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<channel><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/091726-gastech-2026-lng-participants-split-over-long-term-implications-of-hormuz-shock</link><description>As the war in the Middle East approaches seven months, LNG market participants at the Gastech conference in Bangkok, Thailand, Sept. 14-17, were split on the long-term implications for demand and growth from an unprecedented supply shock that has persisted far longer than most had expected in the early days of the conflict. ExxonMobil&amp;apos;s vice president of LNG marketing, Andrew Barry, said the major</description><title>GASTECH 2026: LNG participants split over long-term implications of Hormuz shock</title><pubDate>17 September 2026 14:50:19 GMT</pubDate><author><name>Matt Hoisch</name><name>Surabhi Sahu</name></author><content><![CDATA[ LNG, Crude Oil, Energy Transition, Electric Power, Natural Gas, Renewables September 17, 2026 GASTECH 2026: LNG participants split over long-term implications of Hormuz shock By Matt Hoisch and Surabhi Sahu Editor: Anoop Menon Getting your Trinity Audio player ready... HIGHLIGHTS Some see recent turmoil limited to near-term concern Others eye more permanent demand shifts Broader consensus on growth in long-term contracts, diversification As the war in the Middle East approaches seven months, LNG market participants at the Gastech conference in Bangkok, Thailand, Sept. 14-17, were split on the long-term implications for demand and growth from an unprecedented supply shock that has persisted far longer than most had expected in the early days of the conflict. ExxonMobil's vice president of LNG marketing, Andrew Barry, said the major producer still sees global LNG demand more than doubling by 2050. "What's happening in the Middle East at the moment has not changed our long-term fundamental demand forecast or expectations for LNG," Barry told Platts, part of S&amp;P Global Energy, in an interview on the conference sidelines. Freeman Shaheen, president of Chevron Global Gas, signaled similar confidence. "We believe oil and gas have a key role to play in the short, medium, and long-term," he said at the conference. "This [disruption to traffic through the Strait of Hormuz] is a near-term issue, and we're playing the long game." Two Indian LNG importers told Platts that India has significant potential to absorb additional LNG if prices soften, particularly through higher power-sector consumption and switching from liquid fuels. India's diversified sourcing strategy has been critical to mitigating LNG supply risks since the Middle East conflict unfolded, they explained. India is the world's fourth-largest LNG consumer and imported more than 25 million metric tons in 2025, according to S&amp;P Global Energy CERA data. Buyers pivot On the buy-side, however, participants hinted at more durable shifts away from LNG as the supply squeeze pushes prices to multiyear highs. Platts, part of S&amp;P Global Energy, assessed the JKM benchmark for LNG delivered into Northeast Asia at $27.394/million British thermal units on Sept. 17, around its highest point since December 2022. Thailand's Prime Minister Anutin Charnvirakul used part of his Gastech opening address to highlight upcoming government support for households seeking to install rooftop solar panels. "While we work to diversify supply, strengthen domestic energy security, improve efficiency, and reduce volatility in global markets, a transition that leaves people unable to pay their energy bills will not be sustainable," he said. Pakistan is also embracing homegrown energy with an eye to significantly expanding renewables and hydropower. The government aims to almost eliminate its reliance on imported fuel for power production by 2036, according to the chairman of the National Grid Company of Pakistan, Fiaz Chaudhry. While Pakistan had already been planning such a shift for years before the late-February outbreak of war in Iran, Chaudhry said that the shock has bolstered its ambition. "[The war] has not changed our plan," he told Platts in Bangkok. "But it has now forced us to even believe in that plan even more." Pakistan imported some 6.6 million mt of LNG last year, almost all from Qatar, according to CERA. Risk of being 'fuel of the wealthier countries' Even some sellers are skeptical that earlier growth expectations can hold. "If you're a developing country today and you need safe, secure, reliable baseload power, I am not sure you turn to LNG or to gas in the way that I think you would have done 10 years ago," Richard Holtum, the CEO of trading house Trafigura, said at Gastech. Holtum pointed to the supply boost from new production expected to hit the market in the coming years; he underscored a risk that LNG becomes the "fuel of the wealthier countries" if industry can't "create [the] demand" to ensure that new output "gets absorbed into the developing markets." Another industry source who sells LNG also flagged concerns about waning confidence among potential new buyers. "The risk for the industry is to see a bit of the long-term demand growth, which was underpinning the long development of the supply projects, could be maybe pushed out, maybe reduced, maybe a bit reshuffled," the industry source said. "I can see that. This ... volatility is not helping the long-term stability of the market." Longer contracts, diversified sourcing There is, however, a relative consensus among participants that the kinds of LNG deals being done are changing, with buyers eyeing longer contracts and hedging around cargo sources. "There is a new wave of interest in signing long-term contracts," the industry source said. "Before [Strait of Hormuz disruptions], some [buyers] were holding back because they were waiting for [the expected boost of new supply]. Now we are seeing them actually sourcing because they see that in the end, long-term stability is important." Liz Westcott, CEO of Australia's Woodside Energy, pithily characterized a shifting interest from "just-in-time LNG" to "just-in-case LNG." "Increasingly, flexibility is something customers are seeking," she said. Many Gastech attendees argued that a growing focus on reliability is a boon to portfolio players who can offer volumes pooled from a range of projects. Among them was Rashid al-Mazrouei, chief marketing and origination officer for LNG with the Abu Dhabi National Oil Co. He said the days of buyers sourcing from a single project are "gone." "The diversification that is happening in the market today is there to stay," Mazrouei said. At the same, Eni's Chief Operating Officer for Natural Resources, Guido Brusco, warned of a seemingly countervailing, broader trend away from globalization as industry players seek more control over supply chains. "This world will be less global than before," he said. As geopolitical uncertainty mounts and energy markets grapple with the pressures of a more fractious world, sightlines on LNG's future growth grow hazier. 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/091726-groups-sue-us-epa-over-repeal-of-power-plant-greenhouse-gas-standards</link><description>Multiple health and climate organizations filed a petition for review of the US Environmental Protection Agency&amp;apos;s finalized rule repealing carbon dioxide limits imposed on power plants. The Sept. 17 petition from the American Health Association, American Lung Association, Clean Air Council, Environmental Defense Fund, Natural Resources Defense Council and Clean Wisconsin asks the US Court of</description><title>Groups sue US EPA over repeal of power plant greenhouse gas standards</title><pubDate>17 September 2026 20:26:45 GMT</pubDate><author><name>Leah Garden</name></author><content><![CDATA[ Energy Transition, Emissions, Carbon September 17, 2026 Groups sue US EPA over repeal of power plant greenhouse gas standards By Leah Garden Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS Health groups challenge power plant repeal EPA eliminates CO2 limits on generators Zeldin cites $310B in projected savings Multiple health and climate organizations filed a petition for review of the US Environmental Protection Agency's finalized rule repealing carbon dioxide limits imposed on power plants. The Sept. 17 petition from the American Health Association, American Lung Association, Clean Air Council, Environmental Defense Fund, Natural Resources Defense Council and Clean Wisconsin asks the US Court of Appeals for the District of Columbia to determine whether the EPA's actions violate the Clean Air Act. "Repealing these standards without a replacement is an abdication of EPA's legal responsibility to protect public health and the environment," Meredith Hankins, federal climate legal director at the NRDC, said in a press release. "This unlawful rule seeks to remove our national limits on climate pollution from power plants at a time when more Americans than ever are suffering," added Vickie Patton, general counsel for EDF. "EPA is supposed to protect people and the environment, not rewrite the rules to benefit polluters." EPA Secretary Lee Zeldin announced the final repeal of most of the Biden-era 2024 power plant CO2 standards on Sept. 14, removing greenhouse gas requirements for coal- and natural gas-fired power plants. This includes a requirement that new plants install carbon capture and sequestration technologies to minimize emissions. Zeldin said the repeal will save $310 billion in energy costs over 20 years. The repeal only impacts carbon standards, and the agency will retain oversight of criteria pollutants and hazardous air pollutants to safeguard human health, the EPA said during a press call. The agency on Sept. 17 declined to comment on pending litigation, but issued a news release with numerous comments from administration officials, Republican governors, Republican federal legislators, and interest and utility groups supporting the action. "The Biden rule exacerbates the pressures facing America's electric grid by forcing critical existing power plants into early retirement and severely restricting the operation of new natural gas plants," National Rural Electric Cooperative Association CEO Jim Matheson said in the EPA-issued news release. Indiana Governor Mike Braun said in the news release: "Today's EPA action is a major step toward restoring reliable, affordable energy by removing burdensome regulations that threaten America's power supply. This commonsense approach will support American workers, strengthen energy security, and help lower costs for families and businesses." Analysts at Siebert Williams Shank said in a Sept. 17 research note that they expect the EPA action to have a smaller overall impact than the agency predicts. "We expect a more muted production response from utilities and electricity generators and less rosy cost savings results," they said. "We also do not believe that the financial implications to increased fossil generation output will be broadly material." For regulated utilities, the analysts expect only limited financial benefits, noting that while the repeal action is contested, decisions on new generation or emissions control investments could be delayed. Also, regulated utilities earn returns on emissions control investments. Also on Sept. 14, the EPA proposed to rescind "every remaining greenhouse gas standard for the power sector," which Zeldin said in a news release would save an additional "$370 million in direct compliance costs, in addition to the billions more American families and businesses can expect to see saved across the economy." The proposal, which would affect coal plant standards set during the Obama administration, has a 45-day comment period. "It would prevent a future EPA from being able to regulate greenhouse gas emissions for global climate change for power plants," a Trump administration official said on the press call. Citing Section 111 of the Clean Air Act, the official argued the Biden administration "relied on technology that had not been adequately demonstrated." The Trump administration has said the Biden-era EPA's mandate to install carbon capture technology was beyond the agency's authority. The US power sector remains the nation's largest stationary source of climate-warming emissions, accounting for 23% of the total US footprint in 2023, according to the EPA. The agency no longer inventories greenhouse gas emissions as part of the Trump administration's deregulatory agenda, but other organizations provide estimates. Climate research firm the Rhodium Group reported in January that US power sector emissions rose 3.8% in 2025, marking the second consecutive annual increase since 2012-2013. 