ETS that is established to help avoid the application of the cross-sectoral correction factor for some sectors. The most likely response is it will be front-loaded from the Industrial Decarbonization Bank. We also don't know whether the target will be monetary one, whether it's about raising 30 billion or whether it's about selling 400 million of allowances. Because if it is the first one, we of course may experience the situation when due to a higher or lower carbon price, we may need more or less allowances to meet this target. So for this ETS investment booster, unclear whether it's a monetary target or whether the 400 million of allowances is a fixed number and the future will only confirm whether the 30 billion will or will not be raised with the sale of this volume. We also don't know what is the planned way of monetizing these allowances. We understand that there is an intention to gradually bring them onto the market, not to auction them in large volumes at once or in perhaps two trenches. Eklavya Gupte: And obviously we've talked about some of the big changes that we might see with the EU ETS review, which is now supposed to be sort of done by the end of July. What are the other changes that we could see? Julia Michalak: I expect the review to be quite comprehensive. And the last review was already a long process. It took over two years and there's been a lot of political wriggling over a number of very critical design elements of the EU ETS. And I think the upcoming review will be even more dynamic and broader. So we'll see likely changes to the cap and again, possibly changes to the preallocation share and allowances that are to be auctioned. We will likely see changes to the rules on free allocation. We will likely see the proposal to integrate carbon removals in the EU ETS. The commission would like to integrate permanent carbon removals. There are still different views on which projects should be allowed, which technologies should be recognized as permanent, whether just BECCS and DACCS while some member states are also raising potentially other technologies to be recognized as removals integrated into EU ETS. There will be discussion about potential integration of international credits, something that the European Commission is not willing to propose. But of course in the co-decision process, we may see co-legislators bringing that to the negotiating table and either member states or the parliament suggesting to have discussion about the role of credits in the EU ETS. And we'll also see probably a big battle on funds. At the moment, ETS has a number of dedicated funds to support innovation, to support lower income member stays through the modernization fund. We'll also have the Industrial Decarbonization Bank that we've already talked about as a new funding instrument to be established. So there will be for sure a lot of focus on how many allowances will be going to these funds, how these funds will be supporting projects or countries, what will be the rules, and who will have preferential access. Also, maybe the last thing that I expect to also gain a lot of focus in the upcoming review is the topic of revenues. So at the moment, member states are obliged to spend 100% of their auctioning revenues on climate mitigation, adaptation, support for industrial decarbonization, but there is a very poor monitoring on whether they are really doing that. And then there will be a decision on the EU's level how this money should be spent. Eklavya Gupte: Thank you. It does sound like there are obviously a lot of reforms on the table and we might see quite a big change in the ETS in the years to come. And I guess one question I wanted to ask was this political pushback that we are seeing right now, do you think it represents a temporary wobble? Julia Michalak: I think that industrial competitiveness and delivering of our climate goals are not two opposite targets. I think that there is a need to decrease our fossil fuel addiction and there is a need to do better on industrial decarbonization race. We need new technologies, we need investments in Europe. We need a smart and targeted investments into grids, into electrification, and ETS can support this direction. So although we are hearing recently, as you said, lots of political buzzling about whether ETS is helping or hindering, I think that eventually this is more of a temporary discussion as in the long term we do need a vehicle, an instrument that helps to drive this industrial transition and decarbonization of the EU's economy. Eklavya Gupte: Now I also interviewed Pedro Barata, associate vice president for carbon markets and private sector decarbonization at the Environmental Defense Fund. Pedro offers a more philosophical take on what comes next for Europe's pioneering, but now embattled carbon market. Pedro, welcome to the Energy Evolution Podcast. Great to have you here. Pedro Barata: Thanks for having me. Eklavya Gupte: The carbon market has had a dramatic few months, especially the European emissions trading system. So firstly, I would like to get your views on the current situation where you have a lot of pressure on Brussels to reform and modernize the largest carbon market in the world. Pedro Barata: The European Union Emissions Trading System, the ETS, is now some 22 years old. Now it's gone through various ups and downs. We know that with financial crisis, COVID crisis, et cetera. But the reality is that after the major reform in 2017, it started doing exactly what we had hoped it would do, which is essentially give a pricing signal to start or to kickstart or whatever, or accelerate, if you want, the energy transition. And it's done that in many places. So where I'm getting to you from, which is Lisbon, Portugal, it's been essential in accelerating the phase out of our coal-fired power plants from the system. And essentially, so it's doing what it's supposed to do. And in a way, that's great, but once you get to very high levels of decarbonization of the power sector, then essentially the grand bargain that is the ETS meant that the power sector would be incentivized to decarbonize at the expense of industrial sectors. So essentially, if you look at the actual emission reductions across Europe, what you're seeing is that even though everybody's facing the same marginal price, the reality is that the vast majority of the emission reductions have come from the power sector. And by and large, the industrial sector has not really decarbonized that much. But now we're having a number of very serious challenges. The first one is the industrial challenge. A lot of the heavy-emitting industries, the hard to abate sectors, those that are in the ETS, what we're seeing is that they're facing extreme competition in the global markets. And so just as we are moving to a system where the ETS is finally going to start driving down emissions in the industrial sectors, but at a very high marginal cost, industry's crying for help basically. Industry saying, "This is totally the wrong time. We're facing this competition," et cetera. So there's a real concern right now and a very valid concern around what will survive of the heavy industry in Europe in this competition and what role, if anything, would the ETS play in accelerating that de-industrialization, which is and would be a quite unwanted side effect. At the same time that we're seeing, we had plans for a second emissions trading system to cover essentially heat in industry and residential heat and transport. And again, we're seeing the same kind of concerns. Some of it is actually fostered by a populist movement that says we have a very challenging global environment. Obviously the political instability and the economic instability around what we're seeing now in the Gulf, for example, that even accentuates things. Eklavya Gupte: What are some of the changes that one could expect to see in the ETS? Obviously we're hearing things around the free allocation being extended, a change in the market stability reserves, which is a sort of price stability mechanism. Pedro Barata: Looking back, the ETS was meant to be almost a price-agnostic instrument. So you set the cap, you set the quantities, and the price is whatever the market would determine. Now, in reality, it's never been like that, as with all carbon pricing entrants. There's a limit to that rationale, which is the political acceptability and the social acceptability of carbon prices. So we've known that ever since the Gilets jaunes protests in France against the French carbon tax. And we should have expected that to sooner or later make it to the political debate across Europe on the viability of the ETS. We've seen prices touch the 100-euro mark and then come down. We're going to see a lot of price fluctuation, but I would almost be certain, given all of the macroeconomics around Europe, that prices will not go back up, severely back up for the foreseeable future. The market is probably pricing in exactly that uncertainty of political uncertainty. We saw Italy, for example, take a fairly drastic measure to insulate electricity consumers from the spikes in carbon prices. We are hearing the German Secretary of State for Environment propose a slower tapering down of the curve. So under the current trajectory, the expectation would be that we would get to 2039 and have essentially a cap of zero allowances. Now, theoretically, that would mean that by 2039, there would be no emissions that would be allowed for all of the EU ETS sectors. That's clearly not going to happen. There's going to have to be allowance for a slower decrease of emissions. We're also seeing obviously the provisions on international carbon credits, the ETS2, the one on residential heat and transport that's also been postponed by one year. All of this is giving the stagnating signal to the price expectations in the ETS. But let's face it, we're still at 60 or 70 euros a ton as a price range that is still much higher than any other carbon price around the world. At the scale of the carbon market that we have, if we look at China's prices or look at California's, they're nowhere near these prices. And it's still providing that meaningful signal to the power sector for decarbonization. Eklavya Gupte: One of the big policies at play currently is the EU's Carbon Border Adjustment Mechanism. And we know that some of the free allocations are tied to the EU ETS and CBAM together. So do you see this changing, CBAM? Pedro Barata: CBAM, when it first was thought of, and it's been though of many years in advance of the actual proposal, CBAM was essentially seen as a way to address carbon leakage. There was a real sense that if and when we got to much higher carbon prices, you would have a significant potential for carbon leakage. And carbon leakage for the listeners here is basically this notion of you're facing international competitiveness that is not facing a carbon price in their domestic market, which means that your imports into your territory won't have that carbon price, so they will undercut your own production. That means that even though you have a carbon price in the EU, that would only lead to increased emissions outside of the EU. So the logic of CBAM was very much embedded in a climate policy logic, a logic of we need to do this because we need to make our carbon pricing system effective and safeguard our industries from that, let's say, unfair competition because it's not subject to a carbon price. Now, the discussion about industrial competitiveness turns this into a much different debate, right? First of all, when you look at what the... I mean, there's so many dimensions here. Let's think about, I do a lot of work these days, for example, in India, and if you look at the industries in India that are exposed to CBAM, let's take the steel, cement, et cetera, first thing to note is a number of those players are actually players in Europe. So it's no longer the case that you have a European industry that is owned and run by Europeans within Europe, but the world has become much more different, right? That's the first thing to note. The second thing is the assumption somehow that China or India are competing with high carbon exports against European low carbon exports is actually not correct. They are competing on exactly the same types of technologies, and sometimes they're even competing with better technologies. So the idea that CBAM alone can be seen only in the context of climate policy, I think is past us. We need to see CBAM as a tool for competitiveness policy. And what that means is, for example, when the EU goes to India and has discussions on how CBAM is going to be implemented, this has to be in a way tied in, and I'm fully aware that the commissioner is on that same track, this has to be tied in. That discussion of CBAM is inherently tied into how we open up markets and how we collaborate with India or China in developing markets for low carbon commodities, but in a way that protects at least part of the industrial base here in Europe. Again, the idea that CBAM alone would solve all of the issues and get us to a level playing field across all of these different geographies is simply, I think, too far-fetched right now. And so CBAM has to be rethought. That doesn't mean changing much in the instrument itself, but embedding it into a different type of approach to international trade. Eklavya Gupte: That's all for this episode. We hope you found it useful. Now I'd like to recognize the rest of our Energy Evolution Podcast team, including Camilla Naschert, Karen Willenbrecht, Drew Engblom, and Dan Testa. And also a big thank you to our agency partner, the 199 and the S&amp;P Global Energy Digital Content team. Now, please don't forget to subscribe to Energy Evolution on your favorite podcast platform. And if you have any ideas for guests or topics, please email us at energyevolution@spglobal.com. Until next time, thank you for listening. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/032026-war-energy-security-and-the-redrawing-of-global-trade-flows</link><description>The effective closure of the Strait of Hormuz was long considered one of the energy market&amp;apos;s great hypotheticals -- until it became a reality. In this special CERAWeek series episode of Energy Evolution, host Eklavya Gupte sits down with Dave Ernsberger, president of S&amp;amp;P Global Energy, to examine what may be the most significant energy supply disruption ever and how it&amp;apos;s forcing a fundamental</description><title>War, energy security, and the redrawing of global trade flows</title><pubDate>20 March 2026 11:54:17 GMT</pubDate><author><name>Eklavya Gupte</name><name>Dave Ernsberger</name></author><content><![CDATA[ LNG, Refined Products, Energy Transition, Agriculture, Emissions, Biofuels, Renewables, Carbon March 20, 2026 War, energy security, and the redrawing of global trade flows Featuring Eklavya Gupte and Dave Ernsberger HIGHLIGHTS Strait of Hormuz de facto closure disrupts 20% oil flow Asia faces fuel shortages, refinery losses Crisis accelerates energy market restructuring The effective closure of the Strait of Hormuz was long considered one of the energy market's great hypotheticals -- until it became a reality. In this special CERAWeek series episode of Energy Evolution, host Eklavya Gupte sits down with Dave Ernsberger, president of S&amp;P Global Energy, to examine what may be the most significant energy supply disruption ever and how it's forcing a fundamental redrawing of the global energy map. With around 20% of the world's oil and LNG usually passing through this key chokepoint, the impact has been asymmetrical and severe -- India faces LPG shortages, Asian refiners are struggling with profitability, and fuel supplies are tightening sharply. The conversation also explores how this crisis is accelerating a structural shift in energy markets, particularly East of Suez, where the energy trifecta of affordability, security, and sustainability has been upended. Ernsberger also looks at how the conflict is intersecting with the AI and data center boom, creating inflationary pressures that reach from the Middle East to various states in the US. View Full Transcript Eklavya Gupte: Welcome to Energy Evolution, a podcast where we dive into the transformative forces shaping how we power, fuel, and electrify our future. I'm your host, Eklavya Gupte, and today we're kicking off a special series for CERAWeek by S&amp;P Global, one of the largest and most influential energy events globally. And I'm thrilled to be joined by Dave Ernsberger, president of S&amp;P Global Energy and one of the industry's most respected voices on energy and commodity markets. With Dave, we'll explore the big forces reshaping the energy landscape, from the ongoing conflict in the Middle East and shifting geopolitical risks to evolving policy responses and structural changes in global trade. And we'll also talk about what CERAWeek conversations might reveal about the future of energy. Now, this year's CERAWeek is running from March 23rd to March 27th in Houston, and it centers on the theme Convergence and Competition: Energy, Technology and Geopolitics. Now, this couldn't be more timely as governments are grappling with renewed energy security concerns amid escalating conflict in the Middle East and traders are navigating rerouted barrels and neutral points. But, the technology story, especially the surge in AI and data center demand, is colliding with grid constraints and investment timelines. So now let's get started. Dave, welcome to the Energy Evolution podcast. Great to have you here today. Dave Ernsberger: Thanks, Eklavya. It's great to be here at this historic moment in time. Eklavya Gupte: Exactly. Let's start off straight with the Middle East conflict. Many analysts are calling it one of the biggest or the biggest oil supply disruption. It's having a big impact on gas markets and other commodities as well. But there are also some saying that the markets, especially the oil market, is quite resilient to energy supply shocks since we've had quite a few big events like COVID-19 and the Russia-Ukraine war. From your vantage point, what are some of the trends you are seeing and how are the energy markets coping with this conflict? Dave Ernsberger: Well, let's be really clear about this. The closure of the Strait of Hormuz is an historic event. Like many listeners, I've been looking at these markets for a very long time, a lifetime, let's say. And the closure of the Strait of Hormuz is one of a very few number of events that remained one of those great hypotheticals. What if? What if the Strait closed down? This is one of the great what ifs in the world. And it's happened. So something that was a monumental hypothetical situation is now a monumental reality, and that is where we need to start. Now, I will say, from where I sit talking with folks in the market, talking to our own staff, that on the one hand, as we record this episode of this podcast, two and a half weeks into the war in the Middle East, yes, the energy markets are once again displaying kind of an unbelievable resilience in the face of historic disruption. If you look at the price of data Brent crude oil, JKM, LNG, some of the other benchmarks out there, markets seem to be coping rather well. If you look at futures markets, it almost looks like nothing much is really happening given how big this event is. But I want to stress though, the experience in the earliest days of this conflict is very localized, very polarized, and there are some people in the world who are experiencing this in an order of magnitude more greatly than what the headlines suggest. India is experiencing chronic shortages of LPG. Asian refiners can no longer run the refineries profitably to produce jet fuel, diesel, gasoline, and more, and we're starting to see shortages of jet fuel for airlines. So there is an asymmetrical disproportionate impact on different consumers around the world, on different parts of the supply chain around the world from an epic historic event. And nobody knows how the Strait will be reopened again at this point. Eklavya Gupte: Yes, no, that's true. Now, one of the things that we are seeing as a result, not only of this conflict, but also the evolving geopolitical dynamics, energy security has now become central to the energy markets. So how do you think both governments and companies are having to reshape to this new reality where we're seeing a lot of dislocation and flows? Dave Ernsberger: Yeah. So, what we've seen in the past week or so is that governments are reaching into their toolbox of standard emergency response mechanisms to cope with the disruption of the energy markets. At a high level, the numbers tell us that 20% of global oil flows are locked behind the Strait of Hormuz. It's close to 20% of global LNG flows. So for crude oil refined products, LPG and LNG, governments are reaching into the standard toolbox and we're beginning to see the limitations of what the standard toolbox can do. We've already seen the release of 400 million barrels of strategic inventory into the market. This is a classic government response. It's expensive to maintain inventories. It's a tactically difficult decision to choose to release the inventories. They've done that, but you can only do that so many times. And one of the interesting things about security is that the more that governments and other folks in positions of authority move to address security concerns, the fewer tools remain in the box to handle the security concerns. So we're seeing the limiting factors around security responses, and hence, I think, some of the urgency to try and find a resolution to the conflict around the Strait of Hormuz itself. I suspect the war could go on for much longer, but there is an urgent need to answer the question about flowing through the Strait of Hormuz even before the war ends because the security mechanisms are so stretched right now. Eklavya Gupte: Sure. And there've been various conflicts that have impacted oil markets, a good example is the Russia-Ukraine war. It really changed global flows to a large extent. India was barely a buyer of Russian crude, now is the largest buyer. In COVID-19, we saw quite a few changes as well. Are there certain things that you're seeing on the ground that the market again will have to change? There's probably going to be more opportunities for oil producers from other parts of the world. Dave Ernsberger: I do think that the markets are going to change genetically as we work through the consequences of the war in the Middle East. One of my big comparables right now as we go into CERAWeek in Houston is how are markets functioning today in terms of their price versus how markets functioned in 2022 when the war began in Ukraine? Some markets are trading at an even higher level than they did after the war broke out in Ukraine and some are not. And that tells you, I think, a little bit about which markets are susceptible to this sort of disruption, which markets are price sensitive. This war has had a disproportionate impact on markets east of the Suez. If you're in Japan, South Korea, if you're in China, if you're in Singapore, even Australia, people are reevaluating what the energy market needs to look like in the future based on the experiences that they're having today. Now, that could be good or bad news depending on which part of the energy sector you're in. There is an emerging school of thought that coal is going to come back with a vengeance. In the end, if you think about the fabled trifecta by which everybody measures energy markets when they think about it from a policy perspective, energy needs to be affordable, it needs to be secure, and it needs to be sustainable. This is the sort of trifecta really that people talk about. Well, if you're in Asia, it's none of those things right now. It's not affordable, it's not secure, and it's not sustainable. So, that will force the rewriting of the DNA of energy markets east of the Suez. I don't think we're going to see big changes west of Suez. I think the US, North America, South America, I think those markets may carry on as they are, but we'll see a revolution of energy in the East. Eklavya Gupte: Fascinating. And we also live in a world where some brand the energy edition, currently, at least in the conflict, it's very much sort of fossil fuel focused. Do you see opportunities there for renewables? We are hearing in the UK and some other governments in Europe that we need to focus on homegrown power and this conflict illustrates the need for more renewables. How do you see that narrative shifting? Dave Ernsberger: Yeah. I think in the world of energy expansion that we live in today where ultimately the global economy needs more energy of every kind to keep growing over the next 20 years in an affordable way, we will likely see renewable energy be a port of first call for most economies. One of the great benefits of renewable energy, beyond the fact that it's, generally speaking, a lower carbon source of energy than most every other alternative, is that it also contributes to national energy security if it's done right. So I imagine that renewable energy will continue to grow and manifest itself as new electricity supplies at the fastest rate that it possibly can. The limiting factor there is cost and availability of supply chain input. So can you get the materials that you need to stand up the solar, the wind to convert it into the form of energy you need in your local economy? So there are limiting factors around the growth of renewable energy, and it's around cost and supply chain. What that leaves is space for the alternative energies to keep growing in this continued energy expansion dynamic that we have. And I imagine, looking forward, that LNG, pipeline gas, and coal will be the big benefactors here. The role of oil into the future will be called into question by this because ultimately once you have closed the Strait of Hormuz for the first time, what everybody's going to be worried about, particularly east of Suez, particularly in Asia, is it's not going to take a lot to close it again in the future. So the big loser here will be oil. The big winner will be gas and coal. And of course, renewables will keep trucking along as far as capacity can allow. Eklavya Gupte: Interesting. So if you're an oil trader or if you're one of the big trading houses, you're probably trying to look at what other opportunities we've seen some of these trading commodity houses invest more in metal. So do you see that sort of trend continuing? Dave Ernsberger: Yeah. To be clear, oil will remain, I think, a bedrock component of the global economy, and demand for oil will even probably continue to grow, at least, we expect, for the next 10 or 15 years, maybe beyond that. But the confidence to go there as a first port of call has been dented. That's what I'm talking about. And I imagine that the urgency around trading those other materials, the non-ferrous metals, the ferrous metals, the battery metals, the ferroalloys, all these different components of ultimately things that feed into renewables, that urgency will grow, I think. And I even think some of the biofuels we've talked about that have been cost prohibitive up until now suddenly will look more attractive again. We could see a renewed sense of interest around things like SAF and renewable diesel, that same. Eklavya Gupte: Interesting. And you obviously mentioned oil, but we have a gas supply disruption. We have a disruption of fertilizers. We have a disruption of refined products like LPG and jet fuel. I come from India and I was speaking to some family and they were talking about how there's a panic there for LPG right now. So this is obviously going to shape pretty much every market that we at S&amp;P Global Energy cover. Dave Ernsberger: Yeah. I was actually talking with some of my panelists for CERAWeek in a series of preparation meetings to talk about what will we talk about on our panels? What areas are we going to look at together? And one of the recurring themes that surprised me, Eklavya, is what you're talking about. Many people are coming into this CERAWeek event thinking not so much about what molecules they want and what electrons they want. They're more thinking about from their customers, from their consumers of energy, if they work backwards from the origin point of their supplies, how many obstacles are in the way? How many bottlenecks are in the way? How many supply choke points are in the way? And that's what they're doing now. They're not even talking about, "What's my preferred molecule?" They're talking about, "What's my preferred supply chain?" I was talking with some folks from Japan about this and they were saying, "Look, not only are we now looking to diversify our energy sector away from Strait of Hormuz exposure..." And it's the same in India by the way, right? In India, 50% of crude oil, 60% of LNG, and 85% of LPG pass through the Strait of Hormuz. Not only is Japan and India looking to diversify away from that exposure, but they're also thinking about South China Sea and what's going on there and how that could play out in the next five or 10 years. So actually, before you get to molecule of choice, people are thinking about supply chain of choice, and that's actually a new discussion. Eklavya Gupte: Yeah, and that's obviously linked to geopolitics. Now, prior to the conflict, AI was almost the sort of defining story for energy markets in 2026. So do you think that has shifted a bit? And how do you see AI playing a role currently where we are having the biggest energy supply disruption in our lifetime? Dave Ernsberger: Sure. The role of AI in the energy markets has dominated the discussion up until February 28th. The reason for that is because the data centers required to power AI in its current incarnation will take, as an example, US electricity demand from ultimately about 50 gigawatts of demand for data centers today to about 120, 130 gigawatts of demand for power from data centers in 2030. That's only four years away, right? Now, something has to give because that is logistically impossible to build. But if you roll forward data center power consumption and you layer on top of that the growth of AI, you create a different kind of a shock to the energy market. Now, that conversation will continue. And I think it'll take on a new form because one of our big catchphrases here at S&amp;P Global Energy is that energy is everything. And we are now seeing that play out. The actual data center conversation in Virginia is exposed to the war in the Middle East because everything is going to go up through inflation. And I think data center builders are going to have to reevaluate their economics based on where energy is pricing at, not just because based on what energy prices are rising as a result of the war, but because we're also seeing localized price inflation in some of the states that are the homes of the data centers as well. So there's a double whammy effect going on. I expect that besides the war in the Middle East, that data center conversation is going to be front and center in Houston. Eklavya Gupte: Interesting. Because you mentioned earlier that right now it was a lot of the east of Suez that was feeling the pinch, but it does show that even the US, which is sort of the home to the AI boom currently, will eventually feel the pinch. Dave Ernsberger: We began today's episode talking about how this war has demonstrated once again the kind of ability of the energy markets to rebalance themselves, notwithstanding localized extraordinary pain points, generally speaking, the markets rebalancing. What that really means, and we bring it back to the AI conversation here, is that as markets rebalance to address shortfalls in Asia, and to some degree, Europe, that's going to create a pull on energy in North America and that will increase prices. And that's ultimately what's going to inform the AI center discussion. Eklavya Gupte: Interesting. And also maybe I want to talk briefly on gas markets because, obviously, we have Qatar, which is a significant exporter of LNG. But at the same time we have in Europe where Europe is weaning itself off Russian gas. How do you see those things playing out? Do you see it changing and how do you see governments and countries adapting? Dave Ernsberger: Well, so far what we've seen in Europe, and you and I are recording this episode from London, is that the appetite in Europe remains very clear to maintain a hold on procuring oil and gas from Russia. That appears to be holding for now. It's reasonable to think that Europe will want to continue its journey to disconnect from dependency on Russian hydrocarbons. Even if we fast-forward in time at a point where the war in Ukraine is over, the war in the Middle East is over, Europe has learned the hard way that overdependence on a single supplier source is to its detriment. And actually, China has the same policy on Russia, just out of interest, and they haven't had a conflict at all, really. Overdependence on Russia or any single source is something that every country is veering away from. Again, remember that trifecta, secure, affordable, and sustainable? Your supply sources are not secure if you have a hyperdependency. From folks I'm talking to in Europe and Asia especially, I think we can expect a new wave of investment in upstream that will follow from this, which will prioritize those sea lanes and supply chains that are lower risk than the ones we have today. So there's a renewed interest in places like Mozambique, South America, even parts of Africa, which may be more able to be accessed using non-threatened supply chain links. From a security of supply perspective, there's a wave of investment coming in upstream areas, oil and gas, but especially gas, I would say, that have a greater probability of being open even in times of distress like those that we're in today. Eklavya Gupte: For sure. It's a bit of a redrawing, really, of the energy markets. Dave Ernsberger: Yeah, I think we'll look back on this one day and say March 2026 was when the world energy map got redrawn again. Eklavya Gupte: Thank you. And besides some of the topics we've mentioned, what are some of the other things you will be discussing with governments and energy leaders and companies in Houston? Dave Ernsberger: Yeah, I think these are going to be the dominant topics, Eklavya. If there's any time left after talking about the war in the Middle East, after talking about data centers and AI, I expect there will be continued discussions, believe it or not, around sustainability and decarbonization. I say believe it or not because it's hard to imagine that that remains a focus area with so much else going on in the world, but it's still there. A lot of companies are interested in running more efficient operations to optimize what they're doing, perhaps especially in times of distress like these. How do you squeeze the best performance out of troubled assets? Well, actually, running those assets better is part of that. Decarbonizing is part of that as well. So I think that will remain a conversation, albeit at a lower level than in previous years. And I imagine the application of artificial intelligence to workflow will also be a big topic. Companies realize, in the energy sector, like in every sector, that the companies that move fastest and most effectively to deploy AI into their workflows will in the end be competitively advantaged in the future. Although I do hear people in the energy sector who are radically working the other way, who are actually deliberately not putting AI into their workflows and trying to get competitive advantage that way, which is an interesting if under discussed phenomenon as well. Eklavya Gupte: In a world where conflict in the Middle East is redrawing the map for energy security, trade flows, and the future of demand, it's clear that the stakes have never been higher. As we head into CERAWeek, these conversations will only intensify. That wraps up this episode of Energy Evolution. We hope you found it useful. Before we sign off, a quick reminder, our podcast team will be on the ground at CERAWeek from March 23rd to 27th, bringing you exclusive interviews and updates from the sidelines of one of the world's most influential energy conferences. I'd also like to recognize the rest of our Energy Evolution podcast team, including Camilla Naschert, Karen Willenbrecht, Drew Engblom, and Dan Testa. And a big thank you as well to our agency partner, The 199 and the S&amp;P Global Energy Digital Content Team. Please don't forget to subscribe to Energy Evolution on your favorite podcast platform. And if you have any ideas for future guests or topics, please email us at energyevolution@spglobal.com. Until next time, thank you for watching. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/031726-the-math-behind-emissions-why-carbon-accounting-matters-now-more-than-ever</link><description>Carbon accounting -- the math of how emissions are calculated, reported and compared -- is poised to move to the forefront of global trade and energy markets. Three critical developments in 2026 are forcing action: the implementation of the EU&amp;apos;s Carbon Border Adjustment Mechanism, revisions to the Greenhouse Gas Protocol and new industry-driven, product-level carbon accounting efforts. In this</description><title>The math behind emissions: Why carbon accounting matters now more than ever</title><pubDate>17 March 2026 12:49:16 GMT</pubDate><author><name>Eklavya Gupte</name><name>Staff </name></author><content><![CDATA[ Energy Transition, Agriculture, Emissions, Biofuels, Renewables, Carbon March 17, 2026 The math behind emissions: Why carbon accounting matters now more than ever Featuring Eklavya Gupte and Staff HIGHLIGHTS EU Carbon Border Mechanism forces action in 2026 Carbon accounting standards face urgent revision Industry pushes for standardized emissions data Carbon accounting -- the math of how emissions are calculated, reported and compared -- is poised to move to the forefront of global trade and energy markets. Three critical developments in 2026 are forcing action: the implementation of the EU's Carbon Border Adjustment Mechanism, revisions to the Greenhouse Gas Protocol and new industry-driven, product-level carbon accounting efforts. In this episode, host Eklavya Gupte explores why harmonizing carbon accounting matters now, what's at stake and how the commodity industry is responding to the urgent need for standardized, comparable emissions data. The discussion features S&amp;P Global Energy Horizons analysts Kevin Birn, head of carbon research and the Center of Emissions Excellence; Roman Kramarchuk, head of integrated narratives and policy analysis; and James Salo, head of partnerships and strategic initiatives. View Full Transcript Eklavya Gupte: Welcome to Energy Evolution, a podcast where we explore the transformative forces reshaping how we power fuel and electrify our future. I'm Eklavya Gupte and, in this episode, we're diving into carbon accounting, a topic that might sound technical but is quietly reshaping global trade, energy markets and the entire economics of decarbonization. Carbon accounting is like the language of emissions but the problem is everyone's speaking different dialects at the moment and that's creating real consequences for companies, governments and anyone trying to ride out this low carbon transition. Some major developments in the last year have pushed this issue to the forefront. The EU's carbon border adjustment mechanism or CBAM started its definitive phase on January 1st this year and, as a result, importers of carbon-intensive goods now face real financial liability for the emissions embedded in their products. Secondly, the widely used Greenhouse Gas Protocol is undergoing its biggest revision in years while industry groups are scrambling to create new product level carbon accounting standards. The stakes are substantial, billions of dollars in trade flows, the competitiveness of entire industries and, ultimately, whether we can actually decarbonize the global economy in any meaningful way. To help us understand more on the importance of carbon accounting, I'm joined by three experts from S&amp;P Global Energy Horizons. We have Kevin Birn, head of carbon research and the Center of Emissions Excellence, Roman Kramarchuk, head of integrated narratives and policy analysis and James Salo, head of partnerships and strategic initiatives. Gentlemen, welcome to the Energy Evolution podcast. So, Kevin, let's start off with the basics. Can you tell us a little bit about carbon accounting and also on what you all three are doing at S&amp;P Global on this very important topic? Kevin Birn: When we talk about carbon accounting, what we're really talking about and the reason it matters, it's really the math. It's the underlying calculations that are done that assess what is the emissions that are going into the atmosphere. That really underpins carbon markets and our definition of emission performance whether we're talking about assets or products or companies. And what we're seeing is a realization that the math isn't necessarily narrow enough to get comparability across what's being put out there and that becomes more of an issue really at the product level because it is at the product level that buyers and sellers actually transact and companies really compete in the market. And that lack of comparability means, if you're a buyer, there is no equivalency of going into a store and seeing a calorie count. And so, they're really deficient in having the information they want to have to be able to make a different choice and affect behavior because of that. And so, that's really what's heating up and it's coming to a nexus because there's three major things really going on amongst this broader narrative I just described to you. One is we've seen the imposition or the creation of CBAM this year, January 1st, and there are charges coming into place and we have Roman here to talk about that. Two, the GHG protocol, the corporate standard which is leading standard for carbon accounting out there is going through a modernization this year and we've already seen the issuance of scope two with feedback coming in but there's scope three feedback expected later this year. And the third thing that we've seen going on is industry groups and creation of new industry groups really focused on the product level carbon accounting specifically to try to get greater consistency between what is out there to try to get comparability and effect behavior because, ultimately, for companies to really be able to monetize and invest in decarbonization, they need stronger signals and signals through when they sell the good. Eklavya Gupte: Great, thank you. And now, since you mentioned CBAM, maybe, Roman, let's get you in straightaway here. For some of our listeners who aren't necessarily as clued in on the trade policy side, can you explain what CBAM is trying to solve? Roman Kramarchuk: CBAM is a policy that the EU has been planning for a while, the reasons behind it, in part, it protects the EU domestic manufacturers for being competitively undercut by imports. The reality is that for key industries in the EU covered under the EU ETS which means they're facing an EUA price which is not being faced by manufacturers importing their goods from elsewhere. So, the idea from the EU's perspective is to level that playing field and to actually allow their industries to be competitive, these are essentially the industries that are covered under the EETS and ones that are perceived to be impacted. Main ones we're really talking about are steel, aluminum, cement, fertilizers, hydrogen and electricity. So, for all of these sectors, as was mentioned, as of January 1st, 2026, any imported products have to account for the carbon intensity of the good. Now, that's the high level idea, this is something that impacts trade flows, that impacts choices of selections, that impacts the margins and competitiveness of various products. It causes disruptions but it causes disruptions in a way that the EU wants to account for emissions and to make that fair. The details matter and this is where the accounting matters. First of all, when you think about how do you measure the carbon intensity of an imported good, there are, basically, approaches that are being taken starting with a default approach. If there are no measurements, then the EU decides to impose those calculations and does the calculations and the accounting around those assumptions. Those are currently being done on a country level and those are currently also being done in a punitive way in the sense that the EU would want everyone to adopt an MRV process and actually account for the carbon intensity of a specific good rather than going with default factors. Going with default factors means that the cost of going that way is more expensive for importers. The other thing to take into account is, essentially, the CBAM benchmark emissions for particular products. Now, for a number of these products, we have that from the EUETS so the question is what about products that expand beyond that. The other thing that has to be measured is actually what carbon price is being paid overseas because the idea is, if you want to level the playing field, you want to account for the carbon price that an exporter has actually paid. For example, if you're in a country like Canada that's facing a carbon tax, that carbon tax can be accounted for and subtracted away from the EUA price in terms of doing the calculations. So, these are all factors and, each one of these calculations I mentioned, be it the estimated emissions embedded in the product or the default factor or the carbon price, all this has measures of accounting that may or may not be consistent in the way the accounting is done in other metrics and may not even be internally consistent from product to product in the way the EU is implementing it as part of CBAM. So, these are the issues, these are the real world consequences and these numbers matter so, right now, this is a big point of contention. Eklavya Gupte: Thank you. We've had carbon accounting standards for quite a few years but it's obviously quite fragmented. Do you see some more harmonization coming? Kevin Birn: I think the reason is a lot of these original standards were created to drive consistency and reporting within those entities over time. Over time, I think what's happened is the realization that the market hasn't been able to really incorporate carbon into behavior because the information that customers are seeking is at the product level not the corporate level. And we did a big study several years ago where we try to quantify or identify those main sources of inconsistencies we see. And I want to be very clear, no one is doing anything wrong that's driving this inconsistency, they're following the guidance and rules that are out there. And this is different than regulatory reporting as well, I should clarify, regulatory reporting tends to be regionally specific which means they're all inconsistent in their own little way as well but the regulations often for a different purpose than what we're talking about here. So, those common differences we see as system boundaries or emission boundaries, simply what do you define and put inside and count towards that. Co-products. So, a lot of processes out there yield many co-products, you think ... The best example is usually refining. A barrel of oil comes in and you get jet diesel, asphalt, a whole bunch of things out, how are you allocating the emissions to those products. Simply dividing by the yield is not the correct way to think about it because those molecules don't follow a linear path through a refinery, some of them are more intensive to produce than others. Simple things like units, people are presenting things in different units. It fit for purpose for their use case but, ultimately, if you don't know how to convert between the units, because the devil is in the details and the stuff, you get incomparability between that and so we can't or a buyer can't understand. And, frankly, buyers should be able to get this information easily and that's really what making transactions work. It's trusted, it's easily accessible information that allow markets to incorporate things. And then the quality, there is different levels of robustness that go into an estimate. The best example would be in the case of upstream, how much observational data you're bringing in to quantify methane versus using factors. It's a well-established fact that factors are going to be far less reliable because observation has been put in place for methane because we don't know when things break and things are leaking. So, that's the core differences we see across these systems. The devil is in the detail here in the math and that's what Roman was really talking about. CBAM is a great example. If you think about what CBAM is covering, it's only covering industrial manufacturing emissions so, you think of smelting of steel, for example, but it's not including the feedstock ore. Now, ore can be more and less intensive to produce depending on where it's produced in the world and how far it has to go to get to the smelting plant. But the purity of the feedstock can affect the industrial manufacturing emissions. So, if it's high quality, so it's very dense material in terms of high concentration of iron, it can be less intensive to process but that process to extract it could be more intensive. By leaving up production, you're not necessarily capturing the full emission value chain and it could be distortionary for certain markets. James Salo: And I'd say that this is a wonderful lead-in to the evolution that's happening within the Greenhouse Gas Protocol and the work that they had because the world has changed. And as we've been talking about the accounting, the math behind emissions matters much more now than it did when some of these standards were originally created. So, the Greenhouse Gas Protocol has been the most widely used corporate emissions standard for many years but, back when it was created in the early 2000s, the world was very different. Corporate reporting was voluntary, it was done by much fewer players and the way it was used by market players was very different to inform who's engaging in the process. But, now, as we look at how emissions data is being used, it's informing strategy, it's informing accountability, it's informing the allocation of capital. So, when we're looking at the scaling of this has revealed over time is there's been inconsistent interpretations about how to use guidance that's also very flexible, there's gaps in the guidance that has a lot of questions from users of these standards to make sure that, as they're reporting, they're doing it in the best way that they can and those areas of flexibility became ambiguous. So, at scale, those small difference or the flexibility really start to matter a lot. And so, as you look about trying to have credible accounting foundation, you need something that you can measure emissions in a standardized way where you can plan reductions, you could track progress, for example, towards science-based or net-zero targets. So, the math matters a lot more now and that's one of the reasons that you've seen, over the last two years, this big push to review the Greenhouse Gas Protocol and the several standards, the corporate standard that looks at companies' direct operations, the scope two standard that largely focuses on electricity and purchased heat and the scope three standard that really looks across the full value chain both upstream and downstream including products and use and investments to really figure out how can we make the math more consistent, more comparable so it's actionable in the market. And this is becoming even more important now because groups like the Greenhouse Gas Protocol are becoming more embedded in regulation and towards standardized reporting. Over the last year, there have been announcements of the Greenhouse Gas Protocol having a relationship with ISO and looking at integrating together with their standard, really looking to solidify it and have a more universal corporate porting approach. And then the Greenhouse Gas Protocol has also announced a relationship with the ISSB looking at really pushing out more comparability using the Greenhouse Gas Protocol in what they call their IFRS S2 standard that uses the Greenhouse Gas Protocol as a basis for corporate emissions accounting. So, I know that that's a bunch of acronyms but what it means is, ultimately, those IFRS S2 standards are being used as a foundation by many jurisdiction, many governments to either support what will be voluntary or, in some cases, mandatory reporting in places like Mexico, Australia and more planned so it's becoming a much more important deal to have consistent accounting. Eklavya Gupte: Thank you. It does show how the mood music has shifted somewhat. But maybe one follow-up question here is how are the various commodity markets responding to the need for more carbon accounting? Kevin Birn: I think governments are looking for a new trick around carbon markets, there's a growing realization that maybe we missed something. And that's something is coming out of the realization that the idea of a green premium, that lower carbon products would get some differential or differentiated demand is not consistently emerged, there's pockets and examples people can point to but better way to think about it is a differentiated market where lower carbon products can be signalled out and get better access to markets hasn't come and a lack of consistent or comparable information is seen as a barrier. And for governments, this is a pretty low risk ask where we want a consistent basis to allow companies to compete at the product level and, it's not just governments, it's industries. And industries have real concerns around this. There's concerns of industries have locked in targets set on existing standards, on the other side of it, there's concern about how do I prioritize capital increasingly as I move up my marginal abatement curve so the cost to decarbonize. The concept is you do the low cost stuff first, easy, it's efficiency-based depending on your sector but, as you climb that, you're going to need a higher price signal. And if you're in a market that doesn't regulate, and I think this is what the Europeans are trying to do, they're trying to protect their industries from that, you run into an issue of how do I allocate the capital to things that necessarily don't get me a real competitive advantage in the world and that's running against a fiduciary duty to protect shareholder value. So, the idea that you could provide this information on a consistent basis is followed by the concept that information can affect behavior. And, if you can affect behavior, then maybe you can align that fiduciary duty by allowing consumers to identify and differentiate products based on their carbon intensity much like we differentiate products on multiple attributes and be able to incorporate this attribute into your decision-making process. Eklavya Gupte: Thank you. And you mentioned, obviously, the green premium and the fact that we haven't really seen that market grow but, generally, what's your outlook on that? Do you expect that to get going as a result of some harmonization of these standards? Will buyers now be thinking, hey, let's buy a cargo that's the lower carbon LNG for example? Kevin Birn: People can't see me smiling and I'm smiling because it's a hard question because, if it was easy, it would've happened. I don't think it's easy, there's a lot of entrench in interests and, like I mentioned, there's companies that have set targets on existing practices and standards, there's a lot to overcome. And to be really honest, and it'd be good to get James' comment too, I listed those differences we see in how people do specific aspects of methodology, allocation projects, system boundaries. The companies that have made those choices that result in the inconsistency, they've made those choices after rigorous analysis of what's logical and what makes sense but to get them to change means restating their targets and that's not a small thing. James Salo: When we look at the changes that are going to happen, for example, in the corporate accounting space, looking at the direction of travel of some of the proposals that are starting to come out for the Greenhouse Gas Protocol updates starting with what's come out in the first consultation for scope two, we expect another consultation, this is a long process. This is a multi-stakeholder process, this was kicked off a year and a half plus ago but they're also going to be really substantial changes. Just looking at some of the proposals for the changes to scope two, they're consequential and they've led to a lot of feedback from across a variety of stakeholders be it the industry, be it nonprofits, governments, et cetera, there's been a lot of feedback coming in and it's going to be challenging. Things are going to change in the way that targets have been set, in the way reductions have been set and so what is that going to mean? I don't think that we know at this stage, I think that everybody's going to be dealing with this same challenge over time but I do think that there's some real challenges because of the complexity and these significant changes coming forward for implementation particularly since, in some jurisdictions, this is going to be mandatory, in others it'll be voluntary, in some, there will be no guidance on this. I think watch this space, it'll be great to talk about this again in the future because this is going to be a very dynamic, changing landscape and something that we're going to need to continue to focus a lot of attention on as we move forward. Eklavya Gupte: And now maybe to give a bit of perspective on how the various industries or commodity markets are reacting to the changes that we're going to see, what's been some of the industry response? Kevin Birn: Well, one of the things we saw over the course of last year was increased industry interest in this topic. And I want to just say it was just industry, there was a lot of government in conversations, we saw this featured at the G7 table, we saw it on the G20, we saw it in the brick plus nations, we saw it at COP, we saw it on the SB COP. So, it took off last year in a big way and a lot of different discussions really around what is this issue because it is something that used to be relegated as a back office activity and going to the strategy C-suite pretty quick, what is this, why should I care, what is the impact was really the conversation that was going on. And one of the things we did see happen last year is generally a realization that there is inconsistencies and greater comparability would be good, full stop. How you action that and what are the steps to get there is where there's a lot of difference of opinions. And I should be really clear, when we talk about carbon accounting at S&amp;P Global, we talk about emission quantification, so the actual methodology and the math, but the other pieces also have to be how is this information actually reported so that information can be trusted. So, last year, we saw the industry create a new industry association as well to try to address product level carbon accounting specifically and that gave birth to something called carbon measures which is really driving the conversation on product level. Eklavya Gupte: Okay. Great, Kevin, thanks very much. You mentioned trade policy and the impact that this may have on global trade so maybe, Roman, quick one for you. What are some of the things that we might see later on this year as a result of some of these changes? Roman Kramarchuk: Yeah, I'd say CBAM was interesting to the extent that a lot of the details weren't actually finalized even in December ahead of the formal period start and there are still things that are not exactly clear and I think there's a lot of this clarity that we're looking for in the next year or two. Bigger picture, we've been talking about the EU CBAM, we also have a UK CBAM that's moving forward and, in some ways, may move ahead and leapfrog the EU CBAM on a few sectors. For example, there's talk of the UK CBAM taking into account refining which the EU was reluctant to take on because of all of the complexities that were mentioned earlier around scope, co-products, et cetera. It's about, when you push on a balloon, you may pressure somewhere and that just means that it comes out somewhere else. There's discussions around downstream products, you can go ahead and have the accounting on the more commoditized product but then the question is, if that steel is being used for tools, appliances and automobiles, how are those being reflected, how are the inputs into those processes. The inputs are being reflected but how are the final products being reflected and can CBAM just be worked around by importing the final products without having to deal with the intermediate product. So, I feel like we have a case study in place and I think the world is watching. The world is watching because other countries are thinking of potentially implementing such products and to be sure the industries are looking here too because what they don't want is a set of multiple books, multiple approaches, multiple measurements that depend upon what state, what country, what individual product you're working on. Eklavya Gupte: Thanks. James, maybe to get you in here quickly as well, besides the revision of the protocol that we're expecting to see sometime this year, what are some of the other concerns or milestones that you are hearing from some of your clients? James Salo: I would say current market state in the corporate emissions area, there's a lot of inconsistencies so data quality is very dynamic, some is very high quality, some is very low quality. So, right now, there's a quality issue and that's a lot of what the Greenhouse Gas Protocol is trying to solve with some of the revisions. I'd say that, as we look to this coming year and we do have a second iteration of the scope two standard, we have the corporate standard and, towards the end of the year, probably the proposals for scope three standards, I think that was going to be significant feedback from the marketplace so look for that as we get to the end of this next year and then I think that'll probably go into early 2027. And we probably won't see the final proposals for these until sometime next year. I'd be watching for, once they start to be implemented, what it's going to look like as far as some companies using the existing standards that we have now and some of them using the standards that come out in the 2027 time period. Eklavya Gupte: Great, thank you. And I guess, before we close, any sort of things I've missed out on? Kevin Birn: I would just add 2025 was a year that carbon accounting moved into the mainstream conversation for all the reasons that my colleagues have listed here. And if we look at 2026, the reason it's on the agenda is there's a lot going on. Roman talked about the EU CBAM coming into force January 1st of this year. PU companies are also tracking what the United Kingdom may be doing on their CBAM. We had the GHG protocol issue, their scope two consultation early this year, what do these changes mean, how could they impact power costs, the rec markets and decarbonization targets, these are big issues for companies. We had GHG protocols issue the land use removal standards just recently as well. GHG protocols expecting a scope three consultation later this year that companies will need to respond to, similar impacts for both those. We have the ISO GHG protocol alignment over the course of the year, we have an ISO GHG protocol product level standard expected for consultation later this year and we have carbon measures first expert panel working group meeting this quarter with work expected to roll out over the course of the years. There is a lot going on and these consultations and these pieces of work go to the underlying math that defines emission performance and carbon competitiveness. So, there's a lot of eyes on this because it's very meaningful for companies and, actually, for trade now as well because of these border adjustment mechanisms. James Salo: Kevin, just to build upon what you were saying on the industry, there's a lot of interest from financial institutions in this landscape as well. The Greenhouse Gas Protocol has their scope three category of 15 that looks at investments and the emissions associated with those but it only went so far. And following that, there was actually a trade organization called PCAF that was stood up to build upon that and actually really look at more specific methodology and criteria to account for emissions associated with investments and that group has really been growing over time and really has become a big key part of the standard. So, I'd say, both there's an appetite and an interest from the industry and also a adding of technical expertise and trying to feed that back into the process. In this case, to try to inform that Greenhouse Gas Protocol scope three standard that's important to mention. Kevin Birn: Thanks, James. And I would just add that we are coming ahead of CERAWeek at the end of March where a lot of these discussions are going to be happening. What we've sought to do is also distill a lot of these conversations around carbon measures, around Greenhouse Gas Protocol, around CBAM into a look forward journal article which is going to be published ahead of CERAWeek. We're actually looking forward to a lot of critical discussions with industry and policymakers at CERAWeek so, as we mentioned, 2026 is a year where this is coming to the fore where this is front and center and we're looking forward to more of that to come. Eklavya Gupte: Now, that is all for this episode and I hope you found it useful. Before we close, I want to let our listeners know that the Energy Evolution podcast team will be in Houston for CERAWeek from March 23rd to the 27th so we look forward to bringing you interviews with featured guests from the sidelines of the event. CERAWeek by S&amp;P Global is one of the largest and most influential energy conferences in the world bringing together world leaders from various sectors, politics and more. Now, I'd like to end with recognizing the rest of our Energy Evolution podcast team including Camilla Naschert, Karen Willenbrecht, Drew Engblom and Dan Testa. And a big thank you to our agency partner, the 199 and the S&amp;P Global Energy Digital Content Team. Also, please subscribe to Energy Evolution on your favorite podcast platform. And if you've got any ideas for future podcast topics or guests, please email us at energyevolution@spglobal.com. Until next time, thanks for listening. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/081826-balcony-solar-and-evs-are-giving-consumers-a-greater-role-in-grid-flexibility</link><description>Balcony or &amp;quot;plug-in&amp;quot; solar is rapidly gaining popularity, as it gives consumers who might not have easy access to distributed solar generation a straightforward way to deploy the technology and begin saving on their power bills. Meanwhile, as drivers transition to electric vehicles, the possibility of deploying batteries as a flexible grid resource connected to bidirectional chargers is also</description><title>Balcony solar and EVs are giving consumers a greater role in grid flexibility</title><pubDate>18 August 2026 11:06:32 GMT</pubDate><author><name>Dan Testa</name><name>Staff </name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables, Emissions, Hydrogen August 18, 2026 Balcony solar and EVs are giving consumers a greater role in grid flexibility Featuring Dan Testa and Staff HIGHLIGHTS Plug-in solar cuts power bills for renters EV batteries become flexible grid resources States regulate new residential energy tech Balcony or "plug-in" solar is rapidly gaining popularity, as it gives consumers who might not have easy access to distributed solar generation a straightforward way to deploy the technology and begin saving on their power bills. Meanwhile, as drivers transition to electric vehicles, the possibility of deploying batteries as a flexible grid resource connected to bidirectional chargers is also growing. These new technologies are allowing residential utility customers to take greater control over their electricity consumption and spending. But wider adoption has implications for grid safety and reliability, and several states are already moving to regulate and manage the addition of these resources. In this episode, Dan Testa discusses these issues with Kirsten Errick, an S&amp;P Global Energy reporter who covers renewables. Kirsten interviews Cora Stryker, co-founder of Bright Saver, a plug-in solar company, and Aseem Kapur, chief revenue officer at GM Energy. View Full Transcript Dan Testa: Hello and welcome to Energy Evolution, the podcast where we explore the ups and downs of the energy transition. I'm Dan Testa. Now, often on this podcast, we're talking about massive energy projects, but in today's episode, we're looking at smaller home energy generation, some developing technologies. We're going to be delving into plug-in solar, which is also sometimes called balcony solar, and vehicle to grid. Now, for both of these technologies, energy generation is really getting put in the hands of an everyday homeowner or a renter or any consumer who simply plugs in a solar device or electric vehicle to send energy to the home or grid. And we're seeing growing interest in both of these kinds of tech. There's a lot to discuss here. It's very new. In this episode, we're going to explore what plug-in solar and vehicle to grid are and how they can be used, what we're seeing in the market for these, and how these could continue to emerge and grow and push the broader industry. Joining me to talk about this today is Kirsten Errick, a reporter who we've had on before, who covers solar for plats, part of S&amp;P Global Energy. For this episode, Kirsten interviewed Cora Stryker, co-founder of Bright Saver, a plug-in solar company, and Aseem Kapur, chief revenue officer at GM Energy. Hey, Kirsten, welcome back. Thanks for being here. Kirsten Errick: Yeah, thanks for having me. I'm excited to chat about this. Dan Testa: Me too. So just I guess starting with the basics, what is plug-in solar? Kirsten Errick: Yeah, so the name is what it sounds like. So it's a small solar system that you plug in. There's no hard-wiring. You simply plug it into a standard outlet. There are some different technical aspects that make that safe to do. It's also sometimes referred to as balcony solar because you'll often see it installed on balconies, which makes it good for renters or homeowners who can't have rooftop solar. It generates a small amount of power, but depending on the size of the system, it can be enough to power an appliance like a fridge. So it's just really reducing your load on the grid. It's not going to replace that. Dan Testa: Wow. So that's kind of it. You really are just plugging it in? Kirsten Errick: It's as simple as that. You're really just plugging it in as long as the system meets requirements that make it safe. So I mean, people are familiar with plugging something into an outlet, whether that's a lamp, a phone charger, a toaster, whatever else. So in that sense, people are familiar with the concept and it's accessible to people. But once you plug the plugin or balcony solar into the outlet, that's when people's understanding of how the outlet works and how this works changes. So the biggest difference is that normally the device you plug into an outlet takes power from the outlet to power whatever you just plugged in. This is the opposite of that. You're plugging in the balcony solar into an outlet, and that's sending power into your home's electrical system by plugging that in. There's an inverter and other components and requirements that make that work safely. Dan Testa: Right. So where are we with balcony solar in terms of adoption and regulation? I mean, it's all still pretty nascent and new at this point. Kirsten Errick: Yeah. So for plugin solar, it's in the early stages. There's a handful of states including Utah, Colorado, Maine, Maryland, Virginia, Vermont, New Hampshire, and Connecticut that all have laws for this. Some of the laws haven't taken effect yet, so you'll really start to see that in the coming months, but dozens of other states have introduced legislation. Utah was the first state to pass legislation in March 2025, while most of the other states that I just mentioned have passed legislation within the past few months. But this is really popular in other places like Germany. There are some safety concerns, particularly because it's not being hardwired by a professional, which would be different from, let's say, rooftop solar. So some of the differences in the system need to be built in. Utilities have pointed out that plug-in solar is on the load side of the breaker rather than the supply side, and that that can present some safety concerns. One is sending power back to the grid in the case of a blackout, which could harm linemen working. That's something that several utilities have expressed concerns about. Another concern is overloading your house, which could be an electrical fire hazard. Also not good. UL has a certification, UL 3700, which addresses these concerns. It's meant to certify the whole system and address the concerns I just mentioned since this is working differently than we are used to having outlets work. So it's not the same as having individually certified components and then putting that together. The challenge is that, to my knowledge, there's no plug-in solar kit certified to that standard yet, but that could change soon. Dan Testa: That definitely raises some interesting challenges and considerations that are probably going to need to get worked through. Let's hear it from another perspective on this. Kirsten Errick: Sure. I spoke with Cora Stryker, co-founder of Bright Saver, a plug-in solar company. Here's what she had to say. So to get started, what are you seeing with plugin solar? I know several states starting with Utah have passed legislation. Cora Stryker: Yeah, it's been quite extraordinary. So yes, you're right. Utah passed it last year and we, Bright Saver, we're a nonprofit. Our mission is to get solar into the hands of everyone who wants it. And we see plug-in solar, balcony solar as the way to reach people who are excluded from any other kind of solar adoption. That's renters who don't own their roofs. That's folks living in apartment buildings who don't have access to their roofs, who don't have any space. And we've learned quickly, actually, that part of what needs to change in the United States is the regulatory environment. And so Utah, my buddy, Raymond Ward, we were just on the phone yesterday, he did this in Utah. He's a Republican. He passed unanimously through both chambers in Utah legislation that basically said these little balcony solar systems should not be beholden to the same regulations as large rooftop systems five to 20 times as large. And the reason that was revolutionary is because if you have to follow the same regulations and jump through the same hoops, you end up having to apply for an interconnection agreement with your utility. That involves all kinds of things, fees, electrical inspection, technical diagrams, things that your average person can't do or doesn't want to learn how to do. And what we're really driving toward here is what we have in Germany right now, which is you go to IKEA. You buy an appliance-like solar system, you bring it home, you plug it in, and you're done. So we learned through Ray Ward's revolutionary work that this was the first step. We need to reform interconnection. And if you talked to me a year ago, I would've told you, yeah, I think we can get maybe two, maybe three states to introduce similar legislation. In the end, 35 states plus District of Columbia introduced legislation very similar to what Raymond Ward passed in Utah. So we've seen this extraordinary wave. Nine of them have passed already. Two more are in the pipeline. We're hopeful about them. That's California and Massachusetts. And I think the reason we're seeing this is because there's this incredible pent-up hunger among renters, among folks who live in apartments to have some kind of power, pun intended, to reduce their electricity bill and in some cases reduce greenhouse gas emissions at the same time. Kirsten Errick: Well, you brought up a bunch of interesting points. Cora Stryker: I talked a long time. I'm sorry about that. It goes so deep. Kirsten Errick: You had mentioned that it's popular in Germany. What do you think we can learn from Germany? Cora Stryker: All kinds of things. So in Germany, a couple of things. How did policy shape what's happening in Germany? First, it was a sort of gorilla movement that Germany said, "Hey, no, we don't want these. It's too dangerous." People did it anyway, but the numbers stayed small. We were in the early adopter phase of the S-curve. And then at a certain point, it became clear, "Oh, we have hundreds of thousands of these. Let's make it legal." So Germany did. They passed a first package of legislation that did essentially what these 35 states tried to do this year in the United States, and it reformed interconnections. You don't need to have an interconnection agreement with your utility for these little systems. The second thing that Germany did a few years later is they passed renter's rights, which essentially says, "Hey, if you're a renter, your landlord can't deny you the right to plug in this appliance unless it's a historical building, some very specific circumstances." That is when it took off really in a meteoric way. And that, by the way, coincided roughly with the war in Ukraine and this incredible spike in energy prices in Germany. So it was the combination of policy, protecting renters who want to generate their own clean energy and the economic incentive to do so to offset these extraordinary electricity bills people were having. And we see the same trend here in the United States. And we, Bright Saver, are trying to seize upon that to make the transition happen even faster than it did in Germany. It took about a decade in Germany to get from the guerrilla solar days to where we are now, which is four million balcony solar systems in households across the country and no major safety incidents. That took 10 years. It's not going to take 10 years here, and we are trying to push it to go as fast as it possibly can. Kirsten Errick: Yeah, definitely. And we're having those same energy affordability, increasing energy demand conversations today here in the US. How can plug-in solar help with both of those? Cora Stryker: It's not a magic bullet. There are no magic bullets, but it's sort of one of these extraordinary solutions to two problems at the same time. And it really stems from the basic reality that solar energy is cheaper to produce than the old forms of energy, dirty fossil fuel energy. And what does that mean? That means that the energy's never been cheaper to produce, and yet we consumers keep seeing our electricity bills going up. That's a very simple question with a very complex answer. But one of the solutions to that, and maybe a small step forward that we think leads to the much larger step forward is balcony solar. Because let's say you're a renter ... I was talking to a woman in Brooklyn a few months ago and she says to me, "I compost, I bike to work. My electricity bills keep spiking. What more can I do?" She felt she couldn't do anything. However, once this becomes legal fully in New York, she will be able to buy one of these, bring it home, plug it in. It's incredibly empowering. And we see it as a gateway drug to the wider clean energy movement, wider clean energy adoption, because you look at your energy bill and you see that yours is going down while your neighbor's is still going up, and you get it. You get it concretely. You don't have a trade-off anymore between meeting your household expenses and doing something right for the climate. And that is the extraordinary moment we're in. And what is our role as a nonprofit? Bright Saver is trying to push that faster than it would even go organically with market forces driving it alone. Kirsten Errick: What do you think it would take for plugin solar to be more ubiquitous across the US? Is it more than just having legislation for it? Cora Stryker: A number of things. So legislation is the first necessary step. So this year, right now, as we speak, it is fully legal in 10 states. I mean, there are a couple that are waiting for the governor's signature, but we feel hopeful. We think by the end of this year, we will be looking at 11 or 12 states where it's fully legal, meaning you don't need an interconnection agreement for these little systems. The other thing though that is crucial is that second wave of legislation we saw in Germany, renter's rights. And if you talked to me a year ago, I would've said no way we could do both at the same time in this country. Guess what? Colorado did. Virginia did. New Jersey just did. So those are the two waves we need. We need full legalization, step one. Step two, renter's rights, because that is the market that really wants this and really needs this and has no other options. Kirsten Errick: Switching gears a bit, are there any special considerations or safety concerns for plug-in solar? Cora Stryker: Yeah, there are. And some of them are, I would say, fictitious, and some of them are real. So probably the most common safety concern that we hear is that electrocution of line workers is a risk. That is simply not true. So if the grid goes down, these microinverters in these systems sense it immediately and shut down within milliseconds. So they can never send electricity back into the grid if the power is out. That's not a concern solved decades ago by technology. The other piece of it though is something we have to be really careful about, and that's the household level safety. So we have to make sure that we abide by the 120 rule in the National Electric Code, which essentially says that the wiring in most US households cannot bear more than 80% of the rated capacity, the nameplate capacity. So what does that mean? That means that we have to, with today's technology, set the wattage limit pretty low. And that's what all of these bills do. You can't have a five, six kilowatt system and plug it into your wall because that could overload the circuits, and we obviously don't want that now. I always need to caveat this by saying that we're in the infancy of this technology in the United States, and we know that there are already technologies in the R&amp;D phase that are going to be out in the next couple of years that solve this problem differently. Things like power control systems that will sense the current flowing across the wires. And make sure that you never have a risk of overcurrent, which could lead to a house fire. So in the interim, with the technology we have today, we do need to set that wattage limit pretty low. But again, that's a step in the direction that we're going. That is not the end state. Kirsten Errick: I know there's also the UL 3700 certification, which is certifying the whole system as opposed to the individual components being certified. How is that from a safety point or a certification point important for plug-in solar? Cora Stryker: UL 3700 is a really important watershed, meaning it is the first certification for these plugin systems end-to-end. We were thrilled to see it come out, and then, we read it. We learned pretty quickly that it is so conservative as to be inhibitory to this market. We are in touch with many manufacturers and none of them to our knowledge have achieved that UL 3700 certification. Why? Because that certification has really onerous requirements. For instance, it requires an electrician for all systems of any size. And that is against the spirit of plug-in solar that is going to not just curtail the market, but manufacturers, and we agree, we see it as being completely inhibitory to the market. Now that said, there are other workarounds, and you mentioned the component level certification. The National Electric Code and UL are dynamic and they borrow from each other and each other's guidelines. The National Electric Code will be updated in 2029. And there's already a public amendment filed by the people who will be on the rulemaking committee. And they say, they've done their analysis and they show that 360 watts and below with current technology is safe for anyone to plug into any outlet. UL 3700 says no, even at that very low wattage, it's not safe. And this ends up being a complex picture because we're going to end up, we think, with two classes of PIPV systems. We're going to end up with a class of really low wattage systems, 360 and below. That number may go up as time goes on, but it's going to start at 360 because that's how the National Electric Code is going to update. There's going to be a larger class of systems, 360 to 1200 watts, maybe 2000. And that class, that larger PIPV class is going to require an electrician. Now, a couple of us, including Bright Saver, we feel that NEC analysis by the rulemaking panel four is ironclad. We have had it independently verified by the world experts, and they all tell us that 360 Watts and below is safe with just the component level certification. And so, that's why we, Bright Saver, chose 360 Watts as the limit for the systems we are selling with the current technology. And actually a super exciting development that is new since you and I last talked, Kirsten, is that our partner, Hoymiles, they manufacture the inverter. They have already taken the first step toward UL 3700 certification. And we are incredibly excited about that because it means that we're not in a stagnant state. Manufacturers are moving in that direction. We just don't have a fully system-wide certification for a complete kit yet. There's no stopping this. I mean, the demand for this technology is so palpable. We hear from people every day, we just launched our under $300 complete balcony solar system product. We launched it Monday. We're getting 100 to 200 orders a day. So I think that not just us nationwide, it's completely clear that people want this, and we just have to make sure that people get safe systems in their hands because they're going to find them one way or another. Kirsten Errick: What do you see as the potential for plug-in solar? Cora Stryker: It's extraordinary. So we have a white paper. You can find it at brightsaver.org. We analyzed this, and this was before 3700, by the way. So that has changed the timeline a little bit. But if we follow the German adoption curve and we firmly believe that we've already gotten on it, we're looking at one in six Americans will have these by the end of the decade. To be honest with you, we think that might even happen faster because this legislative wave has swept in so decisively this year. We're already two, maybe three years ahead of schedule in terms of the legislative piece of the puzzle. Yeah, we're going to see on the order of 60 million Americans adopt this because we're only going to see energy prices go up. We're only going to see demand increase. And we think that we're not going to see it happen in 10 years. We're going to see it happen closer to four, five, six years in this country. Dan Testa: Well, that was an interesting discussion with Cora. Lots of momentum around plug-in solar clearly. Kirsten Errick: Yeah, it'll be interesting to see how this evolves. Dan Testa: Okay. How about the next one we were going to talk about today? What is vehicle to grid? Kirsten Errick: Yeah, vehicle to grid lets an electric vehicle owner plug in their EV with a bidirectional charger into the wall charging system. Through programming, instead of charging the car's battery, it's taking energy stored in the battery to the grid to help reduce peak demand or to the home for backup generation, let's say during a power outage. EV batteries are larger and can therefore store more energy than a standard stationary home battery, which is what makes this appealing. It's a similar idea with plug-in solar that people are going to most likely think of charging their EV, but not using their EV as a backup generation or to send electricity back to the grid. Dan Testa: And so, what are you seeing with vehicle to grid in terms of adoption? Kirsten Errick: Yeah, for a vehicle to grid, there have been some pilot programs across the country. Sunrun had a pilot program with Baltimore Gas and Electric. Also, Pacific Gas and Electric has several different programs across its California service territory. A few weeks ago towards the end of July, National Grid, Sunrun, Energy Hub and the Mobility House launched a vehicle-to-grid pilot program in Massachusetts. So you are seeing interest across the country, but it tends to be in the pilot program stage. Now, not all EVs can do vehicle-to-home or vehicle-to-grid. They must be compatible with and have a bidirectional charger. This isn't a standard feature to cross all EVs, but could be one day as the market matures. While charging an EV isn't new, the bidirectional charger and sending the power to the home for backup generation or to the grid to shave peak demand is a newer application for this. So in a nutshell, the commonalities for both plug-in solar and vehicle-to-grid is that homeowners are generating energy at home by plugging in a device and sending that either back to their home or to the grid. Dan Testa: It's interesting to see the different use cases for this. Let's hear from another perspective on vehicle-to-grid. Kirsten Errick: Yes, I spoke with Aseem Kapur, chief revenue officer at GM Energy on this topic. Let's hear what he had to say. Aseem Kapur: Near term, I think the top priority that people have front and center is just reliability. Peace of mind is there's just no substitute for it. And the fact that many parts of the country don't even allow backup generators, whether it's natural gas space or diesel generators, if you're a GM EV customer, you have a backup power resource in your garage. So that's the number one and the foremost. Number two is the fact that you can save on your energy bills. And most energy companies today offer what they call time of use electric tariffs or rates. And what that means simply is that they offer lower prices in order to use energy during certain periods of time. And typically they have EV tariffs that are available in all large main markets. So it allows you to save energy from the system itself and lowers your energy bill. And we've seen on average anywhere from minimally about 200 to $300 per year of savings. And that can actually rise substantially in certain markets where there's a lot of energy price volatility. So that's number two. And number three is really around what we call making money. So how can you now use the EV to actually provide support to the grid and have programs that the grid allows customers to participate in and compensates the customer for making their asset available? And this is what we are calling the proof of value pilots we're doing with PG&amp;E out in San Francisco with DTE out in Michigan. And the purpose of those programs is to be able to reliably demonstrate to the energy companies that these assets will be available and then they can monetize them when the grid has a need and pay the customer to actually participate. And the beauty of that experience is that all of that unlock happens through the app, the mobile app, let the customer use it. So it's a unified experience, and that's going to be the third use case that really drives adoption for the consumer in the future. Kirsten Errick: So where are we with vehicle to grid and how long do you think it'll take for vehicle to grid to scale or have a larger market capacity? Aseem Kapur: First of all, we have a fairly large installed base. We have close to 250,000 EVs that are capable of exchanging power with the grid. And some of the partnerships that we're already actively working with energy companies, we have commitments in order to have close to half that number interface with the grid or start exchanging energy with the grid in the next few years. So that gives us a lot of promise that energy companies are working in partnership with us hand in hand to unlock the technology. I think the second piece is really around the EV-centric home ecosystem. It's all about making it easy and simple for the customer to use the technology. And we have a unified digital experience that allows for us, for the customer to be able to easily utilize the EV to be able to be part of their home. In fact, from some of our early customers, one of the consistent pieces of feedback that we get is that they experience outages without even knowing they've had an outage unless a neighbor actually tells them. Because the system is completely noiseless, it switches on within a matter of seconds if your car is plugged into the home and the customer actually doesn't experience an interruptions. So that's the beauty of it. So I think the key point there is continuing to win the customer's trust based on simplicity of the experience. The third piece, I think as part of that experience is also the turnkey installation and services as well as our scale. The fact that we have 4,000 dealers across United States, 90% of Americans live within 10 miles of a physical touchpoint. And so, that gives the customers the confidence that we can offer a repeatable, scalable sales and service experience and support them with a new technology. So that is, I think, an integral part of the experience. And last I think is just more importantly is as the need in the grid continues to emerge, whether it's increasing energy prices or increasing weather events that we experienced earlier in the year between heat waves, as well as severe winter that we had, the need for this technology is becoming more and more viable and customers want energy independence. Utilities want to be able to call on those batteries. So I think all of those trends are pointing towards the fact that V2G and vehicle to home technologies are going to be mainstream. And we also have some pretty good intelligence around the fact that a lot of our competitors are moving in this space as well. But what we're excited about is we're first out the gate. We've got a large ... one of the largest portfolio of EVs that are capable of this experience. And more importantly, we're learning every day on how to improve that experience. And that's what keeps us excited. Kirsten Errick: So going off of that, do you want to talk about what GM is doing for vehicle to home and vehicle to grid? Aseem Kapur: I think for us, we are committed to long-term EV strategy and we are the number two EV seller in the country. And we are essentially creating the largest mobile energy platform in the country to support the US electric grid. And the real philosophy behind it is that we want to unify the experience between the car and how the customer uses the car in order to power their home and also in the future to power the grid if it's necessary. So the key idea behind this is that we want to simplify that experience for the customer. But for us, the journey starts way at the top. From the time when the customer purchases their experience, GM Energy is about, I think, three major things. One, how do we simplify their charging experience, whether it's at home or in public? The second is how do we extend that experience into energy? So allowing customer to get more value out of their car and where they can use their car for energy backup. And then the third is how we actually seamlessly connect the car with the grid and allow energy companies in the future to be able to dispatch or utilize these mobile energy assets that are on our EVs. Kirsten Errick: And for vehicle to grid, is GM working with different utilities for that? Aseem Kapur: Yeah, so we are building a utility native grid integration platform. And what I mean by that is we've designed the product in mind to keep into account the grid requirements, and we're also working on a completely seamless experience. And in order to be able to unlock that experience, I think three things have to be true. One, the customer has to have confidence in the EV, which we've actually seen ... majority of our products actually have some very high customer satisfaction ratings. Number two is we have to make it easy for the customer to be able to purchase the system, install the system, and connect the system with the grid. So we provide turnkey services in order to support the customer, in order to get that equipment installed in their home. And third is connecting with the grid itself. So how will the customer actually utilize that? So we have partnerships with energy companies across US, all the major investor-owned utilities. And specifically with two large companies out in the West Coast as well as in the Midwest, we are actively undertaking pilots or what we call proof of value programs to allow these energy companies to be able to test and validate that GM EVs can reliably discharge energy into the grid and they can use that for grid balancing. So we are supporting the customer end-to-end in their journey, and we've designed the platform by keeping the grid at the heart of it, but more importantly, making sure that the experience for the customer is easy and simple. Kirsten Errick: Are you seeing increasing demand for this? Aseem Kapur: Yeah, so I think the need for the platform, I would say by far is there's never been a higher need. And I will say that I think for a couple of reasons. One, as we've all seen, the demand for energy is unprecedented. Significantly, it's all about increasing energy capacity and the power demand shift is ... the growth is actually structural. It's all driven by data centers, whether it's cooling, buildings, industrial load growth through reshoring and electrification with EVs. All of those are structural reasons why the demand on the energy grid is growing. Second, I think is you can't solve for that all on the supply side. It takes time in order to build the grid and expand the grid. And typically it takes anywhere from five to 15 years, depending on whether you're building a large substation, a transmission station, or you are actually servicing the customer at their home, which can be then shorter duration. So the traditional grid build-out is typically slow and capital intensive, so the grid requires flexible solutions and batteries present that opportunity where whether they're essentially the flexible resource that become the bridge and customer-sided storage essentially easily allows customer and the grid to be able to move energy around. And so for us, what we've seen is I think three big reasons for adoption. One, customers care a lot about their energy reliability. So increasingly in parts of the grid where they're increasing frequency of outages, they want the peace of mind. And so the system provides backup power and it's completely seamless. Second is it allows the customer to save money on their energy bills. So energy bills are on the rise, and as they can use to charge their EV, and we also have an optional power bank product, stationary storage product that you can couple with the EV, you can then use that to lower your bills. And then in the near future, we're creating optionality that allows the customer to be able to sell energy back into the grid as well, right? So that's how they'll actually make money. So the demand is real. It's here now. We've sold thousands of systems, and we are trying to unlock this one customer at a time to make sure that we can get the customers and the grid behind the technology. Kirsten Errick: You had mentioned all of the increasing energy demand that we're seeing. How can vehicle to grid help meet this demand and fit into the larger energy landscape? Aseem Kapur: Yeah, I think the batteries are the holy grail, the way I think about this. And there are a couple of trends I think on that side, why this will continue to become an integral asset to the grid. One, battery costs continue to fall. We've seen about a 90% reduction in battery costs since 2010, and that makes storage a mainstream flexibility resource for the grid. The second is the beauty of the mobile energy storage platform that we are investing in, is the fact ... it's the timing and the location. The fact that you can make the EV available where the grid's need is. And then also when you pair that with a stationary storage system, you can now have this flexible capacity that the customer can actually utilize that for anywhere minimally five hours up to three days in order to actually power their home and stay off the grid. So that is a pretty big resource. And then I think the last piece is if you look at all the emerging regulation in the industry, whether it's large data center demand that's coming on the grid, a lot of that is driving the adoption of what they call flexibility or flexible resources. And batteries are a part of that equation, right? In fact, some of the large data center providers are now announcing partnerships with energy aggregators in order to bring these flexible resources to the grid such that they can actually connect to the grid faster. So all of these trends are pointing towards the fact that batteries are going to continue to be mainstream. And more importantly, the mobile energy platform that we are investing in is going to play an integral solution in the future of the US grid. So that's how I think about the EV platform that we are building. The second thing I just want to also highlight is that as you think about consumer experience on a day-to-day basis, a lot of our energy intensity or how energy companies look at per capita use of electricity in a given home, that is also on the rise. And as we adopt AI in our lives, a lot of the large language models move to the edge with small language models that get embedded in our devices. That is also going to increase energy intensity. And then today we see a problem on the supply side. It's all about large data centers that are trying to connect. And so, the problem has been centered on, well, how do we bring all this generation capacity to serve this demand? But in the very near future, all of that is going to shift to the last mile, right? So each of our homes is going to need more power and utilities can't just overnight replace all the transformers in front of each of our homes. And so that requires more flexible resources. So any home that has an EV, any home that has a vehicle to home or a home energy management system is going to be more valuable, not only to the grid, but also in terms of home values. So we're actually pretty excited and pretty bullish about the technology and the platform that we're investing in because we're leading with the consumer experience. Kirsten Errick: Batteries are obviously a large component of this. How do EV batteries compare to standalone home batteries? Obviously, it might depend on the size of the vehicle. Aseem Kapur: Yeah, so you're absolutely right. I think the first thing you started off was the size of the battery. Typically, it is anywhere from 10 to up to 20 times the size of a stationary battery. So the smallest configuration of a stationary storage system that we sell, we call it our power bank product, is about 10.6 kilowatt-hours. Whereas the average size of the battery that we have on our EVs typically is about 60 kilowatt-hours, 60 to 75. And whereas some of our larger pickup trucks have up to 200 kilowatt-hours. So when you look at that scale, it's 10X, in terms of just that flexible capacity. So that's one of the key reasons why energy companies are so excited about EVs is because of you can flex that capacity by 10X in a matter of seconds. So that's number one. Number two is we have done some considerable testing to ensure that we stand behind the warranty of our product, right? So EV itself, and we've done both propulsion and non-propulsion testing on the product to confirm that battery degradation doesn't in any way impact the quality of that experience, whether it's for mobility or for backup power. And in both cases, if it's actually done, because there are different propulsion cycles or different use cases, there's been quite a bit of research done in the industry that demonstrates that these are complimentary use cases that prolongs battery life. So the most interesting stat that I have to support that is, that used EVs as they're coming back in the industry now and GM used EVs that have been out for two plus years, over 90% of their battery health life is left. So they have some really good capacity. So that's an exciting trend as well. And then, the last piece is the fact that customers get more and more comfortable and confident. As we are all now accustomed to using or running our dishwasher or our washer dryer when the energy prices are the lowest, over time as consumer behavior evolves and this technology becomes mainstream and they get more and more comfortable, those behaviors are also going to further compliment the fact that it's all going to be about extending battery life. So those are the trends that really make us confident and excited about the fact that we are going to stand behind this technology. Kirsten Errick: Vehicle to home and vehicle to grid are newer. What are challenges and opportunities with that? Aseem Kapur: Yeah, I think the challenge number one's consumer of confidence. How do we actually solve for that? I think ... so that's number one front and center for us. Number two is confidence with the grid. How do you reliably have technology that interfaces? There's over 4,000 utilities in US. And our go-to-market approach is that, look, we will partner with any and all. If there is an energy aggregator that supports them, we'll partner with the aggregator. Because for us, it's all about unlocking value for our customer who's driving our EV. So I think that's number two, driving confidence with the utility. And number three I think is really regulation and market policy design. So how do we actually create the right frameworks, whether it's energy tariffs that encourage the customers to buy an EV, or actually, it's what we call in the future, vehicle-to-grid tariffs or VPP programs, virtual power prime programs. Because all of those are going to be necessary, what we call market design mechanisms, in order for us to continue to invest in the technology, keep adding these features on the hardware and the software layer for customers to keep buying that, energy companies to keep using it, because there has to be a mechanism that creates value that the market rewards. And for that, the market design is going to be key as well. So I would say those are the top three drivers, consumer confidence, grid confidence, and market mechanism that brings those two together. Dan Testa: Okay. A lot of interesting discussion and insights with Cora Stryker, Aseem Kapur. We're learning a lot about these technologies and the emerging markets are kind of creating. What did you think, Kirsten? Kirsten Errick: Yeah, lots to unpack there. It'll be interesting to watch both of these technologies evolve as the market and technologies grow and mature. While plugin solar and vehicle to grid are in their early days here in the US, there is growing interest in these technologies, particularly with energy affordability concerns, increasing energy demand, and consumers looking for backup generation or to reduce reliance on the grid. Dan Testa: Yeah. In my own experience ... and I live in Western North Carolina, I had an EV charger installed last year through a Duke Energy program. It paid for a big chunk of the cost of installation, but the cost of installing bidirectional equipment that would've let me feed power from my EV back into the house, if I needed to power it in an emergency or something like that, that was going to be way, way more expensive, prohibitively so. So this tech is expanding, but it's still got a ways to go in terms of access, especially depending on where you are. Okay, that seems like a good place to wrap up. Before we go, I want to thank Cora Stryker and Aseem Kapur for sharing their time and knowledge. And a big thanks to Kirsten Errick for joining us today for doing those interviews and reporting for this episode. I'd also like to recognize the rest of our energy evolution podcast team, including Camilla Naschert, Karen Willenbrecht, Juran Plum, and Eklavya Gupte. And to thank you as well to producer Donovan Menard of our agency partner, the 199 and the S&amp;P Global Energy Digital Content Team. Finally, make sure you subscribe to Energy Evolution on your favorite platform so you don't miss any episodes we may be doing. And if you have any ideas for future podcast topics or guests, issues, or problems, solutions, you can always email us at energyevolution@spglobal.com. Thanks for listening. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-episode-50-redefining-the-edge-private-equitys-new-playbook</link><description>In this episode of Private Markets 360Â°, we welcome Rachel Barton, Global Lead for CEO Advisory and Private Equity at Accenture. Rachel shares insights from advising private equity firms across the full deal lifecycle and explains whatâ&amp;#x80;&amp;#x99;s fundamentally different in private equity today. We discuss how the definition of having an edge has shifted, with firms now relying on advanced analytics, AI, and ecosystem collaboration to stay competitive as traditional sources of value become less reliabl</description><title>Private Markets 360Â° | Episode 50: Redefining the Edge: Private Equityâ&amp;#x80;&amp;#x99;s New Playbook</title><pubDate>27 August 2026 04:00:00 GMT</pubDate><author><name>Jocelyn Lewis</name><name>Chris Sparenberg</name></author><content><![CDATA[ Podcast â27 August, 2026 Private Markets 360Â° | Episode 50: Redefining the Edge: Private Equityâs New Playbook By Jocelyn Lewis and Chris Sparenberg In this episode of Private Markets 360Â°, we welcome Rachel Barton, Global Lead for CEO Advisory and Private Equity at Accenture. Rachel shares insights from advising private equity firms across the full deal lifecycle and explains whatâs fundamentally different in private equity today. We discuss how the definition of having an edge has shifted, with firms now relying on advanced analytics, AI, and ecosystem collaboration to stay competitive as traditional sources of value become less reliable. Credits: Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Rachel Barton, Accenture Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun, Kimberly Olvany View Full Transcript Jocelyn Lewis [00:00:01]: Welcome to Private Markets 360, your insider's guide to the world of private investments. Today, we're joined by Rachel Barton, Global Private Equity Lead at Accenture. Rachel's career places her at the epicenter of the industry's transformation, where she brings a wealth of experience advising private equity firms across the entire deal lifecycle, from diligence and value creation to exit readiness, to helping them adapt to the rapidly evolving landscape where technology, data, and operational excellence are more critical than ever. In today's episode, Rachel will share her perspective on what feels fundamentally different about today's private equity environment compared to just a few years ago. We'll explore how the definition of having an edge has shifted, with firms now relying on advanced analytics, artificial intelligence, and ecosystem collaboration to stay competitive as traditional sources of value become less reliable. So whether you're an industry veteran or a rising professional, Rachel's insights offer a practical roadmap for navigating complexity, building resilience, and unlocking growth in private markets today. Rachel, welcome to Private Markets 360. It's such a pleasure to have you join us. Jocelyn Lewis [00:01:21]: How are you? Rachel Barton [00:01:23]: I'm great. Thank you very much for having me, Jocelyn. Jocelyn Lewis [00:01:26]: Absolutely. We're thrilled to have you. And Rachel, to start the discussion, we'd like to focus on the state of private equity today, where you sit at that center of global private equity, really across the whole ecosystem. What feels fundamentally different about today's environment versus just 3 to 5 years ago? Rachel Barton [00:01:49]: Great question to start with. And If we step back and look at the evolution over the last few years, the growth of private markets has grown, I think, 20 times over the past 25 years. And in the last 5, our assets under management within private equity has grown significantly to what's now being reported as double-digit trillions. So this increased scale alongside the changing economic landscape and the rise of AI creates the platform for several shifts, several important shifts in private equity. The first one is, of course, the higher cost of finance. This leads private equity firms to think about operational value creation, and we see it starting to overtake financial re-engineering as a value creation lever. It means that PE firms are changing the playbook, and they're becoming more formulaic versus relying on multiple expansion alone. So standard levers like go-to-market, operational efficiency, AI, and talent are becoming far more interventional in the way that they drive value. Rachel Barton [00:02:54]: Connected to this, of course, are longer hold periods. And these have created a rise in the exploration of more complex transactions like carve-outs or bolt-ons, particularly as the economic backdrop is leading many corporates to relook at their business model and sell off non-core businesses. And then tech and AI have, of course, become increasingly critical, not only in the last 3 to 5 years, but I would say even in the last 12 months. This is a rapidly changing landscape, and we are increasingly seeing tech play a central role to decision-making and value creation, and PE firms questioning how they really see the P&amp;L impacts of AI within their portfolios. And then finally, talent. There's an increasing connect between the pre- and post-deal worlds as this shift from financial to operational re-engineering plays out. Operating partners are playing a stronger role in the development of the investment thesis. There is a much greater scrutiny on the middle management layers within a portfolio company and those who are really going to chart the organization into a modern future. Rachel Barton [00:04:15]: So to thrive now looks quite different, and it means the definition of what creates an edge has changed. Success now depends on having unique insights, speed, and the ability to connect into those wider ecosystems for rapid value creation. Chris Sparenberg [00:04:34]: Rachel, it feels like we could do an entire episode just on having an edge. And I do want to dig into that a little bit more and think about what the definition of that is. If we go back through the history of just buyouts, for instance, from the '80s strategies of reorganizing middle management and really unlocking dormant value inside larger companies to a book like Kings of Capital that describes the realization of large GPs that their collective portfolio companies and employees were a valuable leverage point for how they worked with vendors to control costs. As we move into today, what does having an edge mean? How has the industry evolved and what does it take to maintain that? What are you seeing across your client base and the industry more broadly? Rachel Barton [00:05:19]: Yeah, I love the way that you described the evolution of what constituted an edge. And as you were describing that, While things do change, there are also some things that stay true. And I think having an edge can almost be boiled down into 3 key points. The first one is knowing something before anybody else knows it, because we know that being able to get the best deal before the process starts is crucial. And that means having the foresight to predict, to spot, and to respond faster than anybody else, to the extent of even having an exit strategy at the point of acquisition. So to me, the first component of having an edge is know something before anybody else and get in there super quick. And we're seeing AI now play a very important role in the ability to create foresight, the ability to sense, spot, intuit, and the ability to identify the right targets to go after as quickly as possible. So that's become even more important. Rachel Barton [00:06:44]: I think the second component is that it's really crucial to remember that There is a skill involved in creating value, and being more skilled in doing something really well than somebody else remains extremely important. We can't just rely on data and technology and AI to be able to fill in some of those gaps. And we are increasingly seeing now private equity firms become much more industry specialized. Even subsectors within industries, I would say, where they are really building a craft in deeply understanding how to unlock value within a particular sector. Where, and you gave the analogy to some of the structural cost resets that were done in the '80s or the '90s, that has shifted to having a much more superior approach to specific value creation levers. Many PE firms are getting really good at just top-line growth creation. And they're going after very specific sectors or portfolio company characteristics because they know that formula works. But we actually surveyed around 650 dealmakers earlier this year, and we found that private equity firms were also outpacing corporate buyers around 1.5 times more advanced at, for example, embedding generative AI into deal theses and in value creation planning. Rachel Barton [00:08:18]: So That ability to really understand value creation in a unique way that's authentic to your PE firm is becoming far more prevalent. And then I think the third point of having an edge is talent. I spoke to a headhunting firm recently, and they said that the number one request they get from private equity firms for new searches is the AI operating partner. Because they're recognizing that the role of the operating partner or the operator is so crucial as they move through this shift into operational value creation that someone has to roll their sleeves up and really understand how to get into the weeds of an organization and create value. So this real focus on talent And a level of specificity and accountability in the value creation process is also, I'm seeing, becoming more and more important in that edge. An edge to me is a positive differential. It's about understanding potential pitfalls and knowing how to navigate them effectively, but in a way that is authentic to the differentiation and the advantage that you're able to create for your people. Jocelyn Lewis [00:09:36]: I love that description, Rachel. It's really interesting to hear you talk about those 3 components of having that edge, which is so important in today's environments. And the idea of that edge is really interesting because many of the sources of a competitive advantage that you described, whether it's that pattern recognition, the faster decision-making, or connecting the right people and information, are increasingly tied to technology, as you cited, even the use of agent-based AI in some cases. And as the market becomes more competitive and financial engineering alone delivers less differentiation, firms are having to rethink how they use data analytics and AI to create value. So let's turn to technology for a moment. And Rachel, I'd love to get your insight on how private equity firms are rethinking the role of technology in data as returns normalize and leverage becomes harder to rely on? Rachel Barton [00:10:45]: Thank you, Jocelyn. We recently ran a survey called the Pulse of Change at Accenture, where we spoke to over 3,000 C-suite leaders. So in the corporate world and also in the private markets world, to really understand how they were thinking about AI investments, even in the face of what is continued uncertainty in the macro environment. And over 80% of those leaders plan to increase AI investments in the next 12 months. Only 1 in 10 believe a significant AI bubble currently exists. Most believe that AI is now becoming something that has to be ingrained within not just the mindset of the organization, but the operating model, the way that investments are constructed. And so what does this mean for private equity? Technology and data are now central to PE operations. I remember about a year ago talking to many private equity firms about AI, and honestly, most exhibited a healthy cynicism, I would say. Rachel Barton [00:11:59]: Private equity is so value-focused that they don't gravitate towards the new shiny object, and they are very discerning about what they experiment with in order to create value, given the risk that may create across their portfolio. Now the conversation has completely changed, and they're well-educated. They are thinking about technology and data and advanced analytics essential to the way that they search, do that pattern recognition you were describing, conduct diligence, create value creation tracking plans, and even learn their edge by understanding in much greater granularity what works authentically for them. Seeing also over 50% of those C-suite leaders remain very confident that agent-based AI initiatives in particular will deliver quantifiable outcomes. And that's probably the area that I'm seeing PE get most excited about. As they take on new organizations, how can they truly reinvent them almost from the ground up through agent-based capabilities, which can contribute to top-line growth and also Contribute to bottom line optimization. They're really now leveraging technology for competitive advantage and efficiency as a key differentiator. Chris Sparenberg [00:13:29]: So as we see managers embrace AI in this way, I imagine it's got a knock-on effect, not just in how they think about the talent within their own deal teams, but also within their own portfolio companies. projects. From the C-suite perspective, how is that shifting the transformation story for these PE-backed firms? Rachel Barton [00:13:52]: I think the biggest mistake that any firm can make, and PE is no exception to this, is viewing AI as a technology initiative rather than a business transformation. Because AI absolutely can automate parts of an existing operating model. It can change how work gets done, but it can also change how decisions are made, how organizations are structured, and ultimately how value is created. And what we often see missing in the way that organizations think about AI and technology and AI is that they are missing the redesign of processes, decision rights, roles, governance, and business models. They are thinking about how to overlay AI in a way to automate their existing business. And the nudge that I would give private equity firms is to think beyond those individual use cases and ask a much bigger question, which is what should this company look like when AI is embedded into every function, workflow, and customer interaction? Because the winners are those that are redesigning the business around AI, not just layering AI onto the processes or the current ways that they do work today. Chris Sparenberg [00:15:25]: While AI certainly permeates every part of the industry and how we're all thinking about it. It's important to point out that Accenture works across diverse and sometimes obscure subsectors. Are there other industries or trends that you're most excited about when we think about value creation opportunities in the coming year or even longer? Rachel Barton [00:15:46]: Yeah, as exits become more selective, buyers are also looking beyond the current performance to assess whether a business is well positioned to create value In the future or in an AI-enabled economy. So that foresight that is now coming in much earlier to the sensing and spotting of exciting opportunities is, I think, really interesting. And technology maturity and AI readiness are now key diligence areas. So buyers want confidence in the company's data quality, technology architecture, digital processes. They're looking at whether the organization is likely to be disrupted by AI and what a credible roadmap could be for value creation. But from a subsector point of view, it'sâ we have done diligence in subsectors as obscure as salmon fishing, in the Nordics, or very innovative battery storage portfolio companies or machine learning businesses. And private equity firms are starting to expand into the edges of these subsectors as they even learn from what is now becoming a much more mature venture landscape that have got quite a lot of experience in taking the obscure into something that is slightly more scaled, which which is actually now being started to be picked up by PE. So that transition almost from the venture world into the private equity world, where we're seeing obscure subsectors like those that I described, you know, renewables, innovative sustainability programs, maybe smaller organizations that are using entirely AI or agent-based-enabled workforces. Rachel Barton [00:17:50]: are pretty interesting in the ways that PE firms are starting to make those investments. So I'm excited about this space, and I think we will start to see PE really giving birth actually to sectors and organizations that we probably haven't seen at scale before. Jocelyn Lewis [00:18:12]: Rachel, that makes me think of, there's recent news about a traditional venture capital firm now investing alongside others in buying the Lakers, the LA Lakers. So with that, you're seeing exactly what you're describing there, where it's going from more of those venture types of investments to something that's really proven along the way. But clearly there's something there that really ignites them to want to be in that particular arena. Rachel Barton [00:18:48]: Yeah. Yeah. I often think that none of us can predict the future, but for me, probably the easiest way to have an attempt at it is to look to the fringes. You start to see this, this groundswell of stuff that is emerging on a pattern recognition basis. I think sport is a great example where we've seen very interesting and exciting venture plays in sport that are now 5, 6+ years into that journey. And thus those sorts of subsectors, you know, or areas of specialization are then picking up a momentum that creates a lot more confidence in the private equity world. So yeah, I think it's a fascinating area to watch out for. in the next few years. Jocelyn Lewis [00:19:42]: Absolutely. And then going back to another theme that you mentioned that I also thought was very interesting in talking about that transformation of a firm can't wait until the company is preparing for sale. It's embedding AI into workflows rather than layering it on top of what exists to really produce transformation and ultimately value. And the investment that firms are making today in data reporting, those AI capabilities, it can directly influence how buyers perceive both the risk as well as the future upside, which makes technology maturity increasingly important, not just as an operating advantage, but really as a driver of exit value. And Rachel, as exits are becoming more selective, how are buyers evaluating that technology maturity and AI readiness during the exit process? And what maybe can a portfolio company do to prepare better? Rachel Barton [00:20:50]: Yeah, the exit strategy is becoming discussed much earlier in the process from what I'm observing, to the degree that even during the selection and the diligence, activities. There are new forms of assessment that are being applied, like digital maturity or like AI disruption indices. There will be different terms given to these things, but essentially looking at, given the hold period is getting longer, we want to make the best choices possible. We clearly all saw a few years ago when SI or tech services software assets were very attractive. They are less attractive now because of AI. And so the PE firms have learned from that and they are bringing the assessments or diligence add-ons much earlier in the process. They're also really being far more thoughtful about talent. I think you said right at the beginning of the call that we saw in the '80s or the '90s, or even the 2000s, that often a PE firm would maybe change the CEO and CFO, but really then trust that leadership would do what was needed to achieve the investment thesis. Rachel Barton [00:22:17]: They're now being much more focused on getting the right talent into that organization, not only within the executive team, but I'm increasingly seeing PE firms look at almost the next 100, if you will, managing the control points of a business, because they recognize that if AI isn't adopted within the core of the business and they don't have the individuals with the mindset to really propel that organization into the future, they cannot alone rely on just having a strong executive team to be able to do that. And hence the role of the operating partner is becoming more important. And even perhaps the advisory networks of these PE firms where they are recruiting individuals that have got real hands-on experience of seeing businesses through these levels of disruption that we're going through today. So that exit strategy is becoming almost increasingly discussed. And as a decider on whether to even move forward with the acquisition in the first place. Jocelyn Lewis [00:23:33]: Rachel, this has really been great, and it leads me to another question just to get your opinion on. If you were advising a PE firm that was raising its next flagship fund, what would you say are the top 3 strategic priorities that they need to get right to stay competitive in today's market? Rachel Barton [00:23:56]: Great question. And I think for me, there are probably 3 priorities that I would encourage all PE firms to think about. The first one would be build a differentiated value creation engine. Hold periods are longer. The economic climate remains volatile. And authentic approach to driving growth, margin improvement, and operational transformation beyond financial engineering. But the second would be embed AI, data, and technology into the investment model. It is not going away. Rachel Barton [00:24:36]: And the ability to use AI and technology as sources of advantage, through whether it's through sourcing, diligence, management and exits, including using it to help inform that exit strategy from day one, is so important. But remember, technology is not just about putting in a new system or automating an old process. There is a reinvention mindset that needs to accompany it if it's really going to create the value you need. And then the third one is develop some level of sector expertise. Combine your industry insight with proprietary networks to source better deals, become faster, and support your management teams more effectively. Be really good at something so that you create that edge. And I think the bottom line is that The PE firms that are most likely to outperform are those that combine this sector specialization, AI-enabled capabilities, and can prove value creation at scale with a level of foresight that helps them to, as much as we all can, predict the future. Thank you. Chris Sparenberg [00:25:57]: Thank you for joining us for this episode of Private Markets 360, where we had the privilege of hearing Rachel Barton's perspectives on the rapidly evolving world of private equity. Rachel's experience at the intersection of technology, data, and operational transformation has illuminated the critical priorities shaping private markets today. From redefining what it means to have an edge, to leveraging AI and ecosystem partnerships for accelerated value creation. We explored how firms can adapt to heightened complexity, the importance of early and robust data strategies, and the need for resilient leadership And talent in a digital-first environment. Rachel's insights offer practical guidance for industry veterans and emerging professionals alike as they navigate the challenges and opportunities ahead. We appreciate you tuning in and hope you found this discussion as engaging and insightful as we did. Don't forget to subscribe to Private Markets 360 for more expert conversations and market intelligence. Until next time. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082626-uk-delays-carbon-market-entry-for-waste-incinerators</link><description>The UK government has abandoned plans to bring waste incineration into its emissions trading scheme by 2028, saying it will set out a new timeline &amp;quot;in due course&amp;quot; as it works to finalize policy details for the sector. The Department for Energy Security and Net Zero, which oversees the UK Emissions Trading Scheme Authority, said Aug. 26 that a lack of clarity around the expansion had made it</description><title>UK delays carbon market entry for waste incinerators</title><pubDate>26 August 2026 17:05:17 GMT</pubDate><author><name>Eklavya Gupte</name><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Emissions, Carbon, Renewables August 26, 2026 UK delays carbon market entry for waste incinerators By Eklavya Gupte and James Burgess Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS Voluntary MRV-only monitoring phase started this year EU to phase in waste incineration from 2031 to 2034 UKA-EUA spread holds near â¬13/mtCO2e in August The UK government has abandoned plans to bring waste incineration into its emissions trading scheme by 2028, saying it will set out a new timeline "in due course" as it works to finalize policy details for the sector. The Department for Energy Security and Net Zero, which oversees the UK Emissions Trading Scheme Authority, said Aug. 26 that a lack of clarity around the expansion had made it difficult for local authorities and industry to plan and budget, prompting the delay to the 2028 target date first proposed in 2023. "We can confirm that expansion of the UK ETS to waste incineration will not take place in 2028 as originally intended," the Authority said. "A new timeline will be set out in due course, along with full details on final policy design, with sufficient time for the waste sector to implement." The delay carries implications well beyond the waste sector, with energy and commodity markets watching closely how the policy vacuum affects the pace of decarbonization investment tied to carbon pricing, offset markets and emerging carbon capture infrastructure across the UK. This comes as the European Commission, in its EU ETS review published in July, proposed that municipal waste incineration be gradually integrated into its carbon market from 2031 to 2034, with installations required to surrender allowances for 25% of verified emissions in 2031, rising to 100% by 2034. MRV phase to go ahead The government had originally set out its intention to expand the UK ETS to cover waste incineration and energy-from-waste facilities from 2028, preceded by a two-year period focused on monitoring, reporting and verification (MRV). That transitional MRV-only period still commenced from Jan. 1, 2026, though participation will remain voluntary at this stage, the Authority said. The delay follows a 2024 consultation on technical aspects of the expansion, including how to handle hazardous and clinical waste, the risk of waste diversion to landfill or export markets, and how costs might be passed through to customers. More than 250 responses were received from waste operators, trade bodies, local authorities and NGOs. Clinical waste incinerators and clinical waste treated at non-specialist facilities will be included in the voluntary phase, the Authority said, adding that this would allow regulators "to better understand the impacts of including clinical waste" before a final decision is made ahead of full scheme inclusion. CCS impact Carbon capture and storage developers were eyeing the anticipated forthcoming legislation to give potential additional revenue streams to energy-from-waste decarbonization projects. Project developers were looking at both cost savings from avoided emissions under the expanded ETS, and the scope to sell voluntary carbon market credits. Projects processing biogenic waste could log negative emissions, removing CO2 from the natural carbon cycle. The absence of a firm inclusion date, however, leaves such projects without clarity on the value of future compliance-linked savings, potentially complicating financing decisions for CCS-equipped energy-from-waste plants that had been counting on ETS-linked revenues to underpin investment cases. UKAs stable UK carbon prices have remained largely stable in recent weeks and have closely tracked the price of EU Allowances. The EU-UK allowance spread has remained near the â¬12-13/mtCO2e range so far in August as market participants await updates on plans to link the EU and UK schemes. Platts, part of S&amp;P Global Energy, assessed UK Allowances for December 2026 at Â£59.34/mtCO2e on Aug. 26. Platts assessed the UKA spread to EUAs for the December 2026 contract at â¬13.03/mtCO2e Aug. 26. The annual summit between the two jurisdictions was postponed following the resignation of the UK's previous prime minister, Keir Starmer, who has now been replaced by Andy Burnham. Market expectations are that the summit will take place this autumn. Linkage discussions remain on the agenda, but there have been no updates since Burnham took over as PM. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/082526-woodside-cuts-low-carbon-goals-advances-oil-growth-as-crude-profits-rise</link><description>Woodside Energy is advancing oil developments in Senegal, Mexico, and the US Gulf, while retiring two 2030 energy-transition targets and reviewing its US ammonia business, according to the company&amp;apos;s results for the first half of 2026 released on Aug. 25. Woodside&amp;apos;s realized oil and condensate price increased to $92 per barrel of oil equivalent from $71/boe, alongside an increase in average Dated</description><title>Woodside cuts low-carbon goals, advances oil growth as crude profits rise</title><pubDate>25 August 2026 09:23:45 GMT</pubDate><author><name>Mia Pei</name></author><content><![CDATA[ NGLs, Crude Oil, LNG, Energy Transition, Hydrogen August 25, 2026 Woodside cuts low-carbon goals, advances oil growth as crude profits rise By Mia Pei Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS Woodside profits up 27% on year in H1 Sangomar crude attracts premiums in Europe, South Asia Scraps $5B clean energy spending goal Woodside Energy is advancing oil developments in Senegal, Mexico, and the US Gulf, while retiring two 2030 energy-transition targets and reviewing its US ammonia business, according to the company's results for the first half of 2026 released on Aug. 25. Woodside's realized oil and condensate price increased to $92 per barrel of oil equivalent from $71/boe, alongside an increase in average Dated Brent to $93/barrel from $72/b, despite a 4% decline in total liquids production to 39.4 million boe for the half year, according to its release. The Australian producer reported a first-half net profit after tax of $1.67 billion, up 27% from a year earlier, while operating revenue rose 13% to $7.45 billion. "H1 2026 sales of Sangomar crude oil were directed to Europe and South Asia during the Middle East conflict, attracting strong premiums," the company said, adding that its equity production from the Sangomar field offshore Senegal reached 15 million barrels, up 4% year over year. Woodside added that it is evaluating a potential second phase of development that could leverage existing infrastructure to produce from additional reservoirs. The company, as the project operator, holds an 82% participating interest. Sangomar produced an average of 99,000 barrels/day on a 100% basis in the first half of the year, according to Woodside. Shifting focus At the results briefing, the company's CEO, Liz Westcott, said Woodside would retire targets to invest $5 billion in new energy products and low-carbon services by 2030 and make final investment decisions on projects with a total emissions-abatement capacity of 5 million mt/year of CO2 equivalent by the same date. While retiring the 2030 Scope 3 investment and abatement targets, the company has retained its 2030 target to reduce net-equity Scope 1 and Scope 2 emissions. Woodside has also placed its wholly owned Beaumont New Ammonia business in Texas under strategic review. The 1.1 million mt/year plant began producing conventional ammonia in December 2025, and Woodside assumed operational control in March following OCI Global's handover. The plant produced 279,000 mt in H1, achieving 87.6% reliability. Separately, Woodside retired the remaining assets of its liquid hydrogen project, H2OK, after determining they were unrecoverable. It recognized a $43 million pre-tax impairment, reducing the carrying value to zero, following a $142 million impairment in 2025. The pullback came amid continued investment in oil and expansion of its LNG growth pipeline, including Louisiana LNG and the near-complete Scarborough Energy Project. The company said that its deepwater project offshore Mexico, Trion, is 64% complete as of the end of June and remains on track for first oil in 2028. The project includes 24 subsea wells, a floating production unit capable of producing 100,000 b/d of crude, and a floating storage and offloading vessel. In the Gulf of America, output increased at Atlantis and Mad Dog as new wells came online, while Woodside was awarded 10 offshore exploration blocks and reported a Miocene oil and gas discovery at the Bandit-1 exploration well. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/el-nino-adds-to-an-already-stressed-cold-chain-ocean-market</link><description>El NiÃ±o threatens cold-chain shipping as Panama Canal restrictions, Latin American harvest risks and rising reefer costs pressure supply chains.</description><title>El NiÃ±o adds to an already stressed cold-chain ocean market</title><pubDate>26 August 2026 12:00:00 GMT</pubDate><author><name>Michael Angell</name></author><content><![CDATA[ BLOG â Aug 26, 2026 El NiÃ±o adds to an already stressed cold-chain ocean market By Michael Angell The El NiÃ±o weather pattern now throttling all cargo going through the Panama Canal will also have a big impact on the refrigerated container trade into North America and Europe, market experts say. As exports ready for the Southern Hemisphere harvest season, cold-chain cargo could face even more disruptions than dry cargo well into 2027. North-south trades continue to overtake east-west trades in the reefer market, panelists said during the Journal of Commerceâs TPM Cold-Chain webinar Thursday. North America and Europe imported 1.49 million TEUs worth of refrigerated goods from Mexico and Central and South America in 2025, a 8.9% rise from 2024, according to data from Global Trade Analytics, a sister company of the Journal of Commerce within S&amp;P Global. The growth in trade from Latin America is offsetting slower east-west trades, said Philip Gray, senior associate at consultancy Drewry. Overall, the refrigerated containerized trade is growing at an annual average rate of 2.6%, Gray said. The trans-Atlantic trade is largely flat, he said, as is the trans-Pacific westbound trade in proteins due to China becoming a net exporter of pork and chicken. âWe can see how [the locations] where things are produced and consumed are changing,â Gray said. In addition to fresh produce, South America is becoming a major source of beef for the US, said Grant Daly, who leads the North American cold-chain business for Maersk. Beef shipments from Brazil to the US grew 36% in the first quarter year over year, while Argentine beef exports rose 18%, according to the US Department of Agricultureâs Foreign Agricultural Service. âOne in six pounds of beef in the US now arrives from somewhere else,â Daly said. âThe herds in the US are the smallest theyâve been in years and itâs the seventh straight year of declines.â The growing dependence on the seaborne trade from the Southern Hemisphere will be tested this year by the El NiÃ±o weather pattern developing in the Pacific Ocean, Daly said. El NiÃ±o, which is now forcing ships crossing the Panama Canal to carry less cargo due to falling water levels, will also likely impact crop yields and where cold-chain shippers in the Northern Hemisphere ultimately source their goods. âWeather is a big disruption to the supply chain, whether itâs El NiÃ±o affecting crops or low water affect the Panama Canal,â Daly said. West Coast of South America at risk The effects of the El NiÃ±o will not be fully felt until the start of 2027, when the Southern Hemisphereâs harvest season begins. S&amp;P Global Market Intelligence said in a July report that based on current forecasts, El NiÃ±o effects are expected to peak during the fourth quarter of 2026 and the first quarter of 2027 before eventually tapering off throughout next year. Under one scenario, South America could see cycles of droughts and coastal flooding that âthreaten agricultural exports,â according to the report. While some commodities such as corn and soybeans may benefit, rains and floods along the West Coast of South America could affect crop yields and lead to more delays for time-sensitive, refrigerated cargoes. Chile, Colombia and Peru are among the most vulnerable to a supply shock from El NiÃ±o, the report said. Drewryâs Gray said that region has become especially important for exports. â[Trades] like West Coast South America to Europe have grown considerably over the last 25 years,â he said. âRussia has become quite an important market for fruits and vegetables, particularly from South America. West Coast South America to North America has grown 24% in five years.â Daly said growth from Peru has been âsignificantâ for North American refrigerated imports, adding that shippers need to consider contingency plans and alternate sourcing considering the potential weather disruptions. âThe impact from El NiÃ±o two, three years ago was also significant,â he said. âThe demand doesnât disappear; it just moves somewhere else.â El NiÃ±o-related delays and disruptions will only add to existing pressures on cold-chain shippers, Drewryâs Gray said. Plug capacity for storing reefer containers remains limited, he said, as do other types of equipment such as chassis gensets for reefer containers. Due to elevated fuel costs and strong overall container demand, reefer rates are at their highest in two years, Gray said. Drewryâs composite refrigerated freight index for the third quarter of 2026 is up 20% from a year earlier. For low-priced agricultural goods especially, freight rates will be a big factor in where products eventually go, he added. âRates are putting pressure, particularly on some of the lower-price commodities,â Gray said. âNot that itâs going to have a big impact on the final price to the consumer, but as a trader, you have to be competitive with your peers.â This article was originally published by the Journal of Commerce on Aug. 20, 2026. Subscribe to JOC.com Learn more about our data and insights Click Here Register for Inland26 The must-attend conference for shippers and transportation and logistics providers moving goods from ports to inland destinations Click Here ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/resources/private-credit-inflection-point-whitepaper</link><description>Private credit has become one of the fastest-growing segments of global finance, with non-bank lenders now accounting for more than $1.4 trillion in private credit lending in the U.S.</description><title>Private Credit at an Inflection Point: Managing Risk in a Changing Market</title><pubDate>10 August 2026 15:06:00 GMT</pubDate><content><![CDATA[ Whitepaper Private Credit at an Inflection Point: Managing Risk in a Changing Market Private credit has become one of the fastest-growing segments of global finance, with non-bank lenders now accounting for more than $1.4 trillion in private credit lending in the U.S.1, while the market recorded $240 billion in private credit fundraising in 2025. As the asset class expands and becomes more complex, investors face growing challenges around transparency, valuations, portfolio monitoring, and risk management. Click here to read the whitepaper (opens in a new tab) S&amp;P Global Market Intelligence examines the forces reshaping private credit and explores how investors can strengthen underwriting, improve deal structuring, and enhance pre- and post-trade monitoring. Learn how advanced analytics, independent valuations, alternative data, and AI-enabled insights can help identify, measure, and manage risk across the private credit lifecycle. Contact us to connect with a private credit specialist and discover how our solutions can support your investment and risk management workflows. [1] Source: Commentary: Global Banking Outlook 2026--Midyear Update: Global Summary, July 1, 2026. From RatingsDirect on Capital IQ Pro. Explore Our Private Credit Ecosystem | Contact Us Section Section Section Section Section Comments Section Business Email* First Name* Last Name* Company Name* Phone Number* Industry / Company Type* Industry / Company Type Job Function* Select Job Function* Product or Workflow of Interest* Product or Workflow of Interest Country/Region* Select Country/Region* State/Province* State/Province City* What type of business challenges can we help you solve? (Optional) Yes, I would like to receive promotional emails containing essential industry insights, event invitations, and relevant solutions from S&amp;P Global Market Intelligence. Clicking 'Submit' means you agree to the Terms and have read and understand the Privacy Policy. Submit ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/lithium-mine-feasibility-studies-when-the-market-moves-faster-than-the-model</link><description>Research on 180 lithium mine feasibility studies reveals a growing gap between price assumptions and volatile spot prices, creating significant valuation risk.</description><title>Lithium Study Prices vs. Spot: Navigating Market Volatility</title><pubDate>22 August 2026 14:44:00 GMT</pubDate><author><name>Jason Holden</name></author><content><![CDATA[ Research â Aug 22, 2026 Lithium mine feasibility studies: When the market moves faster than the model By Jason Holden How Do Lithium Feasibility Study Price Assumptions Compare to Market Prices? Lithium feasibility study price assumptions show extreme divergence from volatile spot market prices, with analysis of 180 studies revealing that average 2025 assumptions are more than double the spot price. This gap, driven by anchoring to past highs and forward-looking incentive pricing, creates significant valuation risk for mining projects, a stark contrast to the more stable assumptions seen in copper and gold studies. Why Is the Gap Between Study and Spot Prices a Critical Risk Now? The gap between study assumptions and spot prices is a critical risk now because the lithium market has moved from an unprecedented price spike in 2022 to a subsequent collapse, leaving recent feasibility studies with embedded price assumptions that are now more than 100% above current spot prices. This extreme optimism, occurring within a timeframe shorter than a typical mine construction period, means project economics published during the 2022-23 peak are now fundamentally misaligned with the current market, requiring significant adjustments to valuation. What Are the Key Insights on Lithium Price Assumptions? Key insights from an analysis of 180 lithium mine feasibility studies highlight the growing disconnect between project economics and market reality. Extreme Volatility: Lithium study price assumptions have been highly volatile, reaching a premium of 105% above the spot price in 2025, the largest divergence among the commodities analyzed in this series. Anchoring Bias: Price assumptions set during high-price periods, a phenomenon known as anchoring, become stranded when the spot price corrects faster than project development cycles can adjust, as seen in the 2019-20 and 2024-25 periods. Unprecedented Swings: The volatility in lithium assumptions is far greater than in gold or copper, swinging from a 63% discount to spot in 2022 to a 105% premium in 2025, a 168-percentage-point swing in three years. Valuation Adjustments Needed: Investors should re-run project net present values using current spot prices as the primary anchor and treat published study assumptions as an optimistic scenario rather than a central one. Dual Drivers: The premium in 2025 assumptions is likely a blend of behavioral anchoring and a defensible market view on the long-run incentive price needed to bring new supply to market. This is the third and final article in a series examining base case commodity price assumptions in mining feasibility studies versus prevailing spot prices. Part one covered copper, while part two covered gold. The lithium analysis draws on 180 base case price assumptions from studies published between 2011 and 2026. These have been normalized on a lithium carbonate-equivalent basis and benchmarked against an average global CIF lithium carbonate price. Of the three commodities, it presents the most volatile and complex picture, one where the relationship between assumptions and spot prices has swung dramatically in both directions within a decade. â¤ The assumed price in studies has been more volatile and has reached 105% above the spot price, the largest premium in all the commodities in this series. â¤ Anchored assumptions set during high-price periods get stranded when the lithium spot price moves faster than any through-the-cycle framework can absorb. â¤ Average 2025 study assumptions sit at more than double the current spot price, requiring significant adjustment before treating published economics as a guide to value. What is the composition of the analyzed studies? Of the 180 lithium studies in the dataset, 80 (44.4%) are preliminary economic assessments, 36 (20.0%) are prefeasibility studies, 60 (33.3%) are full feasibility studies and just four (2.2%) are mine plans. The high proportion of full feasibility studies in this analysis compared to our copper analysis reflects the wave of advanced-stage lithium project development that occurred between 2017 and 2023, as the battery supply chain race intensified. The small absolute sample size â one to three available studies per year, particularly in the early years â indicates that year-over-year comparisons should be treated with caution. This is because the assumptions of a single large project can materially influence individual year averages. Feasibility study price assumptions are often set months before publication, meaning published studies can lag turning points in the spot market, and because spot prices are measured using annual averages, some publication-date timing effects are unavoidable, especially in years of rapid price movement. That noted, the dataset tells a compelling story about how hard it can be determine suitable feasibility study prices for a commodity as volatile as lithium. How did study assumptions behave before the first price surge between 2011-2015? In the early years of the dataset, lithium was still a stable industrial commodity, with lithium carbonate prices ranging between $4,755 per metric ton and $5,899/mt. The few studies from this period â three in 2011, one each in 2012 through 2015 â used assumptions that ran modestly above spot prices, ranging 7%-55% higher. The directional bias toward optimism was consistent with companies already anticipating the structural demand shift from electric vehicles and energy storage, pricing projects to reflect expected long-run equilibrium, rather than a spot price widely viewed as temporarily depressed. What happened to assumptions during the first rally between 2016-20 and the correction? The lithium price surge of 2016-18, driven by rapidly growing EV battery demand and constrained hard rock supply, pushed the spot price to $15,861/mt by 2018. Study assumptions during this period lagged 13%-19%, a moderate level of caution similar to gold's behavior during its bull market, though the sample remains thin relative to the gold and copper datasets. What distinguishes lithium from copper and gold is what happened next. When the spot price fell sharply from its 2018 peak, reaching $10,651/mt in 2019 and collapsing to $6,935/mt in 2020, study assumptions did not follow. Studies in 2019 averaged $14,240/mt (34% above spot) and $12,383/mt in 2020 (79% above spot). This is much larger than any divergence in the copper or gold datasets. This can be explained by anchoring: Companies that had initiated projects during the high-price period were publishing studies with assumptions set before the correction and were apparently unwilling â or unable, given the project cycle â to write down assumptions to reflect a spot price that had more than halved. As the spot price began recovering from its 2020 trough, the anchoring bias persisted: 2021 studies averaged $16,868/mt against a spot average of $13,665/mt, a 23% premium that reflected continued optimism as the market began its next ascent. How did assumptions react to the extreme price spike in 2022 and subsequent correction between 2024-25? The 2022 lithium price spike, where lithium carbonate averaged $57,557/mt â nearly four times the 2021 level â produced the largest single-year change in any of the three commodities analyzed. Study assumptions of $21,508/mt represented a 63% discount to spot. The conservatism was rational: No company could credibly embed $57,000/mt into a long-life mine model. But by 2023, as the spot price fell to $38,338/mt, assumptions had risen to $28,511/mt. This was still a 26% discount, reflecting appropriate caution about whether elevated prices were sustainable. The subsequent collapse in lithium prices â $12,385/mt in 2024 and $10,059/mt in 2025 â has created the most extreme optimism in the dataset. Studies published in 2024 used average assumptions of $23,993/mt, 94% above prevailing spot. By 2025, the premium had widened to 105%, with assumptions of $20,594/mt sitting at more than double a spot price of $10,059/mt. Full feasibility studies in this period, where data coverage is better, show a similar pattern. Project economics that looked viable during the 2022-23 high-price environment are now being published into a market that has fundamentally repriced the commodity. Before attributing the 2025 premium entirely to anchoring, another interpretation deserves consideration: incentive pricing. At $10,059/mt, spot sits below the marginal cost of much of the new supply that consensus demand forecasts require by the early 2030s, particularly higher-cost hard-rock, lepidolite and emerging African production. A base case near $20,000/mt may therefore reflect not only backward-looking inertia but also a forward-looking judgment about the long-run price needed to clear the market and incentivize capacity. For a study modeling a 15-to-20-year mine life, anchoring entirely to a transient supply-driven trough could be less rational than using a higher long-run price. The distinction matters. Anchoring is a behavioral error; incentive pricing is a defensible market view. In practice, the 2025 premium is likely a blend of both, and the two are difficult to separate empirically. Crucially, however, neither interpretation removes the timing risk. Even if $20,000/mt proves to be the correct long-run incentive price, projects earn market prices, not long-run averages, during their early operating years. If oversupply persists through construction and into ramp-up, the impact on net present value can be severe, regardless of where prices eventually settle. This risk is increased by the speed of lithium's supply response. As there are many projects but few producing mines â and because lithium mines can be built or ramped up faster than gold or copper operations â the reaction to a price rally is unusually rapid. Therefore the elevated prices needed to incentivize new projects tend to trigger oversupply. A tentative cross-section by deposit type suggests brine and clay-hosted projects adopted higher base-case assumptions than traditional pegmatite hard-rock projects. This partly reflects timing â brine and clay studies cluster in the more recent, higher-assumption period â but the priced sample by geology is too small to isolate a pure geological effect with confidence. How does lithium's price assumption volatility compare to gold and copper? Comparing lithium to the other two commodities in this series reveals a fundamental difference. Gold and copper assumptions are conservative during bull markets and converge toward spot during stable or declining periods â a pattern that reflects a market where long-run price expectations are well-anchored. Lithium assumptions oscillated more wildly, and with far greater amplitude, to 105% above spot in 2025 from 63% below spot in 2022, a 168-percentage-point swing within three years. By comparison, gold's largest gap was a 27% discount at the 2011 bull-market peak, while copper's widest conservative-to-optimistic reversal â to a 31% premium in 2016 from a 52% discount in 2006 â spanned a decade. Lithium covered a larger range in three years than copper did in 10 years. This is not a failure of industry discipline so much as a reflection of a commodity that moves faster, further and less predictably than any conventional through-the-cycle pricing framework can absorb. For investors, the practical implication is that the gap between study assumption and spot price in lithium can be a source of significant upside as in 2022 and significant downside risk as in 2024-25 within a timescale shorter than the construction period of the projects being assessed. The 2011-15 experience offers an important counterpoint. Companies that priced above spot in that period anticipated a structural demand shift that had not yet been priced into the market, and thus were vindicated. The current situation is different in a critical respect. The EV demand thesis has already played out in market prices, producing the 2022 spike and the subsequent correction to current spot levels. The 105% premium in the 2025 study assumptions, therefore, does not anticipate an unpriced structural shift; it resists a spot price that has already incorporated it. Treating lithium feasibility study economics as a reliable guide to project value at prevailing market prices requires far greater adjustment for the assumption than is typically applied in copper or gold analysis. In practice, this means two things. First, one should rerun project net present values at current spot and not the study's base case as the primary valuation anchor and treat the published assumption as an optimistic scenario rather than a central one. Second, one should apply a materially wider price sensitivity band than is standard for copper or gold, spanning at least from the current spot price to the study base case. This would then capture the range of outcomes the dataset has shown as being plausible within a single construction cycle. How Does S&amp;P Capital IQ Pro Support Lithium Project Analysis? S&amp;P Capital IQ Pro provides the essential lithium mining asset-level data and tools to help navigate the commodity price volatility and valuation risks highlighted in this analysis. The Metals and Mining solution offers access to the comprehensive dataset of feasibility studies, historical and forecast commodity prices, and asset-level cost data used in this research. This enables users to address the article's core recommendation by benchmarking the assumptions in published studies against real-time spot prices and consensus forecasts. With these tools, our users can rerun project net present values at current spot and to accurately assess project viability in the fast-moving lithium market. Key Questions on Lithium Price Assumption Volatility What drives the large premium in recent lithium study price assumptions? The large premium is driven by a combination of behavioral anchoring and strategic incentive pricing. Anchoring occurs when companies, having initiated projects during high-price periods like 2022-23, publish studies with price assumptions set before a market correction. Incentive pricing reflects a forward-looking view that a higher price, such as one near $20,000/mt, is necessary to incentivize the new supply required to meet long-term demand, even if the current spot price is significantly lower. How should investors adjust their valuation of lithium projects? Investors should adjust their valuation by using the current spot price as the primary valuation anchor for a project's net present value, rather than relying on the study's published base case. The article recommends treating the published assumption as an optimistic scenario. Furthermore, a materially wider price sensitivity bandâspanning from the current spot price to the study's base caseâshould be applied to capture the full range of plausible outcomes within a project's construction cycle. Why is lithium more volatile than gold or copper in this context? Lithium's price assumption volatility is greater than that of gold or copper because it is a less mature market that moves faster and less predictably than conventional pricing frameworks can absorb. Key factors include a rapid supply response where new projects can be built faster than gold or copper mines, leading to cycles of oversupply. Additionally, long-run price expectations are less anchored, and the market has recently experienced a massive structural shift driven by EV demand that has already played out in prices, leading to extreme swings. This article was published by S&amp;P Global Market Intelligence and not by S&amp;P Global Ratings, which is a separately managed division of S&amp;P Global. Gold Mine Feasibility Studies: Analyzing the Discipline of Through-the-Cycle Pricing Read More Copper Project Price Buffers Collapse in Feasibility Studies Read More Evaluate mining investment opportunities with Capital IQ Pro Learn More ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/082626-et-highlights-europe-hydrogen-vietnam-article6-singapore-geothermal-texas</link><description>Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.</description><title>ET Highlights: Europeâ&amp;#x80;&amp;#x99;s hydrogen pipeline plans face reality check, Vietnam approves Article 6, geothermal pilot starts in Texas</title><pubDate>25 August 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon August 26, 2026 ET Highlights: Europeâs hydrogen pipeline plans face reality check, Vietnam approves Article 6, geothermal pilot starts in Texas Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices. Top story Europe hydrogen backbone takes shape, timelines shift Europe's hydrogen pipeline plans are taking shape, with the first sections of a planned 30,000-kilometer network already completed and primed to start operations. But developers are facing a reality check in Europe's energy transition, which has stalled infrastructure projects and pushed back development timelines. First hydrogen flows on the planned European Hydrogen Backbone pipeline grid are expected from 2027 along small sections of local networks, before larger sections are connected from around the end of the decade, infrastructure developers say. The proposed pipeline network is crucial to Europe's plans to decarbonize heavy industry using green hydrogen. "Hydrogen production will not necessarily be located where the demand will be located," Lucie Boost, Secretary General of trade group Gas Infrastructure Europe, told Platts, part of S&amp;P Global Energy, in an interview on Aug. 13. "Production will be located where there's a lot of renewable electricity available. It will be necessary to link regions with abundant renewables with regions where there is a lot of demand." And pipelines offer a cost-effective option for transport and energy storage, particularly compared with electricity. "Pipeline deliveries are still the cheapest way of transmitting hydrogen across Europe at scale," S&amp;P Global Energy senior principal analyst Matthew Hodgkinson said. Benchmark of the Week â¬6.60/mt Platts assessed Northwest European long-term renewable hydrogen offtake prices at â¬6.60/metric ton ($7.64/mt) on Aug. 3, around a â¬4/mt premium to conventional hydrogen. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy Vietnam approves Singapore Article 6 carbon credit agreement Vietnam has approved an implementation agreement with Singapore under Article 6 of the Paris Agreement, clearing a key hurdle for bilateral carbon credit trading between the two countries. The agreement establishes a legal framework for transferring internationally recognized emissions reductions and carbon credits to help meet climate targets. Vietnam's Ministry of Foreign Affairs will complete the diplomatic procedures for the deal's entry into force, while the Ministry of Agriculture and Environment will oversee its domestic implementation. China targets 1,200-km hydrogen pipeline, underground storage in 5-year plan China plans to accelerate hydrogen deployment under its 2026-30 oil and gas development plan, including a proposed 1,200-km hydrogen pipeline linking Inner Mongolia's Ulanqab region with the Beijing-Tianjin-Hebei cluster. The pipeline is designed to transport 500,000 mt/year of hydrogen and has been identified as a priority cross-provincial infrastructure project. The plan also calls for developing standards for pure-hydrogen pipeline transport and exploring underground hydrogen storage as China seeks to integrate hydrogen into its broader energy infrastructure. US lithium-ion battery imports rebound in Q2 despite trade friction After a slow start to 2026, US lithium-ion battery imports bounced back in the second quarter. But import levels remained significantly below last year's levels and a 2024 surge. Battery shipments to the US reached 215,942 metric tons in the second quarter, up 26% from the first three months of the year but down 10% from the second quarter of 2025, according to the S&amp;P Global Market Intelligence Global Trade Analytics Suite. S&amp;P Global Energy Core New Zealand bars climate damages claims against companies New Zealand will tighten supply in its emissions trading scheme through 2031, cutting base auction volumes by 74% to 1.1 million NZUs in 2031 from 4.3 million in 2027 while extending existing price-control settings. The auction price floor will rise to NZ$93/mt by 2031 from NZ$75/mt in 2027, reflecting inflation forecasts. The changes are intended to support the NZ-ETS, under which emitters surrender NZUs for their emissions while removals generate tradable units. Australia launches A$14.8B fuel security plan, targets cleaner fuels Australia has launched a A$14.8 billion (US$10.60 billion) fuel security package aimed at protecting the economy from global supply disruptions while supporting the development of domestic low-carbon liquid fuel industries. The plan includes the creation of a government-owned Australian Fuel Security Reserve, backed by A$3.2 billion to stockpile 1 billion litres of diesel and jet fuel. Canberra also plans to increase mandatory industry fuel holdings by an additional 10 days for diesel, petrol and jet fuel by 2030, strengthening national energy resilience. Sage Geosystems harnesses earth's pressure to generate power for Texas grid Sage Geosystems Inc. announced on Aug. 19 that it is now using underground pressure to generate power for the Texas grid, touting the pilot project as a proof of concept for future next-generation geothermal deployments. The 3-megawatt EarthStore Project south of San Antonio, Texas, entered service earlier this year and has since logged more than 120 operating days, Sage Geosystems said. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/082526-can-europes-electrification-ambition-meet-reality</link><description>The EU wants to nearly double its electrification rate to 46% by 2040, a transformation that would slash fossil fuel imports by hundreds of billions of euros annually. In this episode of Energy Evolution, host Eklavya Gupte examines the EU&amp;apos;s Electrification Action Plan and assesses whether Europe can realistically achieve it. Coralie Laurencin, director of European gas, power and carbon policy at</description><title>Can Europe&amp;apos;s electrification ambition meet reality?</title><pubDate>25 August 2026 20:33:57 GMT</pubDate><author><name>Eklavya Gupte</name><name>Coralie Laurencin</name><name>Andreas Franke</name></author><content><![CDATA[ Energy Transition, Electric Power, Natural Gas, Emissions August 25, 2026 Can Europe's electrification ambition meet reality? Featuring Eklavya Gupte, Coralie Laurencin, and Andreas Franke HIGHLIGHTS EU targets 46% electrification rate by 2040 High electricity costs challenge grid expansion Industrial sectors face steep adoption barriers The EU wants to nearly double its electrification rate to 46% by 2040, a transformation that would slash fossil fuel imports by hundreds of billions of euros annually. In this episode of Energy Evolution, host Eklavya Gupte examines the EU's Electrification Action Plan and assesses whether Europe can realistically achieve it. Coralie Laurencin, director of European gas, power and carbon policy at S&amp;P Global Energy CERA, and Andreas Franke, editorial lead on European power markets at S&amp;P Global Energy Platts, unpack the formidable challenges: stubbornly high electricity costs, taxation and subsidy structures, and massive grid investments needed to support surging demand. The conversation breaks down which sectors will electrify fastest and which face steeper obstacles, from Germany's industrial power subsidies to France's nuclear-backed power contracts. As geopolitical instability threatens global supply chains, electrification has emerged as the EU's answer to energy security, climate ambition, and industrial competitiveness, but only if Brussels can make electricity both abundant and affordable. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/indonesia-reshoring-center-commodities</link><description>Indonesia&amp;apos;s reshoring progress is slow, with its economy still reliant on commodities. Explore trade deals, policy risks, and its competitive position in ASEAN.&amp;#xd;&amp;#xa;</description><title>Commodities at the Core: Outlook for Indonesia as a Reshoring Center</title><pubDate>25 August 2026 16:45:00 GMT</pubDate><author><name>Chris Rogers</name><name>Anton Alifandi</name><name>Vania Alvarez Murakami</name><name>Ines Nastali</name><name>Eric Oak</name></author><content><![CDATA[ BLOG â Aug. 25, 2026 Commodities at the Core: Outlook for Indonesia as a Reshoring Center By Chris Rogers, Anton Alifandi, Vania Alvarez Murakami, Ines Nastali, and Eric Oak KEY INSIGHTS Raw materials still dominate the Indonesia economy: food, energy and metal ores together account for 54.1% of exports, while autos and machinery represent only 11.6%. Indonesia offers low manufacturing compensation of US$1.4 per hour, but policy instability, labor strike risk and skilled-labor shortages limit its attractiveness as an ASEAN manufacturing hub. Indonesia trade policy faces mixed pressures from the US, EU and mainland China, including higher-than-average US tariffs and new EU rules affecting forestry and metals exports. Inflation-adjusted export growth is forecast to slow to 2.5% in 2026 from 9.6% in 2025, even as real GDP growth is expected to average 5.0% annually in 2026-2027. Commodity dependence slows Indonesia reshoring Indonesiaâs development as a reshoring center has been gradual because exports remain concentrated in raw materials rather than higher-value manufactured goods. Food accounted for 19.5% of exports in the 12 months to May 31, 2026, with palm oil alone contributing 12.5 percentage points. Energy products accounted for 15.5% of exports, led by coal and LNG, while metal ores and processed products represented 19.1%. This export mix gives the Indonesia economy exposure to commodity-price volatility, climate risk and policy intervention. The government has expanded oversight of strategic commodities, including coal, palm oil and ferro-alloys, while earlier nickel restrictions show how export controls can be used to encourage domestic processing. These actions may support downstream industry over time, but they also create uncertainty for companies planning Indonesia supply chain investment. Commodity exposure also heightens vulnerability to external shocks. A strong El NiÃ±o event could pressure palm oil production and raise food-import costs, while Middle East conflict has already affected selected inputs such as sulfur, which is used in nickel and fertilizer production. Indonesia trade policy creates mixed signals Indonesia has an opportunity to support growth through trade agreements, but its external relationships also highlight competitive challenges. The 2025 framework deal with the US reduced a proposed tariff rate to 19%, yet the average US tariff on Indonesian goods stood at 14.2% in June 2026, more than double the 5.9% ASEAN average. That tariff gap matters for manufacturers comparing Indonesia with other ASEAN manufacturing locations. The EU relationship is improving, with an agreement announced in September 2025 that would remove duties on 98.5% of tariff lines. However, new EU rules could complicate trade. The EU Deforestation Regulation could apply to 10.1% of Indonesiaâs EU exports, including coffee, while the Carbon Border Adjustment Mechanism would affect 14.6% of exports, including a large share of hot-rolled coil steel shipments. Mainland China remains Indonesiaâs largest trading partner, accounting for 31.8% of total trade and 24.8% of exports. The relationship is heavily commodity-based: mainland China receives 96.1% of Indonesiaâs ferro-alloy exports and 87.9% of nickel mattes. That concentration supports demand for Indonesian output but also leaves trade flows exposed to changes in metals policy and China-linked demand. Low costs support ASEAN manufacturing competitiveness, but risks remain Indonesiaâs strongest manufacturing advantage is cost. Average manufacturing compensation is US$1.4 per hour in 2026, 39.7% below Vietnam, 49.8% below Thailand and 68.8% below Malaysia. That makes Indonesia attractive for cost-sensitive production and supports its potential role in ASEAN manufacturing relocation. Compensation is forecast to rise 7.2% annually over five years, while the country faces a shortage of skilled workers: 36% of the workforce had completed only primary education as of 2024. Indonesia also carries the highest policy instability score among six regional peers and elevated labor strike risk following a 2024 Constitutional Court ruling that strengthened worker protections. Indonesia supply chain outlook The near-term Indonesia supply chain outlook is likely to remain commodity-led, even as selected manufacturing sectors gain momentum. S&amp;P Global Market Intelligence forecasts real GDP growth of 5.0% annually in 2026 and 2027, but export growth is expected to slow sharply to 2.5% in 2026 from 9.6% in 2025. Metals drove growth in 2025, including steel and nickel, but both are forecast to grow by less than 0.5% in 2026. Manufacturing activity has shown signs of improvement, but export orders remain weak. Electronics may become a brighter spot, with growth forecast to accelerate in 2027 and 2028 as Indonesia benefits from relocation activity. For now, domestic demand and commodity-linked sectors remain more important growth drivers than broad-based manufacturing reshoring. How businesses can assess the opportunity For businesses evaluating Indonesia reshoring, the key question is how quickly its potential can translate into reliable manufacturing capacity. Decision-makers ned to evaluate commodity exposure, trade-policy uncertainty, labor availability, infrastructure plans and sector-specific growth prospects together. S&amp;P Global Market Intelligence data on country risk, trade flows, supply chains, PMI trends and economic forecasts can help companies compare Indonesia with other ASEAN manufacturing locations and monitor shifts in Indonesia trade policy. FAQ: Indonesia economy, trade policy and reshoring What is slowing Indonesia reshoring? Indonesia reshoring is being slowed by a commodity-heavy export base, policy uncertainty, skilled-labor shortages and operational risks. Manufactured goods are growing, but autos and machinery still represent a relatively small share of exports. How does Indonesia compare with ASEAN manufacturing peers? Indonesia has lower manufacturing compensation than Vietnam, Thailand and Malaysia, making it attractive for cost-sensitive production. However, higher policy instability, labor strike risk and skills gaps reduce its relative advantage. What trade policy risks affect Indonesia supply chain planning? Key risks include higher US tariffs than the ASEAN average, EU rules affecting forestry and metals exports, and Indonesiaâs own strategic-commodity oversight. These factors make Indonesia trade policy central to supply chain decisions. Learn how our data and insights can empower strategic, operational, and tactical decision-making Click Here This content may be AI-assisted and is composed, reviewed, edited, and approved by S&amp;P Global in accordance with our Terms of Use. This article was published by S&amp;P Global Market Intelligence and not by S&amp;P Global Ratings, which is a separately managed division of S&amp;P Global. Register for Inland26 The must-attend conference for shippers and transportation and logistics providers moving goods from ports to inland destinations Click Here ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/beyond-the-mark-making-private-equity-valuations-defensible</link><description>Strengthening valuation discipline across direct investments and fund interests</description><title>Beyond the Mark: Making Private Equity Valuations Defensible</title><pubDate>17 August 2026 00:00:00 GMT</pubDate><author><name>Peter Alleston</name><name>Abhinav Tickoo</name><name>Badri Vishal Mahajan</name></author><content><![CDATA[ Research â August 6, 2026 Beyond the Mark: Making Private Equity Valuations Defensible By Peter Alleston, Abhinav Tickoo, and Badri Vishal Mahajan Strengthening valuation discipline across direct investments and fund interests This article is Part 2 of a four-part series on private market valuations, inspired by a recent S&amp;P Global webinar with Peter Alleston, Vishal Badri Mahajan, and Abhinav Tickoo. The series looks at how institutions can navigate the evolving complexity of private credit, private equity, complex capital structures, and structured credit. In Part 1, Private Credit Valuations Under Pressure: How to Approach Standard Loan Marks, we explored how fair value frameworks, benchmark selection, and credit monitoring are reshaping private credit valuations during market stress. Private equity valuations are facing similar scrutiny. Market volatility, longer holding periods and limited exit activity are making existing valuation assumptions harder to support. At the same time, regulators, auditors and investors increasingly expect institutions to explain not only the reported value, but also the evidence, judgement and governance behind it. This article considers how investors in direct and fund investments can meet those expectations. From âA Numberâ to a Defensible Story Private equity investments are typically classified as Level 3 assets because they do not have readily observable market prices. Valuation is therefore less about producing a number in isolation and more about making that number understandable, explainable and defensible. This rests on two foundations: Valuation framework: Clear methodologies, assumptions, and professional judgements supported by relevant market and company evidence. Governance: Independent review, challenge, and documentation by valuation committees, boards, and other control functions. Judgement cannot be eliminated from private equity valuation. The objective is to make that judgement visible, structured, consistently applied and capable of independent review. Independent valuation can support this by challenging the methodologies, inputs and assumptions used, and documenting how the fair value conclusion was reached. Regulators such as the U.K. Financial Conduct Authority, the Australian Prudential Regulation Authority, and the International Association of Insurance Supervisors now treat private market valuations as a core supervisory priority. Fair value affects not just reported performance but also member equity, fees and fundraising, liquidity risk, solvency, and potentially financial stability. Across jurisdictions, the expectation is consistent: valuations must be timely, transparent, and supported by evidence, with clear accountability, appropriate challenge and effective oversight. Valuation is therefore no longer simply an accounting exercise but an important part of an institutionâs broader governance and risk-management framework. Smoothing, Market Signals, and Dislocated Conditions A recurring question for direct private equity is how closely private marks should move with public markets. The answer is not one-for-one. Private companies are illiquid and typically provide financial and operational information less frequently than listed peers. They may also differ from public benchmarks in size, growth, risk, capital structure and business mix. Company-specific developments may not align directly with movements in public benchmarks. Still, marks that stay flat despite clear market signals are increasingly hard to defend. Fair value guidance such as IPEV and IFRS supports a market participant-based assessment of the exit price at the measurement date, regardless of an investorâs intention to sell. The goal is therefore evidence-based responsiveness, not blind mirroring or unjustified smoothing. Valuation teams should explain how changes in the broader market, the relevant sector and the companyâs own performance contributed to movements in value. Calibration as a Bridge Calibration is an important part of this analysis. A recent transaction can provide an initial reference point, but it should not simply be carried forward unchanged. The valuation should reflect changes since the transaction in relevant market multiples, company performance, forecasts, risk and expected exit outcomes. This provides a structured connection between the original transaction price and the current fair value conclusion. Valuation During Market Dislocation This analysis becomes more difficult during geopolitical shocks or a sharp repricing of risk. Valuation teams need to distinguish between: Market-only effects: Benchmarks move but company fundamentals remain intact. Calibration may be more appropriate than importing a full dislocation discount. Company-only effects: Company-specific risk rises while broader markets remain stable. Scenario-based discounted cash flow analysis can help avoid overvaluation. Combined effects: Both benchmarks and company fundamentals are affected. Bridge analysis helps avoid double-counting the same risk through reductions in both forecast cash flows and market multiples. Separating market, sector, company and security-specific effects helps reduce the risk of both overvaluation and undervaluation. Where circumstances change materially, more frequent valuations may be required, supported by updated forecasts and appropriate downside or scenario analysis. This makes the resulting valuation easier for investment committees, boards, investors and auditors to understand and challenge. Retail Capital and New Valuation Signals Private markets are gradually opening to retail investors through new access structures. Retail capital can broaden the investor base and provide additional price signals. It may also increase investor demand in thematic sectors such as technology and AI or compress perceived illiquidity discounts, potentially pushing valuations above those indicated by underlying fundamentals. Higher observed prices should not automatically be treated as fair value. Managers should test those prices against cash-flow expectations, risk profiles, comparable benchmarks and the economic rights attached to the securities issued. Valuers should also consider the nature of the investors, whether the transaction was orderly and whether strategic or non-price factors influenced the price. More available price information can support valuation, but it does not remove the need for independent judgement. Building a Robust Framework for Direct Investments A defensible valuation framework for direct private equity investments generally rests on three pillars: Consistency: Methodologies and assumptions should be applied consistently. This does not mean assumptions must remain unchanged, but any changes should be supported and explained. Triangulation: No single method suits every investment. Where appropriate, conclusions should be cross-checked using market, income, transaction-based or other relevant approaches. Governance: The process should be supported by formal policies, documented responsibilities, independent challenge and clear review and approval arrangements. In practice, valuation teams combine: Market inputs: Comparable companies, transaction data, sector indices, and market and macroeconomic assumptions. Company inputs: Financial statements, forecasts, capitalization tables, transaction terms, and exit expectations. These support methods such as comparable company and transaction analysis, price of recent investment, net asset value, and discounted cash flow analysis. Allocating Value Across Complex Securities For companies with multiple share classes and embedded rights, estimating enterprise value is only the first step. That value must then be allocated between the different securities based on their contractual and economic rights. Depending on the facts and circumstances, this may require scenario-based or option-based allocation methods. Relevant terms may include liquidation preferences, conversion and participation rights, seniority and dilution protection. These features can result in materially different values for instruments issued by the same company, meaning that value should not simply be allocated on a pro-rata basis. A transparent record of the inputs, methodology and allocation logic makes the valuation more useful as a decision-making tool and less dependent on unsupported investment-team assumptions. Indirect Investments: Looking Beyond Headline NAV For institutional allocators, the same themes apply to fund investments and limited partner interests. Standards such as IPEV and regulatory guidance emphasize that indirect investments should be measured at fair value, not simply carried at the last reported NAV. The latest GP-reported NAV is normally the starting point. Investors should still consider whether it remains reasonable at their own reporting date. Relevant factors may include subsequent market or company developments, capital calls and distributions, foreign-exchange movements and changes in liquidity or exit expectations. The same principle applies to co-investments. Although a co-investor may rely on information and valuations provided by the lead investor, it should still reach its own fair value conclusion rather than automatically adopting the reported mark. Three Areas of Independent Review Limited partners are increasingly seeking independent validation of general partner (GP) marks in three areas: NAV integrity: Is the NAV calculated on an appropriate and consistent basis, including the treatment of fees, carried interest, fund expenses, capital activity and other assets and liabilities? Process and governance: Does the GP have a clear valuation policy, appropriate controls over management influence and sufficient oversight of underlying investments? Analytical checks: Are valuation movements consistent with company performance, relevant benchmarks and available transaction evidence? Why an Audited NAV May Still Require Review An audited NAV provides comfort, but it does not automatically remove the need for an investorâs own assessment. The audit and investor-side review may have different reporting dates, materiality thresholds and objectives. The audit may also address the fundâs financial statements as a whole rather than provide a separate conclusion on every underlying asset. Independent validation can therefore provide additional investor-side governance without duplicating the audit. A Proportionate Approach Independent services can range from full asset-level valuations to targeted assurance procedures, analytical benchmarking and valuation policy reviews. The appropriate approach depends on the materiality and complexity of the exposure, the level of information available and the degree of comfort required. For allocators with many fund positions, a scorecard approach can help identify where deeper analysis or challenge is most needed. The assessment may consider exposure size, concentration, valuation complexity, GP governance, reporting transparency and valuation movements that appear unusual or stale. This allows review effort to focus on the largest, most complex or least transparent positions. Information Determines the Achievable Scope The scope of any review, and the level of comfort it can provide, depends on the information available. This includes the transparency of the GP reporting pack, the investorâs ability to request supplementary information, the GPâs willingness and ability to provide it, and any confidentiality or information-sharing restrictions. The scope, information dependencies and resulting limitations should therefore be agreed at the outset and clearly stated in the final report. Strengthening Audit Readiness Auditors are focusing as much on governance and controls as they are on the final numbers. Asset managers can streamline audit cycles and strengthen their valuation process by: Maintaining a clear valuation policy that defines methodologies, responsibilities, approval authorities, and revaluation triggers. Engaging an independent valuer to provide external challenge of material assumptions and reduce the risk or perception of management bias. Creating a robust audit trail of inputs, models, and decisions, including evidence of review, challenge and approval. Engaging auditors early to discuss methodologies, assumptions and complex or judgmental investments. Back-testing model-based valuations against subsequent exits, financing rounds, secondary transactions and operating performance, where available. Independent Valuation as Part of Stronger Governance Whether the exposure is a direct investment or an LP interest, the underlying requirement is the same: institutions should be able to explain how the reported value reflects current market conditions, company performance and the economic rights of the investment. Independent valuation is not simply about producing another number. It provides objective analysis, documented challenge and stronger governance around the assumptions and judgements supporting private market valuations. The appropriate level of support should be proportionate to the materiality and complexity of the exposure, the information available and the degree of comfort required. This article has focused on direct private equity investments and private equity fund interests, building on the private credit themes introduced in Private Credit Valuations Under Pressure: How to Approach Standard Loan Marks on the S&amp;P Global Market Intelligence website. In Part 3, we will discuss the emergence of Hybrid Securities as an important source of flexible capital. We will examine how valuation professionals can navigate the challenges associated with some of the complex features of these Hybrid securities and producing valuations that are commercially relevant and technically defensible. Private Market Valuations: From Vanilla to Complex Structures | Part II: Direct and Indirect Equity Investments Watch webinar on-demand Learn more about Private Market Valuations Click Here ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081926-india-maps-co2-costs-for-green-urea-emethanol-production-amid-supply-gaps</link><description>Solar Energy Corp. of India Ltd. is mapping carbon dioxide availability for green urea and renewable fuel of non-biological origin-compliant eMethanol production, with potential suppliers reporting widely varying costs and volumes during a pre-bid meeting for an expression-of-interest tender. &amp;quot;We need the approximate cost of CO2 [from all possible sources] to estimate the potential cost of green</description><title>India maps CO2 costs for green urea, eMethanol production amid supply gaps</title><pubDate>19 August 2026 08:41:59 GMT</pubDate><author><name>Vipul Garg</name><name>Kamna Kapoor</name></author><content><![CDATA[ Energy Transition, Chemicals, Agriculture, Natural Gas, Electric Power, Hydrogen, Biofuels, Sugar, Renewables, Carbon August 19, 2026 India maps CO2 costs for green urea, eMethanol production amid supply gaps By Vipul Garg and Kamna Kapoor Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Biogenic CO2 costs 3-12 rupees/kg, depending on source CO2 supply constraint limits eMethanol production SECI clarifies biogenic CO2 rules Solar Energy Corp. of India Ltd. is mapping carbon dioxide availability for green urea and renewable fuel of non-biological origin-compliant eMethanol production, with potential suppliers reporting widely varying costs and volumes during a pre-bid meeting for an expression-of-interest tender. "We need the approximate cost of CO2 [from all possible sources] to estimate the potential cost of green urea and methanol for future tenders," a senior SECI official said during the meeting held Aug. 18, adding that the quoted prices would not be binding and would only serve as a reference. The Aug. 3 EOI aimed to identify CO2 sources before SECI finalizes incentive structures for the two renewable hydrogen derivatives. The exercise has highlighted challenges around seasonal supply, purity requirements and the need for multiple CO2 sources to support commercial-scale production, according to meeting participants and market feedback gathered by Platts, part of S&amp;P Global Energy, Pricing insights Market participants contacted by Platts ahead of the meeting indicated CO2 costs ranging from 3 rupees/kg to 12 rupees/kg ($31-$130/metric ton), depending on the source and processing requirements. An Indian eMethanol project developer said biogenic CO2 from ethanol distillation is naturally available and costs 3-4 rupees/kg due to lower processing needs, but volumes are limited. The developer added that biomass-based CO2 is more expensive, with supplies offered at about 10-12 rupees/kg. A steelmaking representative said CO2 captured from steel production costs about 7 rupees/kg after purification. The representative added that ethanol distilleries incur only purification and liquefaction costs, as CO2 is naturally available through fermentation, eliminating the need for carbon capture and keeping costs at 3-4 rupees/kg. Another project developer interested in both green urea and methanol said CO2 costs about 7 rupees/kg, including carbon capture and transportation. The company plans to capture CO2 by firing biomass blended into thermal power plants. A third project developer provided a detailed cost breakdown, saying carbon capture capital expenditure is about 3-5 rupees/kg of CO2, extracting raw CO2 from the captured CO2 mixture costs about 1-2 rupees/kg and purification and liquefaction add another 3-4 rupees/kg, bringing total costs to 10-12 rupees/kg, including transportation charges. The developer added that ethanol distilleries avoid capture costs as CO2 is naturally available. Supply challenges SECI asked meeting participants to submit details of the CO2 sources, including volume, location, modes of supply and other factors like seasonality, as different challenges emerged, such as proximity to a fertilizer plant for urea production or to either the Kandla or Tuticorin port for methanol production. A Maharashtra-based sugar mill representative said the facility produces 30-40 mt/day of CO2 in solid and liquid form, but only for four to five months annually, as the plant is shut for the rest of the year. A representative at a Telangana-based paper and pulp company said the facility, located near Kakinada port, produces 1 million mt/year of biogenic CO2 year-round. The representative added that supplying the CO2 to either Kandla or Tuticorin port may prove challenging. A natural gas company representative said the company produces 500-1,000 mt/day of CO2 during natural gas processing. The representative added that one CO2 source is near a fertilizer facility, while another is not, but was keen to understand whether the geological CO2 would qualify as a biogenic source. A project developer contacted by Platts said there are different types of CO2 providers. Some can supply CO2 to a plant; some provide it at their facility for pickup; some do not have a CO2 plant; and others do not even know they have CO2 production. The developer added that, apart from this challenge, producing 1 mt of methanol requires nearly 1.45 mt of CO2, making it difficult to rely on a single CO2 source for a methanol plant, given the required volume. Transportation presents another challenge, with only 15-mt trucks currently available for CO2 transport, though a steelmaking representative said more tankers would become available once the market develops. Regulatory clarity A steelmaking representative asked whether industrial CO2 from steel plants could be used for eMethanol production before 2041, citing European regulations that require only RFNBO-compliant biogenic CO2 for eMethanol starting that year. SECI responded that Indian carbon credit trading schemes need recognition under the EU Emissions Trading System for that to be possible. Until then, biogenic CO2 will be required for eMethanol. However, industrial CO2 can be used for green urea production if located near a fertilizer facility, SECI said. SECI added in the EOI that biogenic CO2 from sources such as distilleries, biogas upgrading and sugar and ethanol production is treated as genuinely renewable and not subject to regulatory sunset dates. CO2 from fossil-based industrial processes may be used, but only where it originates from an installation covered by the EU ETS or equivalent, with sunset dates of Jan. 1, 2036, for electricity-generating installations and Jan. 1, 2041, for other industrial installations. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/electric-power/082526-global-gas-turbine-demand-enters-new-growth-cycle</link><description>The global gas turbine market has entered its most significant expansion phase in more than two decades. After years of modest growth, orders surged past 100 GW in 2025, according to S&amp;amp;P Global Energy data and McCoy Power Reports, making it the second-strongest year on record, behind the peak of the merchant power boom in the early 2000s. </description><title>Global gas turbine demand enters new growth cycle</title><pubDate>25 August 2026 01:49:31 GMT</pubDate><author><name>Patrick Luckow</name></author><content><![CDATA[ Electric Power, Natural Gas, Energy Transition, Coal, LNG, Renewables August 25, 2026 Global gas turbine demand enters new growth cycle Patrick Luckow Editor: Barbara Lorenzo-Caluag Getting your Trinity Audio player ready... The global gas turbine market has entered its most significant expansion phase in more than two decades. After years of modest growth, orders surged past 100 GW in 2025, according to S&amp;P Global Energy data and McCoy Power Reports, making it the second-strongest year on record, behind the peak of the merchant power boom in the early 2000s. While the recent rebound has been led by the US, the longer-term outlook is increasingly defined by growing power demand, renewable integration needs, and energy security priorities across Asia-Pacific and the Middle East. Electricity demand is rising faster than many power systems can deploy firm capacity. Data centers, industrial electrification, population growth and renewable energy expansion are all driving demand for fast, reliable generation that can complement variable wind and solar resources. North America is dominating this decade, with an 85 GW gas project pipeline expected online through 2030, according to S&amp;P Global Energy CERA power outlooks, but the center of gravity shifts over time. New gas-fired capacity additions are expected to peak at 96 GW in 2030 on the back of US demand, after which Asia, the Middle East and Africa drive the majority of capacity additions, stabilizing at around 60 GW annually through the mid-century. Some risk to the exact timing of this outlook remains. Slow interconnection and permitting processes remain a barrier in many parts of the globe, and the boom itself has driven new gas plant costs well above prior levels. The demand outlook driving much of the US boom is itself uncertain, as the rapid expansion of US data centers faces intensifying local and state-level resistance. North American deployments and interconnection strategies US gas turbine orders in 2025 reached levels last seen during the merchant power boom in the early 2000s, as manufacturers booked 51 GW of heavy-duty gas turbine orders. Over the past 20 years, orders averaged below 10 GW/year. Of the 85 GW of gas-fired projects expected to reach commercial operation by 2030, the majority are in ERCOT, MISO and SERC. Developers are increasingly prioritizing speed-to-power, favoring simple-cycle and 1x1 combined-cycle configurations that can be developed faster than traditional large-scale power plants. To bypass lengthy interconnection timelines, operators are also deploying behind-the-meter and colocated facilities. China uniquely focused on very large combined cycles China's gas fleet is expected to expand from roughly 164 GW in 2025 to 270 GW by 2035, supported exclusively by continued additions of large combined-cycle gas turbine projects. Gas remains largely focused on coastal areas, supporting larger coal and renewable fleets. Rising renewable penetration is boosting demand for system flexibility, but Chinese planners continue to favor highly efficient combined-cycle units rather than large-scale deployment of open-cycle peaking plants, diverging from other countries' procurement trends. Annual additions are expected to moderate after 2026 as higher gas prices and ongoing competition from coal influence investment decisions. The gas generation share remains quite small â growing from 3.2% in 2025 to 3.8% in 2035. Middle East and Africa: The long-term growth story The Middle East may define the next growth cycle, even more so than North America. The region's gas-fired capacity is projected to grow from 385 GW in 2025 to 530 GW by 2035, supported by a combination of fuel switching, population growth and industrial expansion. Saudi Arabia is leading this transition through its Liquids Displacement Program, making low-cost domestic gas the preferred source of flexible capacity, replacing oil-fired generation. Large-scale competitive procurement programs are accelerating project development. While Saudi Arabia's tenders have favored combined cycle units for speed to power, other Gulf countries such as Oman and Qatar are driving investments in open cycle turbines to maintain system reliability. Asia-Pacific's appetite for new turbines Outside China, Asia-Pacific presents one of the most diverse gas turbine opportunities globally. Southeast Asia is emerging as the region's leading growth engine, with Indonesia, Malaysia, the Philippines and Vietnam expected to add approximately 20 GW of new gas capacity through 2030, even as Singapore and Thailand retire almost 7 GW of older plants. Power consumption is rising across the region as economies industrialize and digital infrastructure expands. At the same time, renewable deployment is accelerating, creating a growing need for flexible thermal generation that can balance variable output. High LNG import costs present a substantial risk for new baseload capacity, but gas continues to play a critical balancing role. Manufacturing capacity expansion supports the new growth wave The market for new gas turbines is being shaped by new sources of demand â data centers, electrification and industrial growth â alongside a massive surge in renewable investment. The industry is responding through expanded manufacturing capacity, adoption of highly efficient H/J-class turbines and increased interest in fast-to-deploy configurations. Original equipment manufacturers' expansion plans could increase annual turbine production capacity by roughly 30% by 2030 according to S&amp;P Global Energy CERA's data, helping alleviate current supply bottlenecks. While the US is driving awards this year, additions will continue to grow through 2030 alongside growing demand in China, the rest of Asia-Pacific and the Middle East. Further reading: Global gas turbine market report This article contains data, views and forecasts from S&amp;P Global Energy CERA analysts and does not represent reporting by Platts, part of S&amp;P Global Energy. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/082426-japan-to-proceed-with-oil-shipping-aid-restore-national-crude-reserves-to-90-days-of-net-imports</link><description>A high-level policy meeting at Japan&amp;apos;s Ministry of Economy, Trade and Industry approved a set of steps on Aug. 24, including a framework to help reduce transportation costs for crude oil and naphtha shipments that do not transit chokepoints such as the Strait of Hormuz. The move comes as Japan has recognized the need to reduce its dependence on crude oil imports that pass through chokepoints such</description><title>Japan to proceed with oil shipping aid, restore national crude reserves to 90 days of net imports</title><pubDate>24 August 2026 11:53:56 GMT</pubDate><author><name>Takeo Kumagai</name></author><content><![CDATA[ Refined Products, Natural Gas, Energy Transition, Crude Oil, Agriculture, Naphtha, Jet Fuel, Emissions, Biofuels August 24, 2026 Japan to proceed with oil shipping aid, restore national crude reserves to 90 days of net imports By Takeo Kumagai Editor: Jonathan Fox Getting your Trinity Audio player ready... HIGHLIGHTS METI to back subsidy for Hormuz detour routes Govt targets 90-day net imports reserve in FY 2026-27 To impose 1%-5% SAF supply mandates for FY 2030-31 to FY 2034-35 A high-level policy meeting at Japan's Ministry of Economy, Trade and Industry approved a set of steps on Aug. 24, including a framework to help reduce transportation costs for crude oil and naphtha shipments that do not transit chokepoints such as the Strait of Hormuz. The move comes as Japan has recognized the need to reduce its dependence on crude oil imports that pass through chokepoints such as the Strait of Hormuz, given that alternative transportation routes, including pipelines in Saudi Arabia and the UAE, have operated effectively. METI's Natural Resources and Fuel Committee approved the framework proposed Aug. 7 and proceeded with considering specific institutional measures. These measures will include support for costs associated with securing stable transportation, participation in pipeline construction projects that serve as alternative transport routes and consideration of a future framework for maritime transport, according to documents presented at the meeting. Taking into account the latest developments in the Middle East, the government will examine measures to ensure stable maritime transportation and secure sufficient insurance capacity for the seaborne transport of crude oil, natural gas, and other commodities necessary for Japan's stable energy supply, according to the documents. Oil reserve In addition, METI's Natural Resources and Fuel Committee approved the government's plan to take the necessary steps to rapidly restore national crude oil reserves to the International Energy Agency's standard of 90 days of supply during fiscal year 2026-27 (April-March). The government also aims to restore stockpiles to a level equivalent to 90 days of crude imports, including domestically refined naphtha, in FY 2027-28. Japan's national crude reserves are currently below the IEA's 90-day net imports standard, according to a METI official. The country's petroleum reserves were equivalent to 204 days of domestic consumption as of Aug. 21, comprising 103 days in national oil reserves, 98 days in privately held reserves and four days in a joint crude storage program with oil-producing countries, according to the latest METI data released Aug. 24. Japan decided in March to release the equivalent of about 50 days' worth of national petroleum reserves, while also implementing a 15-day reduction in required private-sector inventories and releasing about six days' worth of jointly held oil stocks maintained with oil-producing countries, as tankers have effectively been unable to pass through the Strait of Hormuz. The Middle East accounted for 94% of Japan's crude imports in 2025, according to METI data. SAF mandates The Natural Resources and Fuel Committee also approved a set of sustainable aviation fuel supply mandates proposed on Aug. 17, requiring companies to supply 1%-5% of domestic jet fuel consumption for international flights from FY 2030-31 to FY 2034-35. The approved SAF supply mandates marked a setback from the supply mandates proposed in FY 2024-25 for the five-year period, under which jet fuel suppliers were expected to supply volumes equivalent to at least 5% of the greenhouse gas emissions from jet fuel produced and supplied in Japan in FY 2019-2020. Under the approved plan, the SAF supply mandates would apply only to companies that supply 3,000 kiloliters (18,869 barrels) or more of jet fuel annually for international flights at seven airports with the highest international refueling volumes. The approved SAF supply mandates would require companies to supply at least 1% of domestic jet fuel supply volumes in FY 2030-31, at least 3% in FY 2031-32 and at least 5% in each fiscal year from FY 2032-33 through FY 2034-35. Under the approved SAF supply mandates, targets could be revised downward in cases of unavoidable circumstances, such as natural disasters, according to the documents. However, they would not be allowed to be revised downward due to facility problems, unsuccessful commercial negotiations with airlines or the cancellation or postponement of SAF plant construction projects. The approved SAF supply mandates refer to domestic supply volumes supplied for international flights at the designated airports: Narita International Airport, Haneda Airport, Kansai International Airport, Chubu Centrair International Airport, New Chitose Airport, Fukuoka Airport and Naha Airport. The seven airports together refueled 8.17 million kl, or 51.39 million barrels, of jet fuel for international flights in FY 2024-25, accounting for 68.3% of Japan's total international jet fuel refueling volume, according to METI's survey of local refiners. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/082426-us-lithium-ion-battery-imports-rebound-in-q2-despite-trade-friction</link><description>After a slow start to 2026, US lithium-ion battery imports bounced back in the second quarter. But import levels remained significantly below last year&amp;apos;s levels and a 2024 surge. Battery shipments to the US reached 215,942 metric tons in the second quarter, up 26% from the first three months of the year but down 10% from the second quarter of 2025, according to the S&amp;amp;P Global Market Intelligence</description><title>US lithium-ion battery imports rebound in Q2 despite trade friction</title><pubDate>24 August 2026 18:27:08 GMT</pubDate><author><name>Garrett Hering</name><name>Susan Dlin</name></author><content><![CDATA[ Metals &amp; Mining, Electric Power, Energy Transition, Non-Ferrous, Renewables August 24, 2026 US lithium-ion battery imports rebound in Q2 despite trade friction By Garrett Hering and Susan Dlin Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Batteries shipped to US rose 26% quarter-over-quarter China accounted for 66.5% of US battery imports in Q2 After a slow start to 2026, US lithium-ion battery imports bounced back in the second quarter. But import levels remained significantly below last year's levels and a 2024 surge. Battery shipments to the US reached 215,942 metric tons in the second quarter, up 26% from the first three months of the year but down 10% from the second quarter of 2025, according to the S&amp;P Global Market Intelligence Global Trade Analytics Suite. In the first half of 2026, the US imported 386,965 mt of lithium-ion batteries for energy storage projects, electric vehicles, consumer electronics and other applications. That was 31% lower than a year earlier, the data showed. This year's overall battery imports slowed after new US supply chain restrictions and tariffs took effect, largely affecting shipments from China, and as US manufacturing capacity dedicated to energy storage rapidly expands to meet data center-driven demand for power. Battery imports for energy storage and other non-EV uses totaled 193,370 mt in the second quarter of 2026, rising nearly 29% from the first quarter but down roughly 8% from a year ago. EV battery imports reached 22,572 mt in the second quarter, compared with 20,873 mt in the first quarter and 30,983 mt in last year's second quarter. Battery shipments to the US peaked in the fourth quarter of 2024, when companies imported 385,829 mt, according to the Global Trade Analytics Suite, which relies on US Census Bureau data. China remains the single largest source of US lithium-ion battery imports, accounting for 66.5% of batteries brought into the country in the second quarter, per the Global Trade Analytics Suite. That was up from China's 60.3% share of battery imports in the first quarter of 2026, but down from 77% a year earlier. South Korea accounted for 9.9% of second-quarter imports, compared with 13.6% in the first quarter and 9% in Q2 2025. Japan contributed 7.1% of US battery imports in the period after accounting for 7.9% in the first quarter of 2026 and 5.6% a year prior. Malaysia and Vietnam accounted for 4.1% and 3.4% of second-quarter imports, respectively. The top five supplier countries together made up 91% of batteries imported in the second quarter. South Korean battery companies topped the ranks of largest shippers to the US in the second quarter, according to data from Panjiva. That included LG Energy Solution Ltd. and Samsung SDI Co. Ltd., both of which have factories in Asia, North America and Europe, as well as Ace Engineering Co. Ltd. LG Energy Solution and Samsung have been converting some of their EV battery manufacturing capacity in the US to produce lithium-iron-phosphate (LFP) cells for energy storage. On an earnings call in July, LG Energy Solution executives reiterated their effort to surpass 50 gigawatt-hours of LFP manufacturing capacity for energy storage at five facilities in North America by the end of 2026. That includes facilities in Spring Hill, Tennessee; Lansing and Holland, Michigan; Jeffersonville, Ohio; and Ontario. Other leading shippers in the second quarter included Chinese battery suppliers Contemporary Amperex Technology Co. Ltd. and Hongkong Hello Tech Energy Co. Ltd., Taiwan-based Delta Electronics Inc., Germany's Mercedes-Benz Group AG and Japan-headquartered Mazda Motor Corp. and Panasonic Holdings Corp. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/081426-report-sees-canadian-mineral-exports-gaining-from-eu-security-concerns</link><description>Canada has a narrow but significant opportunity to become a major supplier of critical minerals to the European Union as Brussels seeks cleaner, more secure alternatives to concentrated global supply chains, according to a report published on Aug. 12 by Clean Energy Canada, a think tank at Simon Fraser University in British Columbia. The report, A Critical Moment, said the EU is seeking to</description><title>Report sees Canadian mineral exports gaining from EU security concerns</title><pubDate>14 August 2026 11:19:56 GMT</pubDate><author><name>Euan Sadden</name></author><content><![CDATA[ Electric Power, Energy Transition, Metals &amp; Mining, Renewables, Non-Ferrous August 14, 2026 Report sees Canadian mineral exports gaining from EU security concerns By Euan Sadden Editor: Karla Sanchez Getting your Trinity Audio player ready... HIGHLIGHTS Canada eyes EU critical minerals market EU targets 65% cap on single-country mineral sourcing Battery rules favor Canada's cleaner electricity grid Canada has a narrow but significant opportunity to become a major supplier of critical minerals to the European Union as Brussels seeks cleaner, more secure alternatives to concentrated global supply chains, according to a report published on Aug. 12 by Clean Energy Canada, a think tank at Simon Fraser University in British Columbia. The report, A Critical Moment, said the EU is seeking to diversify its critical minerals supply chain while building a cleaner economy, creating a potential opening for Canada's mining and processing sectors. It said Canada's mineral reserves, comparatively low-carbon electricity system and status as an allied country could align with Europe's industrial, climate and security priorities. Critical minerals are becoming "the new oil," the report said, as electric vehicles, batteries, renewable power systems, and defense technologies drive rising demand for metals and minerals. In Europe, the issue is not only demand but dependence. The report notes that much of the world's critical mineral supply is concentrated in a small number of countries, with China playing a dominant role in several refined mineral markets. For the six minerals highlighted by the report â cobalt, copper, graphite, lithium, nickel and rare earth elements â China accounts for roughly all refined graphite production, about 90% of refined rare earth elements, around 80% of refined cobalt, about 60% of refined lithium, roughly 40% of refined copper and about 35% of refined nickel, according to the report's summary of production shares. That concentration has elevated supply-chain security on the political agenda. The report cites a recent G7 leaders' statement describing the "urgency of diversifying our supply chains and building our collective resilience," noting that critical minerals have become a strategic concern for Canada's allies and trading partners. The EU's own rules are also creating a stronger pull for Canadian supply. Under the EU Critical Raw Materials Act, the bloc has set 2030 benchmarks to source at least 10% of annual consumption from domestic extraction, 40% from domestic processing and 25% from recycling. It also aims to source no more than 65% of the annual consumption of any strategic raw material from a single third country. The report said the 65% target is particularly relevant to Canada, which can position expanded production as an alternative to less diversified trade flows. EU Battery Regulation The EU Batteries Regulation could further strengthen Canada's market position. The regulation sets recovery targets for lithium, cobalt, copper, lead and nickel, establishes minimum recycled-content requirements for several battery materials from 2031 and requires companies to address social and environmental risks linked to raw-material sourcing, processing and trading. It also includes labeling requirements for battery carbon footprints and recycled content starting in 2026, which the report said Canada could use to its advantage because of its lower-emission electricity grid. Canada's pitch to Europe should therefore go beyond volume and price, the report said. Canadian critical minerals could be marketed as lower-carbon, traceable and sourced from an allied jurisdiction â attributes that are becoming increasingly important under EU industrial and climate policy. The opportunity is especially clear in battery supply chains. Canada has reserves of many minerals needed for the energy transition, and the report said the country's lithium reserves could supply about half of cumulative global demand from 2030 to 2050. It adds that 95% of that demand will be driven by the clean energy transition, particularly EV batteries. But the report warns that potential alone will not be enough. To make Europe a major market for Canadian exports, Canada will need to move from broad diplomatic frameworks to concrete financing, project development, and supply agreements. One of the report's central proposals is to build a more explicit Canada-EU critical minerals pipeline focused on six priority minerals: cobalt, copper, graphite, lithium, nickel, and rare earth elements. These minerals are repeatedly identified across Canadian, EU, and international critical mineral lists, and several are also relevant to defense applications. The report places particular emphasis on Quebec as a potential gateway to Europe. It recommends developing a Quebec-centered "low-carbon battery minerals corridor" that would integrate mines, shared processing infrastructure, hydroelectric power, and access to Atlantic shipping into a more coherent proposition for European manufacturers and financiers. Such corridors could be more attractive to European buyers than a scattered collection of individual projects, the report said. The federal government is already exploring regional mineral corridors in areas including Quebec's lithium belt, Ontario's Sudbury nickel district and northwest British Columbia, according to the report. The report also calls for Canada to help more domestic projects secure "strategic project" status under the EU Critical Raw Materials Act. It notes that the Magneto Dumont Nickel Project in Quebec has already been identified as one of the EU Act's 13 strategic projects outside the bloc, a designation that could improve visibility and unlock European investment. Financing remains a key hurdle. The report noted that the European Investment Bank has signed a letter of intent that could enable financing across Canada's critical minerals value chain, but no financial commitments have been made yet. Clean Energy Canada recommends that Ottawa push to turn that letter into a signed framework and a first transaction within 12 to 18 months. The report also urged Canada to convert more memorandums of understanding with European partners into binding offtake agreements. It cites Greenland Resources' Malmbjerg Project as a model, noting that the project moved from supply MOUs and financing letters of intent to a binding $2 billion, 10-year offtake agreement with Outokumpu in Finland. The report's concluding message is that Europe's search for secure, lower-carbon supply chains could become one of Canada's biggest opportunities in the critical minerals trade â but only if governments and industry act quickly to align Canadian projects with European demand, finance, and regulation. Platts, part of S&amp;P Global Energy, assessed CIF Europe battery-grade lithium carbonate at $19,000/mt Aug. 13, stable day over day and week over week. Lithium hydroxide was assessed at $19,500/mt, also stable day over day and up $500/mt week over week. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-us-private-credit-clo-insights-2026-private-credit-versus-syndicated-private-credit-s101703290</link><description>This report does not constitute a rating action. S&amp;amp;P Global Ratings is publishing this report to provide key metrics on the credit-estimated companies with loans in U.S. middle market collateralized loan obligations (MM CLOs), as well as CLO performance indicators. Our private credit and middle market CLO slide deck is published in the first month of each quarter (see &amp;quot; Private Credit And Middle-Market CLO Quarterly: What Lies Beneath (Q3 2026) , July 24, 2026,&amp;quot; published July 24, 2026). As of t</description><title>SF Credit Brief: U.S. Private Credit CLO Insights 2026: Private Credit Versus â&amp;#x80;&amp;#x9c;Syndicatedâ&amp;#x80;&amp;#x9d; Private Credit</title><pubDate>24 August 2026 19:52:53 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/082126-china-targets-1200-km-hydrogen-pipeline-underground-storage-in-5-year-plan</link><description>China plans to accelerate the development of hydrogen production, pipeline transportation, and storage infrastructure, including a 1,200-km hydrogen pipeline connecting Inner Mongolia&amp;apos;s Ulanqab region with the Beijing-Tianjin-Hebei region, while exploring underground hydrogen storage as part of efforts to integrate the fuel into its fossil energy infrastructure, according to the country&amp;apos;s newly</description><title>China targets 1,200-km hydrogen pipeline, underground storage in 5-year plan</title><pubDate>21 August 2026 16:00:40 GMT</pubDate><author><name>Ruchira Singh</name><name>Cindy Liang - LNG Market Specialist</name></author><content><![CDATA[ Crude Oil, Energy Transition, Metals &amp; Mining, Electric Power, Natural Gas, Hydrogen, Ferrous August 21, 2026 China targets 1,200-km hydrogen pipeline, underground storage in 5-year plan By Ruchira Singh and Cindy Liang - LNG Market Specialist Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS Connecting Inner Mongolia with Beijing-Tianjin-Hebei To integrate H2 into fossil energy infrastructure Plan calls for pure-hydrogen transport standards China plans to accelerate the development of hydrogen production, pipeline transportation, and storage infrastructure, including a 1,200-km hydrogen pipeline connecting Inner Mongolia's Ulanqab region with the Beijing-Tianjin-Hebei region, while exploring underground hydrogen storage as part of efforts to integrate the fuel into its fossil energy infrastructure, according to the country's newly released oil and gas development plan for 2026-2030. The Ulanqab-Beijing-Tianjin-Hebei pipeline will have a transport capacity of 500,000 mt/year. The plan also calls for developing technical standards and specifications for pure-hydrogen pipeline transport, the plan said. The document does not specify a completion date for the pipeline or indicate that it will carry only renewable hydrogen. However, it identifies the project as one of the priority cross-provincial pipelines planned for 2026-2030. The plan calls for accelerated build-out of hydrogen production facilities, pipeline networks, and centralized storage systems in key regions, alongside existing oil and gas infrastructure. This integration strategy aims to coordinate hydrogen infrastructure development with existing oil and gas infrastructure. Nearby consumption for hydrogen The plan says China will promote the development of the green hydrogen industry and build a hydrogen supply system centered on local consumption, supplemented by cross-regional transportation and international trade. China will also support pilot projects blending hydrogen into natural gas pipelines to test the technical and commercial viability of using existing infrastructure for hydrogen transport. The plan also calls for research into high-pressure pure-hydrogen pipeline materials, large-scale hydrogen blending and conversion of existing pipelines to transport hydrogen. The plan calls for exploring underground hydrogen storage options to provide supply flexibility. It also calls for research into hydrogen storage in deep underground spaces and for developing related technical standards, including those for hydrogen storage in depleted oil and gas reservoirs. Diversification of fuels The push for hydrogen infrastructure is part of China's broader energy transition goals outlined in its 15th Five-Year Plan. The country seeks to reduce carbon emissions while maintaining energy security by diversifying fuel sources. Industry observers noted that the Ulanqab region's selection reflects its renewable energy resources, particularly wind and solar capacity suitable for producing renewable hydrogen via electrolysis. The pipeline route targets major demand centers in northern China's industrial heartland, where hydrogen could support steel production, chemical manufacturing, and transportation, industry observers said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/082126-argentina-weighs-higher-ethanol-biodiesel-mandates-as-saf-gains-traction</link><description>Argentina is considering its most significant biofuels policy overhaul in years, with lawmakers debating legislation that would increase ethanol and biodiesel blending mandates while formally opening the door to sustainable aviation fuel and renewable diesel markets. According to the US Foreign Agricultural Service report released Aug. 20, the Argentine Senate is reviewing multiple biofuels bills</description><title>Argentina weighs higher ethanol, biodiesel mandates as SAF gains traction</title><pubDate>21 August 2026 19:46:27 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Biofuels, Hydrogen, Renewables, Gasoline, Oilseeds, Vegetable Oils August 21, 2026 Argentina weighs higher ethanol, biodiesel mandates as SAF gains traction By Samyak Pandey Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS Senate reviews bills boosting blend levels Ethanol output hits 1.35 billion liters Biodiesel exports drop to 2007 lows Argentina is considering its most significant biofuels policy overhaul in years, with lawmakers debating legislation that would increase ethanol and biodiesel blending mandates while formally opening the door to sustainable aviation fuel and renewable diesel markets. According to the US Foreign Agricultural Service report released Aug. 20, the Argentine Senate is reviewing multiple biofuels bills that would replace the current Biofuels Law 27,640 and reshape the country's domestic biofuel market. The proposed reforms would raise the national ethanol mandate from 12% to 15 % and increase the biodiesel blending requirement from 7.5% to 10%, while gradually liberalizing parts of the domestic market. The legislation would also explicitly authorize the commercialization of sustainable aviation fuel, renewable diesel (HDRD), hydrogen and biomethane, marking the first time advanced biofuels have been formally incorporated into Argentina's biofuels framework. "The reform is the first national proposal to give SAF and renewable diesel an explicit legal status inside Argentina's biofuels framework," the report said. Ethanol demand rises The debate comes as Argentina's ethanol sector continues to expand. Fuel ethanol production is forecast to reach a record 1.35 billion liters in 2026, driven by rising domestic demand, new corn ethanol capacity and regulatory changes that now permit voluntary gasoline blends of up to 15% above the country's mandatory blending requirement. In March, Secretariat of Energy Resolution 79/2026 increased the maximum oxygen content allowed in gasoline and formally authorized distributors to market gasoline containing up to 15 % ethanol through freely negotiated agreements. The mandatory blend remains 12%. Corn ethanol is expected to account for approximately 60% of total production, with sugarcane ethanol supplying the remainder. Strong domestic consumption is expected to reduce export availability. Biodiesel exports decline Argentina's biodiesel industry is facing a different challenge. Biodiesel production is forecast at nearly 1.2 billion liters in 2026, up about 8% year over year as domestic blending requirements support consumption. However, exports are expected to fall to their lowest level since 2007 as local demand absorbs more production and overseas market access remains constrained. The report by the FAS, a branch of the US Department of Agriculture, estimates that Argentina's biodiesel sector will operate at only about 27% of its installed capacity despite higher domestic demand, highlighting the extent of unused production capability. A key point of contention in the Senate debate is whether to maintain protections for small and medium-sized biodiesel producers, which currently dominate supply into the domestic blending mandate. Large integrated soybean processors have pushed for greater market access, while smaller producers argue the existing framework is necessary for their survival. SAF opportunities emerge For aviation fuel markets, the proposed reforms could create a pathway for Argentina to leverage its large agricultural base to produce advanced biofuels. The report notes that Argentina is positioning itself as a future production hub for SAF and renewable diesel, with lawmakers considering provisions that would allow unrestricted commercialization of both fuels for domestic use and export. Potential feedstocks include used cooking oil, animal fats and other waste-based materials compatible with hydroprocessed esters and fatty acids pathways. However, Argentina currently lacks a dedicated regulatory framework for SAF production and has not yet obtained CORSIA-related certification for domestic production. The USDA report notes that the introduction of policies supporting SAF and other advanced biofuels could significantly improve investment prospects for the country's oilseed and biofuels industries. The USDA described Argentina's biofuels sector as entering a "period of significant policy transition" as lawmakers seek to balance energy security, agricultural development and decarbonization objectives. Platts, part of S&amp;P Global Energy, assessed biodiesel FOB Argentina Up River at $1,617/mt on Aug. 20, up $19/mt on day. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/refined-products/082026-pakistans-oil-refiners-set-to-export-185000-mt-of-fuel-oil-in-august</link><description>Pakistan&amp;apos;s oil refineries have received regulatory approval to export about 185,000 metric tons of fuel oil in August, while maintaining adequate strategic reserves to meet the needs of the country&amp;apos;s domestic power generation sector, according to notifications from the Oil and Gas Regulatory Authority seen by Platts. OGRA has approved fuel oil exports of 50,000 mt for Pak-Arab Refinery Co., 45,000</description><title>Pakistan&amp;apos;s oil refiners set to export 185,000 mt of fuel oil in August</title><pubDate>20 August 2026 05:35:17 GMT</pubDate><author><name>Koustav Samanta</name><name>Haris Zamir</name></author><content><![CDATA[ Refined Products, Natural Gas, Energy Transition, LNG, Fuel Oil, Renewables August 20, 2026 Pakistan's oil refiners set to export 185,000 mt of fuel oil in August By Koustav Samanta and Haris Zamir Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Regulators approve exports after keeping strategic reserves Refineries face fuel oil surplus amid weak domestic demand Fuel oil-fired power generation doubles to 215 GWh in July Pakistan's oil refineries have received regulatory approval to export about 185,000 metric tons of fuel oil in August, while maintaining adequate strategic reserves to meet the needs of the country's domestic power generation sector, according to notifications from the Oil and Gas Regulatory Authority seen by Platts. OGRA has approved fuel oil exports of 50,000 mt for Pak-Arab Refinery Co., 45,000 mt for Cnergyico Pk. Ltd., 40,000 mt for Pakistan Refinery Ltd. and 50,000 mt for National Refinery Ltd., according to separate notifications dated Aug. 12 seen by Platts on Aug. 19. The approvals were subject to the refineries maintaining strategic reserves sufficient to meet the power sector's requirements, according to the notifications. Pakistan's oil refineries exported about 1.453 million mt of fuel oil in fiscal year 2025-26 (July-June), up from about 1.3 million mt the previous year, according to data from Karachi-based Oil Companies Advisory Council. Pakistan also exported 180,469 mt of low-sulfur fuel oil in FY 2025-26, up from 137,880 mt a year earlier, OCAC data showed. Structurally weak domestic demand for furnace oil led to significant surpluses at older refineries, which boosted exports, according to multiple industry sources. Aging refineries face surplus Pakistan's refining sector is facing mounting pressure as domestic demand for furnace oil continues to decline, while older simple refineries retain relatively high fuel oil yields, according to a report by Karachi-based brokerage Arif Habib Ltd. seen by Platts. The aging hydroskimming refineries produced furnace oil equivalent to about 21% of total refinery throughput in FY 2025-26, creating persistent surplus volumes that need to be exported, often at discounted international prices, AHL said in a note. This has weighed on refiners' profitability, particularly as domestic policy measures have further reduced furnace oil's competitiveness, AHL added. Pakistan's government has actively discouraged the use of fuel oil or furnace oil for power generation over the last two years, favoring cheaper, cleaner alternatives such as gas and renewables. LNG supply crunch buoys fuel oil-powered utilities Pakistan's fuel oil-fired power generation surged in July as disruptions to LNG supplies from Qatar amid the ongoing conflict in the Middle East reduced feedstock for gas-fired power plants. Electricity generation from fuel oil-fired power plants nearly doubled year over year to 215 gigawatt-hours in July, from 108 GWh in July 2025, said Bazif Memon, research analyst at Karachi-based stock brokerage and financial advisory company Optimus Capital Management. Fuel oil-fired power generation totaled about 100 GWh in June, OCM data showed. "Due to the disturbance in the Middle East, LNG cargoes from Qatar reduced sharply," Memon told Platts on Aug. 19, adding that the supply disruptions have forced the government to operate fuel oil-fired power plants instead of relying on regasified LNG. Only five LNG cargoes arrived in Pakistan in July, compared with 10 vessels in July 2025, Memon said. The increased use of fuel oil for power generation has provided some temporary near-term support to domestic demand, but refinery production continues to outpace structural consumption, according to local market sources. Asian market fundamentals The Asian high-sulfur fuel oil market remains well supported by persistent supply tightness, as prolonged uncertainty over Strait of Hormuz traffic has disrupted oil flows from the Middle East in recent months, pushing downstream bunker premiums higher in recent weeks, according to trade sources. Platts, part of S&amp;P Global Energy, assessed the Singapore 380 CST HSFO cargo's cash differential to the Mean of Platts Singapore 380 CST HSFO assessment at a premium of $33.39/mt at the Aug. 19 Asian close, its highest level since May 6, when it was assessed at a premium of $38.98/mt. Singapore imported 92,459 mt of fuel oil from Pakistan in June, but there have been no arrivals from the South Asian country in July and so far in August, according to Enterprise Singapore data compiled by Platts. The Asian HSFO market remains tight, but some trade sources expect that as the summer power-generation demand season gradually winds down, it will likely free up some supplies, potentially helping cool fundamentals over the coming weeks. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/pt/news-insights/research/the-big-picture-industry-outlook</link><description>TendÃªncias do setor que moldarÃ£o 2026. O Panorama Geral Ã© uma coleÃ§Ã£o de relatÃ³rios com perspectivas futuras do setor, que preparam o terreno para um ano de tomada de decisÃµes informadas e crescimento estratÃ©gico.</description><title>The Big Picture Industry Outlook</title><pubDate>20 February 2026 16:00:00 GMT</pubDate><content><![CDATA[ Insights em Movimento: Veja o Panorama Geral TendÃªncias do setor que moldarÃ£o 2026. O Panorama Geral Ã© uma coleÃ§Ã£o de relatÃ³rios com perspectivas futuras do setor, que preparam o terreno para um ano de tomada de decisÃµes informadas e crescimento estratÃ©gico. NESTA PÃGINA Perspectivas da IndÃºstria Solicitar acompanhamento NESTA PÃGINA Perspectivas da IndÃºstria Solicitar acompanhamento Amplie o Ã­mpeto, transforme insights em aÃ§Ã£o Ã medida que os desafios evoluem, tambÃ©m evoluem nossas percepÃ§Ãµes. Os relatÃ³rios de Perspectivas Gerais para 2026 oferecem uma visÃ£o de futuro sobre as principais tendÃªncias e oportunidades do setor, que devem gerar impacto no prÃ³ximo ano. VocÃª estÃ¡ preparado para navegar pelas incertezas nas cadeias de suprimentos, mercados de capitais, fusÃµes e aquisiÃ§Ãµes, mercados privados, commodities, sustentabilidade e IA? Descubra como esses setores cruciais moldarÃ£o seu desempenho em 2026. Nossos relatÃ³rios, elaborados por especialistas renomados, oferecem acesso exclusivo a dados e insights que lhe permitem tomar decisÃµes informadas com confianÃ§a. Baixar relatÃ³rios Leia mais no S&amp;P Capital IQ Pro Industry Outlook Reports Mercados de dÃ­vida Principais tendÃªncias que moldarÃ£o os mercados de crÃ©dito globais em 2026, incluindo emissÃ£o de dÃ­vida, crescimento econÃ´mico e tarifas. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here InteligÃªncia Artificial Como a rÃ¡pida expansÃ£o da IA estÃ¡ remodelando a infraestrutura, as estratÃ©gias de investimento e a vantagem competitiva para 2026. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Cadeias de suprimentos Como tarifas, acordos comerciais, automaÃ§Ã£o e IA estÃ£o remodelando as cadeias de suprimentos globais em 2026. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Bancos e Mercados Privados Como o crÃ©dito privado estÃ¡ remodelando os emprÃ©stimos comerciais, as parcerias e o risco no setor bancÃ¡rio. Inclui o relatÃ³rio Big Picture 2026 da S&amp;P Global. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Mercados de aÃ§Ãµes ForÃ§as que impulsionarÃ£o os mercados de aÃ§Ãµes em 2026, incluindo altas impulsionadas por inteligÃªncia artificial, recuperaÃ§Ã£o de IPOs e riscos geopolÃ­ticos. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Commodities Como a IA, os centros de dados e as mudanÃ§as nas polÃ­ticas estÃ£o remodelando os mercados globais de energia e commodities em 2026. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Sustentabilidade TendÃªncias de sustentabilidade que moldam o clima, a transiÃ§Ã£o energÃ©tica e as estratÃ©gias de adaptaÃ§Ã£o para 2026. Inclui o relatÃ³rio Sustainability Big Picture da S&amp;P Global. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here M&amp;A TendÃªncias de fusÃµes e aquisiÃ§Ãµes que impulsionarÃ£o o setor em 2026, incluindo grandes negÃ³cios, o impulso do capital privado, a inovaÃ§Ã£o em IA e a consolidaÃ§Ã£o do setor. Download the Report Already a S&amp;P Capital IQ Pro Subscriber? Access Here Webinars Os clientes do S&amp;P Capital IQ Pro podem acessar todos os relatÃ³rios aqui. Veja o panorama geral Descubra dados e serviÃ§os que impulsionam soluÃ§Ãµes completas para fluxos de trabalho Obtenha insights valiosos sobre seus desafios com nossas soluÃ§Ãµes avanÃ§adas de dados e tecnologia, desenvolvidas para atender Ã s necessidades especÃ­ficas de segmentos de mercadoâinsights moldados por usuÃ¡rios como vocÃª. Encontre a soluÃ§Ã£o ideal para o seu fluxo de trabalho explorando nosso buscador de soluÃ§Ãµes hoje mesmo. Explore nossas soluÃ§Ãµes Solicitar acompanhamento Preencha o formulÃ¡rio para que possamos conectar vocÃª Ã  pessoa certa.VocÃª estÃ¡ a um passo de desbloquear nosso conjunto de soluÃ§Ãµes e serviÃ§os de informaÃ§Ã£o financeira. Estamos orgulhosos dos nossos recentes prÃªmios! Melhor Provedor de ServiÃ§os de Dados Gerenciados, 2025 Melhor Fornecedor de Dados de Mercados Privados, 2025 Uso mais inovador de IA generativa, 2025 Fornecedor de ServiÃ§os do Ano, 2025 AlÃ©m disso, temos o prazer de oferecer suporte aos nossos clientes 24 horas por dia, 7 dias por semana, 365 dias por ano, com uma taxa de satisfaÃ§Ã£o do cliente de 98%. Se sua empresa possui uma assinatura ativa da S&amp;P Global Market Intelligence, vocÃª pode se cadastrar como um novo usuÃ¡rio para acessar a(s) plataforma(s) abrangida(s) pela sua licenÃ§a no S&amp;P Capital IQ Pro ou no S&amp;P Capital IQ. Section Section Section Section Comments Section E-mail comercial* Nome* Sobrenome* Nome da empresa* NÃºmero de telefone* IndÃºstria / Tipo de empresa* IndÃºstria / Tipo de empresa Cargo* Selecionar cargo PaÃ­s/RegiÃµes* Selecione o PaÃ­s/RegiÃµes Estado/ProvÃ­ncia Estado/ProvÃ­ncia Cidade* Que tipo de desafios de negÃ³cios podemos ajudar a resolver? Sim, gostaria de receber e-mails promocionais contendo informaÃ§Ãµes essenciais do setor, convites para eventos e soluÃ§Ãµes relevantes da S&amp;P Global Market Intelligence. Ao clicar em "Enviar" concorda com os Termosâ¯e leu e compreendeu aâ¯PolÃ­tica de Privacidade. Enviar ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081826-infographic-first-parts-of-europes-hydrogen-network-complete-uncertainty-hampers-development</link><description>Europe&amp;apos;s hydrogen pipeline plans are moving from ambition to buildout, with repurposed sections completed and first local flows expected from 2027. Pipelines remain the cheapest route for large-scale hydrogen transport, but the wider grid faces delays, funding gaps and unresolved policy rules. Early offtake deals from refiners and energy majors show demand is forming, while broader</description><title>INFOGRAPHIC: First parts of Europe&amp;apos;s hydrogen network complete, uncertainty hampers development</title><pubDate>18 August 2026 10:44:29 GMT</pubDate><author><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Hydrogen August 18, 2026 INFOGRAPHIC: First parts of Europeâs hydrogen network complete, uncertainty hampers development By James Burgess Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS First local hydrogen flows expected from 2027 Pipeline transport remains cheapest hydrogen option Early offtake agreements from refineries drive demand Europe's hydrogen pipeline plans are moving from ambition to buildout, with repurposed sections completed and first local flows expected from 2027. Pipelines remain the cheapest route for large-scale hydrogen transport, but the wider grid faces delays, funding gaps and unresolved policy rules. Early offtake deals from refiners and energy majors show demand is forming, while broader interconnections are targeted around 2030 in industrial clusters. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/breakbulk-industry-warily-wades-into-ai</link><description>Breakbulk companies are cautiously adopting AI, balancing data quality concerns, compliance risks and potential gains in efficiency and resilience.</description><title>Breakbulk industry warily wades into AI</title><pubDate>21 August 2026 12:00:00 GMT</pubDate><author><name>Carly Fields</name></author><content><![CDATA[ BLOG â Aug 21, 2026 Breakbulk industry warily wades into AI By Carly Fields The adoption of artificial intelligence in the breakbulk sector is hampered by a negative mindset among shippers and freight forwarders, with experts warning that stakeholders must be part of the solution to harness the benefits. An energy industry shipper told the Journal of Commerce that reticence to use AI in the breakbulk industry stems from data issues. While the body of data is there, the uniqueness of global industrial projects lessens the opportunities to train AI compared to data sets from a standardized industry, such as containers. âThere is not enough of a body of breakbulk-specific data in AI platforms for it to be informed,â the source said. âWe have a long way to go before we can trust it.â Dr. Khaldon Al Karmadi, associate at Clare Hall at the University of Cambridge in the UK and a mentor for agentic AI entrepreneurs in the supply chain, agreed that AI in breakbulk is still limited by the lack of industry-specific, structured data. âThe industryâs caution is understandable given the high operational and commercial risks involved,â he told the Journal of Commerce. Grant Hunter, chief digital officer and director for products at shipping association Bimco, said there is no shortage of data; what's missing is quality data. âWithout that, the responses from AI are going to be largely unreliable," he said. "So, yes, we need to first trust the data to subsequently trust the AI.â Hunter said the breakbulk industry is wise to not to blindly accept predictions from AI as an indication of market direction. âAI is an assistive technology and can help people in the decision-making process by analyzing in a very short time what previously took days or weeks,â he said. However, market volatility is also sometimes caused by human sentiment, which is not something that AI can easily predict, Hunter added. But with the input of industry stakeholders, AI could transform breakbulk operations and processes. âAI...can do amazing things given the right data and prompts,â Hunter said. But people must be willing to work with it, recognize the benefits it can bring, and not see it simply as a threat. âThe ones who successfully harness AI and use it effectively will gain a competitive edge in the short term,â said Hunter. Outputs need to be challenged A project cargo freight forwarder said that users still need to understand the outputs of AI to find the anomalies. âAI will...enable us to be more effective, but it will not replace experience,â the source said. A project cargo shipper confirmed they were actively using AI to compare contracts. But another said that large engineering, procurement and construction companies were still trying to work out the compliance puzzle, determining what can be entered into an AI tool, what canât, and whatâs proprietary. âWe have a long way to go to trust AI because all of the equipment that is manufactured is so complex and takes years to prepare. Also, the designs are proprietary,â said the shipper. âWe cannot trust AI to give us a solution of how to lift a ship cover, for example.â Al Karmadi said he sees an opportunity for AI-powered supply chain risk management. âBetter risk visibility can help the breakbulk industry make safer decisions, improve resilience, and enable more investable global trade,â he said. Hope was also placed in the next generation of breakbulk industry professionals, with one shipper explaining they are better at trusting AI and identifying use cases. Al Karmadi agreed that breakbulk stakeholders need to trust the process of incremental progress in AI use, alongside creating âlittle incentives to use digital tools which produce structured data.â This article was originally published by the Journal of Commerce on Aug. 18, 2026. Subscribe to JOC.com Learn more about our data and insights Click Here Register for Inland26 The must-attend conference for shippers and transportation and logistics providers moving goods from ports to inland destinations Click Here ]]></content></item><item><link>https://www.spglobal.com/ratings/en/blog/korean-investor-sentiment</link><description>Investors are shifting toward more defensive, quality-income and diversified allocations amid concerns over stretched U.S. valuations, private credit/CLO weakness, higher-for-longer rates, AI-related credit risks, and tight Asian spreads.</description><title>Korean Investor Sentiment: Turning to Defensive, Quality-Oriented Allocation Amid Rising Market Risks</title><pubDate>19 August 2026 17:04:00 GMT</pubDate><content><![CDATA[ 19 August 2026 Korean Investor Sentiment: Turning to Defensive, Quality-Oriented Allocation Amid Rising Market Risks Favoring high-quality income-generating assets while remaining cautious on private credit, elevated valuations, prolonged higher interest rates, and AI-driven disruption. Authored by Grace Guo Overview Investors are shifting toward more defensive, quality-income and diversified allocations amid concerns over stretched U.S. valuations, private credit/CLO weakness, higher-for-longer rates, AI-related credit risks, and tight Asian spreads. It suggests a need to prioritize capital preservation, regional relative value, benchmark-aware portfolio construction, and more selective deployment. What We're Hearing Overall positioning is becoming more defensive: Investors are rotating toward high-quality, income-generating assets that exhibit bond-like characteristics and can offer greater resilience during periods of market volatility. Many participants are also reassessing geographic allocations, reallocating from the U.S. to Europe as well as local market, supported by FX considerations, better relative value, and concerns over stretched U.S. valuations. Investor appetite for private credit and CLOs has weakened: Korean institutional investors remain cautious on private credit and collateralized loan obligation (CLO) investments. While the asset class continues to offer attractive yields relative to many traditional fixed-income sectors, investors are increasingly concerned about the impact of sustained high interest rates on borrower fundamentals. Diversification and benchmark alignment are taking priority: Investors increasingly favor diversified, benchmark-aware portfolio construction rather than concentrated, high-conviction positions. This shift reflects a growing focus on volatility management, risk mitigation, and maintaining flexibility in uncertain market conditions. AI is emerging as a structural credit risk: Artificial intelligence is increasingly viewed not only as an opportunity but also as a long-term credit risk factor. Investors are assessing which sectors could face disruption as AI technologies reshape competitive dynamics, with software and certain service-oriented industries frequently cited as areas of concern. S&amp;Pâs analyses, including ratings, are statements of opinion as of the date they are expressed, and are not statements of fact or recommendations to purchase, hold, or sell any securities, and should not be relied on when making investment or other business decisions. S&amp;P obtains information from sources it believes to be reliable, but does not audit and undertakes no duty of due diligence or independent verification of information it receives. S&amp;Pâs opinions and analyses do not address the suitability of any security. Please read our full disclaimer. ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/picture-this-super-el-nino-economic-impact-scenarios</link><description>A Super El NiÃ±o could slow global growth, drive inflation and disrupt food, energy and supply chains, according to an S&amp;amp;P Global scenario.</description><title>Picture This: Super El NiÃ±o Spurs Stagflationary Impulse in the Global Economy</title><pubDate>05 August 2026 19:45:00 GMT</pubDate><content><![CDATA[ BLOG â Aug. 5, 2026 Picture This: Super El NiÃ±o Spurs Stagflationary Impulse in the Global Economy What we know In June 2026, the World Meteorological Organization(WMO) confirmed an 80% likelihood of an El NiÃ±o event during the June-August 2026 window, with probabilities of persistence into late 2026 exceeding 90%. El NiÃ±o exerts different climatic responses in different regions. Much of East Asia is considered to be more sensitive to recent El NiÃ±o events. A "super El NiÃ±o" operates as a classic supply-side shock with three simultaneous transmission channels: agricultural output, energy-sector stress and disruption to logistics and port operations. Why this matters A "super El NiÃ±o" would be a macroeconomic stress test for supply chains, inflation management and policy coordination â with the greatest risks concentrated in economies already exposed to food-price volatility, energy insecurity and climate-sensitive infrastructure. The economic transmission channel is clearest in commodity markets. Crops concentrated in Asia and the tropics â including rice, palm oil, sugar, coffee and cocoa â face drought risks that could trigger price spikes. At the same time, El NiÃ±o can bring beneficial rainfall to parts of South America, supporting corn and soybean yields and creating uneven effects across agricultural markets. Energy markets would face a different set of pressures. Hydropower-dependent economies in parts of Latin America and southern Africa could be forced to rely on more expensive forms of generation, while hotter temperatures lift cooling demand. Industrial metals would be affected more indirectly through power constraints at smelters, logistics disruption and freight rerouting. The policy challenge is that the inflation shock comes from essentials rather than discretionary demand. Higher food and energy costs would squeeze household purchasing power, especially in emerging markets where food accounts for a larger share of consumer spending. Weaker output would make it harder for policymakers to respond aggressively without worsening the growth slowdown. What's next? The S&amp;P Global Market Intelligence scenario projects rising global inflation due to food and energy cost pressures alongside weaker global GDP growth through Q4 2027âa mild stagflationary impulse that complicates central bank reaction functions. Asia-Pacific and Latin America will see the most negative effects from agricultural supply shocks, raising the risk of delayed central bank easing cycles. A contraction in global crop production, driven by weak monsoons and droughts, pushes 2027 agricultural price index well above baseline, led by rice, cocoa and wheat. These increases raise the risk of delayed pass-through to retail food prices, keeping headline inflation elevated even as growth slows. âDiana Heger, Damian Tetzlaff, Vicky Ranjan Learn how our data and insights can empower strategic, operational, and tactical decision-making Click Here This article was published by S&amp;P Global Market Intelligence and not by S&amp;P Global Ratings, which is a separately managed division of S&amp;P Global. Empower Confident Decision Making The Decisive podcast is here to provide you with the knowledge you need to stay ahead. Listen Now ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/slides-sp-global-ratings-view-on-artificial-intelligence-and-hyperscalers-s101702164</link><description>Strong demand for AI compute is driving massive capex expansion by all six major hyperscalers. Alphabet, Amazon, Microsoft, Meta, Oracle, &amp;amp; SpaceX will spend in excess of $1.3 trillion in 2027, versus $870Â billion in 2026. Hyperscalers indicate strong demandÂ backed by their own internal workloads and multiyear contracts. They are pursuing different ways to monetize (e.g. incorporate AI into first-party products, host AI-models and charge per token, or lease compute capacity to AI labs). And th</description><title>SLIDES: S&amp;amp;P Global Ratingsâ&amp;#x80;&amp;#x99; View On Artificial Intelligence And Hyperscalers</title><pubDate>17 August 2026 21:37:24 GMT</pubDate></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-episode-49-navigating-global-private-markets-and-evergreen-opportunities</link><description>In this episode of Private Markets 360Â°, we welcome Peter Aliprantis, Partner and Head of Private Wealth Americas at EQT. Peter discusses EQTâ&amp;#x80;&amp;#x99;s global growth, its locals with locals investment approach, and the acquisition of Coller Capital to expand its secondaries platform. He also explores the shift from public to private markets, the rise of evergreen structures, and how AI, data centers, and energy infrastructure are shaping long-term opportunities.</description><title>Private Markets 360Â° | Episode 49: Navigating Global Private Markets and Evergreen Opportunities</title><pubDate>13 August 2026 04:00:00 GMT</pubDate><author><name>Jocelyn Lewis</name><name>Chris Sparenberg</name></author><content><![CDATA[ Podcast â24 July, 2026 Private Markets 360Â° | Episode 49: Navigating Global Private Markets and Evergreen Opportunities By Jocelyn Lewis and Chris Sparenberg In this episode of Private Markets 360Â°, we welcome Peter Aliprantis, Partner and Head of Private Wealth Americas at EQT. Peter discusses EQTâs global growth, its âlocals with localsâ investment approach, and the acquisition of Coller Capital to expand its secondaries platform. He also explores the shift from public to private markets, the rise of evergreen structures, and how AI, data centers, and energy infrastructure are shaping long-term opportunities. Credits: Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Peter Aliprantis, EQT Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun, Kimberly Olvany View Full Transcript Chris Sparenberg [00:00:01]: Welcome to Private Markets 360, your insider's guide to the world of private investments. Today we're thrilled to have Peter Aliprantis from EQT joining us. EQT has rapidly established itself as a significant player in private markets, becoming one of the largest private equity firms globally. Peter will share insights into EQT's unique global strategy, their recent acquisition of Koller Capital to bolster their secondaries business, and how they're innovating with evergreen structures to meet the evolving needs of private wealth and institutional investors. Join us as we explore how EQT is addressing the shrinking public markets and uncovering new opportunities worldwide. Peter, welcome to Private Markets 360. It's great to have you. How are you doing? Peter Aliprantis [00:00:45]: I'm doing great. Thanks very much for having me today. Very much. Looking forward to the conversation. Chris Sparenberg [00:00:50]: Thanks so much for joining. Let's kick things off talking about EQT and its rapid growth in the US private markets. Could you share a bit about EQT's journey, tell us a little bit about their global footprint, what sets the firm apart and especially the recent acquisition of Koller Capital and how that plays in. Peter Aliprantis [00:01:07]: Yeah, that's a great place to start. The firm was originally founded by the Wallenberg family in Sweden. And as you all know, we're a Stockholm based firm and the Wallenberg family is the equivalent of the Rockefeller family here in the United States. So it started as a family office and they invest in a number of different industrial firms across the world. And ultimately that business grew into what is today EQT. And it surprises many people when I say this, but EQT is actually the second largest private equity firm in the world. We do not have a credit business. When you look at our business today, we have three businesses, private equity, infrastructure and real estate. Peter Aliprantis [00:01:49]: But as you also mentioned, we announced the acquisition of Koller Capital, which should close sometime in mid to late August. And that will include secondaries, both private equity secondaries and credit secondaries, which is extremely interesting to us. And the other thing that I think is a has been a significant differentiating factor is the fact that we are truly a global firm. And when you look at our investments across the world, roughly 70% of our investments are deployed outside the United States. So for advisors looking for diversified private markets, we are a terrific solution for those advisors. Jocelyn Lewis [00:02:29]: Peter, thank you for that overview. And I did not realize that EQT was the second largest private equity firm in the world. That is pretty impressive. So you mentioned EQT's strong focus on international investing and Diversification. And I'd like to dig a little deeper into that. So with your global reach, how do your locals with locals approach differentiate your investment strategy, particularly in regions like apac? And what unique opportunities does this global perspective unlock for your investors? Peter Aliprantis [00:03:13]: Yeah, it's a great question. You'll hear that phrase a lot here at EQT. Locals with locals and what it means to us. And it's really something that's embedded in our investment culture. And effectively what it means is that instead of having the deal teams based in, let's say New York or London and getting on a plane and flying in the example you gave to apac, whether it's to Hong Kong or Tokyo or wherever it is in APAC to do deals and then do the deal, get on the plane and fly home, we're structured very differently around the world. And what that means to us is that our deal teams and operations overseas are actually managed by our local experts who are on the ground in those local regions. And that we believe that's crucial for understanding and navigating those regional businesses and practices. So, for example, if you are going to operate in, in Northern Italy or southern Italy, if you have a team that's based in that region, more than likely you are going to be in front of a lot of deal flow. Peter Aliprantis [00:04:13]: If you're not there, it's just, it's going to be very difficult for you to access that. That deal flow. The other thing I would mention since you brought up apac, T has one of the largest private equity presences in apac and it allows us to. APAC has been an interesting area of investment for us because our presence in APAC really allows us to find private companies at better entry multiples compared to other markets. And we continuously emphasize to advisors the critical importance of diversification and exposure outside the US in today's market. And that doesn't mean we shouldn't invest in the US because about a third of our investments are also in the United States. But there are some concerns about valuation, about concentration risk in public markets. And so that global diversification we think is key. Peter Aliprantis [00:05:02]: And our investments both in EMEA and APAC I think really do show that we have a locals with locals approach that really allows us to gain an edge when we're investing there. Chris Sparenberg [00:05:13]: Incredibly interesting and some really shrewd additions to the firm over time that I'm sure have helped increase that footprint and your overall offerings. Would love to shift a little bit to talk about what's happening broadly across financial markets. Peter and in our Prep calls with you. We talked a lot about the shrinking number of public companies and the growing significance of private markets overall. Can you talk to us about how EQT views this shift and what the strategic implications for investors who might traditionally focus on public equities really are? Peter Aliprantis [00:05:44]: Sure. And I don't think it's going to be a surprise to anyone listening to this podcast that the US Public markets have dramatically shrunk over the years from roughly 8,000 public companies to around 4,000. And that trend is continuing. And what that means is if you're an advisor putting money to work for your clients and you aren't looking at private market exposure, you're missing out on a huge portion of the global economy. In fact, when you look around the world, in the US roughly 90% of the companies that have a hundred million dollars in revenue or more are private. In EMEA, that figure is about 95%, and in APAC, it's about 80%. So if you think about it, the public markets, although that's what most people talk about, because that's what everybody, when you watch CNBC or Bloomberg or whatever, everybody's looking at the public markets. But what's really happening, which is changing the dynamic, is that private markets are becoming much more and more mainstream. Peter Aliprantis [00:06:52]: And then of course, there's the secondaries market. And in particular, I'm very focused on. And we as an organization are very focused on credit secondaries because that represents a huge and growing opportunity. Last year, I think it was 200 to $255 billion in activity, which only accounted for about 2 to 3% of the total private equity volume, which is very small. And we would anticipate that credit secondaries will be a very interesting space for us in the next 12 to 24 months as a result of the transaction with our colleagues at Koller. Jocelyn Lewis [00:07:27]: I agree with you, Peter. I think that there's a lot to be done in credit secondaries, particularly for someone probably like yourself who's invested in secondaries before, so understands that dynamic, but also understands the credit markets. So I'd like to hear that. And as private markets continue to grow in importance in general, the conversation seems to have shifted from why investors should be invested to how they can access the asset class efficiently. So evergreen structures are a structure that has emerged as a key solution, especially for private wealth investors. And EQT has developed three different evergreen structures in the U.S. would you please elaborate on the rationale behind them and how they serve both private wealth and institutional investors? Peter Aliprantis [00:08:23]: And that's I think that both of those questions are very important. And the first thing I would say is that evergreen structures are not all created equal. And I think it's important for investors to understand that. And in all of the discussions that we have with advisors, they ask about the evergreen structures and they ask the same questions that you're asking today, which are why did you decide to offer evergreen structures versus your more traditional drawdown structures? And what are the benefits of those structures to individual investors? And what comes out in all of those conversations is individual investors want to understand how we invest in those evergreens. And so when you look at our current roster of evergreens, we have a REIT as well as a private equity operating company or an OPCO as well as an infrastructure operating company. Those are the three evergreens that we have. And what's very interesting also is when we talk to our largest distribution partners, what they tell us in large part is that they are raising more money from investors in the evergreen structures than they are in traditional drawdown structures. And that really started that. Peter Aliprantis [00:09:38]: That trend really started probably about a year or two ago. So it's a relatively new trend. And so if you are a GP like EQT, you really have to participate in the evergreen markets if you want to raise capital in, in the private wealth segment. But what I would say that is very important and is very much top of mind with investors is what goes into those evergreens. And for us, what's very important is that there is no separate origination team or deal team that originates deals for the evergreens than there is for our drawdown structures. So what that basically means is that for the most part, the same deals that are invested in our drawdown structures, that get invested by our top sovereign wealth fund investors and our institutional clients are the same deals that go into our evergreen structures that ultimately get that are invested by private wealth investors as well as institutional investors. And that's really important because you don't want. You're coming to a firm like EQT and you're looking at us as is, and we've got a significant size and scale. Peter Aliprantis [00:10:49]: You don't want to have a separate origination business. You want to have the same deal flow that's going into your evergreens. So that's really important. The other thing I think that's very important is that for investors that have very low allocations to private markets, evergreens are a much easier way to invest. They don't have to deal with capital calls. There isn't really a J curve. And it's a much smoother process of investing. The the other thing that you bring up is very important because we see this as well, is that evergreens are also getting a significant amount of investment interest from small to mid size endowments, pensions and the like because some of them have fairly limited investment teams. Peter Aliprantis [00:11:31]: And so every 12, if they're working with multiple GPS and every call it 12 to 18 months, those GPS are coming out with another drawdown vehicle. They have to re underwrite those structures. They need to go through the whole E process, which is the operational due diligence process as well as the investment due diligence process. And a lot of those firms are looking at the evergreens and saying, hey, if it's the same deal flow managed roughly by the same people in the same strategy and there's no difference, why don't I just invest in the evergreen? And that way it's also much easier for me to make allocations. So we definitely see that as a trend and I think that's going to continue. The other thing I would say, and I mentioned this briefly, but the OPCO structure is a very interesting structure and you really can't do it unless you have significant size and scale. And that's why there are very few options like that out there today. There aren't many firms that have the size and scale that EQT has to be able to offer. Peter Aliprantis [00:12:27]: That both on the private equity side and on the infrastructure side resonates with Chris Sparenberg [00:12:33]: a lot of panel discussions I've been part of and even client conversations that there is this dual movement toward embracing evergreens at both the wealth and that small to mid size allocator tier for precisely the reasons you described. Another trend that's resonating a lot that I think has a lot in common with EQT strategy is key themes like energy infrastructure and powering the AI revolution that we're seeing happening across private capital now. While you prefer not to focus on a single investment, can you discuss how EQT identifies and capitalizes on these broader secular trends to drive value across the portfolio? Peter Aliprantis [00:13:14]: Yeah, and I can talk about some of the underlying portfolio companies that we've publicly spoken about, so those I can focus on. But those themes, quite frankly come up in every single conversation that we have today. Power, energy, infrastructure, and the firm EQT is very focused on that. In fact, about two months ago, all of the partners, we all went to Silicon Valley and we met with some of the top AI companies out there and it was really impressive. And the reason we went was Twofold really, because we want to be able to utilize AI, which we're currently doing at EQT at the firm level. But in addition to that, we want to be able to make sure that our underlying portfolio companies are utilizing AI to create value and build value within their underlying businesses. So it really was a twofold kind of trick. It was to make sure we're utilizing AI at the firm level, but also to make sure our underlying portfolio companies are utilizing AI. Peter Aliprantis [00:14:11]: But AI is a structural force reshaping every asset class. And EQT is uniquely well positioned to drive positive outcomes in that space. And again I go back to this consistently, but as a global presence, whether it's pe, infrastructure, real estate and now ultimately secondaries, those businesses really allow us to identify and capitalize on these long term trends. So as an example, EQT has more than $100 billion in digital and energy infrastructure assets. And that gives us a real rare ability to offer end to end AI infra solutions across compute, power, connectivity. And all of that stuff is driving outsized growth and market share for us. So I will talk about two specific companies that we have in our portfolio. One is a company called EdgeConneX and it's one of the largest data center, or I should say built to suit global data centers in the world. Peter Aliprantis [00:15:11]: And it houses cloud content and network technology. And they have roughly 90 data centers worldwide in North America, EMEA, APAC and South America, 20 plus countries. And they are built to suit. So if you are a hyperscaler and you're looking to build a data center, EdgeConneX would be one of those companies that you would call and say, hey, we need you to secure the land, we need you to secure the power, we need you to build the infrastructure for us. And that leads me to the next investment which is a company called Scale Microgrids. So what Scale does is provides microgrid power or on site power, end to end provider of distributed energy and microgrid solutions. So let's say you wanted to build a data center and let's say we wanted to put it in, I'll pick a space. Columbus, Ohio and we needed 250 megawatts of power. Peter Aliprantis [00:16:05]: We would have to go to the local utility file with that utility and say okay, we want to get on the grid, we need 250megawatts of power. The utility would probably say okay, great, thank you very much. We're going to put you on the wait list. It's going to take, I don't know, one, three, five years to put you online. Most of the folks that we work with are not going to sit around and twiddle their thumbs for the next three to five years. So what they'll do is they'll work with scale. And scale will co locate power on site on the data center. So you can see how there's real connectivity between what Edge connects does in building the data centers and what scale does in terms of co locating power for the data center. Peter Aliprantis [00:16:44]: And the way scale does it will be a combination of solar battery power and potentially natural gas. So that when you go and you power your data center, you're not 100% committed to the grid. And that is quite frankly the one of the largest constraints, if not the largest constraint to most of these hyperscalers in their buildout of AI, which is power. And so I think going back to the EQT kind of fabric, having multiple portfolio companies that operate in tandem like that gives us a significant advantage, I think over, over a lot of our competitors. And in fact, Scale wrote a fabulous white paper called Bring Your Own Power, which is on their website, which I highly recommend. If you're interested in this space, and I am, I get overly passionate about it. I think it really is a cutting edge solution to the future and it is fantastic. And interestingly enough, interesting data point that scale actually provided on site energy systems to the Olympics in Lake Placid back in the 1980s and also to the Macy's Thanksgiving Day Parade in New York City. Peter Aliprantis [00:17:52]: So they've been doing this for quite some time. This is not a new thing for them. Jocelyn Lewis [00:17:56]: That's really interesting and I'm actually curious about the white paper and learning a bit more. Peter, one of the things when you were talking through those examples that I was wondering is in a lot of private equity seems to have this strategy of buying businesses, finding synergies, perhaps merging them together. So when you were talking through this example, it sounded like that was somewhat of the strategy with these businesses. But I was wondering, when you initially bought the businesses, was that your view for them? Peter Aliprantis [00:18:36]: It's a great question. And I would say I don't specifically know, I'm not on the investment team, but I don't think that was the idea because they were bought at two different, different times in our investment landscape. And but what happens is today the markets are moving very quickly and so our investment teams are always scanning the horizon to find companies that can ultimately work together. But it's not a necessity. But if it works out that way it would be great. But I think you're right. I think a lot of firms like ours are looking for companies that can work together together and provide solutions for each other. But remember, these companies are also independent companies that operate independently of each other and they're not necessarily interconnected in a way. Peter Aliprantis [00:19:22]: I think at the onset of the purchase of either of these companies, did we foresee this? I think it's just the way the market's played out. Jocelyn Lewis [00:19:29]: It's a great way to add value though, because you can definitely see how they can work separately and also be very powerful, pun intended. Peter Aliprantis [00:19:37]: Together for sure. Absolutely. And the other thing that's really interesting because we get asked this question a lot, it's what role does nuclear power have to play in all of this? And I'm sure we've all seen the deals that Microsoft, I think struck with the form with Constellation Energy or one of the Three Mile island power plants and they are going to source that exclusively for their energy AI compute business. And you're seeing more and more of that come online. And you're also seeing the development of small modular reactors which ultimately now the technology is five to ten years away arguably. And then when that gets developed, once the technology is developed, you're also going to have concern around the government getting involved because if, if one of the large hyperscalers decides that they want to power their data center with nuclear power, obviously that's going to be, have to be regulated. So this is a, I think this is a long way away. But these are all, there's a lot of folks out there today that are trying to find solutions to the SMR technology to power nuclear going forward. Peter Aliprantis [00:20:40]: But I think that's a long shot. But that comes up in a lot of our discussions as well. Very interesting times, that is for sure. Jocelyn Lewis [00:20:48]: Peter, you've highlighted several key themes throughout this conversation today, from the growing importance of private markets and global diversification to the opportunities emerging in evergreen structures secondaries in long term secular trends like energy infrastructure and AI. So I'd like to bring all of these ideas together and with the dynamic global environment, what advice would you give to financial advisors or investors looking to increase their exposure to the private markets, especially considering the global diversification and evergreen opportunities that EQT offers? Peter Aliprantis [00:21:31]: Yeah, and that's a great question. And as you can imagine, my primary advice would be to recognize the shrinking universe of public companies and we talked about that earlier in the discussion and really the necessity of gaining exposure to the private markets to access a significant part of the global economy. Those numbers that we talked about earlier, 90% of the companies with $100 million in revenue in the US are private, 95% in EMEA and 80 to 85% in APAC. And again, I want to emphasize, I feel that if you're not looking for exposure in those diverse regions and private companies, you're really missing out on a tremendous opportunity for your investors. And I think one of the things that we hear a lot also especially about investing in, in, in emea, is in the public markets. The European public markets over the last 10 to 15 years have lagged the US markets. And that's true. But if you look at the private markets in EMEA versus the US Markets, that is not true. Peter Aliprantis [00:22:35]: If you look at the track record of the top tier private markets firms in EMEA and in apac, we certainly would say that they have been very strong results. And then actively seek diversification and exposure outside the US as global markets offer unique opportunities in all of these different segments, whether it's private equity, real estate, infrastructure or secondaries. And then we spent a fair amount of time talking about evergreen structures. I think individual investors as well as institutions should think about evergreen structures for managing their private market allocations as they may provide some smoother cash flows and definitely reduce the administrative burden of constant re underwriting and dealing with capital calls. And what do I do with that cash when it's not, when it's not being invested directly in the fund? Where do I put that? Do I put that in the S and P? Do I put it in a money market fund? How do I manage that cash component? And then we also talked about this. I think it's important to look for investment partners with the size and scale to be able to offer consistent high quality deal flow across various asset classes and geographic regions, which would ensure that private wealth clients get the same access and the same caliber of investments as their institutional counterparts. And then last I think I would say you really got to keep an eye on the secondaries markets and particularly credit secondaries because it really represents a compelling opportunity for growth in the coming years. And it's one of the reasons why we added it to, to equities arsenal and really is the fourth leg of our stool because it's, as I mentioned earlier, the private equity piece only represent represents about 2 to 3% of the overall private equity deal flow in the market. Peter Aliprantis [00:24:22]: And if you think about that's got a long opportunity for growth. And I think those are the things that I would emphasize with advisors or institutional investors, quite frankly, as they're thinking about their allocations to private markets. Jocelyn [00:24:34]: Lots for them to think about, indeed, in a big market. Thank you for joining us for this episode of Private Markets 360, where we were delighted to have Peter Aliprantis from EQT share his expertise with us. Peter provided invaluable insights into EQT global strategy, its significant role in private markets as one of the world's largest private equity firms, and and how its innovative evergreen structures are making private markets more accessible for both private wealth and institutional investors. He also highlighted the critical importance of global diversification and the growing opportunity in the secondaries market. We hope you found this conversation as informative and engaging as we did. Please be sure to subscribe to Private Markets 360 for more expert insights and the latest trends in private investments. Until next time. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/081726-india-ceo-series-ioc-charts-growth-path-with-refining-expansion-petrochemicals-clean-fuels</link><description>The India CEO Series by S&amp;amp;P Global Energy is a compilation of exclusive interviews by Asia Energy Editor Sambit Mohanty with some of the leaders of the biggest energy companies in India. Indian Oil Corp. plans to increase its group refining capacity by 19% and expand into petrochemicals and renewable fuels as it seeks to grow its share of the country&amp;apos;s energy market to 12% from 9% by 2040, said</description><title>INDIA CEO SERIES: IOC charts growth path with refining expansion, petrochemicals, clean fuels</title><pubDate>17 August 2026 02:47:25 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Refined Products, Crude Oil, Chemicals, Energy Transition, Natural Gas, LNG, Agriculture, Renewables, Hydrogen, LPG, Biofuels August 17, 2026 INDIA CEO SERIES: IOC charts growth path with refining expansion, petrochemicals, clean fuels By Sambit Mohanty Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS IOC's refining capacity to rise 19% by next year Company exploring crude trading unit, to boost LPG storage SAF, biogas, solar part of 2040 diversification strategy The India CEO Series by S&amp;P Global Energy is a compilation of exclusive interviews by Asia Energy Editor Sambit Mohanty with some of the leaders of the biggest energy companies in India. Indian Oil Corp. plans to increase its group refining capacity by 19% and expand into petrochemicals and renewable fuels as it seeks to grow its share of the country's energy market to 12% from 9% by 2040, said its Chairman Arvinder Singh Sahney. "Our group's refining capacity, which includes Chennai Petroleum Corp., will be close to 100 million mt by next financial year, rising from about 84 million mt. Beyond that, we will have to assess if we need more refining capacity, depending on how demand as well as the energy landscape evolve," Sahney told Platts, part of S&amp;P Global Energy, in an exclusive interview for the India CEO Series. The diversification strategy comes as the state-owned refiner balances robust demand for traditional fuels with the need to adapt to a changing energy landscape, as India is poised for exponential growth in consumption of both traditional and alternative fuels over the next two decades, he added. According to S&amp;P Global Energy CERA, India's refining capacity will reach 5.85 million barrels/day at the end of 2027, up 0.6 million b/d from 2025. IOCL's capacity addition in Panipat, Koyali, and Barauni will be the major contributors to this, adding 346,000 b/d to the nation's capacity. "With our ongoing refining expansions and the recent commissioning of HRRL, we will already be having a surplus of oil products in the country," Sahney said. HPCL Rajasthan Refinery Ltd. -- an integrated refinery and petrochemical complex with a capacity of 9 million metric tons/year and 2.4 million mt of petrochemicals capacity -- began operations July 4. India's oil and gas demand is projected to stay strong through this decade and into the next, as continued use of two-, three-, and four-wheelers over the next 15-20 years will sustain high fuel consumption despite rising electric vehicle adoption and alternative energy sources, Sahney said. "The growth rate in fuel demand may eventually plateau, but even with that, I will still be selling the same amount of oil products twenty years from now that I am selling today," he added. Sahney said that the petrochemicals expansion was a strategic priority as the sector is expected to account for over 10% of global oil demand growth, and India is emerging as a key consumption hub. Oil will remain vital to India's energy security, but refinery decarbonization is now a strategic priority, with measures such as boosting energy efficiency, shifting from liquid fuels to natural gas, expanding renewable power use, integrating compressed biogas, electrifying processes, and gradually adopting green hydrogen, Sahney said. Oil trading, LPG storage IOC is also aiming to establish a crude and refined products trading unit to diversify its business and capitalize on global arbitrage opportunities, following the model of international oil majors with dedicated trading units, Sahney said. "It is a natural progression for any oil and gas company. We are looking at that option. We have not finalized the partner yet," Sahney said. Expanding LPG storage infrastructure has become a strategic priority following the recent Middle East conflict and the disruption of the Strait of Hormuz, the maritime corridor through which the bulk of India's LPG imports flow, Sahney said. "LPG gave us some stress during the conflict. We are working on plans to expand LPG storage. That should help us to avoid any stress in the future," he added. India's underground storage capacity is limited to two caverns with a combined capacity of about 140,000 mt. Combined with above-ground storage, these facilities provide roughly 22 days of supply cover. India could add about 410,000 mt of overall LPG storage capacity over the next two to three years to bolster strategic reserves and safeguard against market disruptions, according to CERA. In the April-June quarter, IOC substantially increased its reliance on spot crude purchases 84%, compared with 51% in the corresponding period last year, a senior company official said during the company's post-results investors' call July 31. "IOC is focused on largely maintaining a balanced 50:50 split between term and spot crude imports, although the ratio has been skewed toward spot purchases this year due to geopolitical tensions in the Middle East. The company's flexible sourcing strategy -- opting to procure crude from wherever it is commercially viable -- helped to keep its refineries running at optimum capacity despite supply challenges," Sahney said. IOC, whose term contracts are primarily with Middle Eastern and West African suppliers, is actively seeking to expand purchases from Brazil and South Americaâincluding Venezuelaâto diversify sourcing and enhance operational resilience and market competitiveness, he added. Biorefinery, hydrogen Sahney said that IOC was working on plans to set up a biorefinery and was looking for partners. "It is on the drawing board now, but our next refinery will be a biorefinery." Hydrogen stands out as a particularly promising area for IOC's future growth, Sahney said. "The key challenge lies in reducing the cost of production, whether hydrogen is generated through electrolyzers or bio-sourcing methods." With India's energy consumption projected to rise substantially, IOC will need to expand its portfolio to retain market share, and reaching the 12% target will demand further investment and a wider array of energy products, Sahney said. "This diversification will not be limited to conventional energy sources, which have historically contributed around 95% of Indian Oil's revenue. The company is actively expanding into areas such as compressed biogas, LNG, sustainable aviation fuel, and renewable energy sources, like solar," Sahney said. "By 2040, these new energy offerings are expected to contribute approximately 30%-35% of the company's revenues." US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/081826-india-ceo-series-shell-targets-diverse-fuel-mix-for-energy-security-transition-amid-shifting-flows</link><description>The India CEO Series by S&amp;amp;P Global Energy is a compilation of exclusive interviews by Asia Energy Editor Sambit Mohanty with some of the leaders of the biggest energy companies in India. Shell is accelerating its diversified energy strategy in India as geopolitical risks highlight the need for supply chain resilience to balance energy security with the transition to lower-carbon fuels, according</description><title>INDIA CEO SERIES: Shell targets diverse fuel mix for energy security, transition amid shifting flows</title><pubDate>18 August 2026 03:23:01 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Electric Power, Refined Products, Energy Transition, Agriculture, LNG, Natural Gas, Diesel-Gasoil, Fuel Oil, Hydrogen, Biofuels August 18, 2026 INDIA CEO SERIES: Shell targets diverse fuel mix for energy security, transition amid shifting flows By Sambit Mohanty Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Strait of Hormuz risks highlight need for supply resilience Global portfolio flexibility helps manage India supply volatility Deploying AI to optimize retail operations, asset maintenance The India CEO Series by S&amp;P Global Energy is a compilation of exclusive interviews by Asia Energy Editor Sambit Mohanty with some of the leaders of the biggest energy companies in India. Shell is accelerating its diversified energy strategy in India as geopolitical risks highlight the need for supply chain resilience to balance energy security with the transition to lower-carbon fuels, according to Mansi Madan Tripathy, chairperson, Shell Group of Companies India, and senior vice president for Shell Lubricants in Asia-Pacific. "The broader lesson is that energy security and the energy transition must progress together. For India, this will require diversified sources of supply, flexible infrastructure, robust logistics and market mechanisms that can adapt to rapidly changing global conditions," she told Platts, part of S&amp;P Global Energy, in an exclusive interview for the India CEO Series. Shell's global portfolio, robust trading capabilities and access to multiple supply sources provide flexibility in managing market volatility, a strength particularly important for India's fast-growing energy market, she said. Shell's expanded global LNG supply and regasification infrastructure have bolstered market resilience and mitigated the effects of shipping disruptions through the Strait of Hormuz, underscoring the critical role of diversified supply sources, flexible infrastructure, and robust global networks, Tripathy said. "During recent supply disruptions in the Middle East, Shell drew on the flexibility of its global LNG portfolio to bring additional gas into India. We significantly increased the number of LNG cargoes delivered to the country, supporting efforts to stabilize the energy system and maintain feedstock availability for fertilizer production, which is critical to India's food security," she said. India's energy demand has grown nearly 40% over the past decade due to rapid economic and population growth. The country's role in global energy will expand, with energy demand surpassing the US in the 2040s and China in the 2060s, she added. Shell operates the 6 million metric tons/year Hazira LNG regasification terminal and is aligning with government goals by supplying gas across various sectors. Its investments, such as the Hazira terminal, along with expertise in small-scale LNG, including truck-loading units, are improving access for off-grid industrial clusters and supporting decarbonization across various sectors, she said. "LNG can play an important role in providing flexibility, reliability and security of supply as energy demand grows. Gas can also support the growth of renewable energy by providing flexibility to the broader energy system and can help reduce emissions when it replaces coal in industry and power generation, or diesel and fuel oil in heavy-duty transport and shipping," Tripathy added. India's ambition to increase the share of natural gas in its energy mix will require greater market access and strong collaboration across industry and government, she said. Diversified footprint Shell's India footprint spans across LNG, lubricants, mobility and technology. The company operates more than 325 retail fuel outlets and offers electric vehicle recharge facilities. Its recent acquisition of Raj Petro Specialties Pvt. Ltd, a Mumbai-based specialty oil and lubricant manufacturer, strengthened its lubricants portfolio, Tripathy said. She added that Shell remained committed to supporting the energy transition and to investing where it had strong capabilities, clear customer demand, and a pathway to sustainable value creation. On July 13, Shell announced it will divest its Indian solar and wind power unit, with Shell Overseas Investment B.V. agreeing to sell 100% of Solenergi Power Private Ltd. -- including the Sprng Energy group -- to Aditya Birla Renewables Ltd. for $1.8 billion. The decision to divest Sprng Energy reflects Shell's continued focus on high-grading its power portfolio and recycling capital in support of the asset-backed trading strategy, Tripathy said. Exploring new opportunities India's ambitious green hydrogen plans position the fuel as a critical enabler of the energy transition, with potential to decarbonize hard-to-abate sectors including chemicals, oil refining, steel, commercial road transport, aviation and marine. "Globally, Shell sees opportunities across the hydrogen supply chain, including production, storage, shipping and end-customer solutions. In India, we will continue to evaluate opportunities where hydrogen can become a credible and scalable solution, particularly where there is strong customer demand, supportive policy, and the right infrastructure," Tripathy said. Biofuels and other lower-carbon fuels are crucial for sectors requiring high energy density, reliability and affordability, with India's biofuel policies and ethanol-blending program providing clearer market signals and fostering the growth of lower-carbon fuel alternatives, she added. Tripathy said artificial intelligence has been fundamentally altering the energy sector, and Shell has been deploying AI to optimize its downstream retail business, asset maintenance and supply chain logistics. In downstream retail, Shell has been using data-led insights to improve customer engagement and support more informed decision-making. AI-driven asset maintenance by Shell's India teams leverages machine-learning models to analyze sensor and operational data from compressors, pumps and turbines, enabling early issue detection, reduced unplanned downtime, optimized maintenance planning and lower operating costs, she said. "At Hazira, the Smart Torque System enhances flange management by ensuring the correct torque is applied and tightening sequences are followed precisely, helping prevent leaks and mitigate related safety and operational risks. The system also captures historical torquing data, enabling effective investigation and traceability should a leak occur," Tripathy added. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/081926-et-highlights-us-batter-storage-china-renewables-hydrogen-cbam-brussels</link><description>Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.</description><title>ET Highlights: US battery storage capacity rises 46%; China renewable hydrogen capacity doubles; Brussels defends CBAM</title><pubDate>18 August 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon August 19, 2026 ET Highlights: US battery storage capacity rises 46%, China renewable hydrogen capacity doubles, Brussels defends CBAM Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices. Top story US BATTERY STORAGE: WECC leads US battery storage additions with 2.2 GW in Q2 The Western Electricity Coordinating Council region added the most utility-scale battery storage capacity in the second quarter, accounting for 45% of the 4.883 GW installed across the US. The US capacity increased by 9.6% quarter over quarter and jumped 46.4% from a year ago to total 55.81 GW by the end of Q2, according to an S&amp;P Global Energy compilation of various government filings. The data includes facilities that either began commercial operation or were synchronized to the grid. However, out of an expected 6.7 GW to be added in Q2, only about 73% of the planned projects came online during the quarter. Most of the shortfall came from a handful of large facilities that are now expected to come online in Q3, according to the data. Annie Gutierrez, S&amp;P Global Energy CERA senior research analyst, said the Q2 completion level is as expected. âI expect many of these projects will slide into Q4 and will be hustling to come online before the end of 2026,â Gutierrez said Aug. 13. âWe can expect another record year for battery storage.â There have already been about 8 GW of battery storage that have come online in 2026, with another roughly 13 GW under construction with planned commercial operation dates in 2026, she added. âOur May 2026 outlook forecast over 18.5 GW of BESS additions in 2026, and the market is on track to hit that,â Gutierrez said. âHowever, many projects rushed to begin construction in early 2026 to circumvent [Foreign Entity of Concern] restrictions and claim the [Investment Tax Credit], so we could see inflated construction timelines going forward compared with past years.â Benchmark of the Week $21,400/mt Platts, part of S&amp;P Global Energy, assessed battery-grade Lithium Carbonate DDP US at $21,900/metric ton on July 27, up 59% since the start of the year. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy Brussels defends CBAM after US ambassador's protectionism claim The European Commission has rejected US Ambassador to the EU Andrew Puzder's labeling of its Carbon Border Adjustment Mechanism as protectionism, insisting the measure is a climate tool designed to prevent carbon leakage rather than a disguised tariff. A commission spokesperson said Aug. 13 that CBAM differs fundamentally from traditional tariffs because it applies equally to all countries based on verified embedded emissions and imposes low or zero obligations on low-carbon goods. The response followed an opinion piece by Puzder in which he argued that CBAM mirrored US trade barriers that Brussels had criticized. India's energy security tied to Middle East geopolitics despite diversification: CII-EY study India will remain heavily reliant on liquid fuels for decades to come, driven by a rapidly expanding industrial base, robust economic growth and rising mobility demands, and its long-term energy security will continue to be shaped by geopolitical developments in the Middle East, despite efforts to diversify supplies, according to a joint study by the Confederation of Indian Industry and EY India. The August report, titled "India's energy security in a volatile world: Independence, efficiency and resilience" said while India is projected to become the world's second-largest net oil importer by 2050 â after China â with net imports poised to inch toward 10 million barrels/day, the Middle East is expected to remain the world's largest net oil exporting region through 2050, supplying an ever-increasing share of internationally traded crude oil. Asia Pacific needs linear policy targets to scale SAF mandate: Neste executive Asia-Pacific's diverse policy environment prevents a unified EU-style SAF mandate, but country-specific, progressively rising targets rather than the EU's stepped model present the most effective route for scaling sustainable aviation fuel, Stephen Bartholomeusz, senior executive at Neste Singapore, told Platts, part of S&amp;P Global Energy. The structural difference between the EU and Asia-Pacific is fundamental to understanding why a harmonized regional framework remains unlikely, Steven Bartholomeusz, head of Public and Regulatory Affairs, Asia Pacific at Neste, said. S&amp;P Global Energy Core Nucera abandons solid oxide business despite âtangibleâ hydrogen demand growth German electrolyzer manufacturer Thyssenkrupp Nucera AG &amp; Co. KGaA has decided to halt development of its solid oxide business amid market uncertainty, despite seeing âtangible demand creationâ for renewable hydrogen, the company said in a results statement on Aug. 12. The companyâs âstrategic readjustmentâ away from solid oxide electrolyzer cell production comes after a âcomprehensive strategic review of market readiness, investment requirements and economic prospects,â it said. âSOEC remains a promising long-term technology, but the current market is not sufficiently mature to offer a viable business case, given the high upfront investment requirements and the uncertain regulatory environment.â China's renewable hydrogen capacity more than doubled to 250,000 mt/year at end-2025 China's operational renewable energy-based hydrogen production capacity exceeded 250,000 metric tons/year at the end of 2025, more than doubling from the previous year, as large-scale wind and solar-coupled hydrogen projects accelerated across resource-rich regions including Inner Mongolia, Xinjiang and Hebei provinces, according to the China Hydrogen Development Report 2026 released by the National Energy Administration. China accounted for some 53% of global operational renewable hydrogen production capacity as of the end of last year and is positioned as one of the world's leading markets for renewable hydrogen development, the report said. China's overall hydrogen industry is dominated by conventional production routes. Total hydrogen production capacity exceeded 51 million mt/year in 2025, while actual hydrogen output exceeded 39 million mt/year, up 7.3% year on year, according to the report. Malaysia renews 10-year energy efficiency action plan Malaysia has launched a renewed 10-year energy efficiency plan to support its transition towards net-zero by mid-century, targeting an 11.6% reduction in energy demand by 2035, the Ministry of Energy Transition and Water Transformation said. The National Energy Efficiency Policy and Action Plan aims for cumulative energy savings of 815,000 terajoules through 2035 and a 26 million metric ton of CO2 equivalent cut in emissions, the ministry said. The 815,000 TJ figure â enough to power all of Peninsular Malaysia for nearly two years â represents a significant portion of Malaysia's total energy demand, particularly in electricity generation, which has been a focus of the country's energy transition efforts. The 11.6% efficiency improvement target compares energy use against a business-as-usual scenario, meaning the policy seeks to reduce consumption that would otherwise occur without intervention. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081826-vietnam-approves-singapore-article-6-carbon-credit-agreement</link><description>Vietnam has approved an implementation agreement with Singapore under Article 6 of the Paris Agreement, marking a key step toward operationalizing bilateral carbon credit trading between the two countries. In Resolution No. 235/NQ-CP, issued Aug. 14, the government approved the implementation agreement signed by Vietnam and Singapore in Hanoi on Sept. 16, 2025. The Vietnamese Ministry of Foreign</description><title>Vietnam approves Singapore Article 6 carbon credit agreement</title><pubDate>18 August 2026 10:18:50 GMT</pubDate><author><name>Angelica Garcia</name><name>Donavan Lim</name></author><content><![CDATA[ Energy Transition, Emissions, Carbon August 18, 2026 Vietnam approves Singapore Article 6 carbon credit agreement By Angelica Garcia and Donavan Lim Editor: Ankit Ajmera Getting your Trinity Audio player ready... HIGHLIGHTS Deal lets Vietnamese firms create, export credits Platts ICC assessment rises to S$35.5/mtCO2e Vietnam has approved an implementation agreement with Singapore under Article 6 of the Paris Agreement, marking a key step toward operationalizing bilateral carbon credit trading between the two countries. In Resolution No. 235/NQ-CP, issued Aug. 14, the government approved the implementation agreement signed by Vietnam and Singapore in Hanoi on Sept. 16, 2025. The Vietnamese Ministry of Foreign Affairs has been tasked with completing diplomatic procedures and notifying the agreement's entry into force, while the country's Ministry of Agriculture and Environment will lead domestic implementation, according to the resolution. The agreement provides a legal framework for cooperation under Article 6 of the Paris Agreement, which allows countries to transfer internationally recognized emission reductions and carbon credits to help meet climate targets. The framework is intended to enable Vietnamese organizations and companies to develop greenhouse gas emission reduction projects, generate carbon credits that meet international standards and transfer eligible credits to Singapore, the resolution said. Singapore has been among the most active buyers of carbon credits in the emerging Article 6 market, pursuing bilateral agreements with several countries to secure high-quality offsets for use under its carbon tax regime. "It will be interesting to see if they prioritize any specific sectors. At this point, there is much to know," said a Singapore-based market source. The resolution itself does not contain detailed rules governing project approval, authorization procedures or credit issuance. Those operational details are expected to be set out through implementation arrangements and Vietnam's broader carbon market regulations. The Platts Singaporeâeligible International Carbon Credits assessment closed at S$35.5/mtCO2e in the week to Aug. 13, up by S$2/mtCO2e. Platts is part of S&amp;P Global Energy. Singapore expects to receive its first letter of authorization from Ghana in the second half of the year, a senior government official said July 2. A developer with projects in Ghana said they hope to sell credits above S$40/mtCO2e if Ghana is the sole country to secure the letter of authorization in 2026. Meanwhile, some buyers remained firm in their intention to maintain buying ideas in the S$30-S$35/mtCO2e range. A Singapore-based trader provided indicative carbon credit values at S$35/mtCO2e, noting that buyers may not pay above S$40/mtCO2e. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/africa-critical-minerals-reshaping-global-supply-chains-geopolitics</link><description>Analysis of Africa&amp;apos;s growing role in critical minerals, the geopolitical competition, and the impact on global supply chains for energy, tech, and defense.</description><title>How Africaâ&amp;#x80;&amp;#x99;s Critical Minerals Are Reshaping Global Supply Chains and Geopolitical Power</title><pubDate>18 August 2026 00:00:00 GMT</pubDate><content><![CDATA[ Research â August 18, 2026 How Africaâs Critical Minerals Are Reshaping Global Supply Chains and Geopolitical Power The global energy transition is creating unprecedented demand for critical minerals such as cobalt, copper, and lithium. While these resources are essential for decarbonization technologies, their geographic concentration presents significant challenges for global supply chains and international relations. Africa, home to a substantial share of the world's reserves, is emerging as a central arena for this new era of resource competition. In a recent S&amp;P Global webinar, "Africa's Critical Minerals: Reshaping Global Supply Chains and Geopolitical Power," analysts from our Market Intelligence and Energy groups examined the continent's pivotal role. The analysis reveals a complex landscape where vast geological potential is tempered by significant above-ground risks, and a strategic contest for influence is underway between global powers. Key Highlights Dominant and Growing Supply: Africa is solidifying its position as a key global supplier of critical minerals, with projections showing it will supply 60% of the world's lithium and 76% of its mined cobalt by 2030, alongside significant growth in graphite and bauxite. Intensifying Geopolitical Competition: The U.S. and China are leading a global scramble for African mineral assets. While China has a head start in production and processing, the U.S. and "middle powers" like the EU, Japan, and India are increasing investments and forming strategic partnerships. Rise of Resource Nationalism: African governments are increasingly using policy levers, such as export controls and beneficiation requirements, to maximize fiscal revenues and drive industrialization. The Democratic Republic of Congo's (DRC) cobalt export quotas are a key example of this trend. Infrastructure as a Strategic Asset: Major infrastructure projects, such as the Lobito Corridor and the Tanzania-Burundi Standard Gauge Railway, are being developed to unlock mineral wealth, reduce transit times, and enhance regional trade, often backed by competing global powers. Challenges in Value-Added Processing: Despite vast mineral reserves, African nations face significant hurdles in moving up the value chain to refining and manufacturing, including access to capital, technology, and stable energy supply. 1. Africaâs Ascendant Role in the Global Critical Minerals Supply Africa's contribution to the global supply of critical minerals is not just significant; it is expanding at a rapid pace. The continent already accounts for 76% of mined cobalt and 41% of bauxite. Projections show this influence will grow substantially. By 2030, Africa is forecast to supply approximately 60% of global lithium and 40% of graphite. Lithium production, driven by investments in countries like Zimbabwe, is seeing explosive growth, with a compound annual growth rate (CAGR) of nearly 160% between 2020 and 2025. This surge in output is rewriting global supply chains, with China emerging as the primary destination for many of these minerals. For instance, 100% of Zimbabwe's lithium and 95% of the DRC's cobalt are exported to China, underscoring its dominant position in downstream processing and refining. 2. The Geopolitical Scramble: US, China, and Middle Powers Access to critical minerals is now a matter of national security, placing Africa at the heart of intense competition between the U.S. and China. China established an early lead, investing in African production assets for decades. This has given it a significant advantage in accessing, processing, and refining resources. The U.S. is now actively working to catch up, increasing government-backed funding for projects in South Africa (rare earths), Mozambique (graphite), and the DRC (copper, cobalt, lithium) since 2023. However, U.S. investments are largely focused on development-stage projects, while China controls more active production. This dynamic is further complicated by the rise of "middle powers" like the EU, Japan, India, and GCC nations, which are pursuing independent strategies and striking bilateral deals to secure their own supply chains, making Africa the most popular destination for these exploratory agreements. 3. Resource Nationalism and the Assertion of Market Power Faced with post-pandemic fiscal pressures and a desire to capture more value from their natural resources, African governments are shifting from being price-takers to price-setters. This trend toward "resource nationalism" involves policies aimed at increasing state revenues and control. The DRCâs implementation of cobalt export quotas is a prime example. By controlling the volume of cobalt leaving the country, the government can directly influence global supply and prices, which surged 150% following the announcement of controls. These measures, while aimed at maximizing economic benefit, also introduce administrative hurdles and supply chain uncertainty for global buyers, highlighting the growing leverage of key African producing nations. 4. What are the Key Investment and Operational Risks in Africaâs mining sector? Despite the immense opportunity, operating in Africa's mining sector carries substantial risk. A primary challenge is the significant infrastructure deficit; inadequate power grids, and limited road and rail networks can increase operational costs and create logistical bottlenecks for exporting minerals. Furthermore, political and policy uncertainty remains a major concern for investors. S&amp;P Global's country risk scores for several key mineral-rich nations highlight elevated risks related to legal and regulatory uncertainty, contract alterations and resource nationalism. Governments may seek a larger share of revenue through increased taxes, royalty changes or mandates for state ownership, creating a complex environment for long-term capital investment. 5. A Shift Toward In-Country Processing is Underway A crucial emerging trend is the continent-wide push for beneficiationâthe processing of raw ores into higher-value products locally. For decades, Africa has primarily exported raw materials, with the refining and manufacturing stages occurring elsewhere. Now, countries like the DRC and Zambia are exploring joint policies to develop local refining capacity and even battery precursor manufacturing plants. This strategy aims to create jobs, develop industrial ecosystems and capture a larger portion of the supply chain's economic value. If successful, this shift could not only boost African economies but also diversify the global midstream processing landscape, which is currently heavily concentrated in Asia. How S&amp;P Global Market Intelligence Supports Critical Minerals Analysis Navigating the complex and fast-evolving critical minerals landscape requires integrated data and sophisticated analysis. S&amp;P Global Market Intelligence provides the tools necessary to understand the intersection of market dynamics, geopolitical risk, and supply chain dependencies. Our Metals &amp; Mining service on S&amp;P Capital IQ Pro provides detailed asset-level data, production forecasts, and cost analyses, enabling users to track projects from exploration to production. Paired with our Economics &amp; Country Risk analysis, which delivers macroeconomic forecasts and assessments of policy stability and operational risk, clients can build a comprehensive picture to support strategic decisions, investment screening, and supply chain risk management in this critical sector. Ready to explore the forces shaping the critical minerals landscape? Watch the Replay Key Questions About Africa's Role in Critical Minerals What critical minerals are most abundant in Africa? Africa is a major source of cobalt, primarily from the DRC, as well as copper, manganese, platinum group metals and bauxite. The continent also has growing reserves of lithium and rare earth elements, which are vital for battery production and other green technologies. Why are these minerals important for the energy transition? These minerals are essential components for technologies that drive decarbonization. Copper is needed for all forms of electrification, while cobalt and lithium are critical for the performance and stability of EV batteries. Which countries are the primary investors in Africa's mining sector? China has historically been a dominant investor, often linking infrastructure projects to resource access. However, the US and the EU are increasing their investment and diplomatic engagement through strategic partnerships to secure their own supply chains. What are the main risks of investing in mining in Africa? Key risks include infrastructure deficits, which raise operational costs, and political and policy uncertainty. This can manifest as resource nationalism, where governments change tax laws, royalty agreements or ownership requirements to gain more control and revenue. What is mineral beneficiation and why is it important for Africa? Beneficiation is the process of refining raw ore into a more valuable product within the country of origin. This strategy helps African nations create local jobs, develop industrial capabilities and capture more economic value from their natural resources rather than just exporting raw materials. How is Africa's role in the global supply chain changing? Africa is transitioning from being solely a source of raw materials to becoming a more integrated part of the global supply chain. The push for local processing and refining means the continent could soon play a larger role in the midstream and downstream stages of production. Evaluate mining investment opportunities with Capital IQ Pro. Learn More Global Risk &amp; Economics Solutions Learn More Africa's Critical Minerals: Reshaping Global Supply Chains and Geopolitical Power Watch On-Demand ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/infographics/horizons-energy-expansion-sustainability/clean-energy-pulse</link><description>S&amp;amp;P Global Energy Horizons Clean Energy Pulse tracks 69 indicators to measure global clean energy growth momentum</description><title>S&amp;amp;P Global Energy Horizons Clean Energy Pulse</title><content><![CDATA[ S&amp;P Global Energy Horizons Horizons Clean Energy Pulse 69 key indicators. One essential outlook. Track the Trends Last updated: 18th August, 2026 Frequently Asked Questions: Horizons Clean Energy Pulse What is the Horizons Clean Energy Pulse? The Horizons Clean Energy Pulse by S&amp;P Global Energy Horizons is a comprehensive market intelligence report that tracks 69 distinct indicators to assess the momentum of the global clean energy expansion. To provide a holistic view of the energy transition, these indicators span a wide range of critical domains, including: Macroeconomics &amp; Policy: Physical climate trends, macroeconomic environment, and international/national climate policies. Markets &amp; Investment: Corporate climate commitments, environmental and carbon markets, and investor trends across the energy and utility sectors. Technologies &amp; Supply Chain: Deployment of renewable power and energy storage, low-carbon hydrogen, CCUS (carbon capture, utilization, and storage), electric vehicles (EVs), and biofuels. Commodities &amp; Emerging Signals: Commodity and component pricing, cleantech supply chains, and emerging trends like AI-driven power demand and advanced nuclear technologies. What question is each indicator of the Horizons Clean Energy Pulse answering? Every indicator in the report is evaluated to answer one core question: âDoes this signal suggest an acceleration (bullish) or a deceleration (bearish) of the clean energy expansion?â Because the energy transition is complex, no single indicator is sufficient to determine the overall pace of the market. Many signals have conflicting direct and indirect implications. By evaluating a diverse set of indicators together, S&amp;P Global analysts provide a directional, judgment-driven view of the market's true momentum. How often will the Horizons Clean Energy Pulse indicators be updated? To ensure clients have access to the most current market intelligence, most indicators are updated on a monthly or quarterly basis. The exact update frequency depends on the availability and reporting cycles of the underlying data. Does the graphic on this page represent the full Horizons Clean Energy Pulse report? No, this graphic offers a high-level summary of our findings. The full data, comprehensive analysis, and underlying metrics of the Horizons Clean Energy Pulse are exclusive to clients of S&amp;P Globalâs services related to clean energy expansion (Clean Energy Technology, Carbon and Scenarios, and Biofuels and Bioenergy). Interested in unlocking the full insights? Please fill out the âSpeak to a Specialistâ form on this page to arrange a trial or request a personalized demo. Who can benefit from the insights and analysis in the Horizons Clean Energy Pulse report? The report is an essential resource for professionals navigating the global energy transition, providing actionable, data-driven insights for: Investors and Asset Managers: Capitalize on transition-linked equity performance, track capital flows, and monitor M&amp;A activities and valuations across the energy, utility and renewables sectors. Investment Bank Coverage Managers: Receive timely industry insights across sectors that enable you to spot deal opportunities, deepen client relationships, and pitch winning strategies to executives. Corporate Sustainability &amp; Procurement Leaders: Stay ahead of evolving corporate climate commitments (such as SBTi frameworks), carbon market trends, and clean energy procurement strategies like corporate PPAs. Energy, Power, and Utility Executives: Monitor near-term project pipelines for solar PV, battery energy storage systems (BESS), low-carbon hydrogen, and CCUS, while tracking emerging power demand drivers like AI data center load growth. Supply Chain &amp; Manufacturing Professionals: Navigate cleantech supply chain risks, monitor critical component and commodity price volatility (e.g., lithium, copper, and solar modules), and track regional EV and biofuel market dynamics. Policymakers &amp; Regulatory Analysts: Track global climate policy developments, including Paris Agreement NDCs, EU ETS carbon market revisions, and regional interventions impacting clean energy deployment. What guidelines are there for the use of the content in the Horizons Clean Energy Pulse? Use of the content on this page is governed by our website Terms of Use. Subscribe to our Horizons Clean Energy Expansion newsletter Sign Up Explore our Thought Leadership and Solutions Speak to a Specialist Ready to take the next step? Complete the form and a team member will reach out to discuss how our solutions can support you. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/073026-australia-backs-co-processed-biofuels-at-refineries-with-new-carbon-rules</link><description>Australia&amp;apos;s government has changed national emissions reporting rules to recognize low-carbon liquid fuels made by blending renewable feedstocks with fossil fuels at existing refineries. This move, Viva Energy and Cleanaway said, would help build domestic supply chains and keep valuable waste materials in the country. Under the reform to the National Greenhouse and Energy Reporting scheme,</description><title>Australia backs co-processed biofuels at refineries with new carbon rules</title><pubDate>30 July 2026 18:17:36 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Biofuels, Renewables, LPG, Vegetable Oils July 30, 2026 Australia backs co-processed biofuels at refineries with new carbon rules By Samyak Pandey Editor: Bill Montgomery Getting your Trinity Audio player ready... HIGHLIGHTS Australia recognizes co-processed biofuels Zero emissions for renewable content reported Viva Energy produces diesel from cooking oil Australia's government has changed national emissions reporting rules to recognize low-carbon liquid fuels made by blending renewable feedstocks with fossil fuels at existing refineries. This move, Viva Energy and Cleanaway said, would help build domestic supply chains and keep valuable waste materials in the country. Under the reform to the National Greenhouse and Energy Reporting scheme, customers may report certified renewable content in eligible co-processed fuels as having zero Scope 1 CO2 emissions, while the fossil portion continues to be subject to the applicable fossil emission factor, the companies said July 30. The change also allows International Sustainability and Carbon Certification ISCC PLUS certificates to track biogenic content through supply chains for two years while the government develops its Guarantee of Origin framework. The reform is expected to increase demand for co-processed diesel, LPG and kerosene made at Australian refineries using waste-derived and renewable feedstocks in existing infrastructure, potentially reducing the country's reliance on fuel imports and creating commercial incentives to process domestic feedstocks locally rather than export them. Policy unlocks investment "This is a big step forward for Australia's low-carbon fuels industry," Viva Energy CEO Scott Wyatt said. "For the first time, customers will have a regulatory pathway to recognize the emissions benefits of eligible co-processed diesel, LPG and kerosene in their NGERs reporting." The change gives customers greater incentive to use these fuels and provides refiners with certainty to invest in refinery and feedstock supply chains, Wyatt said. Co-processing can help build Australia's low-carbon liquid fuels industry faster than waiting for dedicated plants to be developed, he said. Viva Energy is also leading Australia's first end-to-end sustainable aviation fuel storage and blending facility connected to an airport fuel system, which has begun operations at Brisbane Airport. Viva Energy is progressing plans to produce co-processed diesel at its Geelong refinery using eligible waste-derived and renewable feedstocks. The company has begun sourcing used cooking oil from Cleanaway to be processed into co-processed renewable fuels at Geelong, marking the first time Australian businesses can use this type of renewable fuel to lower Scope 1 emissions, the companies said. "Australia already has valuable sustainable feedstocks such as used cooking oil and vegetable oils," Wyatt said. "Too often, those materials are exported overseas to be turned into renewable fuels for other countries. This reform helps create the commercial landscape to keep more of that value here in Australia." Circularity loop Closing the circularity loop, the reform connects waste collection, local manufacturing and lower-carbon fuel use, Cleanaway CEO Mark Schubert said. By putting a value on the carbon abatement associated with co-processed fuels, the government has created a stronger reason to keep materials such as used cooking oil in Australia, where they can be collected, processed and turned into fuels that help local businesses reduce emissions, he said. The reform is expected to support production of co-processed renewable diesel and LPG using existing refinery assets. Co-processed renewable diesel can help decarbonize domestic hard-to-abate industries such as heavy-vehicle transport. In contrast, co-processed LPG can be used in high-temperature applications such as firing kilns and other industrial processes, the companies said. Viva Energy and Cleanaway said they will continue working with the government, customers and industry partners to support development of a domestic low-carbon liquid fuels market and progress opportunities to supply co-processed renewable diesel and LPG. Platts, part of S&amp;P Global Energy, assessed sustainable aviation fuel HEFA-SPK FOB Straits at $2,545/metric ton July 30, up $5/mt from July 29. Platts assessed used cooking oil FOB North China at $1,164/mt July 30, down $5/mt day over day. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/081426-california-lcfs-accepts-iscc-eu-as-eligible-certification-scheme</link><description>California&amp;apos;s Low Carbon Fuel Standard programme has recognized ISCC EU as an eligible certification scheme, creating new compliance pathways for companies participating in North American low-carbon fuel and biomass supply chains as sustainability requirements for feedstock certification phase in ahead of 2028 implementation. The California Air Resources Board&amp;apos;s updated LCFS framework now</description><title>California LCFS accepts ISCC EU as eligible certification scheme</title><pubDate>14 August 2026 10:29:34 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Energy Transition, Agriculture, Electric Power, Carbon, Biofuels, Emissions, Renewables August 14, 2026 California LCFS accepts ISCC EU as eligible certification scheme By Samyak Pandey Editor: Ribhu Ranjan Getting your Trinity Audio player ready... HIGHLIGHTS California LCFS recognizes ISCC EU scheme Certification creates compliance pathways Full biomass requirements begin in 2028 California's Low Carbon Fuel Standard programme has recognized ISCC EU as an eligible certification scheme, creating new compliance pathways for companies participating in North American low-carbon fuel and biomass supply chains as sustainability requirements for feedstock certification phase in ahead of 2028 implementation. The California Air Resources Board's updated LCFS framework now recognizes voluntary certification schemes previously approved under the European Union Renewable Energy Directive, including ISCC EU, aligning California's requirements with established international sustainability standards. The development comes as LCFS requirements to maintain sustainability certification for biomass phase in, with full implementation starting in 2028, though ISCC certification already covers the complete requirements, according to ISCC System statement on Aug 12.. The LCFS aims to reduce the carbon intensity of transportation fuels used in California by incentivizing lower-carbon alternatives and promoting sustainable feedstock sourcing. The programme is one of the world's most influential clean fuel initiatives and has served as a model for similar policies in other jurisdictions, industry participants said. "As a leading EU RED-recognized certification system, and with a global footprint on renewable fuels under many jurisdictions, ISCC is uniquely well-positioned to support companies operating across international supply chains and serving the North American market," ISCC System Director Jan Henke said in the statement. Market implications The recognition creates opportunities for market participants seeking to demonstrate compliance with sustainability requirements under the LCFS while maintaining access to other regulated markets including those governed by the EU RED. Companies with existing ISCC EU certification or those adopting the certification early can support preparedness for future LCFS requirements while enabling access to multiple recognized markets through a single certification system, according to ISCC. The development comes at a time of growing demand for sustainable biomass and low-carbon fuels across North America. ISCC has worked with stakeholders across the US and Canada for several years to support the transition to clean and alternative fuels as well as circular and bioeconomy development, reflected in the ISCC Regional Stakeholder Committee for North America, which has brought together regulators, industry representatives, certification bodies and experts since 2012. ISCC is now accepting applications for pilot projects from companies interested in leading the adoption of LCFS certification. The organization said it will closely monitor regulatory developments and engage with relevant stakeholders to better understand implementation expectations and support smooth market adoption. The ISCC EU certification scheme verifies compliance with the EU's legal requirements for sustainability and greenhouse gas emissions savings criteria for renewable fuels, as well as production of electricity, heating and cooling from biomass. ISCC combines harmonized sustainability requirements, accredited third-party audits, transparent governance and continuous oversight to provide confidence for regulators, businesses and consumers, according to the organization. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/us-tariff-refunds-will-temporarily-boost-european-medtech-beyond-that-bets-are-off-s101701191</link><description>This report does not constitute a rating action. U.S. tariff refunds will temporarily boost the cash flow of European medtech entities. However, U.S. tariff policies are fast moving and fraught for such firms, and we expect no lasting positive credit impact. The U.S. Supreme Court determined in February 2026 that trade tariffs introduced by the president in 2025 were unlawful under the International Emergency Economic Powers Act. In April 2026, the administration started accepting refund request</description><title>U.S. Tariff Refunds Will Temporarily Boost European Medtech--Beyond That Bets Are Off</title><pubDate>17 August 2026 13:33:06 GMT</pubDate></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/the-visible-alpha-ai-monitor-h1-2026-update-whats-next-for-ai</link><description>The Visible Alpha AI Monitor aggregates publicly traded US technology companies, providing a comprehensive measure of the current state and projected growth of the core AI industry.</description><title>The Visible Alpha AI Monitor H1 2026 update: Whatâ&amp;#x80;&amp;#x99;s next for AI?</title><pubDate>14 August 2026 14:26:00 GMT</pubDate><content><![CDATA[ Research â AUGUST 17, 2026 The Visible Alpha AI Monitor H1 2026 update: Whatâs next for AI? By Melissa Otto, CFA The Visible Alpha AI Monitor aggregates publicly traded US technology companies, providing a comprehensive measure of the current state and projected growth of the core AI industry. This encompasses the AI-exposed revenues for companies that are building AI infrastructure and capabilities for both enterprises and consumers. Investors may use the Visible Alpha AI Monitor to generate new ideas to capture growth emanating from the core AI industry, as well as to evaluate the potential AI exposure of technology stocks in their existing portfolios. We have identified specific line items that capture potential growth of AI-related revenues that are available on the Visible Alpha Insights platform. Key questions for H2 2026 and beyond: Memory demand has driven price hikes in the first half of 2026. Will this continue? Will AI agents help drive broader adoption in the second half of 2026 and 2027? Will capital expenditure spending by hyperscalers continue to exceed expectations this year and next? What will be the impact of data center build-out to energy and metals prices? Introduction The generative AI trend gained further momentum in the first half of 2026, as cloud service providers continued to invest heavily in capex to transition data centers to accelerated computing. The AI theme continued to evolve and expand. Visible Alpha observed that companies made a greater push to integrate AI into their organizations, hoping to improve efficiency and enhance the client experience. The usage of AI models also improved, as hyperscalers remain focused on enhancing compute and reducing costs for users. Optimizing cost and compute is expected to drive broader adoption and applications. Over the past few years, significant innovation in the chip and model has benefited NVIDIA Corp. and, more recently, memory stocks. However, there has not been as much innovation at the application level to drive broader adoption of AI with end users due to the cost per inference or token. The cost of power and compute are two key bottlenecks that require more efficiency to scale and drive adoption. As the hyperscalers race to expand their infrastructure and provide this optimization, the verdict is still out on the impact to enterprises. The productivity impact AI may yield for businesses remains an open question. The productivity impact AI may yield for businesses remains an open question. When will this potential productivity and innovation help to deliver stronger fundamentals and earnings growth? This year so far has shown signs of broader AI adoption in enterprises, driven by the introduction of AI agents into role-specific workflows. AI agents seem to enable domain- and persona-specific workflows to complement human roles in an organization. For example, a firm may have a unique AI agent for research, security, analytics, sales, and customer service to complement the human work done in these functions. The key question is how companies will leverage these agents and what may be the direct or indirect impact on revenues and costs over the longer term. The primary challenge is generating accurate persona- and domain-specific output at a low cost. H1 2026 performance summary Currently, the Visible Alpha AI Monitor universe of 58 publicly traded US companies is 78% weighted to the 10 largest companies, with the remaining 22% dispersed among 47 companies. On a market capitalization-weighted and AI-exposed revenue-weighted basis, the Visible Alpha AI Monitor continued to be driven by stock price outperformance (versus the S&amp;P 500 index) of the largest companies this year. In addition, performance in the smaller companies (versus the S&amp;P 500 index), especially on an equal-weighted basis, has outperformed in 2026 with the performance broadening out on a stock-specific basis. On an equal-weighted basis, the AI Monitor generated an overall higher return when compared to the market cap-weighted and AI-exposed revenue-weighted aggregations this year, driven by the drag of a lower return generated by the largest names. This broader outperformance is a shift in 2026, as the larger market cap names drove outperformance in 2025. AI Monitor stock returns for the 58 companies are aggregated based on three weighting scenarios: weighted by the size of the AI-exposed revenues, equal-weighted and market cap-weighted. Market cap-weighted returns show the direction of change year over year. What is moving the AI Monitor: Smaller stocks gain momentum From January to July 2026, only three out of the 10 largest AI-exposed revenue generators delivered strong outperformance, while 56% of the smaller-cap AI stocks outperformed the S&amp;P 500 index. Total AI-exposed revenue is expected to increase by nearly $886 billion, rising from $468 billion at the end of 2023 to $1.354 trillion at the end of 2026. This growth is anticipated to be driven overwhelmingly by the top 10 largest companies in the AI Monitor. The expected 2026 AI-exposed revenue has increased by more than $350 billion since last year, due to continued upward revisions by Nvidia. The list of 58 companies may serve as a good place for investors to discover new ideas by surfacing expanding new players. While smaller companies in aggregate have not performed as well as the top 10 the past few years, there have been some clear outperformers relative to the composite. Among the smaller companies, revenue growth expectations are very mixed. Some companies are expected to deliver strong double-digit revenue growth, while others are seeing estimates decline. These dynamics may help investors identify emerging trends in the space. In the first seven months of 2026, this trend has been evident in MaxLinear Inc., Rackspace Technology Inc. and Backblaze Inc. These companies were poor performers in 2025 but rebounded this year and delivered strong outperformance (versus the Russell 2000). In the larger-cap arena, Micron Technology Inc., Dell Technologies Inc. and Seagate Technology Holdings PLC drove outperformance. Given the sizable moves in these companies, the composition of the top 10 could shift next year. Micron, in particular, has benefited from the surge in demand for dynamic random access memory (DRAM) and high-bandwidth memory (HBM). Based on its revenue growth trajectory, the company may enter the top 10 in 2027. Micron and memory One of the most dramatic market moves around the AI story has been the weakness in software companies ServiceNow Inc., Salesforce Inc. and Adobe Inc. and the strength in memory stocks. Memory, especially HBM, plays an important role in ensuring AI workloads run efficiently and fast, reducing latency. The strength of HBM is that it increases performance by stacking traditional DRAM layers vertically, while decreasing the amount of power consumed. As investment in data centers for AI has exploded, demand for memory has become a critical component of AI accelerators, like Nvidiaâs Blackwell GB200/B200. Fiscal fourth-quarter 2026 and full-year 2027 consensus estimates for Micron's DRAM and NAND flash memory sales and gross profit have increased substantially since March 2026. DRAM revenues are now 16.5% higher for fiscal year 2026 and 50% higher for fiscal year 2027. Gross profit consensus for DRAM has increased more, reflecting higher prices and driving fiscal 2027 consensus earnings per share to $155, implying a price-to-earnings multiple of 6x and supporting a consensus target price of $1,500. The pace of these upward revisions is reminiscent of the significant forecast increases seen in 2023 for Nvidia's 2024 and 2025 data center revenue, when estimates kept going higher on the back of extraordinary demand by the hyperscalers. Dell, Nvidia drive 2026 upward revisions Between the end of 2025 and the end of 2026, consensus expectations for Nvidiaâs and Dellâs combined AI-exposed revenues were revised upward by nearly $200 billion. These revisions contributed significantly to the AI-exposed revenue concentration of the AI Monitor. The optimism has been driven by cloud service providers' continued heavy capex investment to support the transition of data centers to accelerated computing for AI applications. In the first half of 2026, upward revisions for Nvidia continued to increase further, but at a slower pace and smaller magnitude than previous years. There are concerns that the growth momentum may be slowing for Nvidia. Dellâs expected revenue growth from AI accelerated and its stock performance meaningfully expanded its projected valuation. While capex continues to increase at the four main cloud service providers and to benefit chip stocks, evidence of increasing returns to Microsoft Corp. and Amazon.com Inc. is emerging. Microsoft's Azure business has also started to gain momentum. It is expected to ramp up growth and to generate over $130 billion by the end of fiscal 2027, based on Visible Alpha consensus. The company guided for fiscal first-quarter 2027 Azure revenue to accelerate. Consensus expects year-over-year revenue growth for the fiscal year to hit 45%, up from 41%. Amazon's AWS revenue expectations have increased by $13 billion. It is expected to ramp up growth and to generate over $167 billion by the end of 2027, based on Visible Alpha consensus. The 2026 Google Cloud revenue expectations have been revised up by $20 billion this year, implying a strengthening outlook. However, the company delivered negative free cash flow in the second quarter, leading to concerns about future cash burn and weaker return on invested capital (ROIC). Meta too has faced concerns about competitive positioning and its ability to generate growth from its large-scale AI infrastructure investments. Data centers, energy and metals With a likely surge in demand for power and metals to increase compute within data centers, questions are emerging about the impact to both local and broader economies from this massive expansion to support AI. According to S&amp;P Global Market Intelligence Inc., US annual power consumption from data centers is expected to exceed 14% of total consumption. This energy surge has potentially significant ramifications longer-term for inflation and geopolitical challenges. Given this backdrop, the $1.9 trillion market cap of the recently listed Space Exploration Technologies Corp. (SpaceX) stock may provide compelling solutions long-term by moving data centers to space and leveraging solar energy to power them. SpaceX released its first earnings report as a public company and guided significant capital expenditure to support an AI infrastructure build-out. SpaceX will be added to the AI Monitor in 2027. AI and data center growth is creating differentiated demand for copper and silver, with each metal serving a distinct function in the infrastructure stack. As data centers amplify their compute, they will require increasing amounts of copper to both power and cool the data center and connect to an energy source or grid. The power infrastructure surrounding the servers is copper-intensive and needs to be set up before the graphics processing units (GPUs) can operate. Chip packaging, connectors and switches are important as GPU clusters get larger and faster in a data