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/091626-air-pollution-from-data-center-power-projects-is-a-rising-concern-amid-build-out</link><description>In a rural county south of Columbus, Ohio, a company specializing in on-site power generation for data centers is facing pushback from critics who warn of air pollution from its latest natural gas-fired project. One state to the east, advocacy groups are challenging an air quality permit that the Pennsylvania Department of Environmental Protection issued in November 2025 for the 4.4-gigawatt Homer</description><title>Air pollution from data center power projects is a rising concern amid build-out</title><pubDate>16 September 2026 20:38:20 GMT</pubDate><author><name>Karin Rives</name></author><content><![CDATA[ Electric Power, Natural Gas, Energy Transition, Metals &amp; Mining, Chemicals, Carbon, Emissions, Non-Ferrous, Solvents &amp; Intermediates September 16, 2026 Air pollution from data center power projects is a rising concern amid build-out By Karin Rives Editor: Valarie Jackson Getting your Trinity Audio player ready... HIGHLIGHTS More than 55% of data center power comes from fossil fuels US hyperscale facilities face pushback In a rural county south of Columbus, Ohio, a company specializing in on-site power generation for data centers is facing pushback from critics who warn of air pollution from its latest natural gas-fired project. One state to the east, advocacy groups are challenging an air quality permit that the Pennsylvania Department of Environmental Protection issued in November 2025 for the 4.4-gigawatt Homer City Combined Cycle Plant, which will power a 3,200-acre data center campus. Similar concerns have recently been raised with data center power projects in North Carolina and Georgia. Air pollution is a growing concern for scientists and groups that track impacts from the 547 hyperscale-owned data centers in the US, as well as the 395 facilities under construction, according to second-quarter data from 451 Research's S&amp;P Global Data Center KnowledgeBase. Local reviews have been mixed for the 800-megawatt PowerConneX natural gas-fired system, proposed for the new data center near the Village of Ashville in Ohio. Labor unions are supporting the project, citing new jobs and local tax revenue. So does the local school district, which PowerConneX has promised a $77.4 million donation if the project is approved. Many residents, however, have voiced concerns over water resources and emissions from the 74 natural gas turbines the company plans to install. "These gas turbines will run 24/7, and the air will carry what they burn across our village, past our schools, our homes, our fields, and to neighborhoods beyond," Charlina Hoswell told the Ohio Power Siting Board during an Aug. 19 public hearing about the project. "This is the air we breathe." The new data center will be less than a mile from her home, Hoswell added. Emissions, health care costs US data centers were getting more than 55% of their power from fossil fuel-fired power plants as of 2024, according to the International Energy Agency. That trend is expected to continue for the next few years as developers increasingly turn to behind-the-meter solutions to avoid grid constraints and delays. A study published in February by researchers at Harvard University estimated that hyperscalers operating between May 2024 and May 2025 accounted for more than 52 million metric tons of carbon dioxide emissions, equivalent to emissions generated from driving more than 12 million gasoline-fueled passenger cars for a year. Federal and state policymakers seeking to rein in data center impacts on power bills are missing an important part of the cost equation, former officials with the US Environmental Protection Agency said during a Sept. 10 call with reporters. "This massive AI build-out can have enormous consequences for Americans' health," said Lynn Goldman, a pediatrician and epidemiologist who served as an EPA assistant administrator for toxic substances under President Bill Clinton. Pollution from data center electricity demand is estimated to reach $20 billion in annual health care costs by 2028, Goldman said, citing a soon-to-be published study by researchers from UC Riverside, Caltech, and the Rochester Institute of Technology. Goldman listed pollutants associated with data center power consumption that concern her most: soot, smog, mercury, arsenic, sulfur dioxide, nitrogen oxides, per- and polyfluoroalkyl substances, and formaldehyde. Earlier this year, Texas regulators approved what power developer Pacifico Energy Group LLC called the largest data center air permit in US history. The permit allows the GW Energy Center in West Texas alone to release 33 million metric tons of CO2 and thousands of metric tons of air pollutants annually from the 35 natural gas-fired turbines and backup generators Pacifico plans to install. In March, three Senate Democrats launched an inquiry into the Texas project and several other major data center developments, whose pollution levels, the legislators said, will rival those of US coal-fired power plants. Data center damages, benefits vary Health and social costs from the data center boom vary across the US, depending on the number of facilities in each state and the generation resources its grid relies on, said Nick Muller, a professor of economics, engineering, and public policy at Carnegie Mellon University. Such costs, known as gross external damages, ranged from $2 billion to $5 billion in 2025 for Texas and Virginia, two states with substantial data center infrastructure, according to a National Bureau of Economic Research paper that Muller published in April. The study focused on premature mortality risk from local air pollution and included impacts such as reduced agricultural output and destructive weather events when calculating damages from greenhouse gas emissions. In all, damage from US data center power consumption ranged between $10 billion and $33 billion in 2025, Muller found. "The size, location, and projected power use from those planned facilities is pretty stunning," Muller said during an interview. "So we need to think carefully about that, both in the public discourse and as policymakers." Muller's research also showed that the economic benefits of data center development vary widely across states when weighed against health impacts. In North Dakota and Wyoming, states that rely heavily on coal-fired electricity generation for data centers, calculated damages are five times and two times higher, respectively, than the states' gross domestic product, Muller's modeling showed. At the same time, states and municipalities weigh the role of taxes and economic development in their areas. For example, the Virginia Department of Taxation estimated that the existing sales tax benefit for data centers totaled $1.94 billion in 2025 for the state, the highest in the country. Loudoun County, Virginia, estimates that data centers will pay about $1.14 billion in real and personal property taxes in 2026, equivalent to 42% of the county's local tax revenue. The county is home to the largest concentration of data centers in the world. Muller said preliminary nationwide comparisons suggest that "damages attributable to AI-related energy use are small relative to potential productivity gains." Ohio power developer challenges testimony In Ohio, health impacts from data centers remain a point of contention. If running at 57% capacity, the 74 gas-fired turbines PowerConneX plans to build and operate would annually release 165 metric tons of nitrogen oxides, 229 mt of fine particulate matter, 42 mt of sulfur dioxide, and 188 mt of volatile organic compounds, according to projections from John Bangsund, the director of science and technology at the Better Data Center Project. Such emissions could cause up to 11 premature deaths, 17 cases of asthma onset, and 580 lost workdays a year, Bangsund said in comments to the Ohio Power Siting Board. The state regulatory board held Sept. 9-11 hearings about data center power needs. Global data center developer EdgeConneX Inc., which created PowerConneX to build on-site power systems in markets with limited grid resources, could not be reached for comment. EdgeConneX is a subsidiary of private equity firm EQT AB. An attorney for PowerConneX asked the regulators to strike Bangsund's testimony and that of several area residents and two researchers, saying the siting board was the wrong venue for issues related to air pollution and health impacts. The attorney also questioned Bangsund's use of a US Environmental Protection Agency COBRA tool, typically used to measure health benefits from clean energy programs, to estimate pollution impacts from the data center's power system. The board twice denied the company's request to exclude the testimonies, according to the Ohio River Valley Institute, a clean energy think tank whose experts were among those PowerConneX sought to exclude from the hearing Sept. 10. 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/091626-global-ai-data-center-air-conditioning-power-demand-stalling-energy-transition-etc</link><description>Surging power demand from AI data centers and air conditioning â&amp;#x80;&amp;#x94; with much of this met by coal and gas-fired generation â&amp;#x80;&amp;#x94; has stalled the global energy transition despite clean energy deploying faster and more cheaply than anyone predicted, Energy Transitions Commission chair Adair Turner told Platts, part of S&amp;amp;P Global Energy, in an interview Sept. 14. The rapid renewables deployment was meeting</description><title>Global AI data center, air conditioning power demand stalling energy transition: ETC</title><pubDate>16 September 2026 08:01:11 GMT</pubDate><author><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Coal, Natural Gas, Electric Power, Maritime &amp; Shipping, Metals &amp; Mining, Emissions, Renewables, Ferrous September 16, 2026 Global AI data center, air conditioning power demand stalling energy transition: ETC By James Burgess Editor: Adithya Ram Getting your Trinity Audio player ready... HIGHLIGHTS New structural demand delays coal phaseout Clean energy deployment fastest, cheapest ever Industrial decarbonization lagging, China leads Surging power demand from AI data centers and air conditioning â with much of this met by coal and gas-fired generation â has stalled the global energy transition despite clean energy deploying faster and more cheaply than anyone predicted, Energy Transitions Commission chair Adair Turner told Platts, part of S&amp;P Global Energy, in an interview Sept. 14. The rapid renewables deployment was meeting the previously unforeseen demand growth rather than cutting into coal burn in any serious way, Turner said. And while solar, battery, and EV costs have fallen sharply, with clean electricity growing 2.3 times faster than the overall energy supply in 2025, global emissions have only plateaued rather than fallen. "If you looked at what has happened to the price of solar photovoltaic, the price of batteries, the rate of increase of electric vehicle sales [...] all of that would make you very optimistic that we can drive a lot of this energy transition to net zero far more rapidly and cheaply than we dared dream just 10 years ago," Turner said. However, "we're not making progress at anything like the pace to meet the well below 2-degree centigrade commitment [in the UN's Paris climate commitment], let alone the 1.5 Â°C [target]," he warned. "That's the big story." The UN Environment Programme warned in a report published at the start of September that the world was set to overshoot 1.5 Â°C of warming, and that urgent action was needed to contain the climate change risk. The world remains on a trajectory of roughly 2.5 Â°C of warming by 2100 under current stated policies, according to the ETC, based on IEA data. Average warming is expected to continue to exceed 1.5 Â°C through 2030, the ETC noted, citing World Meteorological Organization projections. Fossil fuel surge The AI and cooling demand surge has directly delayed the coal and gas phase-out. In the US, data center power consumption is driving up gas burn. Globally, rising temperatures are structurally increasing air conditioning loads, creating a reinforcing cycle in which climate change itself generates new electricity demand. China's coal burn is showing signs of falling, and plants are running fewer hours, but India is lagging, Turner said. Turner noted that electricity is still only around a fifth of total final energy demand and needs to reach a third within 10 years â a target that is being made harder to hit by overall demand growth. Critically, Turner said there had been no serious decarbonization beyond the electricity sector. Heat, heavy industry, aviation, and shipping still run overwhelmingly on fossil fuels, keeping emissions stubbornly high. Turner said that because electricity is more efficient than direct combustion, with fewer conversion losses, final energy demand could still fall in absolute terms even as energy services expand. Power share The key to driving down emissions lies in the dual challenge of decarbonizing power grids and electrifying larger parts of energy demand, Turner said. The electrification of China's road transport fleet, he said, was "absolutely unstoppable," with electric vehicles accounting for large shares of both passenger and road freight fleets. The pathway would vary from country to country, with some regions having deeply decarbonized electricity systems but lagging in electricity's share of final energy demand. But there were no easy wins for the grid upgrades needed to meet growing deployment of renewables, Turner said, noting the picture would be different depending on the power mix and demand in each country or region. Turner said governments have an essential role in setting goals and enabling policies â new grid infrastructure, planning reform, and long-term offtake frameworks â citing the UK's power decarbonization program as a model. Interest rate pressure Rising real interest rates since 2019 have compounded the challenge. Green investment was once an easy win in a low-rate environment, Turner said. Now, AI borrowing for investment is driving interest rates higher still, pushing up capital costs for clean energy projects precisely when deployment needs to accelerate. Beyond the power sector, industrial decarbonization is lagging. Only 9% of the 70 near-zero steel plants needed globally by 2030 have reached final investment decision, and the US recorded zero clean industrial investment decisions in 2025, the ETC said. Turner highlighted one significant exception: a joint project between the ETC and China's iron and steel research institute examining the pathway to net zero for Chinese steelmaking. China produces 50% of global steel, Turner noted, making its decarbonization trajectory transformational for global emissions. "It can happen, and it will happen," 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/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-ep-23-navigating-the-evolving-landscape-of-european-direct-lending-with-howard-sharp-managing-director-co-head-of-direct-lending-at-alcentra</link><description>Howard Sharp, Chairman and Co-Head of Direct Lending at Alcentra, joins our hosts on the latest episode of Private Markets 360Â° to share his insights on the evolving private credit landscape. </description><title>Private Markets 360 | Episode 23: Navigating the Evolving Landscape of European Direct Lending (with Howard Sharp, Managing Director, Co-Head of Direct Lending at Alcentra)</title><pubDate>31 March 2025 15:32:00 GMT</pubDate><author><name>Chris Sparenberg</name><name>Jocelyn Lewis</name></author><content><![CDATA[ Podcast â 31 Mar, 2025 Private Markets 360Â° | Episode 23: Navigating the Evolving Landscape of European Direct Lending (with Howard Sharp, Managing Director, Co-Head of Direct Lending at Alcentra) By Chris Sparenberg and Jocelyn Lewis Howard Sharp, Chairman and Co-Head of Direct Lending at Alcentra, joins our hosts on the latest episode of Private Markets 360Â° to share his insights on the evolving private credit landscape. With over 35 years of experience in the credit markets, Howard discusses the significance of relationships in the industry and what the future holds for private markets. More S&amp;P Global Content: Blog: Unlock the Benefits of Automating your Direct Lending Workflow Blog: Optimizing Credit Risk Management: Modelling Techniques for Asset-Based Lending Blog: Best Practice Risk Management for Private Credit Case Study: A Global Private Credit Firm Strengthens Risk Assessment with Advanced Climate Analytics Credits: Host/Author: Chris Sparenberg, Jocelyn Lewis Guests: Howard Sharp, Alcentra Producer: Georgina Lee Check out the Private Markets 360Â° podcast series Click Here ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/podcasts/private-markets-360/private-markets-360-episode-51-davidson-kempners-approach-to-navigating-dislocation-in-private-markets</link><description>In this episode of Private Markets 360Â°, we welcome Melanie Levine, Partner and Global Head of Client Partnerships and Business Development at Davidson Kempner. Melanie shares her insights on how Davidson Kempner differentiates itself in the competitive landscape, the impact of current market trends on investor allocations, and what lies ahead for private markets. Melanie also discusses her journey to Davidson Kempner, from being the second hire on the fundraising team to co-managing the client</description><title>Private Markets 360Â° | Episode 51: Davidson Kempner&amp;apos;s Approach to Navigating Dislocation in Private Markets</title><pubDate>18 September 2026 04:00:00 GMT</pubDate><author><name>Jocelyn Lewis</name><name>Chris Sparenberg</name></author><content><![CDATA[ Podcast â18 September, 2026 Private Markets 360Â° | Episode 51: Davidson Kempner's Approach to Navigating Dislocation in Private Markets By Jocelyn Lewis and Chris Sparenberg In this episode of Private Markets 360Â°, we welcome Melanie Levine, Partner and Global Head of Client Partnerships and Business Development at Davidson Kempner. Melanie shares her insights on how Davidson Kempner differentiates itself in the competitive landscape, the impact of current market trends on investor allocations, and what lies ahead for private markets. Melanie also discusses her journey to Davidson Kempner, from being the second hire on the fundraising team to co-managing the client partnerships and business development team today. Credits: Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Melanie Levine Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun, Kimberly Olvany View Full Transcript Chris Sparenberg [00:00:00]: Welcome to Private Markets 360, your insider's guide to the world of private investments. Today, we're thrilled to have Melanie Levine, partner and global head of client partnerships and business development at Davidson Kempner, joining us. With over 2 decades at Davidson Kempner, Melanie has been instrumental in building out the firm's global sales, investor relations, client service, and product development teams. Her extensive experience across fundraising, capital formation, and business development provides a unique perspective on the evolution of alternative investments, particularly how changing investor needs and evolving market dynamics are shaping allocations across alternative investments. Today, Melanie will share her insights on how Davidson Kempner differentiates itself in the competitive landscape, the impact of current market trends on investor allocations, and what lies ahead for private markets. Melanie will also discuss her journey to Davidson Kempner, from the second hire on the fundraising team to co-managing the client partnerships and business development team today. Melanie, welcome to Private Markets 360. It's great to have you with us. Chris Sparenberg [00:01:07]: How are you? Melanie Levine [00:01:08]: Doing great. Thanks so much for having me. Jocelyn Lewis [00:01:10]: We're thrilled to have you, Melanie, and we would love to start off with you sharing a bit about your career journey and how Davidson Kempner has evolved during your 20-plus years at the firm. And if you can also share insights from your background that have shaped your approach today. Melanie Levine [00:01:32]: Sure, happy to. I'll start with my career journey. I graduated from the Wharton School undergraduate class of 2000 after spending several summers in investment banking. My last summer actually was in equity capital markets at Merrill Lynch. This was during the 1999 tech bubble. Which actually has some very interesting similarities to the current AI bubble. But during that summer, I worked very closely with institutional equity sales, just collaborating on selling IPOs and secondary offerings. And that's really where I realized that I enjoy discussing and generating investment ideas much more than traditional banking analysis and number crunching. Melanie Levine [00:02:17]: So I really took a less conventional path after graduating Wharton at that time, I declined my full-time investment banking return offer and started interviewing to pursue institutional equity sales roles exclusively. So after I graduated, I joined Goldman Sachs in institutional equity sales. I was there for about 4 and a half years. I was developing and pitching equity investment ideas to hedge fund clients during that time. I then joined Davidson Kempner in January of 2005. I first focused on expanding the firm's non-US investor base. I helped launch a new hedge fund product in mid-2005 after the firm had operated with only a single hedge fund strategy for its first 20 years. So I've spent nearly the last 22 years at Davidson Kempner building out the global sales and client service platform. Melanie Levine [00:03:11]: Across wealth and institutional clients while institutionalizing the investor experience through dedicated product management teams, communications, client service, product specialists, and product development teams. So when I think about DK's evolution over nearly 22 years, I've been part of a great growth story from about $5 billion to over $40 billion in AUM. When I joined back in 2005, we had one strategy. I was the 28th employee, and today we're approaching 500 people across 8 global offices, and we reached our peak AUM of over $40 billion. So DK's really expanded from a single strategy to a diversified global platform. We grew from our merger arbitrage and distressed debt roots into more of a global investment platform spanning credit, convertible arbitrage, long-short equity, asset-based finance, opportunistic credit, and real estate, really across the liquidity spectrum. So we've been investing for over 40 years now across multiple cycles, and we've had 3 generations of leadership. So I think of today as DK 3.0, following our 3rd successful leadership transition back in 2020. Melanie Levine [00:04:28]: So in our view, we've continued to grow without becoming asset gatherers. We've been very disciplined about growth, and alignment really remains our core focus. As a private partnership, we're 100% owned by our partners and employees and invested alongside our clients and really focused on their long-term interests. So the culture has scaled, but the DNA hasn't changed. Despite the growth, we remain rooted in teamwork, collaboration, and a commitment to our investors. You asked about career insights that I would tell my younger self. So I would really say, don't follow the herd, follow your strengths. Melanie Levine [00:05:03]: Try to be independent-minded, know what you enjoy and where your natural talents lie, and have the confidence to choose your own path. Had I followed the more traditional route that was much more conventional at that time, I would've started in investment banking rather than sales. So