center and will require incrementally more silver. The package is what allows an AI accelerator to connect to HBM and the rest of the system. In addition, if the data centers move to solar power, solar cells use silver across large volumes of cells. If solar capacity ultimately grows faster than the amount of silver used per watt falls, then silver pricing may gain. What about Apple? In addition to the Top 10, we are monitoring the potential AI revenue trends at Apple Inc. The company released Apple Intelligence and has embedded many new AI capabilities in its latest iPhone models. These product updates have not garnered much excitement with users, and there are concerns that the new AI functionality has not been enough to make users want to upgrade their older phones. There are questions about the strategy and whether Apple may opt for a large acquisition in the space under the new CEO. For 2026 iPhone units, expectations have increased from 240 million last year to now 262 million, due to improved upgrade expectations. However, supply constraints put the guidance below expectations and generated concerns around the outlook. Longer-term continued supply chain bottlenecks and constraints may limit Apple's ability to benefit from an upgrade cycle. Regulatory backdrop Under the current US administration, the focus has been on accelerating AI innovation and infrastructure in the US by removing red tape and too much oversight. In July 2025, the approach was replaced on the ai.gov site with President Donald Trump's AI Action Plan. There has been a clear change in direction on a few key initiatives. As the government continues to focus on AI and its implications for the US, the administration now seems to be more focused on building and securing the infrastructure, instead of trying to regulate AI. Stanford University released an update to its AI Index. The trajectory of the passed US AI regulations suggests we are likely to see further declines or flattening in 2026. In addition, the regulatory backdrop has become much more global with more focus on national AI-related issues. Most of the global AI spending also seems to be at the national or sovereign level. In early 2025, the administration launched the Stargate Project, an AI infrastructure company that has started to build out new AI infrastructure in the US. Stargate will initially be financed by SoftBank Group Corp.; OpenAI LLC (Microsoft); Oracle Corp.; and MGX, an Abu Dhabi-based investment company backed by the government's investment ecosystem. Speaking with President Trump, Oracle Chief Technology Officer Larry Ellison, Softbank CEO Masayoshi Son and OpenAI CEO Sam Altman outlined the ambitious goals of Stargate and their initial commitment of $100 billion and the subsequent $400 billion of financing. Final thoughts The Visible Alpha AI Monitor suggests that the AI investment cycle is entering a more mature and discerning phase. The market remains supported by extraordinary infrastructure spending, with aggregate 2026 and 2027 capex expectations exceeding $1.5 trillion and hyperscalers continuing to fund the transition toward accelerated computing. Balance sheets among the largest technology platforms still appear to have capacity to support further investment, suggesting the AI infrastructure build-out is not yet constrained by leverage. However, investor focus is increasingly shifting from "build at any cost" toward evidence of monetization, productivity gains, and sustainable earnings growth. In 2026, AI leadership has started to broaden beyond the largest technology companies. While the Top 10 AI-exposed revenue generators continue to dominate the AI Monitor by revenue weight, smaller-cap companies have shown stronger relative stock performance in several areas, indicating that the market is beginning to reward more specific AI exposure across the supply chain. This broadening is particularly visible in memory, storage, AI servers, and data center infrastructure, where companies such as Micron, Dell and Seagate have benefited from stronger demand and upward estimate revisions. Memory has emerged as one of the most important incremental AI themes. Demand for DRAM and HBM has intensified as AI workloads require faster, more efficient data movement between accelerators and memory. This has driven meaningful price increases and substantial upward revisions for Micron, echoing earlier revision cycles seen in Nvidia's data center business. As AI models scale and GPU clusters become larger, memory is likely to remain a critical bottleneck and a key determinant of system performance. At the same time, the next stage of AI adoption will depend on whether enterprises can convert AI usage into measurable revenue growth, cost savings, and productivity improvements. AI agents may represent an important bridge between infrastructure investment and enterprise adoption by embedding AI into function-specific workflows across research, security, sales analytics, and customer service. However, the economic case remains dependent on reducing inference costs, improving accuracy, and proving that AI can enhance business outcomes at scale. The AI build-out is also expanding the investment implications beyond semiconductors and software into energy, metals and physical infrastructure. Data center power demand is rising rapidly, creating potential pressure on grids, electricity prices, and commodity markets. Copper should remain a major beneficiary of large-scale power, cooling and connectivity needs, while silver demand may rise through advanced chip packaging, connectors, switches and, potentially, solar infrastructure. These second-order effects are becoming increasingly important as AI infrastructure moves from a digital theme to a physical, resource-intensive industrial cycle. The regulatory and policy backdrop may further support this expansion. A more deregulatory US approach, combined with national and sovereign AI initiatives, is likely to accelerate domestic infrastructure investment and intensify competition around compute capacity, energy access, and strategic supply chains. Projects such as Stargate underscore the scale of public-private ambition behind AI infrastructure development. Overall, the Visible Alpha AI Monitor points to a market that remains highly constructive on AI but increasingly selective. The first phase of the AI boom was defined by hyperscaler capex and semiconductor demand. The next phase will likely be defined by broader supply chain participation and power constraints, enterprise adoption, and measurable returns on invested capital. For investors, the key opportunity is no longer simply identifying companies exposed to AI but distinguishing those that can translate AI demand into durable revenue growth, margin expansion, and stronger long-term fundamentals. AI Monitor goals and objectives The objective of the Visible Alpha AI Monitor is to show the investment community which companies are likely to drive AI going forward. As the world embraces AI and its applications to enterprise workflows and our daily lives, big questions exist about how AIâs impact on company business models will unfold over the next three to five years. AI can potentially free people from tedious grunt work to enable more focus on critical workflows that require human creativity and analysis. A primary goal of the Visible Alpha AI Monitor is to show which US companies and specific line items we are keeping an eye on as the embryonic AI theme emerges across company fundamentals and begins to scale broadly across the economy. We are monitoring how AI may be reflected in the numbers and which companies may be benefiting more or less. This universe attempts to be comprehensive and to show investors the dynamics of both the large and smaller US players. Additionally, it aims to help investors identify new names that may be smaller and less covered, but potentially growing and emerging more quickly. AI Monitor methodology Using Visible Alpha's comprehensive database of detailed estimates pulled directly from sell-side analysts' spreadsheet models, we have assembled an aggregation with a universe of 58 publicly traded companies that are contributing to the infrastructure and broad scaling of AI capabilities. This monitor aims to provide a current and future snapshot as to where AI-related revenues are and is not growing across each of these 58 companies, particularly the 10 largest. We have aggregated the revenues of specific business segments at firms that are driving the wider AI trend. For larger firms, we have attempted to pinpoint where in their revenue model AI is driving growth. For some smaller firms, we are simply incorporating 100% of revenues. The AI-exposed revenue lines we identify are intended to be used as a proxy for monitoring the growth of each companyâs AI business. Given both the lack of discrete company disclosures and how intertwined AI and conventional technologies and services can be, these lines should not be taken as exact quantifications of AI revenues, but are, we believe, the best systematic approximation available. The AI Monitor provides three measures of stock performance for its universe. These metrics are meant to show the returns of various weighting schemes. The returns are calculated on both an equal-weighted and market cap-weighted basis. The universe performance of the AI Monitor is also weighted based on AI-exposed revenues and calculated in aggregate. From 2024, the return calculations were standardized, and market cap-weighted now reflects year-over-year changes. For Visible Alpha subscribers, details of these companies can all be found within the Visible Alpha Insights platform. Each company included in the monitor has coverage by at least four sell-side analysts. In addition, given the quickly evolving state of the AI space, these line items are subject to change and may shift significantly over time. We plan to refresh the data on an ongoing basis and provide regular updates. This article was published by Visible Alpha, part of S&amp;P Global Market Intelligence and not by S&amp;P Global Ratings, which is a separately managed division of S&amp;P Global. Request Demo Log In Discover insights with the Visible Alpha Estimates dataset. Learn More Guide to Data Center Industry KPIs Learn More Guide to Semiconductor Industry KPIs Learn More ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081726-meti-subcommittee-proposes-1-5-saf-supply-mandate-in-japan-for-fy-2030-31-to-fy-2034-35</link><description>A subcommittee at Japan&amp;apos;s Ministry of Economy, Trade and Industry on Aug. 17 proposed a set of sustainable aviation fuel supply mandates, requiring companies to supply more than 1%-5% of domestic jet fuel consumption for international flights from fiscal year 2030-31 (April-March) to FY 2034-35. The proposed SAF supply mandates marked a setback from the supply mandates proposed in FY 2024-25 for</description><title>METI subcommittee proposes 1%-5% SAF supply mandate in Japan for FY 2030-31 to FY 2034-35</title><pubDate>17 August 2026 05:29:08 GMT</pubDate><author><name>Takeo Kumagai</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Biofuels, Emissions, Jet Fuel August 17, 2026 METI subcommittee proposes 1%-5% SAF supply mandate in Japan for FY 2030-31 to FY 2034-35 By Takeo Kumagai Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS SAF supply mandate applies only to international flights Targets start at at least 1% of domestic supply in FY 2030-31 7 designated airports account for 68% of international refueling A subcommittee at Japan's Ministry of Economy, Trade and Industry on Aug. 17 proposed a set of sustainable aviation fuel supply mandates, requiring companies to supply more than 1%-5% of domestic jet fuel consumption for international flights from fiscal year 2030-31 (April-March) to FY 2034-35. The proposed SAF supply mandates marked a setback from the supply mandates proposed in FY 2024-25 for the five-year period, under which jet fuel suppliers were expected to supply volumes equivalent to at least 5% of the greenhouse gas emissions from jet fuel produced and supplied in Japan in FY 2019-2020. The METI subcommittee said its proposal is intended to avoid imposing excessive burdens, adding that building public understanding will take time. It also said that the mandated volumes would be gradually expanded in line with Japan's basic policy to further promote SAF adoption, pointing to International Civil Aviation Organization targets that apply to international aviation. Under the latest proposal, the SAF supply mandates would apply only to companies that supply 3,000 kiloliters (18,869 barrels) or more of jet fuel annually for international flights at seven airports with the highest international refueling volumes, according to documents presented at the Decarbonized Fuel Policy Subcommittee. The proposed SAF supply mandates would require companies to supply at least 1% of domestic jet fuel supply volumes in FY 2030-31, at least 3% in FY 2031-32 and at least 5% in each fiscal year from FY 2032-33 through FY 2034-35. Under the proposed SAF supply mandates, targets could be revised downward in cases of unavoidable circumstances, such as natural disasters, according to the documents. However, they would not be allowed to be revised downward due to facility problems, unsuccessful commercial negotiations with airlines or the cancellation or postponement of SAF plant construction projects. The proposed SAF supply mandates refer to domestic supply volumes supplied for international flights at the designated airports: Narita International Airport, Haneda Airport, Kansai International Airport, Chubu Centrair International Airport, New Chitose Airport, Fukuoka Airport and Naha Airport. The seven airports together refueled 8.17 million kl, or 51.39 million barrels, of jet fuel for international flights in FY 2024-25, accounting for 68.3% of Japan's total international jet fuel refueling volume, according to METI's survey of local refiners. The latest proposed supply mandates contrast with the FY 2024-25 supply mandate proposal, which applied to jet fuel suppliers that supply at least 100,000 kl of jet fuel annually. It also did not specify whether SAF would be supplied for domestic or international flights, nor did it name any particular airports. In the proposed FY 2024-25 SAF supply mandates, targets could be revised downward in the event of unavoidable circumstances, such as natural disasters. They could also be revised downward due to reduced production caused by facility problems, unsuccessful commercial negotiations with airlines or the cancellation or postponement of SAF plant construction projects. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/081426-us-battery-storage-wecc-leads-us-battery-storage-additions-with-22-gw-in-q2</link><description>The Western Electricity Coordinating Council region added the most utility-scale battery storage capacity in the second quarter, accounting for 45% of the 4.883 GW installed across the US. The US capacity increased by 9.6% quarter over quarter and jumped 46.4% from a year ago to total 55.81 GW by the end of Q2, according to an S&amp;amp;P Global Energy compilation of various government filings. The data</description><title>US BATTERY STORAGE: WECC leads US battery storage additions with 2.2 GW in Q2</title><pubDate>14 August 2026 20:43:48 GMT</pubDate><author><name>Kassia Micek</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables August 14, 2026 US BATTERY STORAGE: WECC leads US battery storage additions with 2.2 GW in Q2 By Kassia Micek Editor: Ronnie Turner Getting your Trinity Audio player ready... HIGHLIGHTS US battery storage capacity surpassed 55 GW in Q2 SERC expected to add 740 MW in Q3, second most The Western Electricity Coordinating Council region added the most utility-scale battery storage capacity in the second quarter, accounting for 45% of the 4.883 GW installed across the US. The US capacity increased by 9.6% quarter over quarter and jumped 46.4% from a year ago to total 55.81 GW by the end of Q2, according to an S&amp;P Global Energy compilation of various government filings. The data includes facilities that either began commercial operation or were synchronized to the grid. However, out of an expected 6.7 GW to be added in Q2, only about 73% of the planned projects came online during the quarter. Most of the shortfall came from a handful of large facilities that are now expected to come online in Q3, according to the data. Annie Gutierrez, S&amp;P Global Energy CERA senior research analyst, said the Q2 completion level is as expected. "I expect many of these projects will slide into Q4 and will be hustling to come online before the end of 2026," Gutierrez said Aug. 13. "We can expect another record year for battery storage." There have already been about 8 GW of battery storage that have come online in 2026, with another roughly 13 GW under construction with planned commercial operation dates in 2026, she added. "Our May 2026 outlook forecast over 18.5 GW of BESS additions in 2026, and the market is on track to hit that," Gutierrez said. "However, many projects rushed to begin construction in early 2026 to circumvent [Foreign Entity of Concern] restrictions and claim the [Investment Tax Credit], so we could see inflated construction timelines going forward compared with past years." Q3 expectations If all 3.762 GW of planned third-quarter additions are completed, the US total would surpass 59.5 GW of battery storage capacity, which would be an increase of 7% quarter over quarter, according to the data. Most of the planned Q3 additions are focused on the Western Electricity Coordinating Council region with 45.6%, followed by the SERC Reliability Corp. area with 20% and the California Independent System Operator footprint with 15%. Outside of those regions, an additional nearly 740 MW are slated to come online. The SERC Reliability Corp. was formerly known as the Southeast Electric Reliability Council. The top five largest projects planned to be completed in Q3 are: Transgrid Energy's 382.4-MW Atlas VIII in Arizona Invenergy Renewables' 275-MW Hashknife Energy Center in Arizona Georgia Power Company's 265-MW McGrau Ford Phase I BESS in Georgia Georgia Power Company's 265-MW McGrau Ford Phase II BESS in Georgia Jupiter Power's 203.6-MW Tidwell Prairie II in Texas Hashknife Energy Center was previously slated to come online in Q2, but was pushed back to Q3, according to the data. Hashknife I, the first phase of the Hashknife Energy Center, began construction in 2024 and is anticipated to reach commercial operations in Q3 of 2026, according to an Invenergy spokesperson who did not answer questions on the project's completion delay. McGrau Ford Phase I BESS and Tidwell Prairie II were originally slated to come online in Q1, have been pushed back twice and are now expected for completion in Q3, according to the data. In addition, Arizona Public Service Company's 150-MW Agave BESS was originally expected online in Q4 2025 but has been pushed back each quarter since and is now planned to come online in Q3. Several other large facilities that were expected to be complete in Q2 were pushed back to Q3, including Copia Power's 183.3-MW MEC Phase 1 in Arizona and DE Shaw Renewable Investments' 150-MW Santa Teresa Storage, which is slated to be the only facility added in Iowa in Q3, according to the data. Q2 additions Of the 4.883 GW added in Q2, the WECC region, excluding CAISO, added 2.197GW, followed by the Electric Reliability Council of Texas footprint with 1.461 MW or 29.9% of US additions and the California Independent System Operator region with 924 MW or 18.9% of the total, according to the data. Outside of those three regions, an additional 300 MW came online in Q2. Within WECC, Arizona added the most capacity at 1.552 GW, followed by Utah with 320 MW, Idaho with 200 MW and New Mexico with 125 MW. The top five largest projects that came online in Q2 were: Intersect Power's 321.8-MW IP Quantum II BESS in Texas Arevon Energy's 300-MW Nighthawk Energy Storage in California DE Shaw Renewable Investments' 250-MW Catclaw Solar in Arizona Copenhagen Infrastructure Partners' 250-MW Beehive Energy Storage in Arizona Aypa Power Development's 250-MW Pediment BESS in Arizona IP Quantum II BESS is tied with IP Quantum I BESS, which came online in Q1, for the ninth-largest battery storage facility operating in the US. "Quantum is designed to generate 640 MW of solar power and includes 1.3 GWh of battery storage," Intersect spokesperson Sara Blask said Aug. 14, adding the facilities are co-located with a Google data center campus, which recently began construction. According to Intersect, "This approach to co-locating energy supply with data center load is a crucial strategy to reduce the need for new infrastructure and optimize existing grid utilization, easing demands on the Texas grid." Separately, Nighthawk Energy Storage is now the 20th largest, according to the data. In addition, Catclaw Solar is now the 29th largest project in operation in the US, while Beehive Energy Storage is the 30th largest and Pediment BESS is the 33rd largest, according to the data. AES Clean Energy Development's 500-MW 50LW 8me, which came online in December, remains the largest facility in operation in the US. By the end of Q2, ERCOT led the US in battery storage capacity with 21.139 GW, or 37.9% of total US capacity, according to the data. CAISO followed with 15.598 GW or 28% of the US total. WECC had 13.265 GW or 23.8%. Company, state rankings NextEra Energy Resources, which added 100 MW in Q2, remained the company with the most operating battery storage capacity in the US at 5.779 GW, according to the data. Despite not completing any projects in Q2, ENGIE North America remained in second place with 3.662 GW, while AES Clean Energy Development remained in third place with 1.978 GW of capacity. The addition of IP Quantum II BESS, along with three other projects, moved Intersect Power into fourth place with 1.936 GW, according to the data. Rounding out the top five, the addition of Nighthawk Energy Storage in Q2 bumped Arevon Energy into fifth place with a total of 1.470 GW in operation. Looking ahead, NextEra Energy Resources is expected to add 585 MW in Q3, while AES Clean Energy Development has 50 MW slated to begin operations, according to the data. At the state level, Texas continues to lead the US in utility-scale battery storage capacity with 21.139 GW, followed by California with 16.380 GW, Arizona with 6.728 GW, Nevada with 1.704 GW and New Mexico with 1.299 GW, according to the data. Florida, which has 1.194 GW, is the only other state with more than 1 GW. There are 19 states that have between 100 MW and 1 GW, three states between 50 MW and 100 MW, while 14 states have less than 50 MW, leaving eight states with no battery storage capacity. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/en/research-insights/podcasts/look-forward/pressure-points-liquidity-complexity-and-the-rise-of-private-credit</link><description>Private credit has grown from a post-financial-crisis gap-filler into a roughly $2 trillion market â&amp;#x80;&amp;#x94; and with investor redemptions and AI disruption fears making headlines, it&amp;apos;s facing fresh scrutiny. Host Molly Mintz is joined by S&amp;amp;P Global Ratings&amp;apos; Matthew Mitchell, Managing Director for Structured Finance, and Evan Gunter, Managing Director and Head of Private Markets Research, to unpack where the real pressure points lie.</description><title>Look Forward | Episode 37: Pressure Points: Liquidity, Complexity, and the Rise of Private Credit</title><pubDate>17 August 2026 15:00:00 GMT</pubDate><author><name>Molly Mintz</name></author><content><![CDATA[ Look Forward 17 August 2026 Look Forward | Episode 37: Pressure Points: Liquidity, Complexity, and the Rise of Private Credit By Molly Mintz Private credit has grown from a post-financial-crisis gap-filler into a roughly $2 trillion market â and with investor redemptions and AI disruption fears making headlines, it's facing fresh scrutiny. Host Molly Mintz is joined by S&amp;P Global Ratings' Matthew Mitchell, Managing Director for Structured Finance, and Evan Gunter, Managing Director and Head of Private Markets Research, to unpack where the real pressure points lie. The Look Forward Podcast is powered by the S&amp;P Global Institute. The S&amp;P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&amp;P Global to provide insights on the trends reshaping markets, industries, and the global economy. Look Forward A changing world requires new insights, new analysis, and new approaches. Our clients require expertise and analysis that looks at the big picture. Explore More ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/060324-interactive-platts-global-bunker-fuel-cost-calculator</link><description>The 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.</description><title>Interactive: Platts global bunker fuel cost calculator</title><pubDate>14 August 2026 13:30:00 GMT</pubDate><author><name>Max Lin</name><name>Rowan Staden-Coats</name><name>Abhishek Anupam</name><name>Sophie Byron</name><name>Esther Ng</name><name>Megan Gildea</name><name>Santiago Canel Soria</name></author><content><![CDATA[ Aug 14, 2026 INTERACTIVE: Platts global bunker fuel cost calculator By Max Lin, Rowan Staden-Coats, Abhishek Anupam, Sophie Byron, Esther Ng, Megan Gildea, and Santiago Canel Soria Getting your Trinity Audio player ready... (Latest update Aug 14, 2026) The 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. Click here to explore in full-screen mode. Methanol blend Shipping firms are struggling to acquire sustainable methanol due to its scarcity, and some industry participants suggest blending the green fuel with existing gray methanol could alleviate the shortage for now. The Platts sustainable-gray methanol price slider uses the month average prices of delivered sustainable methanol bunker and FOB gray methanol in the US Gulf plus logistics cost to show a representation of the blended price of marine methanol. Biofuel blend Bioblends are emerging as the top choice as an alternative marine fuel for conventional ships as regulators introduce new rules to lower greenhouse gas emissions from shipping. The Platts UCOME-VLSFO price slider uses the month average prices of FOB Straits used cooking oil methyl ester plus logistics cost and delivered 0.5%S marine fuel oil to show a representation of the blended price of biobunker fuels. LNG blend LNG, with its accessibility and competitive pricing, has long been the most used alternative marine energy for shipowners willing to invest in alternative propulsion technology. A growing number of companies operating LNG-capable ships are introducing bio-LNG into their bunker mix for deep decarbonization, and market participants suggest the more expensive green fuel could be blended with fossil LNG -- possibly through mass balance -- for lower fuel expenses. The Platts bio-gray LNG bunker price slider uses monthly average delivered bunker prices of bio- and fossil LNG in Rotterdam to show a representation of the blended price of marine LNG. Further reading: INTERVIEW: EC approves Dutch state aid for ships running on green methanol, hydrogen China builds 8 mil mt/y green fuel capacity in 2025: NEA report ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/081126-brazilian-biodiesel-exports-gain-traction-as-alternative-to-domestic-instability</link><description>Brazilian biodiesel producers are paying closer attention to export opportunities and seeking the international certifications needed to access overseas markets, as they look to diversify routes for the biofuel amid domestic instability. Delays to scheduled increases in Brazil&amp;apos;s biodiesel blending mandate, rising idle capacity and the prospect of securing premiums abroad for biodiesel made with</description><title>Brazilian biodiesel exports gain traction as alternative to domestic instability</title><pubDate>11 August 2026 13:48:54 GMT</pubDate><author><name>Gabriela Brumatti</name></author><content><![CDATA[ Energy Transition, Maritime &amp; Shipping, Agriculture, Carbon, Vegetable Oils, Biofuels August 11, 2026 Brazilian biodiesel exports gain traction as alternative to domestic instability By Gabriela Brumatti Editor: Juan Tolentino Getting your Trinity Audio player ready... HIGHLIGHTS Brazil biodiesel exports in H1 up 20% on year Plants seek EU premiums for waste feedstocks Producers diversify amid domestic instability Brazilian biodiesel producers are paying closer attention to export opportunities and seeking the international certifications needed to access overseas markets, as they look to diversify routes for the biofuel amid domestic instability. Delays to scheduled increases in Brazil's biodiesel blending mandate, rising idle capacity and the prospect of securing premiums abroad for biodiesel made with lower carbon intensity and waste-based feedstocks are among the main reasons cited by Brazilian plants for the shift. However, many market participants are still working out how best to carry out such operations. In addition to having to seek certification to sell into foreign markets, these players are also grappling with challenges posed by volatility linked to global geopolitical conflicts, such as the war in the Middle East, which has driven up freight rates. The move toward foreign markets is already reflected in the latest data from Brazil's Secretariat of Foreign Trade (Secex). Between January and July 2026, Brazil exported about 76,000 cubic meters of biodiesel, more than 20% above the same period last year and well above volumes recorded over the previous three years. In recent years, the period between August and December has seen the strongest pace of biodiesel exports. Given that the flow for 2026 is already running above levels observed in previous years, if the country maintains its current export pace, it is possible that it will surpass historical highs. The data also shows a broader range of destinations. During the same period between 2022 and 2024, Brazilian biodiesel exports were concentrated in four or five global hubs. That number rose to six destinations in 2025, while exports this year have already reached nine different countries. However, the Netherlands, Switzerland and Belgium, which have been among the key destinations in recent years, continue to hold the largest share of exports. In July 2026, Brazilian exports were mainly concentrated in two shipments to the Netherlands, according to Secex figures. The larger shipment, totaling 6,000 cubic meters, originated in Lapa city in ParanÃ¡ state, where Potencial's plant is located, and was valued at $7.25 million. The second shipment departed from Candeias city in Bahia state, where Petrobras BiocombustÃ­vel (PBio) operates one of its plants, carrying 5,000 cubic meters and valued at $5.8 million. PBio has exported biodiesel on a recurring basis and is one of three market participants that have shipped the biofuel more regularly in 2026. The ParanÃ¡ cargo, meanwhile, points to the entry of new players into the export market, with Potencial seeking to diversify routes for its biodiesel. Low carbon intensity premiums Potencial is not alone. At least four other biodiesel producers in southern Brazil and the Center-West have approached brokers and sounded out the market as they seek to understand exports and begin structuring such operations, market sources told Platts. The main focus for these new entrants has been biodiesel produced from waste feedstocks, such as used cooking oil (UCO) and technical corn oil (TCO). Such products can command premiums of $20-$50 per metric ton in Europe due to their lower carbon emissions, according to market participants. Platts, part of S&amp;P Global Energy, assessed the Brazilian used cooking oil ex-works SÃ£o Paulo state price for one- to 20-day delivery at 5,200 reais/mt on Aug. 10, up 100 reais/mt day over day. Meanwhile, Brazilian technical corn oil ex-works Mato Grosso state price for one- to 20-day delivery was assessed at 6,340 reais/mt on Aug. 10, unchanged from the previous session. "We are interested in exporting and have already obtained certification for the European market to diversify our operations somewhat," said a producer from Mato Grosso state. "We plan to test the operation later this year, but it has to be biodiesel made from waste so we can secure the premium; otherwise, the operation isn't worthwhile." A brokerage company told Platts it is beginning to structure biodiesel export operations within its portfolio, driven by growing interest from local plants seeking to obtain quality and origin certificates and subsequently carry out mass balance analysis for exports to the European market. Brazilian distributors acknowledge that delays to biodiesel blending increase and demand growing more slowly than production have pushed plants to seek route diversification. They do not expect domestic supply shortages, as export volumes are still likely to remain marginal. However, they question how sustainable this operation will be in the long term. "Today, the economic landscape favors this operation, with the war in the Middle East creating conditions that boost biofuels and the domestic market failing to offer a premium for the product, but if these variables change, will this favorable economic scenario hold up to absorb the Brazilian biodiesel?" said a major distributor. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/refined-products/081226-brazil-signs-saf-mandate-adopts-worlds-first-policy-based-book-and-claim-system</link><description>Brazil signed a decree on Aug. 12 regulating its National Sustainable Aviation Fuel Program, or ProBioQAV, establishing the rules for the country&amp;apos;s SAF emissions-reduction mandate and creating what the government says is the world&amp;apos;s first book-and-claim mechanism incorporated into public policy. The SAF decree was one of four regulations signed by President Luiz InÃ¡cio Lula da Silva and Mines and</description><title>Brazil signs SAF mandate, adopts world&amp;apos;s first policy-based book-and-claim system</title><pubDate>12 August 2026 21:16:48 GMT</pubDate><author><name>Gabriela Brumatti</name><name>Vinicius Damazio</name><name>Monique Murer</name><name>Ana Paula Candil</name></author><content><![CDATA[ Energy Transition, Agriculture, Hydrogen, Biofuels, Carbon August 12, 2026 Brazil signs SAF mandate, adopts world's first policy-based book-and-claim system By Gabriela Brumatti, Vinicius Damazio, Monique Murer, and Ana Paula Candil Editor: Marieke Alsguth Getting your Trinity Audio player ready... HIGHLIGHTS ProBioQAV establishes SAF certification, book-and-claim mechanism ANP, Anac given 240 days to issue implementing regulations Government also establishes regulatory framework for CCUS Brazil signed a decree on Aug. 12 regulating its National Sustainable Aviation Fuel Program, or ProBioQAV, establishing the rules for the country's SAF emissions-reduction mandate and creating what the government says is the world's first book-and-claim mechanism incorporated into public policy. The SAF decree was one of four regulations signed by President Luiz InÃ¡cio Lula da Silva and Mines and Energy Minister Alexandre Silveira covering different areas of Brazil's energy transition. The other measures regulate carbon capture, utilization and storage, or CCUS, low-carbon hydrogen and the opening of the electricity market to low-voltage consumers. The ProBioQAV regulation establishes rules covering SAF production, certification, commercialization and traceability, as well as compliance with greenhouse gas emissions-reduction targets for Brazil's domestic aviation sector. Under Brazil's Fuel of the Future law, the targets will begin in 2027 and gradually increase to a 10% reduction in aviation emissions in 2037. Unlike a conventional volumetric blending mandate, the program establishes emissions-reduction requirements for airlines. The decree also establishes the National Sustainable Aviation Fuel Certification Program, requiring certification of SAF produced domestically or imported into Brazil and providing for traceability of the fuel and its environmental attributes throughout the supply chain. Brazil formalizes book-and-claim Among the most significant provisions is the creation of the SAF Sustainability Certificate, or CS-SAF, based on a book-and-claim methodology. The mechanism allows the environmental attribute associated with SAF to be traded separately from the physical fuel, potentially allowing SAF to be supplied where logistics and production economics are most favorable while its emissions-reduction attributes are transferred to another participant. According to the government, the mechanism is designed to improve SAF's logistical viability, facilitate its use across Brazilian airports and provide a system for registering, tracing and verifying emissions reductions. Brazil will become the first country to adopt book-and-claim as the basis of a public policy for the sector, the Mines and Energy Ministry said. The announcement confirms comments made earlier on Aug. 12 by LaÃ­s Forti Thomaz, chief of staff of the Ministry of Mines and Energy's National Secretariat for Petroleum, Natural Gas and Biofuels, during an energy industry event in SÃ£o Paulo state. "We are going to be the first country to have book-and-claim in a normative act," Thomaz said. "That is already settled; we managed to include it in the decree." Thomaz also said the government was working with the Finance Ministry to establish a dedicated Mercosur Common Nomenclature, or NCM, classification for SAF, while participating in international discussions aimed at "greening the Harmonized System." "SAF has to have differentiated tax treatment because it uses renewable biomass, and it has to receive that differentiation internationally as well," she said. Brazil's oil regulator, ANP, and civil aviation regulator, Anac, will have 240 days to issue the complementary rules necessary to make ProBioQAV operational. The government estimates Brazilian SAF production could reach 2.1 billion liters/year by 2030 and 3.6 billion liters/year by 2035. ProBioQAV alone could avoid more than 8 million metric tons of CO2 emissions over 10 years, while total SAF production could eventually reduce emissions by as much as 7.4 million metric tons/year, according to the Mines and Energy Ministry. CCUS framework advances A separate decree signed on Aug. 12 establishes conditions for carbon capture, pipeline transportation and geological storage activities in Brazil, regulating provisions of the 2024 Fuel of the Future law and creating a regulatory framework for CCS and CCUS projects. The framework places the ANP in charge of authorizing activities through two stages: research and evaluation of potential storage areas, followed by operations. It also establishes requirements covering monitoring and the closure of storage projects. The Mines and Energy Ministry, with support from state-owned energy research company EPE, will also develop a national infrastructure plan identifying and guiding the development of carbon capture, transportation and geological storage areas. The plan will be reviewed every two years. The regulation encourages infrastructure sharing between projects through open-access, transparency and non-discrimination provisions, potentially supporting the development of multi-user CCUS hubs. It also recognizes different carbon capture and storage technologies and requires operators to demonstrate the stability of stored CO2 before a project can be formally closed. Monitoring must continue for at least 20 years. The CCUS framework could have particular relevance for Brazil's biofuels industry as producers explore carbon capture as an additional pathway to reduce the lifecycle carbon intensity of renewable fuels. The government also signed regulations implementing Brazil's low-carbon hydrogen policy and opening the free electricity market to low-voltage consumers. Separately, Brazil was confirmed this week as co-chair of the Council of the Global Biofuels Alliance alongside India. Brazil will also join Italy and Kenya on the organization's Executive Committee. The GBA, founded in 2023, comprises 34 countries and 14 international organizations and aims to expand biofuel production and consumption, market development, technical cooperation and sustainability initiatives. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/081426-asian-edible-oil-majors-focused-on-food-markets-biofuel-saf-strategies-absent</link><description>Recent disclosures from Singapore-listed Wilmar International and China&amp;apos;s Yihai Kerry Arawana Holdings show Asia&amp;apos;s largest edible oil processors remain focused on food and feed markets, even as regional demand grows for biodiesel and sustainable aviation fuel feedstocks. Wilmar&amp;apos;s first-half 2026 investor presentation from Aug. 12 focused on palm oil production, soybean crushing and sugar milling</description><title>Asian edible oil majors focused on food markets; biofuel, SAF strategies absent</title><pubDate>14 August 2026 15:36:21 GMT</pubDate><author><name>Samyak Pandey</name><name>Aditya Kondalamahanty</name></author><content><![CDATA[ Agriculture, Energy Transition, Biofuels, Vegetable Oils, Oilseeds, Sugar, Food, Livestock, Renewables August 14, 2026 Asian edible oil majors focused on food markets; biofuel, SAF strategies absent By Samyak Pandey and Aditya Kondalamahanty Editor: Anoop Menon Getting your Trinity Audio player ready... HIGHLIGHTS Palm oil giants focus on food markets Wilmar revenue rises despite output drop No biofuel strategies announced by firms Recent disclosures from Singapore-listed Wilmar International and China's Yihai Kerry Arawana Holdings show Asia's largest edible oil processors remain focused on food and feed markets, even as regional demand grows for biodiesel and sustainable aviation fuel feedstocks. Wilmar's first-half 2026 investor presentation from Aug. 12 focused on palm oil production, soybean crushing and sugar milling performance, while Yihai Kerry Arawana's June 30 sustainability disclosure centered on governance and financial reporting. Neither outlined new investments, targets or strategies for biofuels, renewable diesel or SAF. The omission is notable as Asia becomes a larger supplier of vegetable oils for biodiesel, hydrotreated vegetable oil and SAF, with airlines and refiners seeking low-carbon feedstocks. Palm prices offset weaker production Wilmar said its oil palm plantation revenue rose 3% year over year to $1.14 billion in H1 despite a 6% decline in fresh fruit bunch production to 1.92 million metric tons. Wilmar attributed the increase to higher palm oil prices. Crude palm oil production fell 4% year over year to 715,828 mt, while palm kernel output declined 5% to 166,847 mt as Indonesian plantation yields weakened. The company's crude palm oil extraction rate was 19.8%, up from 19.4% a year earlier. Plantation revenue rose to $1.136 billion from $1.107 billion a year ago. China feed demand supports crushing Wlmar said China's feed and food markets remained strong, with soybean crushing benefiting from livestock demand. It did not disclose dedicated renewable fuel feedstock volumes or biodiesel demand growth. In contrast, rising biodiesel mandates in Indonesia, Malaysia and other Asian countries have increasingly linked vegetable oil prices to transport fuel demand. Yihai Kerry's filing similarly contained no discussion of biodiesel or SAF opportunities despite a significant position in China's edible oils market. Biofuel demand secondary The disclosures suggest food, feed and commodity trading still drive edible oil economics rather than transport fuel demand, despite stronger biofuel policies in Asia. Indonesia continues to expand its biodiesel program, while SAF mandates are emerging across aviation markets, including Singapore, Japan and South Korea. The lack of biofuel strategies among the two edible oil processors suggests fuel demand is not yet a major driver, even as palm and other vegetable oils remain critical biodiesel and SAF feedstocks globally. Platts, part of S&amp;P Global Energy, assessed CPO CFR WC India at $1,240/mt on Aug. 14 for August loading, up $2.50/mt from Aug. 13. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/signs-of-strength-and-signs-of-tension-persist-in-private-credit-s101701051</link><description>This report does not constitute a rating action. Although direct lending continues to experience robust performance in the second quarter, with broad growth in both revenue and earnings, we think that underlying risks are building. Macro factors such as monetary policy and the potential for rate hikes, and inflationary pressures--combined with concerns in private credit, including software exposure, potential AI disruption, and rising redemption requests to business development companies (BDCs)-</description><title>Signs Of Strength And Signs Of Tension Persist In Private Credit</title><pubDate>13 August 2026 18:11:52 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/081426-brazil-targets-b20-approval-by-early-2027-as-producers-push-for-higher-blends</link><description>Brazil&amp;apos;s Ministry of Mines and Energy expects to complete technical feasibility tests for biodiesel blends up to 20% in diesel by February 2027, with potential regulatory approval at that time or by August 2027 if specification adjustments are required, as biodiesel producers argue the timeline is already behind schedule and push for immediate increases to 16% or higher. The testing program began</description><title>Brazil targets B20 approval by early 2027 as producers push for higher blends</title><pubDate>14 August 2026 15:55:27 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Refined Products, Crude Oil, Energy Transition, Biofuels, Oilseeds, Diesel-Gasoil, Vegetable Oils, Gasoline, Renewables August 14, 2026 Brazil targets B20 approval by early 2027 as producers push for higher blends By Samyak Pandey Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS Brazil targets B20 approval by early 2027 Producers push for immediate B16 increase Idle capacity exceeds 30% amid delays Brazil's Ministry of Mines and Energy expects to complete technical feasibility tests for biodiesel blends up to 20% in diesel by February 2027, with potential regulatory approval at that time or by August 2027 if specification adjustments are required, as biodiesel producers argue the timeline is already behind schedule and push for immediate increases to 16% or higher. The testing program began in August and evaluates blends from B16 to B20 in the first phase, with a second phase covering B21 to B25, Lorena Mendes, director of the Ministry of Mines and Energy's Biofuels Department, said Aug. 12 during Biodiesel Week, an industry event organized by the Brazilian Union of Biodiesel and Bio-kerosene, according to local media reports. Brazil currently mandates a 15% biodiesel blend in diesel, known as B15, and the Fuel of the Future law proposes progressive 1-percentage-point annual increases until reaching B20 in 2030. "By February 2027, we should finalize the entire execution phase of the testing plan and have the final report, which could lead to two major scenarios," Mendes said. "The first is direct approval, or we could also have regulatory recommendations, adjustments to the specification, and in this scenario, the expectation is around August 2027." Biodiesel producers said the timeline falls short of expectations, and the country could already adopt an 18% blend by 2027. The sector is facing idle capacity exceeding 30% and has argued that delays in implementing blend increases are among the factors pressuring margins. The sector attempted to implement B17 to alleviate rising fuel prices following the escalation of the war in the Middle East. In July, biodiesel producers delivered a letter arguing that Brazil is experiencing the most favorable moment to increase from the current 15% blend to B17, with the availability of raw materials and other supporting factors. The Parliamentary Biodiesel Front and sectoral associations Abiove, Aprobio and Ubrabio argued that increasing the share of biofuels reduces Brazil's exposure to international oil market fluctuations, increases security of supply and creates an important buffer against fuel price volatility. Brazil's soybean crushing reached 65 million mt in marketing year 2026-27, driven primarily by surging domestic biofuel demand as the country's biodiesel blend mandate increased to B15 in mid-2025, with soybean oil comprising nearly three-quarters of feedstocks used in the nation's biodiesel production. The testing program aims to provide technical data to support future decisions by the National Energy Policy Council regarding increasing the share of biodiesel in diesel. The strategy allows for progressive evaluation of different percentages, with tests for B20 covering blends between 16% and 20% biodiesel, and the B25 stage covering blends between 21% and 25% biodiesel. Mendes said the biodiesel case differs from recent litigation regarding anhydrous ethanol blending in gasoline. Although the decision for E32 had technical support, it was anchored in the upper limit of the E30 test margin and justified by the global gasoline market situation amid the war in the Middle East, she said. In the case of biodiesel, the tests will directly focus on the 20% content, more robustly supporting the National Energy Policy Council, according to Mendes. In Brazil, Platts, part of S&amp;P Global Energy, assessed soybean oil FOB ParanaguÃ¡ for September loading at $1,196.89/mt on Aug.13, up 66 cents/mt from Aug.12. Brazil's October market also moved higher. Platts assessed soybean oil FOB ParanaguÃ¡ for October loading at $1,191.82/mt, up 88 cents/mt from Aug. 12. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/lng/081426-us-seeks-further-changes-to-eu-due-diligence-law-ambassador</link><description>The US remains critical of measures in the EU&amp;apos;s major due diligence regulation that cover companies outside the EU, the US Ambassador to the EU said Aug. 14, despite a recent push from Brussels to simplify the law. &amp;quot;Extraterritorial provisions harm American businesses and workers, but it is not just the US that will suffer,&amp;quot; Ambassador Andrew Puzder wrote in a post on the social media platform X,</description><title>US seeks further changes to EU due diligence law: ambassador</title><pubDate>14 August 2026 16:10:00 GMT</pubDate><author><name>Matt Hoisch</name></author><content><![CDATA[ Energy Transition, Natural Gas, LNG, Crude Oil, Refined Products, Emissions, Carbon August 14, 2026 US seeks further changes to EU due diligence law: ambassador By Matt Hoisch Editor: Jonathan Fox Getting your Trinity Audio player ready... HIGHLIGHTS Government comments urge limited application, fines US has previously said law could hit EU energy partnerships EC says rules framework, regulatory autonomy not 'up for negotiation' The US remains critical of measures in the EU's major due diligence regulation that cover companies outside the EU, the US Ambassador to the EU said Aug. 14, despite a recent push from Brussels to simplify the law. "Extraterritorial provisions harm American businesses and workers, but it is not just the US that will suffer," Ambassador Andrew Puzder wrote in a post on the social media platform X, formerly known as Twitter. "Unless the EU changes course, these directives will burden EU and non-EU businesses of all sizes -- and European consumers are the ones who will ultimately foot the bill," he said. The US has previously said the EU's Corporate Sustainability Due Diligence Directive could impact "long-term energy partnerships" with EU member states. Since then, the EU concluded a year-long push to simplify the law. The changes, which won final approval from the EU Council in February, narrowed the application to non-EU companies with a net annual turnover of more than â¬1.5 billion ($1.7 billion) in the EU. Among other changes, EU lawmakers removed an obligation on companies to prepare climate transition plans, lowered the cap on maximum penalties, and pushed the compliance deadline back from July 2027 to July 2029. Continued contention Puzder's post signaled the US's continued contentions with the law. The ambassador included a link to the US government's formal comments on the EU's CSDDD guidelines. The US said in the comments that the recent simplification push covering the CSDDD and another law, the corporate sustainability reporting directive, were "positive" but did not fully address its concerns. "The directives' extraterritorial reach and costly and onerous supply chain due diligence obligations will adversely impact the ability of US businesses to compete on a level playing field in the EU market," it said. The government argued that the regulation risks "unduly" burdening US companies. Among its requests, it urged the EU and member states to limit the application to EU subsidiaries of US businesses or the EU business partners of US firms. It also called for the EU and its member states to prohibit fines on US businesses or their EU subsidiaries based on revenue generated outside the EU. The CSDDD allows for fines up to 3% of a company's net global turnover. A spokesperson for the European Commission told Platts, part of S&amp;P Global Energy, on Aug. 14, "On non-tariff-related issues, the EU has invested considerable efforts in explaining its rules and highlighting its willingness to cooperate with the US to increase trade where possible, in full respect of its legislative and regulatory framework. We have been very clear and consistent on the fact that neither our rules framework nor our regulatory autonomy are up for negotiation." The US is the EU's largest LNG supplier. It has shipped about 37.2 million metric tons to the EU so far in 2026, according to data from S&amp;P Global Energy CERA. This represents 59% of the EU's year-to-date imports. At the same time last year, the US had supplied about 56% of the EU's imports, according to CERA. Platts assessed the DES Northwest Europe LNG marker at $20.255/million British thermal units on Aug. 13, up 0.6% day over day. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/080726-rosatom-rare-earth-phytomining-plausible-but-commercially-premature-expert</link><description>Russian 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&amp;apos;s self-declared milestone still lacks peer review, detailed public data and industrial performance testing. While Rosatom&amp;apos;s June announcement is scientifically plausible, it is &amp;quot;most certainly commercially premature,&amp;quot; Daniel O&amp;apos;Connor,</description><title>Rosatom rare earth phytomining plausible but commercially premature: expert</title><pubDate>07 August 2026 17:20:21 GMT</pubDate><author><name>Katya Bouckley</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Agriculture, Non-Ferrous, Ferrous, Renewables, Biofuels August 07, 2026 Rosatom rare earth phytomining plausible but commercially premature: expert By Katya Bouckley Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS Rosatom claims 65%-85% REE recovery rates Technology said to require peer review, granular data Russian 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, co-founder and CEO of Utah-based Rare Earth Exchanges, told Platts. "The reported laboratory recoveries of 65%-85% have not yet been independently validated or supported by published mass balances or commercial-scale data. We, of course, need peer review first, even at the academic or experimental stage." Rosatom on June 30 said it had tested a few of the 22 plant species known for their ability to absorb REEs from soil and accumulate them in stems and leaves. It said it focused on identifying those with the highest phytoextraction potential and rapid growth, while also designing chelating agents that could enhance phytoextraction. Using such plants, known as hyperaccumulators, across industrial waste dumps and tailings opens opportunities to obtain additional volumes of rare earth metals with minimal capital investment, it added. Also, unlike conventional mining, which is energy-intensive, disrupts landscapes, and generates toxic waste, phytomining relies on photosynthesis and minimizes land disturbance, it said. Plants were cultivated on tailings of Rosatom's Lovozero operations in Murmansk oblast, the only site in Russia where ore containing rare earth elements is mined, Rosatom said. But the most convincing results have been achieved with phosphogypsum substrate from industrial waste disposal sites across Russia, it added. From plants grown on phosphogypsum, its researchers extracted rare earth elements lanthanum, cerium, neodymium and samarium, as well as rare metals niobium and tantalum, achieving 65%-85% recovery rates, the company said. Constraints O'Connor said many phytomining announcements have surfaced over the years, but headlines have yet to translate into real-world production at scale. He also sees the technology as a promising area of research, but highlights limitations that phytoextraction developers have to overcome to make it economically useful as a complement to the established mine-to-magnet supply chain. "Hyperaccumulator plants can absorb bioavailable rare earth ions from mine tailings, phosphogypsum and contaminated soils, but harvesting the plants is only the beginning," O'Connor said. "The resulting biomass still requires drying, incineration, leaching, impurity removal, solvent extraction, and separation into individual rare earth oxides." The valuable output from the process is small due to constraints such as slow biological uptake, species-specific metal accumulation, land requirements, and the continued need for sophisticated downstream separation, of which China remains the primary center, said O'Connor. He added that studies suggest recoveries measured in tens to hundreds of kilograms of rare earths per hectare annually under favorable conditions â far below the scale required to materially alter global supply. Despite having access to domestic sources of REE-bearing waste, Rosatom said the technology's primary potential lies in deployment abroad, at surface sources of rare-earth metals, and added that collaboration with foreign partners was ongoing, without specifying locations. In the future, recovering value while remediating mine waste or disturbed ion-adsorption clay deposits in southern China, Southeast Asia, Brazil and similar tropical-weather environments could be the most likely application of phytomining, according to Rare Earth Exchanges. Platts, part of S&amp;P Global Energy, last assessed neodymium-praseodymium oxide â the core raw material for high-strength permanent magnets â at $112/kilogram FOB China July 31, up $2/kg from June 30. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/081326-german-biofuel-biomethane-future-curves-backwardated-on-gas-prices-thg-carryover</link><description>The markets for German biofuel tickets and biomethane GOs have felt the effects of a backwardated gas forward curve, with expectations of additional THG supply further pressuring 2027 discounts. The natural gas forward curve has been consistently backwardated since the outbreak of the war between the US and Iran, with Q4 2026 prices trading at a premium to Q1 2027 delivery for both the Dutch TTF</description><title>German biofuel, biomethane future curves backwardated on gas prices, THG carryover</title><pubDate>13 August 2026 16:01:02 GMT</pubDate><author><name>Irina Breilean</name><name>Rebecca Li</name></author><content><![CDATA[ Agriculture, Natural Gas, Electric Power, Energy Transition, Biofuels, Renewables, Emissions August 13, 2026 German biofuel, biomethane future curves backwardated on gas prices, THG carryover By Irina Breilean and Rebecca Li Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS Germany front-year manure GOs at discounted values Backwardated gas curve fuels 2027 discounts THG carryover expectations amplify effects The markets for German biofuel tickets and biomethane GOs have felt the effects of a backwardated gas forward curve, with expectations of additional THG supply further pressuring 2027 discounts. The natural gas forward curve has been consistently backwardated since the outbreak of the war between the US and Iran, with Q4 2026 prices trading at a premium to Q1 2027 delivery for both the Dutch TTF and German THE. This comes amid supply curtailments with the European injection season in full swing as the effective closure of the Strait of Hormuz continues. Storage levels across Europe stood at 59.32% as of Aug. 12, according to Gas Infrastructure Europe. This is 12.99 percentage points lower compared to the same time last year. A backwardated curve typically offers fewer incentives for traders to purchase volume to fill stores. This has had knock-on effects on the German biomethane market, with bid and offer levels for 2026 unsubsidized manure GOs heard at a premium to bid-offers for 2027 production. "Gas is circa 3-4 euros higher in 2026," a biomethane trader said. "The market is not as deep in calendar 2026 as in calendar 2027, as we are already in middle of August." Biomethane GOs are typically traded alongside the gas value. Prices for the underlying certificate leg of the transaction can drop when fossil gas rises, driven by a mix of factors, including demand destruction as buyers switch to more efficient fuels, shifts in portfolio strategies, and a weakening appetite for green derivatives if there are no compliance requirements. A second trader also attributed the backwardated German biomethane curve to gas prices, adding that expectations of an increase in biofuel ticket supply in 2027 were further exacerbating the situation. The greenhouse gas reduction quota, known as THG, requires fossil suppliers in Germany to reduce emissions against a pre-established reference value. The recently Bundestag-approved Second Act to Further Develop the GHG Quota is set to increase obligations from 2027 onwards, requiring counterparties to reduce emissions by 65% by 2040. Additionally, an estimated 11 million metric tonnes of frozen THGs are scheduled to flood back into the compliance market following the expiration of the regulatory ban that suspended quota carryovers from the 2024 and 2025 compliance years. Despite this impending influx of carryover tickets, the market expects these volumes to be absorbed well beyond 2027, with several obligated parties already rolling their 2024 surpluses out into 2028. This has pressured forward biofuel ticket prices for the German quota, with Platts hearing bid-offers for 2027 production about 20-21% lower compared to 2026 tickets. The effect has also been felt in the biomethane market, albeit less stridently, with biomethane GOs for German unsubsidized manure heard bid and offered 1-3% lower for 2027 delivery compared to 2026 equivalents. This is because biomethane can be used to generate compliance tickets under the THG quota. Platts, part of S&amp;P Global Energy, last assessed THG-Other current year at â¬525.00/mtCO2e on Aug. 13, a record high since assessments began in November 2025. Platts also assesses a wide range of biomethane GOs, including certificates generated from Dutch and Danish manure. These were last assessed at â¬149.9750/MWh and â¬95.025/MWh, respectively, on Aug. 13. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/081326-brussels-defends-cbam-after-us-ambassadors-protectionism-claim</link><description>The European Commission has rejected US Ambassador to the EU, Andrew Puzder&amp;apos;s labeling of its Carbon Border Adjustment Mechanism as protectionism, insisting the measure is a climate tool designed to prevent carbon leakage rather than a disguised tariff. A commission spokesperson said Aug. 13 that CBAM differs fundamentally from traditional tariffs because it applies equally to all countries based</description><title>Brussels defends CBAM after US ambassador&amp;apos;s protectionism claim</title><pubDate>13 August 2026 10:22:54 GMT</pubDate><author><name>Eklavya Gupte</name></author><content><![CDATA[ Energy Transition, Metals &amp; Mining, Electric Power, Emissions, Carbon, Ferrous, Non-Ferrous, Hydrogen August 13, 2026 Brussels defends CBAM after US ambassador's protectionism claim By Eklavya Gupte Editor: Anoop Menon Getting your Trinity Audio player ready... HIGHLIGHTS EC says CBAM applies equally to countries based on emissions Puzder said cites EU's double standard Several countries have criticized EU'c CBAM The European Commission has rejected US Ambassador to the EU, Andrew Puzder's labeling of its Carbon Border Adjustment Mechanism as protectionism, insisting the measure is a climate tool designed to prevent carbon leakage rather than a disguised tariff. A commission spokesperson said Aug. 13 that CBAM differs fundamentally from traditional tariffs because it applies equally to all countries based on verified embedded emissions and imposes low or zero obligations on low-carbon goods. "The commission does not share the characterization of CBAM as a tariff," the spokesperson told Platts, part of S&amp;P Global Energy, Aug. 13. "It is non-discriminatory, WTO-compatible, and applies equally to all third countries based on verified embedded emissions, irrespective of origin." The response follows Puzder's Aug. 12 opinion piece in The Financial Times, in which he argued CBAM mirrors the trade barriers Brussels criticizes in US measures. "We therefore do not agree with comparisons with unilateral tariff measures," the spokesperson said. Climate measure defense The commission emphasized that CBAM ensures imported goods face the same carbon price as EU producers under the EU emissions trading system, supporting global decarbonization efforts. Crucially, any carbon price already paid in a third country for embedded emissions can be deducted from the CBAM obligation, preventing double payment for the same emissions. These remarks highlight growing transatlantic tensions over industrial trade policy even as an EU-US tariff deal entered into force on July 1, making permanent a temporary 15% US import duty on most EU goods. "Protesting against US national security measures while erecting protectionist barriers reveals a striking double standard," Puzder had said. "CBAM differs in form but not in substance." The definitive phase of CBAM began Jan. 1, 2026, following a transitional reporting period. The mechanism targets imports of goods from the iron and steel, aluminum, cement, hydrogen, fertilizers and electricity sectors, aiming to prevent carbon leakage where companies relocate production to regions with weaker climate policies. The EU's CBAM aims to prevent carbon leakage by ensuring imported goods face similar carbon costs to those produced within the EU, potentially affecting trade flows of carbon-intensive products. Trade tensions Puzder had drawn direct parallels between CBAM and America's Section 232 tariffs on steel, aluminum and copper derivatives, calling both measures protectionist despite different framing. His comments highlight escalating transatlantic trade tensions as an EU-US tariff deal that entered force July 1 made permanent a 15% US import duty on most EU goods. Many developing countries have criticized carbon border taxes in recent years. Russia launched a formal WTO dispute against CBAM and the EU ETS in 2025, calling them "discriminatory." China has raised concerns within the WTO but filed no official complaint. BRICS leaders have repeatedly condemned unilateral climate-linked trade measures as discriminatory protectionism. The EU maintains CBAM complies with WTO rules by creating a level playing field without creating trade barriers. Carbon prices vary significantly because different regions use independent compliance systems, caps and political frameworks with little global alignment. Carbon permits in Europe are currently almost three times more expensive than compliance prices in parts of the US. Platts assessed EU Allowances for December 2026 at â¬81.91/metric ton of carbon dioxide equivalent ($94.49/mtCO2e) on Aug. 12. This compares with the California Carbon Allowance price for December 2026, which was valued at $33.42/mtCO2e on Aug. 12, Platts data showed. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081326-brazilian-biomethane-producers-race-to-issue-first-cgob-certificate</link><description>Brazilian biomethane producers are racing to issue the first compliance certificate, called the CGOB, which is expected this year under a new program aimed at decarbonizing the natural gas sector. &amp;quot;Brazil has the potential to become the world&amp;apos;s biggest biomethane producer, and we need to leverage this,&amp;quot; Tayane Vieira, head of Environmental, Social, and Governance at biomethane producer Grupo Urca</description><title>Brazilian biomethane producers race to issue first CGOB certificate</title><pubDate>13 August 2026 21:42:18 GMT</pubDate><author><name>Felipe Peroni</name><name>Beatriz Baltieri</name></author><content><![CDATA[ Energy Transition, Natural Gas, Electric Power, Agriculture, Renewables, Biofuels, Carbon August 13, 2026 Brazilian biomethane producers race to issue first CGOB certificate By Felipe Peroni and Beatriz Baltieri Editor: Valarie Jackson Getting your Trinity Audio player ready... HIGHLIGHTS Natural gas firms face 0.5% mandate by 2026 Dual compliance and voluntary markets emerge Brazilian biomethane producers are racing to issue the first compliance certificate, called the CGOB, which is expected this year under a new program aimed at decarbonizing the natural gas sector. "Brazil has the potential to become the world's biggest biomethane producer, and we need to leverage this," Tayane Vieira, head of Environmental, Social, and Governance at biomethane producer Grupo Urca Energia, said Aug. 11, at the 13th Biogas Forum in SÃ£o Paulo. At least four biomethane producers already fulfill the requirements to issue the CGOB certificates, and are negotiating with potential buyers. There is a growing expectation about who will reach the milestone of becoming the first CGOB issuer, participants at the event said. Brazilian gas producers and importers will be required to purchase guarantees of origin for biomethane when the program is fully implemented, with a requirement of 0.5% of annual volumes starting in 2026 â the first year's target will be proportional to the date of the first issuance. State-controlled Petrobras is expected to have the biggest mandate, as the country's largest gas producer. "This volume will be the equivalent of 500,000 cubic meters/day," Fernando Giachini Lopes, director of accreditation body Instituto Totum, said Aug. 12. The percentage will increase gradually over time, depending on how biomethane supply improves. The program's long-term goal is for biomethane production to reach 10% of the total gas supply. Currently, Brazil has 21 biomethane plants in operation, with an additional 42 planned. Production reached 78.6 million cubic meters in the first half of 2026, up from 50.8 million cubic meters in the same period in 2025, according to the national oil, gas and biofuel regulator, ANP. The program was established by a law in October 2024, but ANP's resolution detailing the procedures for issuing, certifying and negotiating CGOBs was issued only in March 2026, with the mandate expected to come into effect the same year. ANP established that biomethane must contain at least 90% methane; below this threshold, CGOB issuance will not be authorized. Regulation gaps At this time, there are still significant gaps in the regulation, making it unclear how these certificates will be traded. For a producer to be certified for CGOB emissions, it needs to be audited by an origin certification agent, or ACO. Currently, six companies are approved by the regulator as ACOs, but the scope of the auditing process has yet to be defined. Auditing will require on-site inspections and verification of the raw materials used, leading some certifying agents to speed up audits before knowing the full scope, according to several sources. In addition, the government system for filing and verifying the target's compliance is still under development and is expected to come online by September, according to market participants. Until then, certificate issuance is not possible. Two markets, one certificate Adding spice to the mix, the structure of the CGOB's certificates market is unlike any other existing guarantee-of-origin market because the obligation to purchase such certificates will fall on natural gas producers and importers, rather than consumers. As a result, the program envisions that the certificates could remain in circulation in the voluntary market after the regulatory clearance, until they are eventually retired by a consumer. It is unclear to market participants how this dual process will affect prices. "There is expectation of gains from both the compliance component and the voluntary component of the certificate," said Sergio Arosti, director of energy value at biomethane producer SolvÃ­. Lessons from the past The CGOB program was born in the shadow of the Renovabio, an existing program that aims to incentivize renewable fuels. It created the Decarbonization Credit, or CBIO, which fuel distributors must purchase from biofuel producers. Each CBIO is equivalent to one metric ton of CO2 emission avoided, according to a calculation methodology developed by ANP. But the credit has been facing tight liquidity and historically low prices. Platts' daily assessment of CBIO came to 22.25 reais/metric ton of CO2 equivalent Aug. 12, unchanged from the previous day, but down by 27 reais/metric ton of CO2e Aug. 3. Among the involved parties, there is a clear effort to avoid some of the previous program's mistakes. "ANP sought to leverage the experience gained from RenovaBio when developing the regulatory framework for CGOB," the agency told Platts on Aug. 11. "One example is the adoption of mechanisms aimed at regulatory proportionality, concentrating compliance obligations on agents with a larger market share." Natural gas producers with annual volumes of up to 160,000 cubic meters/day will be exempt from compliance targets. But there is already controversy, as many biomethane producers, being fuel suppliers, also issue CBIO credits. These producers say that issuing both CBIO and CGOB in the same sale would not constitute double counting. "It is a pacified question that producers are allowed to issue both the credit and certificate from the same biomethane sale," Vieira said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/081026-asia-pacific-needs-linear-policy-targets-to-scale-saf-mandate-neste-executive</link><description>Asia-Pacific&amp;apos;s diverse policy environment prevents a unified EU-style SAF mandate, but country-specific, progressively rising targets rather than the EU&amp;apos;s stepped model present the most effective route for scaling sustainable aviation fuel, Stephen Bartholomeusz, senior executive at Neste Singapore, told Platts, part of S&amp;amp;P Global Energy. The structural difference between the EU and Asia-Pacific</description><title>Asia Pacific needs linear policy targets to scale SAF mandate: Neste executive</title><pubDate>10 August 2026 11:57:24 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Crude Oil, Energy Transition, Refined Products, Biofuels, Vegetable Oils, Renewables, Jet Fuel August 10, 2026 Asia Pacific needs linear policy targets to scale SAF mandate: Neste executive By Samyak Pandey Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Singapore's levy model stands out among global frameworks National policies emerge from 1% to 5% by 2032 Feedstock protectionism threatens industry growth Asia-Pacific's diverse policy environment prevents a unified EU-style SAF mandate, but country-specific, progressively rising targets rather than the EU's stepped model present the most effective route for scaling sustainable aviation fuel, Stephen Bartholomeusz, senior executive at Neste Singapore, told Platts, part of S&amp;P Global Energy. The structural difference between the EU and Asia-Pacific is fundamental to understanding why a harmonized regional framework remains unlikely, Steven Bartholomeusz, head of Public and Regulatory Affairs, Asia Pacific at Neste, said Aug. 4. "The EU operates as a supranational entity with legally binding regulations. The Commission drafts policy, it goes to Parliament, then Council, and it becomes law," he said. "ASEAN, by contrast, is decentralized. Decisions are reached through dialogue and consensus, but implementation comes down to individual countries." Individual mandates emerging across the region Rather than a unified bloc-wide mandate akin to ReFuelEU's 2% SAF target in 2025 rising to 6% by 2030, Bartholomeusz said Asia-Pacific will see a patchwork of national policies reflecting each market's stage of development. He cited Singapore's 1% SAF target commencing in 2027, Japan's 5% SAF blend from 2032 for selected airports, and 1% mandates either implemented or announced in Indonesia, India, South Korea, and Thailand as evidence that the region is moving, albeit unevenly. Australia's approach, he noted, is currently incentive-led, anchored by a $1.1 billion Future Made in Australia Fund tied to its Cleaner Fuels Program. "All of these individual countries actually kicking off and bringing in regulation is really critical for the growth of the SAF market," Bartholomeusz said, while cautioning that building a harmonized government consensus across the Asia-Pacific region "could be challenging" given its diversity of cultures and economic development stages. He highlighted Singapore's levy-based model, administered by the Civil Aviation Authority of Singapore across four geographic fare bands with lower charges for economy passengers than business class, as a genuinely unique approach among global frameworks. But he argued the more important lesson from Europe is structural: policy should escalate in a straight line rather than in step-function plateaus. "If there's a learning from Europe, what's critical to ramping up production, is a linear mandate, rather than a step model where you hold at one target for five or six years before jumping up," he said, citing South Korea's and Thailand's roadmaps as closer to this linear approach. Mandates, voluntary demand must work together Bartholomeusz said policy-driven demand, whether mandates, incentives, or a blend of both, remains the foundation for scaling SAF, but voluntary corporate demand is equally necessary to build a durable market. He cited the Association of Asia Pacific Airlines' commitment to a 5% SAF target by 2030 as an example of voluntary momentum building alongside regulation. "Decarbonizing aviation cannot be the responsibility of one stakeholder. It requires governments to develop policy, airlines to adopt SAF, and businesses to pursue voluntary demand for their travel and freight," he said. He linked demand certainty directly to Neste's own investment decisions, pointing to the company's expansion of its Singapore refinery, which doubled its renewable fuel capacity from 1.3 million metric tons to 2.6 million mt, including 1 million mt of dedicated SAF output, backed by a â¬1.65 billion investment. He noted ICAO estimates the global aviation industry will require up to $3,200 billion in cumulative investment to reach net-zero emissions by 2050, a figure he said underscores why both mandated and voluntary demand signals are essential to unlocking capital at that scale. Feedstock protectionism flagged as regional risk On infrastructure, Bartholomeusz emphasized that SAF is fundamentally a "drop-in" fuel compatible with existing pipelines, storage and aircraft engines, meaning the primary technical constraint is the ASTM-approved blending ratio for the different SAF production pathways â currently capped at 50% for HEFA-based SAF. He said readiness instead requires coordinated planning between regulators, fuel suppliers, airport operators and airlines, pointing to Neste's Rotterdam refinery expansion, which will lift total biofuel capacity to 6.8 million mt by the end of 2027, including more than 2 million mt of annual SAF production capability. He cautioned against the growing trend of feedstock protectionism in the region, warning that used cooking oil, animal fats and other feedstocks act as global commodities similar to crude oil. "Any form of protectionism or restriction that limits feedstock to domestic-only use will be to the detriment of the industry," he said. Lower oil prices unlikely to derail the policy push Asked whether declining crude oil prices after the recent easing of Middle East tensions might dampen governments' urgency on biofuel mandates, Bartholomeusz said he does not expect momentum to slow. He cited renewable diesel's 75%-95% and SAF's 80% lifecycle emissions reductions as enduring decarbonization benefits, regardless of oil price cycles, alongside fuel security, job creation and local economic gains. "These biofuels are drop-in solutions, they can be used across vehicles, planes, data centers, heavy transport and construction to decarbonize today," he said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/080726-gevo-scraps-clean-jet-fuel-carbon-capture-project-in-south-dakota</link><description>Gevo Inc. has canceled plans to build a multibillion-dollar clean jet fuel plant in Lake Preston, South Dakota, after struggling to line up CO2 transportation and storage infrastructure for the facility. The alternative fuels company is formally scrapping the dormant project, called ATJ-60, along with other &amp;quot;noncore project activities,&amp;quot; executives said during an Aug. 6 earnings call. Instead, the</description><title>Gevo scraps clean jet fuel, carbon capture project in South Dakota</title><pubDate>07 August 2026 18:39:21 GMT</pubDate><author><name>Siri Hedreen</name></author><content><![CDATA[ Refined Products, Agriculture, Energy Transition, Jet Fuel, Emissions, Carbon, Biofuels, Renewables August 07, 2026 Gevo scraps clean jet fuel, carbon capture project in South Dakota By Siri Hedreen Editor: Kassia Micek Getting your Trinity Audio player ready... HIGHLIGHTS Records $176 million impairment charge Shifts focus to North Dakota plant upgrade Gevo Inc. has canceled plans to build a multibillion-dollar clean jet fuel plant in Lake Preston, South Dakota, after struggling to line up CO2 transportation and storage infrastructure for the facility. The alternative fuels company is formally scrapping the dormant project, called ATJ-60, along with other "noncore project activities," executives said during an Aug. 6 earnings call. Instead, the company aims to focus on expanding and upgrading its North Dakota ethanol and carbon capture operations. As a result of the decision, Gevo recorded a $176 million noncash impairment charge during the second quarter. The company also raised its adjusted EBITDA guidance for 2026 to more than $60 million, from $30 million. The improved outlook reflects higher anticipated revenue in the US from the Section 45Z tax credit for clean fuels, along with Gevo's recent qualification to sell into Canada's clean fuel compliance market, executives said. "Net-net, we continue to believe Gevo is maturing from a story stock to a well-run renewable business with visible EBITDA growth," Texas Capital Securities analysts wrote in an Aug. 6 research note. ATJ-60 was to be Gevo's first sustainable aviation fuel (SAF) plant, producing up to 60 million gallons/year. The company aimed to use corn ethanol as a feedstock and sequester the refinery's CO2 emissions, resulting in a negative carbon footprint. The plant was to link to Summit Carbon Solutions LLC's planned CO2 pipeline and storage network in the US Midwest. The project was encouraged by federal tax credits for carbon capture and SAFs, emerging markets for low-emission jet fuel and corporate demand for carbon offsets. In 2024, the Biden administration conditionally awarded Gevo a $1.46 billion loan guarantee for ATJ-60. The Lake Preston project ran into a series of setbacks, however. First, the South Dakota legislature banned eminent domain for CO2 pipelines in 2025 and denied Summit's second application for a siting permit. Summit has since postponed its development plans in that state. The project was also affected by a change in federal energy priorities under the Trump administration, forcing Gevo to forfeit its conditional loan guarantee in April. In the meantime, Gevo has been investing in its Richardton plant, acquired in 2024, which is one of the few industrial facilities in the US with on-site carbon capture and storage operations. The plant's capacity is currently being expanded to reach 75 million gallons of ethanol/year in 2027, from 67 million gallons. Gevo is also negotiating an equity financing deal with Houston-based Ara Partners Group LLC to support a second plant, which would bring the site's annual capacity to 150 million gallons. Separately, Gevo is seeking financing to deploy its "alcohol-to-jet" technology at the Richardton site, which would enable the conversion of up to 30 million gallons/year of SAF. Gevo CEO Paul Bloom explained the company's decision to exit the South Dakota project by noting the relative advantages of investing in North Dakota. The Richardton site "combines one of the strongest active on-site carbon capture and sequestration capabilities in the world, with access to advantaged local feedstocks, established rail and truck logistics, an experienced operating workforce, available land and pore space capacity for future growth," Bloom said on the call. "And it's in a business-friendly state that supports agriculture, energy and carbon management." US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/texas-holdem-ercots-datacenter-pause-may-deal-a-better-hand-to-ipps-and-utilities-s101701261</link><description>This report does not constitute a rating action. In the evolution of poker, Texas Holdâ&amp;#x80;&amp;#x99;em represented a fundamental shift. Unlike the older stud and draw games, where players relied solely on their own private cards, Holdâ&amp;#x80;&amp;#x99;em introduced &amp;quot;community cards&amp;quot;â&amp;#x80;&amp;#x94;shared information on the table that every player must interpret to build their hand. S&amp;amp;P Global Ratings sees the Texas power market as being in a similar period of refinement. While a sudden hold on datacenter build-outs and interconnectio</description><title>Texas Holdâ&amp;#x80;&amp;#x99;em: ERCOTâ&amp;#x80;&amp;#x99;s Datacenter Pause May Deal A Better Hand To IPPs And Utilities</title><pubDate>12 August 2026 20:28:29 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/secondary-markets-loan-prices-steady-as-software-gains-s101700839</link><description>This report does not constitute a rating action. Secondary market loan prices offered a glimpse of brightening investor sentiment in July. While investors&amp;apos; fears that rapid advances in AI could disrupt businesses have weighed on prices in the software sector this year, this deterioration in market sentiment has not been matched with a corresponding decline in credit quality. The secondary loan market showed renewed stability in July, indicating investors may be finding their footing. Notably, th</description><title>Secondary Markets: Loan Prices Steady As Software Gains</title><pubDate>11 August 2026 17:08:19 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/081226-india-banks-on-diversification-diplomacy-to-counter-oil-market-volatility</link><description>India is looking to mitigate oil market volatility by diversifying its crude-buying sources and encouraging refiners to maintain flexibility between term and spot contracts to take advantage of arbitrage opportunities and cut costs, the petroleum ministry told a parliamentary panel. In an Aug. 6 report presented to parliament â&amp;#x80;&amp;#x94; a copy of which was made available to Platts, part of S&amp;amp;P Global</description><title>India banks on diversification, diplomacy to counter oil market volatility</title><pubDate>12 August 2026 02:48:15 GMT</pubDate><author><name>Sambit Mohanty, Ratnajyoti Dutta</name></author><content><![CDATA[ Crude Oil, Refined Products, Natural Gas, Chemicals, Electric Power, Energy Transition, Renewables, Hydrogen August 12, 2026 India banks on diversification, diplomacy to counter oil market volatility Sambit Mohanty, Ratnajyoti Dutta Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS India diversifies crude sources across 41 countries Falling domestic output from aging oil fields a concern State-run refiners to integrate low-carbon energy sources India is looking to mitigate oil market volatility by diversifying its crude-buying sources and encouraging refiners to maintain flexibility between term and spot contracts to take advantage of arbitrage opportunities and cut costs, the petroleum ministry told a parliamentary panel. In an Aug. 6 report presented to parliament â a copy of which was made available to Platts, part of S&amp;P Global Energy, this week â the ministry said New Delhi is also using diplomatic channels to strengthen government-level cooperation with resource-rich countries, both for oil and gas imports and for investment opportunities in overseas exploration assets. "India has mitigated volatility in the global energy market through increasing diversification of sources. India pursues a market-based and diversified approach to sourcing crude oil, guided by energy security, affordability and reliability, keeping in view the needs of its 1.4 billion people," the report said. Crude oil futures settled higher Aug. 11, as the market weighed a possible Iran-Oman accord over the Strait of Hormuz against ongoing US demands on Tehran, which left broader prospects for resolution uncertain. ICE October Brent rose $1.19/barrel to $88.91/b, while the September NYMEX light sweet crude contract was up $1.07/b at $83.20/b. The report said India is currently importing crude oil from more than 41 countries across the Middle East, the US, Africa, Latin America and other markets, reducing its dependence on any single geography or region. "The government encourages oil public sector undertakings to regularly optimize procurement through a mix of term contracts and spot purchases under different arrangements, to ensure flexibility and cost competitiveness," it added. The report also said that while refinery expansion projects on the west coast leveraged proximity to crude import routes and export markets, strengthening India's position as a refining hub, projects in the northeast have promoted regional development. Coastal refinery projects improved logistics efficiency, reduced transportation costs and enabled the development of port-based industrial corridors. "Technological upgrades, such as advanced process control, real-time optimization and digital monitoring systems, have enhanced energy efficiency and throughput. Success in value-chain integration is being achieved through integrating traditional refining with petrochemical production to enhance efficiency and profitability," it added. Declining output from aging fields Domestic oil and gas production has been affected over the years by the natural decline of mature, aging fields. Additionally, subsurface complexities sometimes restrict the effectiveness of operations, new drilling and infill wells, affecting overall production. To arrest natural declines, the government has approved policies to promote and incentivize enhanced recovery and the production of unconventional hydrocarbons through fiscal incentives in the form of partial waivers of royalties and taxes, the report said. State-run oil and gas companies have also been actively pursuing opportunities to acquire high-quality oil and gas assets overseas to strengthen energy security, and they currently hold participating interests in 45 assets across 21 countries. Over April-December 2025, equity production from these overseas assets totaled 14.5 million metric tons of oil equivalent, accounting for about 30.5% of India's total domestic production, the report said. The report added that the petroleum ministry is working in close coordination with the foreign ministry and Indian missions abroad to strengthen diplomatic engagement and address regulatory issues affecting Indian state-run oil companies. "Such engagements are aimed at creating a stable investment environment for Indian companies and securing favorable terms for overseas exploration and production assets," it said. The Indian cabinet recently approved investments of up to 840 billion rupees ($8.8 billion) over the next five years to advance oil and gas exploration in the offshore segment â a move that would bring the country closer to energy self-sufficiency, according to a petroleum ministry statement July 31. With the newly approved investments to be made through fiscal year 2030-31 (April-March), the National Offshore Exploration Scheme is expected to catalyze reserve accretion of over 600 million toe, the statement said. The initiative is expected to stimulate investments across the exploration and production value chain, create long-term opportunities for the industry and drive innovation and economic growth, it added. According to S&amp;P Global Energy CERA, as India seeks to reduce import dependence and strengthen energy security, companies such as Oil and Natural Gas Corp. and Oil India Ltd. face growing pressure to invest in domestic exploration, mature-field redevelopment and production growth. As a result, Indian state oil companies are pursuing a dual strategy â securing equity barrels overseas while simultaneously advancing domestic upstream development to support long-term energy security objectives. Integrating new energy into operations The parliamentary panel report said India has formally committed to achieving net-zero carbon emissions by 2070, in line with its energy transition goals. State-run oil refiners plan to progressively integrate low-carbon energy sources, such as solar and other renewables, into conventional operations through pilot projects, feasibility studies and phased implementation, subject to technological readiness and site-specific conditions across all their operational areas, the report added. "Energy efficiency remains a core focus area for oil companies, not only for minimizing environmental impact but also for optimizing operating costs and enhancing upstream and downstream performance. Petroleum companies are making significant investments in renewable energy sources such as solar and wind and are progressively integrating these sources with their existing operational networks," it said. The report added that the government is also implementing the National Green Hydrogen Mission, with the objective of making India a global hub for the production, use and export of green hydrogen and its derivatives. India's green hydrogen production capacity is likely to reach 5 million mt/year by 2030. "The government has been enhancing global collaboration with major economies and companies on technological advancement in green hydrogen and other emerging fuels," it said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/en/research-insights/podcasts/look-forward/ai-energy-paradox-balancing-innovation-with-sustainability</link><description>Artificial 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&amp;amp;P Global, about whether AI growth can coexist with decarbonization goals â&amp;#x80;&amp;#x94; and how hyperscalers are rethinking their energy strategies in response.</description><title>Look Forward | Episode 36: The AI-Energy Paradox: Balancing Innovation with Sustainability</title><pubDate>31 July 2026 15:00:00 GMT</pubDate><author><name>Aries Poon</name></author><content><![CDATA[ Look Forward 31 July 2026 Look Forward | Episode 36: The AI-Energy Paradox: Balancing Innovation with Sustainability By Aries Poon Artificial 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&amp;P Global, about whether AI growth can coexist with decarbonization goals â and how hyperscalers are rethinking their energy strategies in response. The Look Forward Podcast is powered by the S&amp;P Global Institute. The S&amp;P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&amp;P Global to provide insights on the trends reshaping markets, industries, and the global economy. Look Forward A changing world requires new insights, new analysis, and new approaches. Our clients require expertise and analysis that looks at the big picture. Explore More ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/picture-this-mexico-server-boom-ai-data-center-supply-chains</link><description>Mexicoâ&amp;#x80;&amp;#x99;s AI server exports surge as reshoring, Taiwan trade ties and tariff exemptions reshape data center supply chains.</description><title>Picture This: Mexico&amp;apos;s Server Boom Reshapes AI Data Center Supply Chains</title><pubDate>12 August 2026 16:45:00 GMT</pubDate><author><name>Chris Rogers</name><name>Ines Nastali</name><name>Eric Oak</name></author><content><![CDATA[ BLOG â Aug. 12, 2026 Picture This: Mexicoâs Server Boom Reshapes AI Data Center Supply Chains By Chris Rogers, Ines Nastali, and Eric Oak What we know Mexico has emerged as a significant and growing supplier of computer servers used in AI-driven data centers. Exports reached US$82.9 billion in the first half of 2026, putting the category on pace to surpass autos and auto parts exports for the full year. Computer server exports grew by 172.1% year over year in the 12 months to June 30, 2026, following 210.8% growth in 2025. The US remains the primary destination, absorbing 93.9% of Mexicoâs computer server exports over the 12-month period. The export surge highlights Mexicoâs growing relevance as a reshoring center for advanced electronics, even as trade uncertainty persists around tariffs and USMCA renegotiations. Why it matters The AI investment cycle is not only increasing demand for data centers; it is also reshaping where the physical infrastructure behind those data centers is created. Mexicoâs rise in computer server exports suggests that reshoring is moving beyond traditional manufacturing categories into higher-value electronics supply chains. That shift is also visible in Mexicoâs import patterns. Imports from Taiwan rose 146.4% year over year in the 12 months to June 30, 2026, after growing 169.0% in 2025. Taiwan accounted for 13.4% of Mexicoâs total imports over the period, up from 2.1% in 2019, making it Mexicoâs third-largest supplier after the US and mainland China. The import growth has been led by computer servers. Mexican imports of computer servers from Taiwan reached US$28.4 billion in the first half of 2026, already surpassing the US$15.1 billion imported during all of 2025. What to watch Watch tariff policy and infrastructure. Mexicoâs tariff framework excludes information technology and communications products, which may help sustain server trade amid broader uncertainty. Mexicoâs ability to turn the server boom into a durable role in high-value electronics will depend on sustained AI infrastructure demand, stable US-Mexico trade conditions and improvements in security and connectivity. Learn how our data and insights can empower strategic, operational, and tactical decision-making Click Here This article was published by S&amp;P Global Market Intelligence and not by S&amp;P Global Ratings, which is a separately managed division of S&amp;P Global. Register for Inland26 The must-attend conference for shippers and transportation and logistics providers moving goods from ports to inland destinations Click Here ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/colombias-new-president-inherits-a-difficult-fiscal-situation-s101700516</link><description>This report does not constitute a rating action. Avelardo de la Espriella from the conservative &amp;quot;Defensores de la Patria&amp;quot; political party assumed office as president of Colombia on Aug. 7, 2026, for the 2026-2030 term, after securing a narrow second round election victory on June 21, 2026, against the governing party candidate IvÃ¡n Cepeda. President de la Espriella, a lawyer by profession, had never held a public office before. He campaigned against Colombia&amp;apos;s &amp;apos;establishment&amp;apos; during the electio</description><title>Colombia&amp;apos;s New President Inherits A Difficult Fiscal Situation</title><pubDate>10 August 2026 20:04:10 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/podcasts/energy-evolution/081126-cybersecurity-and-clean-energy-inside-the-eu-funding-ban-for-solar-and-storage-inverters</link><description>In April 2026, the European Commission adopted interim guidance stipulating that solar and battery storage projects using inverters or power conversion systems sourced from high-risk countries would be ineligible for EU funding, citing concerns over cybersecurity and grid resilience. Among the affected countries is China, Europe&amp;apos;s dominant supplier of clean energy technologies. In this episode of</description><title>Cybersecurity and clean energy: Inside the EU funding ban for solar and storage inverters</title><pubDate>11 August 2026 17:17:55 GMT</pubDate><author><name>Eklavya Gupte</name><name>Lena Dias Martins</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables August 11, 2026 Cybersecurity and clean energy: Inside the EU funding ban for solar and storage inverters Featuring Eklavya Gupte and Lena Dias Martins HIGHLIGHTS EU bans high-risk inverters from funding China dominates affected solar tech supply Industry faces deployment challenges ahead In April 2026, the European Commission adopted interim guidance stipulating that solar and battery storage projects using inverters or power conversion systems sourced from high-risk countries would be ineligible for EU funding, citing concerns over cybersecurity and grid resilience. Among the affected countries is China, Europe's dominant supplier of clean energy technologies. In this episode of Energy Evolution, host Eklavya Gupte is joined by Lena Dias Martins, electricity pricing reporter at Platts, part of S&amp;P Global Energy, to explore the implications of this policy for Europe's rapidly expanding solar and battery storage sectors. They examine how markets have responded, which regions may be most affected, and whether viable alternatives to China-made inverters are available at scale. The episode features Cormac Gilligan, director of clean technologies and supply chains at S&amp;P Global Energy Horizons, who explains how the restrictions could signal the start of a broader global shift toward greater diversification of clean energy supply chains. We also hear from Jan KrÄmÃ¡Å, executive director of the Czech Solar Association, who shares the industry perspective on the practical challenges facing developers and installers, how the sector is responding to the new requirements, and what the changes could mean for solar deployment across Europe in the years ahead. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/081226-et-highlights-india-sec-renewable-ammonia-china-green-guel-us-data-center-emissions</link><description>Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.</description><title>ET Highlights: India&amp;apos;s SECIâ&amp;#x80;&amp;#x99;s new renewable ammonia auction plan; Chinaâ&amp;#x80;&amp;#x99;s 2025 green fuel target; US data centersâ&amp;#x80;&amp;#x99; emissions accounting</title><pubDate>11 August 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon August 12, 2026 ET Highlights: India's SECIâs new renewable ammonia auction plan; Chinaâs 2025 green fuel target; US data centersâ emissions accounting Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices. Top story India's SECI proposes 1 mil mt/year new renewable ammonia auctions: official Solar Energy Corp. of India Ltd. has proposed an auction for 1 million metric tons/year of renewable ammonia under Indiaâs government subsidy framework, according to its managing director, Akash Tripathy. The proposal follows a maiden round completed last year for 724,000 mt/year of renewable ammonia, building on momentum in Indiaâs renewable ammonia procurement and production pipeline. The move sits within the broader rollout of Indiaâs National Green Hydrogen Mission, launched in 2023 with a budget of 197.44 billion Indian rupees (about $2.07 billion) that supports production of renewable hydrogen, electrolyzers and renewable ammonia, and remains under implementation. Tripathy said his organization would proceed once the fertilizer ministry provides approval for the 1 million mt/y proposal. He also noted that renewable ammonia capacity auctioned so far is moving toward production, supported by Green Ammonia Purchase Agreement and Green Ammonia Sale Agreement frameworks that provide contracting and project visibility. Benchmark of the Week $651.47/mt Platts assessed Middle East renewable-derived ammonia delivered into Far East Asia (with high capacity factors) on Aug. 10. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy China builds 8 mil mt/y green fuel capacity in 2025: NEA report China had built about 8 million mt/year (oil-equivalent) of green fuel production capacity by the end of 2025, according to the National Energy Administrationâs first Green Fuel Development Report. The capacity spans green methanol, green synthetic ammonia, sustainable aviation fuel, biofuels and biomethane, underscoring Chinaâs rapid push into low-carbon fuels for shipping, aviation and other hard-to-abate sectors. FACTBOX: Energy affordability dominates US midterm contests as climate takes backseat Rising energy costs have taken a central spot in US 2026 midterm campaigns, with candidates prioritizing consumer affordability over climate messaging. Democrats have linked gasoline price increases to President Donald Trump's foreign policy decisions, while electricity rate hikes â and grid cost impacts â are emerging as a key voter concern amid data center growth. FACTBOX: European drought snarls inland commodity flows, cuts power supplies Record temperatures in Europe have left its two busiest waterways â the Rhine and the Danube â at critical lows, shutting down key trade arteries and stymying power plants due to 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. S&amp;P Global Energy Core RWE's Lingen electrolyzer plant produces first green hydrogen The first volumes of green hydrogen from RWE AG's GET H2 Nukleus hydrogen project in Lingen, Germany, have been produced and delivered, according to the German power producer. With commissioning of the plant underway, renewable hydrogen was successfully transported via a hydrogen pipeline infrastructure of about 120 kilometers to chemicals producer Evonik Industries AG's plant in Marl, Germany, RWE said. Virginia data centers put REC claims under hourly matching pressure Hyperscale data centers in Virginia and other fast-growing US power markets should face more rigorous electricity emissions accounting as their load growth increases pressure on the grid and raises questions about renewable energy certificate claims, according to EnergyTag. Alex Piper, head of US policy and markets at EnergyTag, said data centers are among the electricity users best suited for hourly accounting because of their large and growing power demand. New Zealand to maintain ETS price controls through 2031 New Zealand will extend price control settings for its emissions trading scheme through 2031 while progressively reducing the volume of carbon units available at auction, according to the Ministry for Cities, Environment, Regions and Transport. The government will cut base auction volumes by 74% to 1.1 million New Zealand Units in 2031 from 4.3 million NZUs in 2027, according to the settings. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/081126-indias-energy-security-tied-to-middle-east-geopolitics-despite-diversification-cii-ey-study</link><description>India will remain heavily reliant on liquid fuels for decades to come, driven by a rapidly expanding industrial base, robust economic growth and rising mobility demands, and its long-term energy security will continue to be shaped by geopolitical developments in the Middle East, despite efforts to diversify supplies, according to a joint study by the Confederation of Indian Industry and EY India.</description><title>India&amp;apos;s energy security tied to Middle East geopolitics despite diversification: CII-EY study</title><pubDate>11 August 2026 02:46:35 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Crude Oil, Refined Products, Electric Power, Energy Transition, LPG, Fuel Oil, Renewables August 11, 2026 India's energy security tied to Middle East geopolitics despite diversification: CII-EY study Sambit Mohanty Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Middle East supplied 65% of crude imports pre-Russia-Ukraine war India's oil imports set to inch toward 10 mil b/d by 2050 Electrification reshaping end-use petroleum consumption India will remain heavily reliant on liquid fuels for decades to come, driven by a rapidly expanding industrial base, robust economic growth and rising mobility demands, and its long-term energy security will continue to be shaped by geopolitical developments in the Middle East, despite efforts to diversify supplies, according to a joint study by the Confederation of Indian Industry and EY India. The August report, titled "India's energy security in a volatile world: Independence, efficiency and resilience" said that while India is projected to become the world's second-largest net oil importer by 2050 â after China â with net imports poised to inch toward 10 million barrels/day, the Middle East is expected to remain the world's largest net oil exporting region through 2050, supplying an ever-increasing share of internationally traded crude oil. "India's energy security remains closely linked to developments in the Middle East, even as the country has diversified its hydrocarbon sourcing in recent years. As the center of global oil demand shifts toward Asia while export capacity remains concentrated in the Middle East, India's energy security will continue to be closely influenced by developments in international oil markets, geopolitical stability and global supply chains," the report said. The Middle East supplied as much as 65% of India's crude oil imports before the Russia-Ukraine war began, but its share fell below 50% in fiscal year 2024-25 (April-March) as imports from Russia rose significantly. "The Middle East will continue to anchor global oil supply as India's import requirement grows," the report added. Unlike several advanced economies, where oil demand is expected to plateau or decline, India's continued reliance on liquid fuels in hard-to-abate sectors is expected to sustain significant crude oil import requirements over the coming decades, the report said. India's hydrocarbon procurement strategy has evolved significantly over the past decade, reflecting changing global energy markets, geopolitical developments and a deliberate effort to diversify import sources, it added. "The transformation has been particularly pronounced in crude oil imports. The changing composition demonstrates India's ability to adapt procurement strategies in response to evolving market conditions while balancing cost, supply security and geopolitical considerations," the report said. Domestic production, strategic reserves Domestic crude oil production declined slightly to 25.7 million metric tons in FY 2025-26 from 28 million mt in FY 2020-21, while imported crude rose to 246.4 million mt from 193.8 million mt over the same period. Consequently, the share of imported crude in total crude processing increased to 90.6% in FY 2025-26 from 87.4% in FY 2020-21, indicating that nine out of every 10 barrels of crude processed in India are now sourced from international markets. "The trend highlights the growing importance of secure and diversified crude procurement strategies in maintaining supply security and supporting economic growth," the report said. The report added that strategic petroleum reserves will form an important component of India's energy security architecture by providing a dedicated emergency stock of oil that can be deployed during periods of supply disruption. "As India's petroleum consumption increases and crude oil imports continue to account for a significant share of domestic demand, strategic petroleum reserves provide an additional layer of security by enhancing the country's ability to manage short-term supply disruptions while supporting continuity of refinery operations and fuel availability," the report said. It added that India's energy transition is unfolding alongside sustained growth in petroleum consumption, underscoring the continued importance of liquid fuels across transport, industry, petrochemicals and other economic activities. Total petroleum products consumption increased to 243 million mt in FY 2025-26 from about 123 million mt in FY 2006-07, nearly doubling over the past two decades. Growth has largely been underpinned by rising economic activity, increasing freight movement, expanding vehicle ownership, growth in aviation demand and continued industrialization. "Despite short term fluctuations, the long-term trajectory remains firmly upward, reflecting the continued role of petroleum products in supporting India's economic growth and development," the report said. The transport sector remains the dominant consumer of petroleum products, accounting for about 57% of total petroleum consumption in FY 2024-25. Alongside transport, petrochemical and non-energy applications, with 15% share, and industrial uses, with 13% share, constitute major demand centers. "While petroleum products remain critical across several end-use segments, their role is increasingly concentrated in sectors where commercially viable alternatives are either limited or still emerging," the report said. Evolving demand pattern for petroleum In FY 2025-26, LPG accounted for about 54% of petroleum product imports by value, making it by far the largest imported petroleum product. "The predominance of LPG imports reflects strong demand from households and commercial consumers, while imports of fuel oil, petcoke and lubricants underscore the continued reliance of industrial and infrastructure sectors on petroleum-based products," the report said. "Taken together, these trends indicate that India's dependence on imported petroleum extends well beyond transportation fuels. Growing demand from the residential, commercial, industrial and infrastructure sectors continues to support petroleum consumption despite rapid progress in renewable energy and electrification," it added. While petroleum products continue to play a significant role in meeting the country's energy requirements, the composition of demand has been gradually changing. Petroleum consumption is increasingly concentrated in transport, industrial and petrochemical applications, while its role in sectors such as agriculture and power generation has declined significantly as electricity has become more accessible, reliable and cost-effective. Between FY 2005-06 and FY 2024-25, the combined share of agriculture and power generation in petroleum consumption declined from nearly 9% to less than 1%, reflecting the impact of grid expansion, rural electrification, improved power supply and increasing renewable energy deployment. "These trends suggest that the next phase of India's energy transition will be increasingly shaped by the expanding role of electricity across end-use sectors. The ability of the power sector to provide affordable, reliable and increasingly clean electricity will play an important role in supporting energy security, economic competitiveness and long-term decarbonization objectives," the report said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/081026-interview-dc-srec-prices-fall-as-oversupply-lower-acps-weigh-on-forward-market</link><description>Washington, DC, solar renewable energy certificate prices have fallen as stronger eligible solar supply, declining alternative compliance payment levels, and weaker renewable policy sentiment have weighed on forward market expectations, Parag Nathaney, quantitative engineer at a major electric utility, said Aug. 10. In an interview with Platts, Nathaney said the primary driver appears to have an</description><title>INTERVIEW: DC SREC prices fall as oversupply, lower ACPs weigh on forward market</title><pubDate>10 August 2026 20:48:09 GMT</pubDate><author><name>Jose Del angel</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables August 10, 2026 INTERVIEW: DC SREC prices fall as oversupply, lower ACPs weigh on forward market By Jose Del angel Editor: Karla Sanchez Getting your Trinity Audio player ready... HIGHLIGHTS DC SREC prices drop to $358-$360/MWh Solar oversupply reaches 373.7 MW capacity Falling ACPs limit future certificate values Washington, DC, solar renewable energy certificate prices have fallen as stronger eligible solar supply, declining alternative compliance payment levels, and weaker renewable policy sentiment have weighed on forward market expectations, Parag Nathaney, quantitative engineer at a major electric utility, said Aug. 10. In an interview with Platts, Nathaney said the primary driver appears to have an improved supply balance. According to the 2026 DC RPS report, eligible solar capacity at the end of 2025 reached 373.7 megawatts, above the target level of 293 MW. "This indicates oversupply, which should lead to a decline in SREC prices," Nathaney said. "Previously, DC SRECs traded close to alternative compliance payments due to scarcity. As the supply has improved, the SREC levels have fallen." Platts, part of S&amp;P Global Energy, assessed DC SRECs for the 2025, 2026, and 2027 vintages at about $358-$360/megawatt-hour as of Aug. 6, reflecting a decline from levels previously supported by scarcity in the district's solar carve-out market. The recent decline has been concentrated across forward vintages, with 2025-2027 SRECs trading in a narrow range near $360/MWh per solar REC. The pricing suggests the market is reassessing whether DC SRECs should continue to carry the scarcity premium that previously kept values closer to the alternative compliance payment, or ACP. Nathaney said market participants may also be anticipating continued supply growth, especially through community solar. Additional solar buildout could keep SREC prices lower than previously expected unless compliance demand rises faster or policy requirements become more stringent. A scheduled decline in the DC solar ACP is also limiting upside for later vintages. The ACP is expected to fall from $460/MWh for the 2025 compliance year to $360/MWh by 2030. Policy sentiment Because SRECs are often valued relative to the cost of making an alternative compliance payment, a lower ACP can reduce the maximum price buyers are willing to pay for certificates. That is particularly relevant for forward vintages, where buyers may be less willing to pay a premium if future compliance costs are expected to decline. "A falling ACP should also lower SREC value as market views SREC as an option on the ACP," Nathaney said. "A declining ACP should limit upside on future SREC vintages." Broader policy sentiment may also be contributing to the softer tone. Nathaney said there is no active proposal in DC to change the solar requirement, but affordability concerns and policy moves in other states have likely affected market psychology. Several states have recently considered or enacted changes aimed at slowing the growth of renewable portfolio standards or reducing ratepayer cost pressures. Nathaney pointed to New Jersey and Massachusetts as examples of states where affordability concerns have led to a reassessment of renewable policy trajectories. "That has likely weakened the policy premium that DC SRECs previously commanded," Nathaney said. For now, the DC SREC market is watching whether the recent move lower is a short-term adjustment to improved supply conditions or the beginning of a broader repricing as declining ACP levels, community solar growth, and softer policy sentiment become more fully reflected in forward vintages. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/08/data-centers-stretch-shrinking-us-truck-capacity</link><description>Data center growth is straining US truck capacity, driving freight demand and transportation costs higher across key supply chains.</description><title>Data centers pulling on already shrinking pool of US truck capacity</title><pubDate>07 July 2026 12:00:00 GMT</pubDate><author><name>William B. Cassidy</name></author><content><![CDATA[ BLOG â Aug 7, 2026 Data centers pulling on already shrinking pool of US truck capacity By William B. Cassidy Data centers designed to support artificial intelligence (AI) are taking a large bite out of transportation capacity, putting more pressure on already rising transportation costs. Data centers not only consume gigawatts of electricity, but also transportation capacity on the ocean, in the air and on rail tracks and highways. And demand for that capacity isnât slowing down. Just how big is the freight demand generated by data center construction? In terms of trucking alone, each gigawatt of US data center expansion requires 100,000 truckloads, according to Dean Croke, principal analyst at DAT Freight &amp; Analytics. âThe US has built roughly 20 gigawatts [GW] of new capacity since the AI boom took off in 2023, which works out to about 2 million truckloads already moved,â Croke said in an interview. US data center capacity is expected to increase from approximately 24 GW to 110 GW between 2026 and 2030, according to research firm Wood Mackenzie. Thatâs 86 GW, or approximately 8.6 million truckloads, according to Crokeâs estimate. âDo we have the capacity to support this? Right now, we donât,â said Keith Prather, managing director and partner at Armada Corporate Intelligence. âWhatâs saving us at the moment is that other elements of construction, such as housing, are weak.â A recent report by Synergy Research Group shows that the total capacity of US data centers will double in the next three years as booming demand drives the aggressive buildout of the facilities owned by hyperscale operators. Thatâs certain to cut into capacity available to other shippers, and to boost pricing not just for flatbed and specialized freight, but all categories of goods. A lack of transportation capacity could become an anchor slowing faster data center growth. âReal and sustained increaseâ Plenty of different areas have exposure to data center construction, and theyâre all drawing on a diminished pool of transportation capacity, especially in the US truckload market. âEvery major component of the buildout moves by truck: generators, transformers, cooling systems, structural steel,â said Melissa Suedbeck, vice president of operations at TA Dedicated, a US-based transportation subsidiary of Canadaâs TFI International. âWe have seen a real and sustained increase in demand for open-deck capacity to move power modules for data centers,â Suedbeck told the Journal of Commerce. The data center boom âis one of the most active demand drivers in the freight market right now.â Expanding demand is colliding with short supply. How much capacity has left the US trucking market is hard to fix. Large, public truckload carriers have cut their truck counts 15.5% since 2022, according to the Journal of Commerce Truckload Capacity Index. The American Transportation Research Institute (ATRI) estimates truck fleets have cut 2.4% of their trucks and idled another 10%. ATRIâs driver-per-truck ratio for 2025, released in June, was 0.9, which means approximately nine drivers are available for every 10 trucks. The rate of attrition is accelerating, according to trucking analysts and carrier executives. Truck drivers are being squeezed out of the market at a pace not seen in decades â perhaps since the national commercial driverâs license was introduced in 1992. âWe look at it like an ecosystem,â Frank Lonegro, CEO of truckload carrier Landstar System, said of the data center market during an earnings call in July. âBuilding products has got a piece of it, energy has got a piece of it, machinery got a piece of it.â Landstar, with its open-deck and platform trailer business, has a piece of it, too. âWe continue to see strong demand in that space and a continuing need for additional capacity,â Lonegro said. Thereâs been no hint of a âpullbackâ in demand, he added. Opposition shifting centers Growing political opposition to data centers, not just in the US but worldwide, may also slow the buildoutâs impact. S&amp;P Global, the parent company of the Journal of Commerce, reports there have been nearly 300 bans or moratoriums on new data centers in the US. Those bans, however, may simply shift data centers to different locations. âWeâre now talking about rural destinations for 70% of data centers,â said Prather. âNorth Dakota is taking every data center that Minnesota is blocking right now.â Data center demand, despite growing political opposition, remains strong enough to sideline other types of construction, Prather told the Journal of Commerce. âMost construction companies have their capacity locked up until 2028 or 2029,â he said. âData center equipment providers are competing for open-deck capacity against construction, energy, and heavy manufacturing shippers at the same time,â said TA Dedicatedâs Suedbeck, adding that competition will broaden and become more intense. âRight now is the peak construction wave, which is where the flatbed pressure concentrates,â she said, noting once construction is complete, âthen the market shifts toward equipping and scaling,â installing components such as server racks. âThe freight mix changes, but the volume does not disappear,â Suedbeck said. Diversion of trucks to data center construction has a direct and indirect effect on truck capacity. First, it takes capacity away from other sectors, such as retail. Second, it sends trucks to locations that make it difficult for subsequent users to access them. âItâs dislocating that capacity by sending it to destinations like North Dakota,â Prather said. âWe need to get the truck back to somewhere that it can pick up its next load.â That next load may go straight back to the construction site. âIf I wanted to really make money in trucking, Iâd go and do heavy haul for the next four years,â said DATâs Croke. This article was originally published by the Journal of Commerce on Aug. 7, 2026. Subscribe to JOC.com Learn more about our data and insights Click Here Register for Inland26 The must-attend conference for shippers and transportation and logistics providers moving goods from ports to inland destinations Click Here ]]></content></item><item><link>https://www.spglobal.com/ratings/en/blog/investors-look-beyond-labels</link><description>Sustainable 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. </description><title>Investors Look Beyond Labels </title><pubDate>15 July 2026 17:04:00 GMT</pubDate><content><![CDATA[ 15 July 2026 Investors Look Beyond Labels Insights from European investors on the evolution of sustainable finance Authored by Geraldine Cametti Overview Sustainable 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. At the same time, market growth continues to be constrained by the lack of consistent transition definitions, metrics, and disclosure standards. As sustainability markets become more fragmented across regions and regulatory zones, investors are placing greater emphasis on issuer-level analysis, robust data, and clear evidence linking financing activity to real-world outcomes. Credibility matters more than labels Investors are increasingly focused on whether issuers can demonstrate a credible transition pathway rather than on the specific label attached to a financing instrument. The conversation is shifting toward implementation, capital allocation, and delivery against stated objectives. Investors recognize that the transition cannot be financed through labelled bonds alone and are placing greater emphasis on how transition considerations are embedded across an issuerâs broader financing strategy. Transition metrics remain elusive Despite strong investor interest in transition finance, the absence of widely accepted definitions and metrics continues to limit market scale. Measuring progress remains particularly challenging for complex sectors and financial institutions, while issues around Scope 3 emissions, avoided emissions, and sector-specific pathways hinder comparability. Investors continue to supplement external frameworks with their own internal assessments. Labeled markets have limits Labelled bonds remain valued by investors but are increasingly viewed as one component of a broader transition toolkit. Structural constraints, including limited market size, concentration in certain sectors, and weak pricing incentives, continue to restrict growth. Investors are paying closer attention to the quality and credibility of structures, particularly in sustainability-linked instruments where KPI design and ambition remain under scrutiny. Data quality is a differentiator Reliable, transparent, and comparable data is becoming increasingly important in investment decision-making. Investors continue to highlight concerns regarding disclosure consistency and methodological differences across providers. External reviews and second-party opinions remain useful reference points, and they are generally used as supporting evidence rather than primary investment decision tools. Increasingly, investors reward issuers that demonstrate transparency, consistency, and measurable progress over time. Water finance gains visibility Water-related financing is attracting growing investor interest owing to its tangible impact and relatively low political sensitivity. However, the market remains small, with a limited investable universe and evolving measurement standards. Investors see long-term potential but acknowledge that broader adoption will require greater issuance volumes and stronger reporting frameworks. Adaptation moves up the agenda While transition remains the dominant theme, adaptation and resilience are receiving increased attention. Investors are beginning to assess how companies address physical climate risks and resilience investments, despite the lack of established adaptation metrics and frameworks. Many expect financing needs related to adaptation to grow significantly over time. Fragmentation is increasing Regional policy divergence, differing regulatory approaches, and varying attitudes toward transition activities are making global standardization more challenging. Broader themes such as energy security, competitiveness, technological transformation, and geopolitics are increasingly influencing sustainability discussions. As a result, investors are relying more heavily on issuer-specific analysis and scenario assessment than on standardized market frameworks. Looking ahead The sustainability finance market is evolving from one driven by labels and frameworks to one focused on credibility, execution, and measurable outcomes. Investors remain committed to supporting transition and sustainability objectives, but increasingly require clear evidence of progress, high-quality data, and transparent reporting to inform investment decisions. As market fragmentation, regulatory divergence, and evolving transition pathways continue to shape the landscape, issuer-specific analysis is becoming more important than standardized approaches. Together, these trends point to a more disciplined and outcome-oriented sustainable finance market, where long-term access to capital will increasingly depend on an issuer's ability to demonstrate credible and measurable impact. S&amp;Pâs analyses, including ratings, are statements of opinion as of the date they are expressed, and are not statements of fact or recommendations to purchase, hold, or sell any securities, and should not be relied on when making investment or other business decisions. S&amp;P obtains information from sources it believes to be reliable, but does not audit and undertakes no duty of due diligence or independent verification of information it receives. S&amp;Pâs opinions and analyses do not address the suitability of any security. Please read our full disclaimer. ]]></content></item><item><link>https://www.spglobal.com/ratings/en/blog/takeaways-private-markets-forum</link><description>We 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.</description><title>Takeaways from S&amp;amp;P Global Ratingsâ&amp;#x80;&amp;#x99; U.S. Private Markets Forum</title><pubDate>08 May 2026 17:04:00 GMT</pubDate><content><![CDATA[ 08 May 2026 Takeaways From S&amp;P Global Ratingsâ U.S. Private Markets Forum Our annual event took place on Wednesday, May 6, 2026 Authored by Layla Beyzavi Overview We 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. Discussions highlighted the growing role of innovative structuring, the use of fund finance as both an investment opportunity and liquidity tool, and the shifting priorities shaping today's investor landscape. Key Takeaways Investor sentiment toward private credit and structured solutions remains broadly constructive, though capital deployment has become more selective and disciplined. As investors place greater emphasis on downside protection and risk-adjusted returns, competitive differentiation is increasingly defined by structuring expertise, underwriting discipline, and manager capabilities rather than access to capital alone. Market Environment: Demand for yield continues to support private credit; however, investors are prioritizing risk-adjusted returns and capital preservation over headline yield. There is heightened scrutiny on liquidity management, refinancing risk, and the ability of portfolios to withstand stress scenarios, reflecting a more defensive and disciplined investment posture. Structural Underwriting: Structure and alignment have become central to investment decisions. Investors are evaluating opportunities through a holistic lens, focusing not only on asset quality but also on manager quality and track record, incentive alignment, covenant protections, repayment flexibility, and transparency. Structural integrity is a key driver of downside protection. Market Convergence: Boundaries between corporate, project, infrastructure, and structured finance continue to blur, creating a broader and more complex opportunity set. Transactions are becoming more bespoke, often incorporating both debt- and equity-like features to tailor risk-return profiles to investor needs. Structural Innovation: Flexible structures, including fund finance solutions, fund wrappers, hybrid vehicles, joint ventures, and layered capital stacks are becoming increasingly important. Innovation is increasingly occurring through transaction structure, enabling investors to optimize liquidity, risk exposure, and capital efficiency. Role of Insurance Capital: Insurance investors have become an increasingly important source of capital in private credit, influencing not only pricing and transaction terms but also the evolution of deal structures. Their focus on ratings outcomes, regulatory capital efficiency, and long-duration liabilities is driving greater demand for bespoke solutions that balance capital efficiency, robust structuring, and long-term risk-adjusted returns. Investment Conditions: Investors remain willing to pursue complex opportunities where the economic rationale is compelling and risks are clearly understood and appropriately allocated. Complexity itself is not a barrier, provided it is supported by transparency, strong governance, and robust structural protections. Whatâs Next Looking ahead, market differentiation will increasingly depend on the ability to structure transactions that effectively balance flexibility, liquidity, transparency, and long-term investor protection. Managers that can consistently deliver on these dimensions are likely to be best positioned to attract capital and scale in an increasingly selective environment. S&amp;Pâs analyses, including ratings, are statements of opinion as of the date they are expressed, and are not statements of fact or recommendations to purchase, hold, or sell any securities, and should not be relied on when making investment or other business decisions. S&amp;P obtains information from sources it believes to be reliable, but does not audit and undertakes no duty of due diligence or independent verification of information it receives. S&amp;Pâs opinions and analyses do not address the suitability of any security. Please read our full disclaimer. ]]></content></item><item><link>https://www.spglobal.com/ratings/en/blog/french-investors-are-becoming-more-vigilant</link><description>French institutional investors are adopting a more guarded stance. This indicates that current market conditions may not fully capture underlying risks. </description><title>French Investors Are Becoming More Vigilant</title><pubDate>12 May 2026 17:04:00 GMT</pubDate><content><![CDATA[ 12 May 2026 French Investors Are Becoming More Vigilant Institutional investors from France are adopting a more guarded stance. Authored by Claudio Viscomi Overview French institutional investors are adopting a more guarded stance. This indicates that current market conditions may not fully capture underlying risks. While financial conditions remain broadly supportive, investors are shifting their focus toward medium-term risks, structural vulnerabilities, and potential gaps between macroeconomic stress and market pricing. Overall investor sentiment is characterized by a tension between short-term stability and long-term vulnerability. While stable credit markets underpin resilience over the near term, concerns are rising over the delayed materialization of risks, particularly in credit and private markets. Additionally, investors pay more attention to sector and geographic exposures. What We Heard Medium-term risks are coming to the fore Investors are shifting their focus from short-term volatility to the long-term effect of geopolitical and energy shocks, and are increasingly moving toward scenario-based analysis. Key concerns include rising pressure on corporate profitability and earnings visibility, an increase in default risk in the case of prolonged stress, and uncertainty about how long energy shocks will last and how they will affect the broader economy. Uncertainty about market signals increases Mixed or inconsistent signals make traditional market indicators harder to interpret. This is underpinned by uncertainty about interest rate dynamics and yield curves, alongside limited visibility of forward-looking macro signals, particularly in rates and foreign exchange markets. Investors are therefore shifting from conventional indicators toward a more cautious, judgment-based approach. Central bank policy comes under scrutiny Investors have started to question the effectiveness of central banks' policy actions and see them as a source of uncertainty rather than stabilization. Among the main concerns are the potential acceleration of an economic slowdown in Europe due to policy tightening, the limited ability of monetary policy to address supply-driven inflation, and potentially less aggressive tightening than current market pricing implies. Credit markets might be less stable than they seem Financing conditions remain generally supportive, with spreads widening only moderately. Immediate stress is limited and there are no signs of widespread ratings pressure or liquidity events. However, this resilience is raising concerns about a potential disconnect between macro conditions and financial markets. Key risks include the capacity of sovereigns and corporates to absorb shocks, the possibility of sudden repricing due to delayed adjustments, and potential spillovers into the wider financial system. Sector selectivity is up Investors are adopting a highly selective approach. Sectors that are most vulnerable to current pressures include energy-intensive industries (margin pressure), transport and consumer-related sectors (sensitive to fuel and input costs), and agribusinesses (fertilizer supply volatility). Investors are increasingly reassessing their regional exposure and view Asia as more sensitive to energy dependence and supply chain vulnerabilities than Europe. Private credit risks remain elusive Even though private credit appears calm on the surface, it could become a central concern for investors--not due to immediate stress but because of structural vulnerabilities, such as limited transparency and weak mark-to-market mechanisms. According to investors, private credit may not trigger a financial crisis but could amplify it. Investors increasingly emphasize tail-risk scenarios. They note that systemic risk would most likely emerge from institutional balance sheets, particularly insurers, if they faced a combination of illiquidity, regulatory constraints, and sudden liquidity needs. Additionally, extensions and restructurings to "smooth" returns may only delay potential losses instead of eliminating them. This could lead to dislocation and concentrated losses over time. Risk exposure differs across regions. While European exposures remain contained and nonsystemic, the scale of the U.S. market--coupled with bank involvement and a broader investor base--has led to more investor vigilance. S&amp;Pâs analyses, including ratings, are statements of opinion as of the date they are expressed, and are not statements of fact or recommendations to purchase, hold, or sell any securities, and should not be relied on when making investment or other business decisions. S&amp;P obtains information from sources it believes to be reliable, but does not audit and undertakes no duty of due diligence or independent verification of information it receives. S&amp;Pâs opinions and analyses do not address the suitability of any security. Please read our full disclaimer. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/special-reports/energy-transition/cbam-eu-carbon-tax</link><description>The EU&amp;apos;s Carbon Border Adjustment Mechanism aims to reduce carbon emissions by imposing taxes on imports, affecting global trade dynamics. Discover more.</description><title>CBAM: EU carbon tax set to disrupt commodities trading</title><pubDate>07 May 2025 15:05:00 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/073026-india-mandates-1-sustainable-aviation-fuel-blend-from-january-2027</link><description>India&amp;apos;s government is finalizing a sustainable aviation fuel policy as the country prepares for mandatory compliance with international carbon offsetting rules from January 2027. Union Civil Aviation Minister K Rammohan Naidu directed stakeholders to accelerate production, certification and supply chain development to meet blending targets. While chairing a high-level meeting July 30 with</description><title>India mandates 1% sustainable aviation fuel blend from January 2027</title><pubDate>30 July 2026 20:09:12 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Biofuels, Carbon, Vegetable Oils, Renewables, Jet Fuel July 30, 2026 India mandates 1% sustainable aviation fuel blend from January 2027 By Samyak Pandey Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Government finalizes policy for CORSIA compliance SAF costs exceed conventional jet fuel prices India's government is finalizing a sustainable aviation fuel policy as the country prepares for mandatory compliance with international carbon offsetting rules from January 2027. Union Civil Aviation Minister K Rammohan Naidu directed stakeholders to accelerate production, certification and supply chain development to meet blending targets. While chairing a high-level meeting July 30 with officials from multiple ministries, regulators, airlines, airport operators and oil marketing companies, Naidu said the draft SAF policy is in its final stages and that inter-ministerial consultations and stakeholder engagements are underway, according to state broadcaster DD India. The minister said the government aims to ensure the transition imposes the least possible financial burden on passengers and airlines by identifying the most cost-effective production, distribution and airport supply mechanisms. CORSIA compliance The meeting reviewed India's readiness to comply with the Carbon Offsetting and Reduction Scheme for International Aviation, the International Civil Aviation Organization's global framework for reducing carbon emissions from international aviation. CORSIA's mandatory compliance phase begins Jan. 1, 2027. India has committed to CORSIA's SAF blending targets of 1% for international flights by 2027, 2% by 2028 and 5% by 2030, Naidu said. The minister directed all stakeholders to expedite identified action points so India is fully prepared before the mandatory phase begins. The review assumes significance as airlines worldwide prepare to increase SAF use to reduce lifecycle carbon emissions from aviation, one of the most difficult sectors to decarbonize. India is working to develop a domestic SAF ecosystem, including feedstock availability, refining capacity, fuel certification and airport infrastructure. SAF is a low-carbon alternative to conventional jet fuel, produced from renewable feedstocks such as used cooking oil, agricultural waste, municipal solid waste and biomass. Production progress Naidu said state oil marketing companies including Bharat Petroleum , Indian Oil and others are advancing SAF production projects. The meeting assessed the status and commissioning timelines of production facilities being developed by oil marketing companies to ensure fuel availability from 2027 onward. State-owned NTPC Ltd. is advancing a 1,800 metric tons/year SAF plant at Pudimadaka that will capture carbon dioxide from power plant flue gas, marking a shift toward using industrial emissions rather than crop-based feedstocks for clean fuel production, the company said July 10. Indian Oil received India's first refiner ISCC certification for SAF production in 2025 blending approved feedstocks directly into existing refinery streams at low percentages. Discussions at the meeting covered the proposed SAF blending roadmap, including the responsibilities of oil marketing companies, airlines and airport operators. Stakeholders also reviewed plans for an accounting, monitoring and reporting framework aligned with ICAO's CORSIA requirements, a national SAF registry with end-to-end traceability, certification and market access, issuance of letters of authorization, and a CORSIA-compliant carbon market framework. Naidu said the aviation sector has already taken steps to reduce emissions. While no airport operated entirely on green energy in 2014, 104 airports now run on 100% green energy, he said. The government is also encouraging aircraft leasing to help airlines induct more modern and fuel-efficient fleets. The minister said production capacity is not the main concern, but the cost of SAF is considered higher than regular aviation turbine fuel. The government's immediate priority is to achieve the 1% CORSIA blending requirement in the most cost-effective manner, while the carbon-credit offset mechanism must be developed through a whole-of-government approach, he said. Platts, part of S&amp;P Global Energy, assessed sustainable aviation fuel HEFA-SPK FOB Straits at $2,540/mt July 29, up $20/mt from the week before. The SAF FOB Straits premium was assessed at $1,361.75/mt over Platts Jet Kero FOB Singapore forward curve (MOPs), up $74/mt from the week before. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/credit-faq-liquidity-challenges-in-private-credit-s101695320</link><description>This report does not constitute a rating action. Recent strains in the private credit market are bringing a renewed focus on liquidity. Limits on redemptions from semiliquid nontraded private business development companies (BDCs) and interval funds have raised concerns among some investors, highlighting the potential mismatch between investors&amp;apos; liquidity expectations and the underlying illiquidity of assets. While these funds have increasingly been marketed to retail investors with the offer of </description><title>Credit FAQ: Liquidity Challenges In Private Credit</title><pubDate>06 August 2026 15:32:26 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/081026-europes-solar-supply-diversification-faces-cost-hurdles-as-chinas-pv-dominance-persists</link><description>Europe&amp;apos;s drive to boost its solar manufacturing capacity under the Net-Zero Industry Act (NZIA) is sharpening procurement scrutiny across the solar supply chain, prompting market participants to consider alternatives outside the Chinese market despite its competitive prices and lower supply chain costs, analysts, renewable energy developers, and suppliers told Platts, part of S&amp;amp;P Global Energy.</description><title>Europe&amp;apos;s solar supply diversification faces cost hurdles as China&amp;apos;s PV dominance persists</title><pubDate>10 August 2026 13:37:09 GMT</pubDate><author><name>Ayila Houngbo</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables August 10, 2026 Europe's solar supply diversification faces cost hurdles as China's PV dominance persists By Ayila Houngbo Editor: Adithya Ram Getting your Trinity Audio player ready... HIGHLIGHTS Chinese supply chain dominance challenges NZIA resilience requirements FOB Turkey solar modules may have low risk, but double the cost: supplier German solar capture rate lower on year as generation rises Europe's drive to boost its solar manufacturing capacity under the Net-Zero Industry Act (NZIA) is sharpening procurement scrutiny across the solar supply chain, prompting market participants to consider alternatives outside the Chinese market despite its competitive prices and lower supply chain costs, analysts, renewable energy developers, and suppliers told Platts, part of S&amp;P Global Energy. Policies aimed at boosting European clean tech manufacturing capacity have emerged, including the NZIA, which requires that net-zero manufacturing capacity meet at least 40% of the EU's annual deployment by 2030, according to the European Commission. The NZIA also includes a resilience requirement, which notes that "not more than 50% of the value of the net-zero technology final product should originate from the dominant source of supply." China has held solar manufacturing dominance for at least 15 years, according to S&amp;P Global Energy's PV Supply Chain Tracker. In 2026, S&amp;P Global Energy CERA expects Chinato hold over 90% of polysilicon and wafer production capacity and 84% of cell manufacturing capacity. Other initiatives can also inadvertently act as a driver toward sourcing clean technologies from outside of China. In April 2026, the European Commission released guidance stating that EU funding would be banned for renewable projects using inverters from countries deemed "high-risk," including China. "At some point, the [ban] will impact us, because we need financing from banks. The financing from banks could even have a small portion of EU funds in it," a renewables developer said. "I think we need to be ready to follow these guidelines â it's not only for the inverters in PV plants, but also the [power conversion system] in battery systems," the developer added. The source also said that procuring certain types of inverters outside of China is more difficult than for others, adding that centralized inverters were easier to source outside China than string-type inverters. While pointing to Germany and Taiwan as markets with string inverter manufacturing, the developer said it would be difficult to find high-volume manufacturing in Europe. "EU manufacturing is slowly deployed and still cannot meet its local demand. It's less competitive in the global market, much higher cost, but lacking supporting policies," said Jessica Jin, clean technologies and supply chains principal analyst at CERA. "Upstream segments such as wafer and cell manufacturing are limited by insufficient scale and higher costs, reducing their competitiveness. While Europe can deploy solar at scale, true manufacturing sovereignty remains elusive, likely achievable only through partial regionalization rather than full reshoring," according to CERA's Cleantech manufacturing series: Europe, published May 26. Clean technologies outside of China Outside of China, the Indian and Southeast Asian markets hold some of the largest capacities for cell, wafer, and module manufacturing in 2026, according to the PV Supply Chain Tracker. Some Indian market participants have looked towards European markets as a potential destination for exports. The removal of the US as a viable export country has led some Indian market players to explore other markets, including European ones. The US was a key importer of India's utility-scale modules; however, antidumping and countervailing duties imposed on India have made it extremely difficult for India to continue exporting to the US at previous scales. Some market participants said utility-scale modules sold into Europe may need to be priced more competitively in a market saturated with lower-cost modules from China. Throughout 2026, the Platts assessment for TOPCon utility-scale solar modules shipped out of India on an FOB basis has maintained a premium of at least 14 cents/watt over the FOB China equivalent. Even when FOB China TOPCon solar module prices for 5-50 MW units reached their highest level this year, at 11.90 cents/W, FOB India prices were still more than twice as high. The EC considers Turkey a potential export market for Europe due to the lower risks associated with the Turkish market, as it does not hold a majority share of the module market or supply chain. However, like India, higher module costs from Turkey could still deter interest in it as an alternative to the Chinese market. AEurope-based supplier said utility-scale modules delivered from Turkey on an FOB basis could cost up to 24.50 cents/W, well-above prices for Chinese-made modules, which were assessed at 10.90 cents/W Aug. 7. Solar market participants may face greater challenges absorbing higher module costs in a market where overall solar power costs are declining. The value of solar power can be measured using solar capture rates, which compare solar capture prices â indices that represent the market value of solar electricity generation â to the overall wholesale spot market average price and can show how much solar generators can earn from the wholesale market. Solar capture rates in Germany â one of Europe's largest solar module markets â fell over a tenth below the previous year's levels in July to 63%, indicating a year-over-year decline in levels of solar penetration into Germany's electric grid. While capture rates fell, solar generation in Germany reached 16.2 gigawatts in July, up 33% from the previous year's levels, Platts data showed, indicating increasing levels of solar penetration into Germany's electric grid on a year-over-year basis. Energy security amid volatile power market The increased efforts to boost Europe's renewable manufacturing fleet come amid a volatile energy market landscape and geopolitical instability after the start of the US-Iran war in late-February. Germany â a fuel-linked power market â saw front-month prices average â¬92.73/megawatt-hour in March following the start of the conflict, 18% higher than the same period in 2025, EEX data showed. Month-ahead power prices have tracked the volatile swings seen in European gas markets. The Dutch TTF front-month product was trading at â¬25-31/MWh prior to the start of the conflict, but has since seen a surge in volatility, with prices in the range of â¬39-63/MWh between the beginning of March and July, data from the Intercontinental Exchange showed. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/081026-interview-sandbag-says-eu-cbam-cost-for-indian-steel-likely-overstated</link><description>The potential cost of the EU&amp;apos;s Carbon Border Adjustment Mechanism for Indian steel exporters is likely overstated in headline estimates once industry differences, industry reallocation and European market pricing are taken into account, Sandbag Executive Director Adrien Assous told Platts, part of S&amp;amp;P Global Energy, in an interview Aug. 7. Sandbag&amp;apos;s modeling puts business-as-usual CBAM fees for</description><title>INTERVIEW: Sandbag says EU CBAM cost for Indian steel likely overstated</title><pubDate>10 August 2026 11:10:59 GMT</pubDate><author><name>Shivam Prakash</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Ferrous, Carbon, Renewables, Emissions August 10, 2026 INTERVIEW: Sandbag says EU CBAM cost for Indian steel likely overstated By Shivam Prakash Editor: Manish Parashar Getting your Trinity Audio player ready... HIGHLIGHTS Sandbag models fees drop to Eur407 million EU price rises benefit imports, producers The potential cost of the EU's Carbon Border Adjustment Mechanism for Indian steel exporters is likely overstated in headline estimates once industry differences, industry reallocation and European market pricing are taken into account, Sandbag Executive Director Adrien Assous told Platts, part of S&amp;P Global Energy, in an interview Aug. 7. Sandbag's modeling puts business-as-usual CBAM fees for Indian steel exports at Eur762 million in 2034, but shows that industry reallocation could reduce that to Eur407 million, while the EU market price effect alone could cut the cost to Eur428 million. Assous said the analysis assumes 80% of EU carbon costs will be reflected in European market prices as free allocations under the EU Emissions Trading System are phased out, benefiting both EU-made steel and imports, while monitoring, reporting and verification remain critical for exporters seeking to reduce CBAM exposure. Sandbag's report suggests the CBAM impact on Indian steel is often overstated once industry differences and market behavior are factored in. Which assumption in your model does the most work in reducing that impact? Assous: Since most of the steel consumed in Europe is made in Europe, we do not expect European prices to be driven mainly by CBAM costs in any particular exporting country, but rather by EU production costs. Since CBAM creates additional costs for EU producers through the phaseout of free allocation in the EU ETS, we expect a price rise in the EU of a similar magnitude. In our modeling, we assumed 80% of EU carbon costs would be reflected in market prices. This price increase would benefit both EU-made goods and imports. There is a wide gap between the business-as-usual estimate of Eur762 million in 2034 CBAM fees and the lower estimates in Sandbag's modeling. How should the market understand that difference? Assous: Both effects are of similar magnitude in our modeling. Industry reallocation reduces CBAM fees from Eur762 million to Eur407 million, while the EU market price effect alone reduces CBAM costs to Eur428 million. European steel buyers are highly price sensitive. Do you expect Indian exporters to pass CBAM costs through, or will they have to take the hit on margins to protect market share? Assous: The price effect is expected to be driven mainly by EU production costs, rather than by CBAM costs in any one exporting country. Since most steel consumed in Europe is produced domestically, imports should also benefit from higher European market prices as EU costs rise. That does not remove the CBAM cost, but it means exporters may not have to absorb the full amount through their margins. Market participants say the administrative burden of CBAM is being underestimated. Could this hidden cost push smaller Indian mills or downstream suppliers out of the EU market? Assous: The ability to perform monitoring, reporting and verification is critical. In the report, we identified three main enablers for reducing CBAM exposure: the existence of low-carbon production capacity under CBAM anti-circumvention rules, proximity of that capacity to sea transport infrastructure and the ability to perform MRV. For flat steel goods, we found that all three criteria are met. For long products, things might get complicated if the EU closes the ability to report pre-consumer scrap as zero-emissions, as might be the case from 2028 onward. A lot appears to depend on whether the EU recognizes carbon costs or equivalent compliance measures already paid in India. If that recognition does not come through, how quickly does CBAM move from a manageable cost to a real threat for Indian mills? Assous: For our report, we did not model any discount for the carbon price paid in India, so the effects we described assume no such pricing measures. Recognized carbon pricing measures would reduce payouts from India to the EU, but they would not reduce costs for individual Indian mills, which would still need to pay similar fees to their local authorities. Given India's continued reliance on blast furnaces, what is the most bankable decarbonization pathway for an Indian steel exporter looking toward 2030? Assous: The report points to practical enablers rather than a single technology route: low-carbon production capacity that complies with CBAM anti-circumvention rules, access to sea transport infrastructure and the ability to perform MRV. For flat steel, those conditions are largely met. Long products face more uncertainty, particularly if EU rules on pre-consumer scrap emissions reporting change from 2028 onward. Even if Indian producers decarbonize and manage the CBAM cost, Europe is also tightening trade defenses and import controls. Is there a risk that low-carbon Indian steel still finds the EU market effectively closed? Assous: Access to the EU market could be restricted for reasons external to CBAM, such as trade disputes. Narrowing the question to CBAM, its objective is to prevent carbon leakage â the displacement of EU production to countries with less stringent climate policies â not to reverse trade. Reducing access for imports would give EU producers more pricing power, increase inflation and harm downstream industries, so I do not think the EU has an interest in going down that route. This interview has been edited for length and clarity. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/080626-china-builds-8-mil-mty-green-fuel-capacity-in-2025-nea-report</link><description>China built around 8 million metric tons/year of green fuel production capacity on an oil-equivalent basis by the end of 2025, highlighting the country&amp;apos;s accelerating push into low-carbon fuels for shipping, aviation and other hard-to-abate sectors, according to the National Energy Administration&amp;apos;s first Green Fuel Development Report released Aug. 5. China&amp;apos;s green fuel capacity includes green</description><title>China builds 8 mil mt/y green fuel capacity in 2025: NEA report</title><pubDate>06 August 2026 10:02:16 GMT</pubDate><author><name>Angelica Garcia</name><name>Cindy Liang - LNG Market Specialist</name></author><content><![CDATA[ Agriculture, Refined Products, Energy Transition, Chemicals, Biofuels, Fuel Oil, Hydrogen, Carbon, Renewables August 06, 2026 China builds 8 mil mt/y green fuel capacity in 2025: NEA report By Angelica Garcia and Cindy Liang - LNG Market Specialist Editor: Vaibhavi Ranjan Getting your Trinity Audio player ready... HIGHLIGHTS Green methanol reaches 60% of global production: report Production costs remain 1.5-2x higher than fossil fuels: report China built around 8 million metric tons/year of green fuel production capacity on an oil-equivalent basis by the end of 2025, highlighting the country's accelerating push into low-carbon fuels for shipping, aviation and other hard-to-abate sectors, according to the National Energy Administration's first Green Fuel Development Report released Aug. 5. China's green fuel capacity includes green methanol, green synthetic ammonia, sustainable aviation fuel, biofuels and biomethane, according to the report. The country's green methanol production capacity reached about 380,000 mt/y in 2025, accounting for around 60% of global capacity, while green synthetic ammonia production capacity reached 700,000 mt/y, the report said. Global green aviation fuel production surged 90% year over year to 1.9 million mt in 2025, with 68 projects operational worldwide totaling 5.8 million mt/y of capacity, the report said. The report cited increasingly stringent emissions rules from the International Maritime Organization and the International Civil Aviation Organization (ICAO) as major drivers of global demand growth for low-carbon fuels. The IMO's net-zero framework aims to reduce annual greenhouse gas emissions from international shipping by at least 70% from 2008 levels by 2040, while ICAO set a 5% carbon dioxide reduction target for 2030 through cleaner energy adoption. China has established bunkering capabilities for the full range of green marine fuels, according to the report. In 2025, Chinese ports supplied about 150,000 mt of B24 biodiesel and more than 10,000 mt of green methanol to vessels. Dalian Port completed the world's first green ammonia bunkering operation, while ports including Shanghai, Qingdao and Tianjin have conducted green methanol bunkering operations, the report also said. China's sustainable aviation fuel capacity reached about 1.7 million mt/y by the end of 2025, according to the report. The country has expanded SAF pilot programs and completed SAF supply capability development at 10 major airports, enabling them to blend and supply sustainable aviation fuel. The report underscores Beijing's growing focus on green fuels as part of its broader energy security and carbon-reduction strategy, after President Xi Jinping identified hydrogen and green fuels as future economic growth drivers and the government included green-fuel development in its annual work report for the first time in 2026. Despite the rapid buildout, the report acknowledged that green fuel production costs remain about 1.5-2 times higher than conventional fossil fuels. It also cited international market uncertainty and the need for further advances in key technologies such as biomass gasification, flexible hydrogen-to-ammonia and methanol production and carbon dioxide hydrogenation. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/080726-indias-seci-proposes-1-mil-mtyear-new-renewable-ammonia-auctions-official</link><description>Solar Energy Corporation of India Ltd. has proposed an auction for 1 million metric tons/year of renewable ammonia under the government&amp;apos;s subsidy plan, following a successful maiden round of 724,000 mt/y of the commodity last year, managing director Akash Tripathy said Aug. 7. The 197.44 billion Indian rupees ($2.07 billion) National Green Hydrogen Mission of India, launched in 2023, remains under</description><title>India&amp;apos;s SECI proposes 1 mil mt/year new renewable ammonia auctions: official</title><pubDate>07 August 2026 13:36:02 GMT</pubDate><author><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Hydrogen, Renewables, Carbon August 07, 2026 India's SECI proposes 1 mil mt/year new renewable ammonia auctions: official By Ruchira Singh Editor: Nur syahirah Abdullah Getting your Trinity Audio player ready... HIGHLIGHTS Fertilizer ministry to okay renewable ammonia auction Renewable methanol tender expected in few months Renewable hydrogen sees some capacity retraction Solar Energy Corporation of India Ltd. has proposed an auction for 1 million metric tons/year of renewable ammonia under the government's subsidy plan, following a successful maiden round of 724,000 mt/y of the commodity last year, managing director Akash Tripathy said Aug. 7. The 197.44 billion Indian rupees ($2.07 billion) National Green Hydrogen Mission of India, launched in 2023, remains under implementation following multiple auction rounds for the production of renewable hydrogen, electrolyzers and renewable ammonia in the last few years. "We have given a proposal for 1 million mt," Tripathi said on the sidelines of the 7th CII International Energy Conference &amp; Exhibition 2026. "Once we get the go-ahead from the fertilizer ministry, we will proceed." Tripathi, whose organization is the key renewable energy auctioning arm of the Ministry of New and Renewable Energy, said all renewable ammonia capacity auctioned so far is proceeding toward production. The domestic renewable ammonia auctions concluded at a weighted-average price of about $604/mt in 2025, offering a new price point for global trade, industry members said. "They are all going through. With the Green Ammonia Purchase Agreement and Green Ammonia Sale Agreement [signed up], you have clear visibility," Tripathi said. "They are all in the construction stage." Platts, part of S&amp;P Global Energy, assessed Australia renewable derived ammonia delivered into Far East Asia with high-capacity factors at $759.98/mt Aug. 3, up 1.20% month over month. Renewable hydrogen subsidy surrendered Tripathi said a small quantity of the renewable hydrogen capacity for which subsidies were allocated in 2024 and 2025 has been surrendered. Under the Mission, incentives were awarded for 862,000 mt/y of renewable hydrogen production by SECI to companies including Reliance Green Hydrogen and Green Chemicals, ACME Cleantech Solutions and Oriana Power. Tripathi said the eMethanol tender, which is under consultation phase, is expected to be launched in the next couple of months. "We are in discussion with the shipping ministry," he said. "There will be bunkering with one or two of the ports, and it will be used for the maritime industry." With regard to the possibility of dollar-denominated contracts â a popular demand among bidders â Tripathi said it is "on the table," though there is a chance SECI may open it for bidding in Indian currency. Tripathi said discussions for a new auction for a green urea tender are in process, which could reduce import dependence for conventional feedstock. Carbon requirement is key For both eMethanol and green urea tenders, one crucial requirement is carbon, Tripathi said, with the industry divided over sourcing via biogenic means and carbon capture. "That will take some time because we need to have CO2," he said. "We can dovetail biogenic CO2 with CCUS." A report on CCUS released by policy planning body NITI Aayog in 2022 is now under the consideration of the Power Ministry to be set as a Mission, NITI Aayog's Advisor â Energy, Rajnath Ram, told Platts. The report envisaged a potential CCUS of 750 million mt/y by 2050, according to NITI Aayog. On India's 2030 renewable energy target of 500 GW, Tripathy expressed confidence about success, as renewable hydrogen deployment will contribute to renewable energy installation. "The only bottleneck is the transmission network. If that keeps pace, then we will definitely be able to achieve it," Tripathy said, detailing SECI's initiatives to strengthen transmission networks. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/080626-factbox-european-drought-snarls-inland-commodity-flows-cuts-power-supplies</link><description>Record temperatures in Europe have left its two busiest waterways â&amp;#x80;&amp;#x93; the Rhine and the Danube â&amp;#x80;&amp;#x93; 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&amp;apos;s Kaub chokepoint, where barges make their way from the country&amp;apos;s south into Switzerland, on Aug. 5. On the Danube, water levels in</description><title>FACTBOX: European drought snarls inland commodity flows, cuts power supplies</title><pubDate>06 August 2026 20:57:53 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Electric Power, Coal, Energy Transition, Refined Products, Chemicals, Metals &amp; Mining, Agriculture, Emissions, Grains, Vegetable Oils, Aromatics, Ferrous, Naphtha, Diesel-Gasoil August 06, 2026 FACTBOX: European drought snarls inland commodity flows, cuts power supplies Staff Editor: Giselle Rodriguez Getting your Trinity Audio player ready... HIGHLIGHTS Rhine, Danube river levels hit record lows in key chokepoints Inland markets face squeeze on fuel, chemicals, metals and grains Power plants reduce output due to cooling water limitations Record temperatures in Europe have left its two busiest waterways â the Rhine and the Danube â 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 in Budapest fell below 10 cm on Aug. 2, another record. To keep traffic moving, shipowners are cutting loads to test the limits of navigable water limits with lower cargo volumes, but congestion is forcing up freight costs and forcing transport onto costlier road and rail routes. In key pinch points, the disruption exceeds previous crises in 2018 and 2022, and comes ahead of what is typically the peak summer crunch point for regional water levels. As a result, inland markets are facing surging costs for energy, chemicals, metals and agricultural goods, compounding existing disruption from the Middle East and Russia-Ukraine conflicts. Trade flows The Rhine typically ships around 300 million mt of goods per year, most of it oil products and chemicals, while ports along the Danube handled 62.7 million mt in 2025, according to the commissions for each waterway. Close to 1.1 million mt of oil products passed through the Upper Danube Hungary-Slovakia cross-border point in 2025, alongside 853,000 mt of ores and metal products and 370,000 mt of grain. Nuclear plants use the water for cooling, but are restricted from excessively raising river temperatures. A lack of a cool water supply to dilute wastewater can therefore force closures. At river levels below 150 cm, barges carrying more than 2,000 metric tons must reduce cargo loads to sail safely, prompting shipowners to impose surcharges to offset lost capacity. Below 80cm, vessels on the Rhine have no legal obligation to transport goods, and 40 cm is normally considered the cutoff to fully halt barge traffic. A small number of super lightweight, modern barges are still sailing shallower depths with little cargo, but few can navigate key pinch points. Navigation of the Danube has been suspended at two points near the border between Austria and Slovakia until Aug. 17, according to the Danube Commission's website. The Danube has provided an alternative exit route for Ukrainian grain and vegetable oil via the ports of Reni and Izmail since Russia began targeting its Black Sea trade. Along the Rhine, diverting to rail transport has been challenged by Deutsche Bahn construction work along the River's right bank, which is taking place from July 10 to Dec. 11. Steel producer ArcelorMittal has adjusted some production from its Duisburg facility, while Tata Steel Nederland is shifting some cargo to rail freight to minimize disruption. Serbia imported only 20% to 25% of planned petroleum product quantities at the end of July because of barges operating at 30-40% of normal capacity on the Danube, its energy minister said. German Chemicals producer BASF declared force majeure on deliveries of certain surfactant products from its European production assets. LyondellBasell declared force majeure on supply from its 170,000 mt/year butadiene extraction unit at Wesseling, Germany, effective July 16 according to a customer letter seen by Platts July 23. Balkans hydropower output hit a 10-month low in July, with signals of further drops to come. Prices Oil product prices in the Amsterdam-Rotterdam-Antwerp barges have been depressed by Rhine congestion that has left product idle at the coastal port hub. Barge prices for FOB ARA ULSD were $1175.5/mt on Aug. 6, down 12% from July 31, according to Platts assessments. In petrochemicals, Platts assessed the European styrene monomer contract price for August settled at â¬1,841/mt (about $2,120.28/mt), up â¬149/mt from the July contract. The August contract for benzene, a key feedstock for styrene, was up by â¬184/mt, having settled at â¬1,277/mt on July 31 amid production disruptions, restricted Rhine barging activity and limited imports into the ARA hub. Grain and corn prices have been supported by Black Sea disruption, low river levels and a deteriorating EU crop outlook. Platts assessed Corn loaded in Constanta, Romania at $243/mt on Aug. 6, up from $228/mt June 30. Ex-Hungarian base day-ahead power prices were $182.42/MWh on Aug.6, up from $142.14/MWh July 30. The price of hot-rolled steel coil loaded in Germany's Ruhr region â the Northwest European benchmark- reached â¬715/mt on Aug. 6, up from â¬680/mt on June 30. Inventories are growing at the ARA hub. Naphtha stocks peaked at 618,000 mt in the week to July 30, their highest level since March 12, Insights Global data showed. Gasoil stocks built for the first time since May in the week to Aug. 6. Infrastructure Power plants in Hungary, Romania, Slovenia, France, Italy and Poland have been forced to reduce or halt operations and turn to neighboring countries for imported supply. Hungary's 2-gigawatt Paks nuclear power plant, which typically supplies up to 40% of its electricity, depends on the Danube for cooling. It has been running at significantly reduced rates since late July and has only one 240-megawatt turbine still operating. Hungarian refiner MOL volunteered to reduce its electricity use by 40% in peak periods, which a spokesperson said would come mostly from its petrochemicals facilities. Romania blew up a rock formation in the Danube to redirect water toward its Cernavoda nuclear power plant and prevent it from shutting down. Authorities are working to sink four barges to further support water levels. In Serbia, the sole refinery in Pancevo is releasing oil reserves to compensate for shortages in August. The country's biggest hydropower plant, Djerdap 1, is running at a third of its capacity. In Romania, automakers Dacia and Ford have paused production until Aug. 19, in a move the prime minister says will cut electricity demand by 200MW. Austria's 192,000 b/d OMV Schwechat refinery has experienced some restrictions related to product distribution via the Danube, and has adjusted some supply patterns within its subsidiary network, it told Platts on July 23. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/080426-factbox-energy-affordability-dominates-us-midterm-contests-as-climate-takes-backseat</link><description>Rising 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&amp;apos;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 to</description><title>FACTBOX: Energy affordability dominates US midterm contests as climate takes backseat</title><pubDate>04 August 2026 17:05:05 GMT</pubDate><author><name>Maya Weber</name><name>Zack Hale</name><name>Leah Garden</name><name>Kate Winston</name></author><content><![CDATA[ Refined Products, Coal, Energy Transition, Electric Power, Crude Oil, Natural Gas, Gasoline, Renewables, Emissions August 04, 2026 FACTBOX: Energy affordability dominates US midterm contests as climate takes backseat By Maya Weber, Zack Hale, Leah Garden, and Kate Winston Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Energy costs dominate 2026 midterm races Data centers spark voter backlash over rates Democrats shift from climate to affordability Rising 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 to address infrastructure investment tradeoffs. "This climate-versus-fossil fuels framing of past cycles has given way to affordability [and] electricity price framing for both parties," said Scott Segal, head of Bracewell's Policy Resolution Group. The increased focus on affordability does not necessarily mean that progressive Democrats are lining up to bring natural gas-fired power plants to their states. "But it does mean there's a growing recognition that very strict environmentalist or climate change messages are not being proffered by most Democratic politicians, at least in the runup to this midterm election," Segal said. Rate increases drive voter concerns US residential electricity prices rose 7% in 2025 from the prior year, according to S&amp;P Global Market Intelligence data. Ratepayers in 46 states experienced year-over-year increases, with those in 12 states and Washington, DC, seeing double-digit annual rate hikes. Over one-third of high-increase states are in the data center-heavy PJM Interconnection footprint, while the rest are bracing for demand growth from planned data-center operations. Races to watch Michigan US Senate Utilities seeking residential rate increases of nearly 10% Democrats: Link higher energy prices to Trump foreign policy and Republicans' clean energy rollbacks Republicans: Blame federal/state clean energy policies for price increases; support expansion of domestic conventional fuel production Wisconsin governor Residential rates among the highest in the Midwest as utilities seek increases Democrats: Endorse 100% "bring your own clean energy" approach for data centers Republican: Prioritize new baseload power and delaying coal plant retirements Data center blowback Voters across the country appear poised to respond to unprecedented US data-center growth. In local, state and federal campaigns, candidates' positions on data-center development â including proposed moratoriums in some cases â could directly impact their chances of electoral success. Races to watch Texas governor 56% of voters oppose data-center construction, according to the Texas Politics Project poll, yet the state has 32 proposed gas-fired projects to power data centers Incumbent Republican: Open to rescinding tax breaks for data centers Democratic challenger: Promises to block permits for "unfair" data-center projects Box Elder County, Utah, Commission (two seats) Governor requires new transparency framework and renewable power requirements for data centers Incumbent Republicans: Ousted in primary after approving Stratos data center No Democratic challengers; one seat is unopposed, the other will face an unaffiliated candidate Florida governor Frontrunners agree that data-center development requires stricter regulation Democrat: Supports a one-year development moratorium; wants new rules to cap utility costs and regulate power generation for data centers Republican: Opposes moratorium; wants tighter oversight and data-centers power sourced from private providers instead of the grid Maryland local races Frederick and Prince George's counties imposed data-center construction moratoriums Democrats: Support and want to see more moratoriums across the state Republicans: Focus on gas and nuclear power expansion to power data centers Energy mix pragmatism emerges Incumbent Democratic governors are embracing diverse fuel sources amid rising demand, with an all-of-the-above approach that includes natural gas alongside nuclear and renewable power. "Democrats who once pledged that we're going to totally phase out all fossil fuels are now framing natural gas as part of the broader energy mix," former Virginia Governor Terry McAuliffe, a Democrat, said. McAuliffe now co-chairs the pro-gas group Natural Allies for a Clean Energy Future. This trend, however, is not consistent across the entire country. Incumbent Democrats in some states, such as Colorado, drew strong pushback in their primaries for being more open to fossil fuels, said Collin Rees, US program manager at anti-fossil fuels Oil Change International. He noted Senator John Hickenlooper's primary in Colorado, in which he beat the Democratic challenger by a closer-than-expected six percentage points. Races to watch Connecticut governor Fourth-highest retail electricity rates nationally in first quarter of 2026 Incumbent Democrat: Sees natural gas as state's dominant fuel source for foreseeable future Republican challenger: Blames carbon-free policies for cost increases California governor 60% of voters unwilling to pay more for renewables; 96% cite cost of energy as a problem, with 63% calling it a "big problem" Democrat: Emphasizes affordability over climate goals; declined to commit to phaseout of gasoline-powered cars by 2035 Republican: Seeks to end the state's renewable portfolio standard and renewable energy credits; says gas, nuclear and rooftop solar should compete on a level playing field Highest average US residential electric prices (Â¢/kWh), Q1 2026 Hawaii 43.91 California 36.15 New York 32.63 Connecticut 29.47 New Hampshire 28.65 Massachusetts 27.25 Maine 26.33 New Jersey 25.52 Vermont 23.73 DC 21.48 US average 18.70 Data compiled July 28, 2026. Based on best available results for US regulated investor-owned utilities, public power and cooperative energy companies' average Q1 2026 price for retail electric sales by state. Source: S&amp;P Global Market Intelligence Oil price politics US-Iran tensions have driven gasoline costs and campaign messaging. Gasoline prices are almost $1/gallon more nationwide than a year ago, according to AAA. Platts Dated Brent peaked at $144.42/b on April 7 but closed at $85.735/b on July 28 after a recent pause in US strikes on Iran. Race to watch Alaska US Senate Gasoline as of July 28 averaged $4.727/gallon, the fourth-highest state average Incumbent Republican: Wants an increase in domestic oil production to counter price impacts of war; voted against limiting US action in Iran Democratic challenger: Says war drives higher costs: "We're an oil-producing state. We should be benefiting from that at the pump, not footing the bill for endless wars." Party positioning for November Republican strategy Address headwinds as party in power during period of high energy prices Emphasize baseload, dispatchable fossil fuels for reducing costs Remove regulatory barriers to fossil fuel production and delivery Blame Democrats' pro-renewables policies for driving up costs Highlight permitting reform legislation Democratic strategy Tailor approaches by district to regain control of Congress Lean on affordability message and how to bring prices down Expand clean energy production and rebuild transmission infrastructure Simplify permitting processes with added certainty Require data centers "pay fair share" and strengthen consumer protections US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/080426-rare-earth-developers-eye-industrial-residues-as-new-source-of-us-critical-minerals</link><description>Industrial 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&amp;amp;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 of</description><title>Rare earth developers eye industrial residues as new source of US critical minerals</title><pubDate>04 August 2026 09:00:05 GMT</pubDate><author><name>Liubov Georges</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Chemicals, Non-Ferrous, Renewables August 04, 2026 Rare earth developers eye industrial residues as new source of US critical minerals By Liubov Georges Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Firms target waste for rare earth supply Dysprosium prices surge 91.7% in North America Skeptics question recovery project economics Industrial 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&amp;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 of mining and metals processing, betting that higher prices, geopolitical supply concerns, and federal support have finally made long-discussed recovery concepts commercially viable. Still, some skeptics argue that while minerals may be present in vast quantities, extracting them with sufficient purity and at scale remains largely unproven. The surging interest in critical mineral waste streams, bolstered by intensifying policy support and skyrocketing rare earth prices, comes amid a global race to secure the increasingly crucial materials, used in robots, weapons, and everyday consumer products. Rather than replacing conventional mining, these secondary feedstocks may occupy a middle ground between recycling and primary extraction: lower risk than developing a new mine, but often more technically complex than processing conventional ore. "The big advantage of using secondary waste material for rare earth production is a faster timeline, easier to permit, lower capital cost, because you're not digging something out of the ground," Chris Young, chief strategy and commercial officer at ElementUSA inc., which seeks to recover metal from mud, told Platts. For the past two decades, the rare earth market has been plagued by low prices and overcapacity in China, according to experts. But that equation has shifted dramatically over the past year. Beijing's export licensing restrictions on selected rare earth products have tightened Western supply chains and pushed prices sharply higher outside China. Platts-assessed dysprosium oxide delivered to North America, a key material used in high-temperature permanent magnets for defense and industrial applications, rose to $2,300/kg on July 31, up 91.7% since the assessment launched March 31. The equivalent Chinese market price remains near $215/kg, creating a premium of more than nine times. The price surge, combined with hundreds of millions of dollars in federal grants aimed at building US critical-mineral supply chains, has boosted developers. Some of them argue that waste-derived rare-earth projects offer faster timelines, lower capital costs and reduced geological risk compared with traditional mining. Red mud's second life ElementUSA, is developing waste-recovery projects in Louisiana, home to the last operating alumina refinery in the US. The facility has accumulated roughly 34 million mt of red mud, a by-product generated during alumina production from bauxite ore. The start-up, working with the Colorado School of Mines, secured a $67 million award from the US Department of Energy to develop a rare earth processing facility in St. John the Baptist Parish, Louisiana. ElementUSA also received $29.9 million through a Department of Defense-related initiative. The attraction is straightforward: Unlike a conventional mine, the material has already been mined, transported, processed, and stockpiled, according to Young. Additionally, the project's economics are based on recovering multiple products rather than relying solely on rare earths. "The beauty of unconventional resources and the co-production model is that it makes business much more viable from an investment standpoint," Young said. "It stands on multiple materials which help to de-risk the market." According to ElementUSA, the residue contains roughly 60% iron oxide, creating a potential revenue stream into steelmaking markets while also hosting titanium, gallium, scandium, niobium, vanadium, and rare earth elements. The feedstock originates from Jamaican karst bauxite, which generally contains higher concentrations of critical minerals than more common lateritic bauxite deposits. That approach is becoming a common theme among companies pursuing secondary feedstocks. Multiple revenue streams can help offset the volatility that has long characterized rare earth markets. Titanium slurry opportunity A similar strategy is emerging in titanium dioxide production. Kunin, based in Chattanooga, Tennessee, is developing processes to recover critical minerals from industrial waste streams, including scandium from titanium pigment slurry, a liquid byproduct generated during titanium dioxide manufacturing. The company recently received support through a DOE initiative focused on recovering gallium from metal-processing feedstocks and is advancing ion-exchange technologies designed to selectively recover critical minerals from complex waste streams. Projects attached to existing industrial facilities face a fundamentally different risk profile from that of stand-alone mines. "The challenge to build a dedicated mine to scandium is that you must build a construction project, put in CAPEX early, and have longer operating cash flows," said founder Daniel Rau. "And you need to go to larger scales and capacities to net IRR payback period." That challenge is particularly acute in the scandium market, a niche with limited demand and few buyers. Instead of developing a dedicated mine, Kunin's strategy is to add recovery circuits to operating industrial facilities. "As a company, we go to these operating mines, smelters, and refineries, and we want to build a co-product circuit for them," Rau said. "Some merits of co-product circuits at operating assets are that they generally have much lower capital intensity, are quicker to build, and in many cases, have much lower unit operating costs." Rau believes recent geopolitical developments have strengthened the case for domestic supply chains. "China's openness and globalization provided an unprecedented period of easy access to critical materials on demand," he said. "That ship has sailed." The widening gap between Chinese and Western rare earth prices, he added, has created market conditions that may support projects previously viewed as uneconomic. Economic reality check Not everyone is convinced. Chris Berry, founder of the consulting firm House Mountain Partners, said enthusiasm for waste-derived critical minerals often overlooks the fundamental challenges of extracting commercial-grade products from low-concentration feedstocks. This can make projects uneconomic, he said. "Recovery of almost any material from secondary feedstocks is notoriously difficult and sensitive to overall commodity prices," Berry said. "This is why you don't see more of it. The processing costs are too high relative to the commodity price." Low concentration of target metals is a key issue. Whether the source material is red mud, titanium slurry, or mine tailings, target minerals typically occur in relatively small quantities, according to Berry. Recovering meaningful volumes requires processing vast amounts of material, while achieving high purity. Purity requirements, he said, often determine whether a project succeeds commercially. It is crucial to users. "If you're producing off-spec material from waste, it's basically still a waste," he said. Peter Cook, a senior climate and energy analyst at the nonprofit The Breakthrough Institute, shares some of those reservations but believes certain waste streams warrant closer scrutiny than others. "Ultimately, feasible waste recovery will vary mineral by mineral, and site by site," Cook said. Still, Cook sees stronger potential in residues associated with commodities that naturally occur alongside rare earth elements. Most importantly, Cook said, economics are not static. "High prices will make lower concentrations feasible," he said. "Mine waste will become feasible on an element-by-element and site-by-site basis, and will likely come into production in waves when prices become exceptionally high." US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/080626-india-aims-carbon-emissions-reporting-for-international-flight-amid-2027-saf-push</link><description>India&amp;apos;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 for</description><title>India aims carbon emissions reporting for international flight amid 2027 SAF push</title><pubDate>06 August 2026 20:24:10 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Biofuels, Carbon, Renewables, Jet Fuel August 06, 2026 India aims carbon emissions reporting for international flight amid 2027 SAF push By Samyak Pandey Editor: Marieke Alsguth Getting your Trinity Audio player ready... HIGHLIGHTS India mandates 90% carbon emissions reporting Airlines must meet 1% SAF target by 2027 CORSIA compliance begins January 2027 India'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 for International Aviation. The Directorate General of Civil Aviation is expected to require both Indian and foreign carriers operating on international routes to comply with the emissions reporting mandate, aimed at ensuring a level playing field and avoiding economic distortion among operators,according to local media reports on Aug. 6. The move comes as India advances preparations to meet CORSIA requirements, with refineries in advanced stages of readiness for SAF production and the government seeking greater private-sector participation in manufacturing, Civil Aviation Minister Ram Mohan Naidu said following a high-level stakeholder consultation on SAF held in late July. CORSIA compliance timeline India has agreed to the CORSIA mandate of 1% SAF blending in aviation turbine fuel for international flights by 2027, 2% by 2028 and 5% by 2030, Naidu said. CORSIA's mandatory phase begins Jan. 1, 2027, requiring participating countries to offset emissions from international aviation through a combination of carbon credits and SAF use. The 1% SAF blending requirement in 2027 represents the initial step in a progressive mandate that increases to 5% by 2030, creating significant demand for domestic SAF production capacity. Emissions tracking framework The proposed 90% emissions reporting requirement would establish a comprehensive tracking framework for carbon emissions from international aviation operations in India, providing data necessary for CORSIA compliance and enabling verification of SAF blending claims. The emissions reporting mandate would apply to operations involving all international airports in India, ensuring consistent data collection across the country's aviation network. The 90% threshold is designed to capture the vast majority of emissions while allowing for operational flexibility in data collection. Platts, part of S&amp;P Global Energy, assessed sustainable aviation fuel HEFA-SPK FOB Straits at $2,495/metric ton on Aug. 5, down $45/mt week over week. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/peer-comparison-unpacking-protein-processor-ratings-as-they-feed-on-different-earnings-s101698629</link><description>This 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 d</description><title>Peer Comparison: Unpacking Protein Processor Ratings As They Feed On Different Earnings</title><pubDate>05 August 2026 20:05:03 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/indonesia-seeks-credit-recovery-in-policy-transition-s101699882</link><description>This 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. Indonesiaâ&amp;#x80;&amp;#x99;s sovereign credit trend in the next one to two years will depend on whether the administrat</description><title>Indonesia Seeks Credit Recovery In Policy Transition</title><pubDate>06 August 2026 00:55:51 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/030226-vale-sees-strong-iron-ore-demand-despite-china-plateau-low-prices</link><description>Brazilian 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 strong</description><title>Vale sees strong iron ore demand despite China plateau, low prices</title><pubDate>02 March 2026 16:56:02 GMT</pubDate><author><name>Liubov Georges</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Ferrous, Emissions March 02, 2026 Vale sees strong iron ore demand despite China plateau, low prices By Liubov Georges Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Vale sees solid iron ore demand continuing India, Taiwan post 10% growth on year Supply constraints support long-term pricing Brazilian 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 strong iron ore demand, even as pockets of weakness are forecast for key regions such as China. Iron ore prices have come under pressure in recent months amid concerns about Chinese steel demand, which accounts for roughly 60% of global iron ore consumption. The Platts-assessed IODEX CFR China reached $100.10/dry metric ton on March 2, down 7.5% since the start of the year. "We are not as negative in the iron ore market," Pimenta told the conference audience. "We continue to believe that demand for iron ore will remain solid and strong. Yes, China has probably plateaued, but it will come back, maybe at a slower pace than people think. ... India is growing at 10%." India's steel production has expanded from 150 million metric tons to 350 million mt, Pimenta said. Supply constraints Vale's bullish demand outlook also coincides with supply-side constraints, particularly high annual depletion rates across the industry and increasing costs for developing new mining projects, Pimenta said. These factors will support pricing over the long term, even as current spot prices remain under pressure from China's demand moderation. "Iron ore is a foundation of a lot of things that we do -- infrastructure, manufacturing, et cetera," Pimenta said, emphasizing the commodity's essential role in economic development. Population growth in emerging markets like India is expected to emerge as a major driver behind growth in the iron ore market. Pimenta estimates Vale can generate significant EBITDA even at current price levels and expects that sustained low prices would force less competitive producers to exit the market. Pimenta anticipates that Vale's high-grade iron ore products will become increasingly valuable as the global steel industry pursues decarbonization initiatives, which typically require higher-quality raw materials to reduce emissions in steelmaking. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/080526-et-highlights-xpansiv-nuclear-australia-singapore-ccs-japan-saf-green-hydrogen</link><description>Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.</description><title>ET Highlights: Xpansiv expands nuclear-backed certificates; Australia, Singapore deepen energy ties; Air Liquide French green hydrogen plant on track</title><pubDate>04 August 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon August 05, 2026 ET Highlights: Xpansiv expands nuclear-backed certificates; Australia, Singapore deepen energy ties; Air Liquide French green hydrogen plant on track Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices. Top story Xpansiv expands nuclear-backed certificates trading amid data center demand Xpansiv 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 power pool. "Demand is coming not only from hyperscalers, but from the entire data center ecosystem," said Russell Karas, senior vice president at Xpansiv. EFECs represent the environmental attributes of electricity generated by power plants without relevant carbon emissions. Similar to zero-emission certificates, or ZECs, they are usually related to nuclear power, although renewable sources are also allowed to issue these certificates. Benchmark of the Week $2,530/metric ton Platts SAF HEFA-SPK FOB Straits assessment on July 27, as Japan plans to mandate 5% SAF blend from 2030. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy Australia, Singapore pledge deeper energy ties, eye CCS deal Australia and Singapore have agreed to conclude negotiations on a cross-border carbon capture and storage agreement by the end of 2026, marking a further step in bilateral energy cooperation. The commitment emerged from the inaugural Australia-Singapore ministerial dialogue on energy in Sydney, where both countries pledged to strengthen energy security and support net-zero goals. The proposed pact would create a legal framework for transporting and storing captured carbon across borders. Japan plans to mandate 5% SAF blend from 2030 with 7 airports, levy Japan plans to require sustainable aviation fuel supply at seven major airports from fiscal 2030 as part of efforts to decarbonize aviation. Under the proposal released by Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism, SAF would account for at least 1% of jet fuel supply in fiscal 2030, rise to 3% in fiscal 2031 and reach 5% or more from fiscal 2032 onward for international flights. German cabinet approves green energy law reform amid shift to cut grid costs Germany'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-based incentives to steer wind and solar away from congested network areas. S&amp;P Global Energy Core US bans foreign power inverters for renewables over national security concerns The US Federal Communications Commission has imposed a new ban on foreign-produced power inverters â typically used in solar, wind and battery projects â citing national security concerns. The FCC on July 28 issued a restriction on foreign-made inverters effective immediately. Air Liquide on track to start 200-MW French green hydrogen plant in 2026 LâAir Liquide SA is on track to start up its 200-megawatt electrolyzer in Normandy, France, by the end of 2026, as EU regulations drive refiner demand for renewable hydrogen, the French industrial gas producer said in an earnings call on July 28. The Normand'Hy facility will supply up to 28,000 metric tons/year of green hydrogen to industrial customers in the region, including TotalEnergies SEâs Gonfreville refinery. Japan's JOGMEC grants subsidy to Hokkaido Electric for low-carbon ammonia hub Japan Organization for Metals and Energy Security has approved subsidy support for Hokkaido Electric Power Co., Inc.'s plans to develop a low-carbon ammonia supply hub in Tomakomai under the Hydrogen Society Promotion Act. The project will underpin infrastructure for storing and transporting low-carbon ammonia imported from Louisiana by Mitsui &amp; Co. Ltd., Hokkaido Electric, Mitsui, IHI Corp. and Tomakomai Futo Co. will jointly develop and operate the hub, which is intended to strengthen Japan's low-carbon fuel supply chain. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/080326-interview-biomethane-to-play-pivotal-role-in-asia-energy-transition-engie</link><description>Asia 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&amp;apos;s energy transition</description><title>INTERVIEW: Biomethane to play pivotal role in Asia energy transition: Engie</title><pubDate>03 August 2026 10:03:12 GMT</pubDate><author><name>Donavan Lim</name></author><content><![CDATA[ Agriculture, Energy Transition, Natural Gas, LNG, Electric Power, Biofuels, Carbon, Emissions, Hydrogen, Renewables August 03, 2026 INTERVIEW: Biomethane to play pivotal role in Asia energy transition: Engie By Donavan Lim Editor: Ankit Ajmera Getting your Trinity Audio player ready... HIGHLIGHTS Singapore set to drive regional development Energy security fears speed up transition investments Asia 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 transition -- not as a substitute for hydrogen or ammonia, but as part of a broader portfolio of complementary solutions to help decarbonize the gas infrastructure that underpins regional energy systems, Jules Dufournier, vice president for Asia-Pacific and Australia and New Zealand, at French electric utility company Engie, told Platts, part of S&amp;P Global Energy. "Natural gas will remain an important part of Asia's energy mix for many years," Dufournier said. "As renewable electricity expands, the challenge is no longer simply replacing fossil fuels, but decarbonizing the gas that industries and power systems will continue to rely on. Biomethane offers a practical pathway because it can leverage existing infrastructure while reducing emissions." The long-term fundamentals supporting biomethane are becoming increasingly compelling, according to Dufournier. Rising electricity demand, corporate decarbonization commitments and heightened concerns over energy security are driving governments and businesses to explore a broader mix of low-carbon fuels, Dufournier said. However, scaling up biomethane production requires more than just production capacity. "A successful market depends on trusted certification systems, transparent pricing, reliable supply chains and bankable commercial structures," Dufournier said. "These are the market fundamentals that give investors, producers and customers the confidence to commit capital and enter long-term agreements." Engie envisions itself as more than just a biomethane supplier, according to Dufournier. Drawing on decades of experience in global energy trading, the company seeks to help build the commercial ecosystem necessary for the maturation of Asia's biomethane market, Dufournier said. This involves developing market-making capabilities, risk management solutions and pricing mechanisms that enhance liquidity and support investment throughout the value chain, he said. The company's experience in Europe serves as a solid foundation for this ambition, according to Dufournier. Engie currently supplies biomethane to industrial customers such as Arkema, Sanofi, PepsiCo, and BASF under long-term agreements, Dufournier said. With about 1.2 terawatt-hours of annual installed biomethane production capacity today and a target of reaching 10 TWh/year by 2030, Engie believes it can transfer its proven commercial and operational expertise to emerging markets in Asia, Dufournier said. ASEAN challenges In the Association of Southeast Asian Nations, China, and Japan, the sustainable supply of feedstock, certification standards, infrastructure and long-term demand must all advance simultaneously for biomethane to reach meaningful scale, according to Dufournier. "Every emerging energy market follows a similar trajectory," Dufournier said. "Ten years ago, solar power was considerably more expensive than it is today. Innovation, investment and scale fundamentally changed its economics. We expect a similar evolution across biomethane, hydrogen, ammonia and other low-carbon molecules." Instead of treating these fuels as competitors, Dufournier advocates a technology-neutral strategy. Different sectors and geographies require tailored solutions, with biomethane, hydrogen, ammonia and e-methane each best suited to applications where they provide the greatest technical and economic benefits, he said. Japan exemplifies that philosophy. While hydrogen and ammonia remain central to the country's decarbonization strategy -- particularly in the power sector -- Dufournier said biomethane offers a complementary pathway. By utilizing existing gas infrastructure with minimal modifications, biomethane enables emissions reductions without compromising system reliability, he said. Singapore's role Singapore is well-positioned to drive regional market development despite its limited domestic production capacity, Dufournier said, identifying the city-state's most significant role as a demand center, trading hub and regulatory leader. "Singapore has the ingredients to become ASEAN's market-maker for low-carbon fuels," Dufournier said. "Its established LNG trading ecosystem, financing capabilities and commitment to developing certification frameworks can help create the demand signals and commercial confidence needed to unlock investment across the region." Hydrogen also remains an integral part of Engie's long-term outlook, according to Dufournier. He anticipates that hydrogen-derived fuels such as ammonia and e-methane will gain traction first, particularly in hard-to-abate sectors including heavy industry, shipping and dispatchable power generation. Platts assessed the India renewable hydrogen term contract at $3.2429/kg on July 30. Dufournier expects that energy security will increasingly shape investment decisions alongside climate objectives. Recent geopolitical tensions have underscored the importance of supply resilience and diversification, reinforcing the need for locally produced renewable energy and a wider portfolio of low-carbon fuels, he said. "The energy transition is no longer driven solely by decarbonization," Dufournier said. "Security of supply, affordability and resilience have become equally important. The future energy system will not rely on a single technology or molecule. It will be built on complementary solutions working togetherâand biomethane has an important role to play within that portfolio." The war in the Middle East has highlighted the vulnerabilities associated with heavy reliance on a limited number of energy sources and supply routes. "While decarbonization goals, technology costs and regulation remain important drivers of the energy transition, considerations around energy security, sovereignty and resilience are now shaping energy strategies around the world," Dufournier said. US-Israeli Conflict with Iran Essential Energy Intelligence for today's uncertainty. See What Matters > ]]></content></item></channel></rss>