my career may have looked very different. Chris Sparenberg [00:05:22]: Certainly seems like it would've, and that is a tremendous amount of growth that's happened in your time with the firm. I'm interested in digging into the culture element of that. So scaling assets, scaling people, but keeping the culture intact is critical, and I'm sure it's not an easy job. Can you tell us how Davidson Kempner's culture differs from other firms and how it contributes to the firm's longevity and success in navigating various market cycles? Melanie Levine [00:05:48]: Yeah, sure. The people and the culture are the big reason why I've stayed at DK for nearly 22 years. It's really a meritocracy. People are given more responsibility as they earn it. Long tenure is really part of our DNA. So my story's not unusual. Our CIO and managing partner, as well as 4 other of my partners, even started as summer interns. And the 14 active equity partners today have an average tenure at DK of roughly 16 years. Melanie Levine [00:06:19]: So at Davidson Kempner, we really try to develop leaders from within. We hire laterally, of course, when it makes sense, but many of our leaders have grown up at the firm. So that really creates continuity while allowing the organization to evolve. And our ownership structure really creates great alignment. We're 100% privately owned, and the partnership's the largest investor across our funds. So we're really invested alongside our clients. We like to say we really drink our own wine or eat our own cooking. And that alignment also drives collaboration. Melanie Levine [00:06:51]: Partners participate in the overall economics of the firm rather than being compensated only on their individual strategy or P&amp;L. So it's very different from a pod model. So it encourages people to work across strategies, geographies, and asset classes. So we can follow opportunity and don't have just organizational silos. As markets change, we're constantly comparing relative value and we really just allocate capital where we see the most compelling risk-adjusted returns, either across geography or even across collateral type. So over 40-plus years, we've evolved without changing our investment DNA. Across market cycles, we've remained very disciplined about investing. Because we want to focus where we have the people, sourcing relationships, underwriting expertise, and really operational resources where we can create an edge. Melanie Levine [00:07:47]: But there's a constant desire to get better at DK. We're constantly re-underwriting not just our investments, but our processes, our strategies, our investment platform. So ultimately, I think our longevity really comes down to 3 things: our aligned incentives, the collaborative culture, and our long-term discipline. Chris Sparenberg [00:08:08]: That discipline has certainly helped you scale, and I'm sure the focus on self-improvement is a critical piece to all of that. Let's talk about differentiators and strategies a little bit. You mentioned Davidson Kempner operates across various alternative strategies. I know you're active in hedge funds, opportunistic credit, real estate. There are other alternatives on the platform. Can you tell us what makes DK different from other alternative managers? How do these strategies differ in how investors utilize them, and both for the specific purposes, but then also across overall portfolios? And then thinking about the global scale as well, there's a lot to take into account there. Melanie Levine [00:08:46]: Yeah, absolutely. If you start with what we think really differentiates DK, we're built to follow opportunity where it exists, not just a benchmark or a silo. So our mandate is global and flexible. So this allows us to constantly compare relative value across geographies, strategies, asset classes, and the capital structure. We believe our crossover credit capability is a real competitive advantage. We can invest across public and private markets, credit and equity, and really the liquidity spectrum gives us a wider aperture to find attractive risk-adjusted returns. So part of our DNA really is turning dislocation into opportunity. We often gravitate towards markets or situations that we believe are less trafficked, more complex, or have higher barriers to entry where experience and sourcing really can matter. Melanie Levine [00:09:44]: We've been a distressed investor since the '80s, so we're comfortable with complexity. We're comfortable with workouts, restructurings, and really enforcing creditor rights. As we like to say, we're not in the origination business, we're in the repayment business. So we really try to combine global reach with local expertise. So research-driven underwriting, operational capabilities, and really deep local sourcing relationships allow us to identify and execute these opportunities globally. So if you want to turn the discussion to how investors really use our strategies within their portfolios, in our view, we think the different DK strategies really solve different portfolio needs. So investors could use us for absolute return and risk mitigation or diversification, opportunistic credit exposure, real estate, or really access to less liquid and more complex opportunities. Melanie Levine [00:10:45]: So we think our event-driven multi-strategy approach can really serve as a portfolio ballast within a portfolio. The objective is to compound attractive returns, really with low correlation to traditional equity and credit beta and relatively low volatility. We believe that ballast can give investors room to take risk elsewhere. So many of our longtime endowment and foundation clients, some of which we started working with back in the '90s, use our more liquid strategies alongside higher-octane closed-end private market funds. So for some investors, absolute return can play a role traditionally occupied by fixed income or even cash. But globally, the portfolio may differ, but the underlying need is really similar, whether investors characterize us as hedge funds, credit, alternatives, or absolute return. We believe they're really looking to DK for diversification, the downside resilience, and really differentiated sources of return. So ultimately, I think what differentiates DK is really a combination of global and flexible mandate, that crossover credit capability, our global sourcing advantages, and the decades of experience just navigating complexity. Melanie Levine [00:12:07]: I think this gives us the ability to where we believe we can really focus on the best risk-adjusted opportunities that exist at any given market cycle. Jocelyn Lewis [00:12:18]: It really sounds like there's just a wealth of knowledge at Davidson Kempner, and you've provided a really helpful overview of what makes Davidson Kempner distinct in all the different roles that these strategies can play for your investors. with such a global and flexible mandate that you've mentioned. Melanie, building on that, let's explore how you translate that breadth into portfolio construction discussions with clients. And with so many capabilities that you've mentioned across your platform, how do you help each individual investor determine where your strategies fit in their portfolio and how Davidson Kempner fits within the broader alternatives landscape? Melanie Levine [00:13:08]: Sure. I always say that the real secret to dealing with clients is to be a really good listener. So we have to think about our strategies first and foremost by the role they can play in a client's portfolio. So really across the platform, we think our funds can be meaningful diversifiers and really durable contributors through different market cycles. Our hedge fund strategies, we believe, are risk mitigators. We also believe our closed-end strategies are diversifiers within private credit portfolios. So we believe that some investors use our hedge fund strategies as fitting within a portable alpha program. Some use us in an absolute return program, or even an alternative to portions of fixed income. Melanie Levine [00:13:54]: Our private strategies can play a different role. We believe that clients with significant direct lending exposure may use our closed-end opportunistic credit strategies as a diversifier within private credit. Similarly, we believe that investors with substantial core real estate exposure may use our opportunistic real estate strategies to diversify that allocation. So we think that structure should really match the underlying opportunity. So more liquid strategies belong in vehicles that provide appropriate liquidity, while private and less liquid opportunities are better suited for closed-end drawdown structures. So a big part of our job here is education. And again, that really does start with listening. So we need to understand what an investor is trying to accomplish and then really clearly articulate why they might own a particular DK strategy. Melanie Levine [00:14:50]: And then we determine what role it could play and really how it complements what they already own. So we like to say that we go where others retreat. Our history has been about turning dislocation into opportunity, but having the flexibility, experience, and resources to provide capital when others may be constrained or stepping away. So our consistent investment philosophy really connects the platform. All of our strategies are grounded in rigorous underwriting, downside protection, and disciplined risk assessment, really due to our credit discipline. So we believe investors will benefit from the scale and breadth of this broader DK platform. But investor education doesn't end when someone invests. It's a continuous process here. Melanie Levine [00:15:38]: We've built a robust product specialist and investor relations organization. To provide transparency and really help clients understand not only what we're investing in, but why we're making these investments. So really, if I had to summarize our place, I think we aim to provide differentiated sources of return, really thoughtful diversification, and also that disciplined downside protection. So that's really the focus across the global platform. Jocelyn Lewis [00:16:08]: I really think it's so important to really listen to clients. Chris and I can really relate to that because we're out talking with clients every day as well. And like you mentioned, they all have different needs, and especially now with the private markets just continue to evolve and expand and change over time. So it's a really great way that you've where each of your strategies fits within a portfolio and taking a step back from your platform specifically. You're also having conversations with investors globally and seeing how they're approaching today's market environment and the unique characteristics or the unique items that they're really focused on. So I'm curious how those perspectives compare across different regions and investor types. Are you seeing meaningful differences in how allocators around the world are thinking about today's investment opportunities, where they want to deploy capital and which strategies they favor, or are priorities becoming more aligned? Melanie Levine [00:17:18]: Yeah, I think I'd really categorize it as global themes with meaningful regional and investor-specific nuances. So across the board, we're hearing from clients about a greater focus on liquidity, resilience, flexibility, diversification, uncorrelated returns. So investors today are really seeking strategies that will capitalize on market dislocations, but also complement or serve as diversifiers from existing exposures. So investors are increasingly seeing benefits of absolute return strategies. Over the last 12 months, we've seen existing hedge fund allocators and consultants increasing their allocations, particularly across the institutional market. However, we're not yet seeing new entrants or those who left absolute return reentering. I'm hopeful that they will, but not yet seeing that. In private capital though, liquidity is still very scarce and it's really hard to replace an incumbent manager. Melanie Levine [00:18:23]: Regional nuances remain important, as there are regulatory considerations and different risk appetites across the globe. But we try to have conversation tailored to each investor's objectives. So we wanna showcase the breadth of our platform, but be a solution provider. We wanna really meet investors where they are. Our job is to show how when added to a portfolio, in our view, our strategies can really serve as a diversifier. So I think, really, as far as the differences between the US versus international markets, over the past 12 months, we've seen the strongest increase in hedge fund strategy allocations and liquid alts from US investors. But that said, interest is by no means limited to the US. Melanie Levine [00:19:09]: Our pipeline actually includes several sizable international allocators. So that does suggest to me that the appetite for hedge fund strategies is increasingly global and increasing globally as well. If I think about endowments and foundations versus pensions versus other institutional investors, endowments and foundations have often used Davidson Kempner as a portfolio ballast, particularly alongside their historically larger allocations to venture capital and other less liquid, higher-octane strategies. But we're starting to see the pendulum shift a bit. After several years of constrained distributions, reduced deployment, improving DPI year to date is giving some endowments and foundations greater flexibility to increase allocations to alternatives again. And really over the last 6 to 12 months, conversations have increasingly moved from managing liquidity constraints to selectively putting capital back to work while still maintaining that strong focus on liquidity and diversification. Pension funds on the public side often come at it differently. Melanie Levine [00:20:20]: Many have substantial direct lending and private market exposure in private credit. So we're generally not seeing the same appetite to simply add more illiquidity. Conversations increasingly about what is truly additive and a diversifier to what they already own. Internationally, the objectives can be similar but may differ. So there's regulation to contend with, liquidity requirements, risk appetite, governance, and then existing portfolio constructions really does vary by region. So there really isn't any one-size-fits-all solution. So that's, I think, where the breadth of our platform is helpful. So rather than starting with what products can we sell, we have to really think about what does this investor's portfolio need? And then determine whether a liquid absolute return strategy, some opportunistic credit, real estate, or another part of the platform can really address that specific investor's need. Melanie Levine [00:21:22]: So the common thread globally really is that investors are being more intentional and there's really that focus on a total portfolio. They're asking not simply, is this an attractive strategy? But you have to really think about what does this add to my total portfolio? In our view, our job is to demonstrate how a decay allocation can provide genuine diversification and really improve the overall portfolio. Chris Sparenberg [00:21:50]: And of course, all this is happening against the backdrop of a vastly different market than we were facing 20 years ago. So investors are making different decisions, but market mechanics themselves have changed. Davidson Kempner described today's environment as being the early innings of a broader capital structure reset as rates remain elevated. How do you expect this shift to influence investors' asset allocation decisions and the overall portfolio construction that they're considering? Melanie Levine [00:22:18]: So when we talk about that capital structure reset, we're really talking about the consequences of moving from the decade of cheap money to a more normalized cost of capital. So that adjustment takes time, and we think that we're still in the early innings. So for investors, that should change the portfolio construction conversation. So we believe the last decade rewarded owning beta and illiquidity. So going forward, we believe there'll be greater value in liquidity, flexibility, active management, and strategies that can really capitalize on dispersion and dislocation. So we think expectations around private credit are going to need to reset as well. Significant capital formation across direct lending has really compressed spreads and in some cases weakened lender protections. So we believe traditional private credit should increasingly be viewed more as a single-digit return asset class rather than something that consistently delivers double-digit returns. Melanie Levine [00:23:22]: But at that same time, the stress is creating opportunity. Higher rates are putting pressure on capital structures, and these capital structures were built for a very different rate environment. So extensions, PIK, liability management exercises, they all can postpone that stress, but they don't necessarily eliminate it. So that makes the flexibility across the capital structure increasingly value. So we believe the ability to move between public and private, performing and stressed, liquid and illiquid credit can provide a significant advantage as opportunities migrate from one market to another. And we believe it also makes opportunistic credit and asset-based finance increasingly interesting portfolio complements. So we're seeing investors looking beyond traditional direct lending towards strategies where collateral structure, underwriting expertise and complexity can really create differentiated sources of return. So as we also think this could be a very interesting decade for absolute return, just given the higher dispersion and higher rates, you can see more idiosyncratic winners and losers. Melanie Levine [00:24:34]: So that's an attractive backdrop for event-driven strategies that we don't really need markets to go up to generate returns. So you see that dispersion really in something like AI. It may create tremendous economic growth, but also creating winners and losers. So private market portfolios may not necessarily capture all the upside, but they could be still exposed to businesses that are disrupted. So that's another reason why you need diversification and truly active risk management. So this reset's global. But it isn't happening everywhere at the same speed. So we believe the US direct lending is highly competitive today, but parts of Europe and Asia may offer different points in the cycle, so they may be more attractive risk-reward. Melanie Levine [00:25:23]: And we believe that this global platform really allows us to widen the aperture so we don't have to force capital into the most crowded markets. So the big portfolio implication we believe will be further diversification, really beyond traditional beta and traditional private credit. So we believe the next several years could really reward investors who preserve liquidity and give managers the flexibility to really go where the dislocation is rather than trying to predict exactly where it will occur ahead of time. Chris Sparenberg [00:25:59]: It's a great point on how LPs are gearing up for, or rather, reacting to the market and its changes. And I imagine that's not even across the global landscape. But when we think about the current economic environment and the points you're making around preserving liquidity, and I would say thinking tactically a little bit more, what does that do for driving demand for strategies that DK offers? What's attracting capital that, that might not have a year ago? And what specific opportunities are you seeing on the horizon? Melanie Levine [00:26:32]: I think what's changed is that investors are really looking for strategies that can benefit from complexity rather than just simply providing market exposure. So there's been particular interest in absolute return strategies so far year to date in 2026. We've seen an increased opportunity set to invest in US liquid credit. Convertible arbitrage strategies have remained very interesting in both the US and Asia. Convertible arbitrage has been interesting over the last few years, just as we've seen increased issuance given the more normalized rate environment. But we don't think that's ending anytime soon. And we think the backdrop for absolute returns is especially compelling. And we think investors are really starting to warm up to the strategy again. Melanie Levine [00:27:17]: We've really seen that over the last 12 months, just given the higher rates, the dispersion, and the volatility. So there's been more idiosyncratic winners and losers. So this is an environment that we think favors active event-driven investing rather than just relying on markets to move all in one direction. So we've even said this in a white paper that the 2020s could be the decade of absolute return. We believe investors are increasingly focused on strategies that can offer this diversification from traditional equity and credit beta. In credit so far in 2026, I mentioned we've been excited about the US liquid opportunity set. I think this combination of maturity wall, refinancing needs, and just these capital structures adjusting to higher rates are creating more opportunity for our flexible capital. AI's been another source of dispersion, creating winners and losers. Melanie Levine [00:28:19]: So that's generated opportunities for us in areas like convertible arbitrage and credit. But the key for us is not having to predict which single opportunity will dominate. In our view, the global flexible mandate really allows us to capture these opportunities across geography, asset class, and capital structure. So we can move capital where we see the best risk-adjusted opportunities as they emerge. So I think ultimately in today's environment really is playing towards our core philosophy, turning dislocation into opportunity. So we think dispersion and complexity can create a really attractive opportunity set for disciplined event-driven investors like us. Jocelyn Lewis [00:29:08]: Thank you for joining us for this episode of Private Markets 360. Where we had the pleasure of speaking with Melanie Levine, partner and global head of client partnerships and business development at Davidson Kempner. Melanie shared invaluable insights into Davidson Kempner's diversified asset management platform, which is focused on event-driven and opportunistic credit strategies, how the firm navigates market dislocations, and how allocator priorities are evolving across the alternatives landscape. We delved into the differentiators that set DK apart globally and the changing landscape of investor demands and the shifting expectations for returns across various strategies. Melanie also highlighted the growing interest in hedge funds and the promising opportunities in asset-based lending, opportunistic credit, real estate, and absolute return strategies. If you found this episode insightful, please subscribe to Private Markets 360 for more expert discussions on private investments. Thank you to Melanie for her contributions and to our listeners for tuning in. Until next time. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/agriculture/091826-benchmark-briefing-saf-global-prices-firm-amid-fossil-complex-volatility</link><description>Global sustainable aviation fuel (SAF) prices have remained elevated through 2026, supported by geopolitical volatility and expanding compliance obligations, amid growing supply capacities from Asia. </description><title>SAF: Global prices firm amid fossil complex volatility</title><pubDate>18 September 2026 07:11:41 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Agriculture, Refined Products, Crude Oil, Energy Transition, Biofuels, Jet Fuel, Renewables September 18, 2026 SAF: Global prices firm amid fossil complex volatility By Staff Editor: Roma Arora Getting your Trinity Audio player ready... Global sustainable aviation fuel (SAF) prices have remained elevated through 2026, supported by geopolitical volatility and expanding compliance obligations, amid growing supply capacities from Asia. While SAF markets have generally tracked gains in the wider aviation fuel complex, price movements have been tempered by unique supply-and-demand dynamics. Unlike conventional jet fuel, SAF pricing is increasingly influenced by blending mandates, certification requirements and the availability of eligible feedstocks and production capacity. As Europe's compliance market matures and Asia emerges as a key export hub, regional developments are playing an increasingly important role in global price formation. Geopolitical tensions Aviation fuel prices strengthened in the first half, following heightened geopolitical tensions in the Middle East and concerns over energy supply security. The escalation of volatility surrounding the Strait of Hormuz supported prices across the refining complex, with jet fuel markets responding particularly strongly to concerns over regional supply disruptions. SAF prices also moved higher, although gains generally lagged those seen in conventional aviation fuels. By the end of H1, Platts had assessed the FOB Straits SAF outright price at $2,435/mt, while the FOB China SAF outright price was assessed at $2,410/mt. Platts is part of S&amp;P Global Energy. Market participants noted that SAF continued to trade within a separate set of fundamentals, influenced by feedstock costs, renewable fuel economics and compliance demand rather than crude oil and geopolitics alone. The differing response highlights the increasingly complex nature of SAF pricing. While conventional jet fuel remains highly sensitive to geopolitical events, SAF values are also shaped by the availability of renewable feedstocks, certification requirements and the pace of mandated consumption growth. As a result, geopolitical disruptions have continued to provide underlying support to SAF prices, while reinforcing the strategic importance of diversified supply chains and regional production capacity. Europe's compliance market Europe continues to act as the primary demand center for SAF, supported by the implementation of the ReFuelEU aviation framework and growing pressure on airlines and fuel suppliers to secure compliant volumes. The EU's SAF mandate entered into effect in 2025, requiring aviation fuel suppliers to incorporate SAF into conventional jet fuel supplied at EU airports. The program establishes progressively higher blending obligations through 2050, creating a long-term source of demand for SAF producers globally. The response has been varied so far in 2026. Some buyers increased procurement activity as conventional jet fuel values rose, narrowing the relative premium of SAF. Others delayed purchases and focused on managing fossil fuel exposure amid uncertainty in broader energy markets. Despite these differing strategies, market sentiment suggests significant compliance volumes remain secured later in the year. Supply availability has also been tighter than expected. European participants pointed to lower-than-anticipated SAF imports from China during parts of the year, limiting prompt availability despite expectations of growing Asian exports. Recently approved additions to China's export whitelist are expected to increase supply during the second half of 2026, although market participants continue to monitor the pace at which these additional volumes reach international markets. Logistical challenges have added further complexity. Persistently low water levels along the the Rhine disrupted inland transportation routes across parts of Germany during the summer, forcing some market participants to explore alternative delivery options and contributing to regional supply concerns. Asia as a key supplier The role of Asia in global SAF supply has been on the rise. Expanded production capacity across the Straits region, combined with rising exports from China, has increased Asia's influence over international SAF balances. What was once viewed primarily as an emerging demand center is increasingly becoming a major source of supply for compliance-driven markets abroad. Customs data show China exported almost 418,000 mt of SAF in H1, with the vast majority of those volumes delivered to European destinations, including Belgium, the Netherlands, Spain, the UK and France. Belgium alone accounted for roughly two-thirds of all Chinese SAF exports in H1. China has been particularly influential. Market participants have closely tracked developments surrounding the country's SAF export framework, with incremental export volumes capable of significantly altering regional balances. European buyers have increasingly looked toward Asia to supplement domestic supply, making Chinese export decisions an important variable for international price formation. At the same time, domestic demand signals within Asia continue to strengthen. Governments across the region are advancing aviation decarbonization goals through blending targets and policy initiatives. Singapore is targeting a 1% SAF blending requirement by 2027, rising to between 3% and 5% by 2030, while Japan aims for a 5% SAF blend from 2030 at seven airports. Similar initiatives are being pursued elsewhere in Asia as countries seek to reduce aviation emissions while strengthening long-term energy security. These developments are gradually creating a more interconnected SAF market, with policy decisions in Asia increasingly influencing price expectations and supply availability far beyond the region. A new phase of price discovery Despite significant investment and policy support, SAF production remains well below the volumes required to meet long-term aviation decarbonization targets. The International Air Transport Association estimates global SAF production will reach approximately 2.4 million metric tons in 2026, accounting for just 0.8% of total aviation fuel consumption. This limited availability continues to support prices at a time when demand obligations are increasing. Unlike conventional aviation fuels, SAF markets are influenced by a combination of energy fundamentals, feedstock economics, government policy and certification frameworks. The interaction of these drivers has created a pricing environment that is increasingly global in nature. As Europe expands compliance demand and Asia continues to increase production capacity, SAF benchmarks are becoming an increasingly important tool for airlines, producers and traders seeking transparency in a rapidly evolving market. For market participants, understanding regional supply shifts and policy developments may prove just as important as tracking movements in the underlying jet fuel complex. This article first appeared in the September 2026 issue of the Insights Magazine. 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/091726-national-gas-advances-uk-hydrogen-pipeline-project-with-engineering-design</link><description>National Gas has moved into the advanced engineering design phase for a 350-mile hydrogen pipeline linking St Fergus in northeast Scotland to Teesside on England&amp;apos;s east coast, the gas transmission system operator said in a statement Sept. 17. The pipeline is the second phase of Project Union, and National Gas plans to develop a 1,500-mile national hydrogen network connecting major industrial</description><title>National Gas advances UK hydrogen pipeline project with engineering design</title><pubDate>17 September 2026 16:03:47 GMT</pubDate><author><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Natural Gas, Agriculture, Electric Power, Hydrogen, Biofuels, Renewables September 17, 2026 National Gas advances UK hydrogen pipeline project with engineering design By James Burgess Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS Project Union pipeline to link Scotland, Teesside UK network targets industrial decarbonization Network enables low-carbon fuels, ammonia, SAF National Gas has moved into the advanced engineering design phase for a 350-mile hydrogen pipeline linking St Fergus in northeast Scotland to Teesside on England's east coast, the gas transmission system operator said in a statement Sept. 17. The pipeline is the second phase of Project Union, and National Gas plans to develop a 1,500-mile national hydrogen network connecting major industrial clusters and hydrogen production centers, the company said. A first phase will connect Teesside, through Yorkshire and the Humber, and south into the East Midlands, through a 300-mile pipeline. "This network will play an important role in connecting hydrogen clusters across key industrial regions, to power British industry and strengthen our energy security," National Gas Chief Commercial Officer Ian Radley said in the statement. The engineering design will define technical requirements, estimate costs and assess risks before detailed construction work begins. The pipeline would "unlock hydrogen's potential to decarbonize UK industry with production of clean fuels, ammonia and SAF at Grangemouth from low-carbon hydrogen," Hydrogen Scotland CEO Nigel Holmes said in the statement. The backbone would also "reduce renewables curtailment and enable access to large-scale underground hydrogen storage sites for the long-duration responsive power generation which is essential for UK energy security," Holmes added. Industrial implications The project's route connects two of Britain's most strategically significant energy hubs. St Fergus, in Aberdeenshire, is already a major gas reception terminal handling a significant share of UK offshore gas supply, while Teesside hosts a concentration of heavy manufacturing, chemicals and process industries that are among the hardest to decarbonize through electrification alone. National Gas said the project will repurpose existing natural gas pipelines where possible, supplemented by new construction, to create a dedicated 100% hydrogen network. The project is part of a Â£164 million funding package covering three National Gas projects that together aim to deliver more than 50% of the proposed national hydrogen network, the company 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/metals/091726-canadas-cura-secures-10m-to-build-decarbonized-cement-pilot-plant</link><description>Alberta-based CURA Climate Inc. has raised $10 million in financing to support its decarbonized cement pilot plant and path to commercialization, the company said Sept. 17. CURA uses electrochemical technology rather than high-temperature combustion for calcination, the most carbon-intensive step in cement production. The company claims its method can reduce cement emissions by up to 85%. The new</description><title>Canada&amp;apos;s CURA secures $10M to build decarbonized cement pilot plant</title><pubDate>17 September 2026 17:20:45 GMT</pubDate><author><name>Anthony Rizkala</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Renewables September 17, 2026 Canadaâs CURA secures $10M to build decarbonized cement pilot plant By Anthony Rizkala Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS 100 mt/year pilot plant to be built in Alberta, Canada Funding also supports efforts to build 30,000 mt/year plant Alberta-based CURA Climate Inc. has raised $10 million in financing to support its decarbonized cement pilot plant and path to commercialization, the company said Sept. 17. CURA uses electrochemical technology rather than high-temperature combustion for calcination, the most carbon-intensive step in cement production. The company claims its method can reduce cement emissions by up to 85%. The new funding will enable it to build out a 100-metric-ton/year decarbonized cement pilot plant and support the development of a commercial demonstration plant. "We've made significant progress proving and scaling CURA's electrochemical technology, and this financing allows us to move into the next phase," Co founder and CEO of CURA, Erin Bobicki, said. "Our focus now is on demonstrating that electrifying the core chemical step in cement production can deliver the performance, scale, and economics the industry needs." Proceeds from the financing will enable the construction and commissioning of a pilot plant in Taber, Alberta. CURA said the funds will also support the design of a commercial demonstration facility with a capacity of 30,000 mt/year. In addition to using an electrochemical process, CURA said its method is designed to "work with a wide range of calcium rich feedstocks, including lower purity limestone and industrial waste streams." 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/091726-indian-us-steel-markets-buoy-refractories-amid-base-metal-project-delays-rhi-magnesita</link><description>RHI Magnesita, a refractory supplier to steel and a wide range of industrial applications, including non-ferrous metals, expects investments in new base metal capacities to resume in earnest by 2028, while seeing midterm demand from the steel sector as largely underpinned by robust growth in India and a healthy US market, while European and Latin American production remains flattish. Refractories,</description><title>Indian, US steel markets buoy refractories amid base metal project delays: RHI Magnesita</title><pubDate>17 September 2026 10:47:47 GMT</pubDate><author><name>Katya Bouckley</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Ferrous, Carbon September 17, 2026 Indian, US steel markets buoy refractories amid base metal project delays: RHI Magnesita By Katya Bouckley Editor: Jonathan Fox Getting your Trinity Audio player ready... HIGHLIGHTS India, US steel demand supports refractories Base metal capex investments delayed to 2028 EAF shift requires more varied refractory mixes RHI Magnesita, a refractory supplier to steel and a wide range of industrial applications, including non-ferrous metals, expects investments in new base metal capacities to resume in earnest by 2028, while seeing midterm demand from the steel sector as largely underpinned by robust growth in India and a healthy US market, while European and Latin American production remains flattish. Refractories, which are consumables for steel mills due to their short life in high-temperature smelting, are capex-driven items in the non-ferrous metals industry, where they go into new furnaces and last for years. Every time they face something as destabilizing as a military conflict, base metal producers become very conservative with their capex programs, RHI Magnesita's chief customer officer, Gustavo Franco, told Platts, part of S&amp;P Global Energy, in an interview. "We've seen their projects pushed out to the next quarter, then the next half year, and to the next year," he said. The lack of new projects has persisted for two years, and as the war in the Middle East injects yet more uncertainty into the market, RHI Magnesita expects investment in base-metal smelting capacity to pick up in 2027-28. Despite the conflict's profound impact on aluminum, RHI Magnesita remains more sensitive to disruptions in the steel industry: sales to steel companies account for 70% of its revenue, and in Gulf Cooperation Council countries in particular, it meets 60% of demand from local steel mills. "Most GCC steel plants are struggling to import iron ore and DRI," Franco said. "We have not run a single customer out of refractories, which can ship to safe ports and use trucks to deliver to mills, but as iron ore volumes are much larger, the scheme with ports outside the Strait of Hormuz is not feasible." As for non-ferrous metal industries, copper smelters are facing a very challenging environment: very thin margins and no investment in new capacity, he said. "With copper, you need to go beyond headlines [warning of deficits] to understand if you are talking about the ore or the product," he said. "There is a shortage of mining, but on the smelting side, there is an overcapacity, and refractories go into furnaces, not mines." New EAFs to offset capacity cuts Overcapacity issues in the steel industry will take longer to resolve, but they affect refractory producers differently, Franco said. The Chinese government and producers realize they need to take 200 million-300 million metric tons of steel capacity out of the system. They have five years to implement it, but until plants begin to shut down, they will continue exporting, prompting further trade measures, a scenario that will run its course only by 2030, according to Franco. "Although steel production will decline in China, with new electric arc furnaces coming online to replace old integrated plants, we should maintain our current volumes or even grow slightly," he said. The shift away from the blast furnace-basic oxygen furnace steelmaking route is ongoing in a few places. "It is not as fast as you read in the news, but it is happening," Franco said. "When I moved to the US in 2012, they produced 60% of their steel in EAFs. It's 80% today." The trend is positive for RHI Magnesita: for the same amount of steel, the EAF uses more refractory mixes than BF-BOF steelworks, and those mixes are where the company has most of its backward integration into raw materials. Growing spots are few EAF projects in the EU also lighten prospects in a place that otherwise remains "a market with weak demand"; RHI Magnesita does not project Europe to have a booming economy or significant construction activity. In the first six months of the year, EU steel output slipped 0.3% to 65.4 million mt, according to the World Steel Association. "EU production might bounce back in 2027, but from a low base and thanks to the [doubled] tariffs," Franco said, adding that it has taken a year for escalated Section 232 tariffs to reinvigorate the US steel market. Where steel demand is genuinely growing and will continue to expand, supported by favorable demographics and rising GDP, is India, but RHI Magnesita's expectations for Latin America, where most countries have high debt and low investment, are muted. To make the most of the global market where bright spots are scarce, the company has increased production in refractory end-user regions, with its local-for-local output now at 70% of the total. New business stream RHI Magnesita's investments in upstream operations, comprising mines in Austria, Turkey, the US, Brazil and China, are driven by decarbonization must-dos. The company has spent â¬15 million on a joint venture with MCi Carbon, which is testing proprietary technology at a pilot facility in Australia to capture CO2 from magnesite processing and convert it into a commercial by-product for road construction. "We mine rock, process it, then put into a rotary kiln. That's when CO2 emissions occur. For every two tons of magnesite, we get one ton of magnesium oxide and one ton of CO2," Franco said, admitting that calcination is carbon-intensive, but could be decarbonized with the right technology. "If we receive a firm confirmation that the technology works, it could become a new way of operating mines for us, even a new business stream," he said, adding that a decision regarding its initial rollout in Austria is expected in 2027. 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/091626-unexpected-rainfall-pressures-brazilian-power-prices-lower</link><description>A reversal in weather expectations, with unexpected rainfall across several Brazilian regions, has affected the outlook for hydroelectric availability and pressured power prices in the country. September has been marked by heavy rainfall and strong winds, especially in Brazil&amp;apos;s central-south region, where most of the country&amp;apos;s hydro reservoirs are located, the National Meteorological Institute</description><title>Unexpected rainfall pressures Brazilian power prices lower</title><pubDate>16 September 2026 20:07:52 GMT</pubDate><author><name>Felipe Peroni</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables September 16, 2026 Unexpected rainfall pressures Brazilian power prices lower By Felipe Peroni Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS Unexpected rainfall raises hydro capacity expectations Power prices drop sharply for October, for March 2027 El NiÃ±o predictions point to persistent rainfall A reversal in weather expectations, with unexpected rainfall across several Brazilian regions, has affected the outlook for hydroelectric availability and pressured power prices in the country. September has been marked by heavy rainfall and strong winds, especially in Brazil's central-south region, where most of the country's hydro reservoirs are located, the National Meteorological Institute (Inmet) said Sept. 15. The change in weather, combined with new rain forecasts, has caused a sharp decline in forward power prices, with market participants expecting more availability of cheaper hydroelectric power. Annually, over half of Brazil's electricity generation comes from hydropower plants, according to the Ministry of mines and Energy. "In the next six-eight weeks, our models are signaling that intense rain will continue," said Alexandre Nascimento, meteorologist and partner of the SÃ£o Paulo-based Nottus consultancy firm. "Cold fronts are coming with strength and not remaining restricted to the south, but reaching southeastern and central states as well." The weather started affecting forward power prices late last week, and continues to pressure them. Platts' assessment of conventional power in Brazil's southeast-central region, October forward price, was at 146 reais/MWh ($28/MWh) on Sept. 15, down from 217 reais/MWh on Sept. 1. The assessment for March 2026 dropped to 280 reais/MWh ($54/MWh), from 319 reais/MWh on Sept. 1. On International Renewable Energy Certificates, hydro prices remained discounted from other technologies, partly due to high supply. Vintage 2026 hydro I-REC was assessed at 0.85 real/MWh (16 cents/MWh) on Sept. 15, compared with 0.95 real/MWh for wind and solar. "The electricity market was speculative, holding at higher prices, but now reality is sinking in," a trader said. The uncertainty has been intensified by El NiÃ±o, which has been affecting rainfall and temperatures across the country. Recent El NiÃ±o alerts from Inmet forecast heavy rainfall in the country's southern region and more intense drought in the northeast. But the predictions were unsure about the central and southeastern regions, where most of the country's hydro reservoirs are located. "We have been skeptical about most El NiÃ±o projections in the market, as our models have been pointing to severe rainfall in the southeastern region," Nascimento said. Located in Brazil's southeast, SÃ£o Paulo has recorded the highest rainfall of the month in its records, even with the month far from over, according to Inmet. Besides this city, there was widespread rainfall in recent days in at least seven states, it said on Sept. 15. "So far, the market has been expecting the rainfall to be concentrated in the south, with increased temperatures in the southeast, and this has not been confirmed," another trader said. The effect is beginning to be felt in reservoirs. Reservoir capacity remained steady in the week, with central and southeastern reservoirs estimated to reach 55.8% by the end of September, according to the National System Operator (ONS). Northeastern reservoirs are estimated to reach 67.1%, both little changed from the beginning of the month. Reservoir capacity and replenishment are used in ONS's models and directly affect energy prices in the country. "We are approaching the wet season with reservoirs stable," Nascimento said. Other effects of El NiÃ±o include higher temperatures in many regions, which are already felt in the Brazilian northeast, but it is not yet clear how this will affect electricity demand. Nottus' meteorological models for early next year are still in conflict due to significant uncertainty in the weather, but Nascimento does not rule out a persistently wet period in summer in some parts of the country. "The fact that we are facing heavy rainfall right now does not influence forecasts for the summer," he 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/latest-news/agriculture/091426-brics-new-delhi-declaration-backs-grain-exchange-plan</link><description>BRICS members have backed further development of a proposed grain trading platform that could eventually expand into other agricultural products and commodities, potentially creating a new pricing mechanism for grains and oilseeds used across food, feed and biofuel markets. The BRICS New Delhi Declaration, adopted Sept. 12 at the grouping&amp;apos;s 18th summit, acknowledged the importance of continued</description><title>BRICS New Delhi declaration backs grain exchange plan</title><pubDate>14 September 2026 09:05:08 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Food, Biofuels, Sugar, Vegetable Oils, Grains, Oilseeds, Renewables September 14, 2026 BRICS New Delhi declaration backs grain exchange plan By Samyak Pandey Editor: Rizwan Choudhury Getting your Trinity Audio player ready... HIGHLIGHTS BRICS endorses Russia-led grain platform Exchange may expand to biofuel feedstocks 44% of global grain output in member states BRICS members have backed further development of a proposed grain trading platform that could eventually expand into other agricultural products and commodities, potentially creating a new pricing mechanism for grains and oilseeds used across food, feed and biofuel markets. The BRICS New Delhi Declaration, adopted Sept. 12 at the grouping's 18th summit, acknowledged the importance of continued work on the BRICS Grain Exchange and called for further discussions on its functioning, development and possible expansion beyond grains. The initiative, led by Russia, was first proposed in 2023 and gained momentum at the BRICS summit in Kazan in 2024. The declaration did not specify a launch date, trading contracts, settlement currency or governance structure. "We acknowledge the importance of continued elaboration of the initiative to establish a grain trading platform within BRICS," the declaration said, while welcoming further discussions on its functioning and its expansion into other agricultural products and commodities. Although the declaration did not identify biofuels or individual feedstocks as prospective contracts, any expansion beyond grains could bring products linked to ethanol, biodiesel and renewable diesel supply chains within the platform's scope. Several BRICS economies are major producers, consumers or exporters of corn, sugar, soybeans and vegetable oils. The expanded grouping accounts for about 44% of global grain production and more than 25% of global grain consumption, according to published estimates. Its members include major exporters such as Brazil and Russia and consuming markets such as China, India and Egypt. Price discovery ambitions Russia has promoted the exchange as an alternative agricultural trading and price discovery platform at a time when internationally referenced grain futures are concentrated on exchanges in the US and Europe. The proposed exchange could draw physical liquidity from trade among BRICS exporters and importers and support regional benchmarks aligned with trade flows across the Global South. Its relevance would depend on commercial participation, alignment with existing export markets and the ability of traders to hedge exposures. The declaration did not commit members to a particular pricing, settlement or clearing system. Questions remain about whether contracts would be denominated in US dollars, local currencies or another settlement mechanism, as well as how quality specifications, delivery points and dispute resolution would be standardized. BRICS countries have explored local-currency trade and more efficient cross-border payment systems separately, although officials have said the grouping is not proposing a common BRICS currency. Biofuel feedstock implications The platform's initial focus on grains makes the proposal most directly relevant to ethanol feedstocks. Brazil produces sugarcane- and corn-based ethanol, while India has expanded grain-based capacity alongside its sugar and molasses pathways. China also has a substantial grain and feed-processing industry. A subsequent expansion into other agricultural products could increase its relevance to oilseed and vegetable oil markets. Brazil is a major soybean exporter with a large biodiesel program, while Indonesia is the leading palm oil producer and uses substantial volumes domestically for biodiesel. India and China are also major vegetable oil importers. The declaration separately supported sustainability, inclusivity and equitable market access in the global sustainable vegetable oils sector, recognizing the effect of policy and regulatory changes on agricultural production, trade, food security and the livelihoods of small-scale producers Food security focus BRICS leaders presented the grain exchange primarily as a food security initiative, emphasizing the need to mitigate acute food-price volatility and abrupt supply disruptions, including fertilizer shortages. Members also supported stronger food reserves and climate-resilient seed systems and agreed to establish the BRICS Agro-Inputs, Genetic Resources and Information Network, or BRICS AGRIN. The network was described as collaborative, nonbinding and farmer-centric. BRICS also supported a Global Forum on Farmers' Rights in Seed Systems and networks focused on regenerative agriculture and digital farming. The grouping reaffirmed its commitment to agricultural negotiations at the World Trade Organization and called for a fair, balanced and development-oriented global agricultural trading system. Platts, part of S&amp;P Global Energy, assessed the SOYBEX FOB Santos soybean contract for October loading at $532.99/mt on Sept. 11, down $11.30/mt. 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/091726-ieas-birol-urges-south-korea-other-asian-lng-importers-to-diversify-supply-amid-conflict</link><description>South Korea and other Asian LNG importers need to step up their efforts to diversify LNG supply sources amid the Middle East conflict and disruptions to traffic through the Strait of Hormuz, International Energy Agency Executive Director Fatih Birol said Sept. 17. &amp;quot;Asia is at the forefront of the energy crisis the world is facing today,&amp;quot; Birol said at a press conference in Seoul following an event</description><title>IEA&amp;apos;s Birol urges South Korea, other Asian LNG importers to diversify supply amid conflict</title><pubDate>17 September 2026 12:32:47 GMT</pubDate><author><name>Charles Lee, Takeo Kumagai</name></author><content><![CDATA[ Natural Gas, LNG, Crude Oil, Energy Transition, Electric Power, Renewables September 17, 2026 IEA's Birol urges South Korea, other Asian LNG importers to diversify supply amid conflict Charles Lee, Takeo Kumagai Editor: Rizwan Choudhury Getting your Trinity Audio player ready... HIGHLIGHTS Asia faces LNG competition with Europe 'It will be a harsh winter,' says Birol Electrification urged to boost energy security South Korea and other Asian LNG importers need to step up their efforts to diversify LNG supply sources amid the Middle East conflict and disruptions to traffic through the Strait of Hormuz, International Energy Agency Executive Director Fatih Birol said Sept. 17. "Asia is at the forefront of the energy crisis the world is facing today," Birol said at a press conference in Seoul following an event to sign the Korea-IEA Resilient and Integrated Asian Energy Security Cooperation agreement, which is aimed at strengthening the capacity to respond to energy crises. Birol warned that disruptions to Qatari LNG supplies to South Korea and other parts of Asia would tighten market conditions further this winter as European demand competed with Asian LNG buyers. LNG supply "will be even tighter because Europe, another importer like Asia, cut ties with Russia, and Europe is also going to import more LNG this year," he said. "It will be a harsh winter, as there may be competition between Europeans and Asians for buying LNG, which in turn may push prices even higher," Birol said, noting new projects in the US, Canada, Malaysia and Australia are expected to raise supplies in the coming years. "LNG imports that still remain to be imported is to diversify them as much as possible, not to get them from one big exporter," the IEA chief said. Birol's comments came as South Korea received no LNG from Qatar again in August, according to data from the Korea Customs Service amid renewed disruptions to transit through the Strait of Hormuz. After receiving no LNG imports from Qatar in April, May or June, South Korea imported 90,611 metric tons from Qatar in July, according to the customs data. Qatar was one of the biggest LNG suppliers to South Korea, accounting for 15%-20% of the Asian country's total LNG imports, the customs data showed. On June 15, Qatar promised to resume LNG supplies to South Korea soon in a "stable manner," when Minister of Trade, Industry and Resources Kim Jung-kwan traveled to Qatar to meet his counterpart, according to a ministry statement. Electrification To avoid another supply disruption from the Middle East, Birol called on South Korea and other Asian nations heavily dependent on imports of crude oil and LNG to move toward electrification, the switch from fossil fuels to electric power. Birol, who was in Seoul as part of an Asian tour that also included China and Japan, called for electrification to strengthen regional energy security. "For Korea, my suggestion is moving in the direction of electrification and using as many renewable sources as possible, supported by nuclear power," Birol said, adding that the shift would help boost the country's energy security. Under the bilateral cooperation, South Korea and the IEA will jointly monitor oil, LNG and clean-energy supply chains, as well as power-grid reliability, and build a shared crisis-response system incorporating early warning mechanisms and coordinated stockpiling. At the press conference, Minister of Climate, Energy and Environment Kim Seong-hwan said South Korea will "accelerate the renewable energy transition and electrification to reduce reliance on imported fossil fuels, and build resilient power systems that can withstand surging power demand and a variety of shocks, including natural disasters." Birol also met President Lee Jae-myung, who said South Korea has faced challenges in its transition to renewable energy sources due to the energy crisis sparked by the ongoing conflict in the Middle East. The IEA chief praised the South Korean government for moving toward electrification, saying the initiative will not only support the country's sovereignty and economy but also contribute to efforts to respond to climate change. "Because countries do not want to face such major problems again, they want to secure energy at home, and electrification is emerging as a major new policy in many countries," Birol said, noting that South Korea needs to put electrification at the center of its energy policy for the years to come. The meeting was arranged as a follow-up to President Lee's proposal at the G7 summit in June to discuss ways to cooperate to strengthen the resilience of Asia-Pacific nations' energy supply chains, according to the Presidential Office. Birol was visiting South Korea after traveling to Tokyo earlier in the week, when he met Prime Minister Sanae Takaichi and Minister of Economy, Trade and Industry Ryosei Akazawa on Sept. 14, following the APEC Energy Ministerial Meeting in Beijing on Sept. 10-11. At the APEC Energy Ministerial Meeting, representatives of economies that account for more than half of global energy demand recognized that the global energy landscape was undergoing complex and profound shifts, accelerated by evolving market conditions, rapid technological advances and current energy disruptions, according to a joint statement. The APEC energy ministers also recognized that conventional, zero-emission and low-emission energy sources and technologies provide a foundation for energy security and strong and sustainable economic growth, and that each economy will choose an energy mix consistent with its domestic priorities, according to the joint statement. 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/creditweek-how-can-the-most-vulnerable-markets-weather-el-nio-s101702072</link><description>By increasing global temperatures and exacerbating extreme weather such as droughts and flooding, a stronger-than-average El NiÃ±o can add pressure to already strained companies, governments, and economies. As of Aug. 13, the U.S. Climate Prediction Center is forecasting a greater than 90% chance of a very strong El NiÃ±o over the next two quarters. The climate phenomenon can contribute to agricultural losses, water shortages, energy supply disruptions, infrastructure damage, and business interr</description><title>CreditWeek: How Can The Most Vulnerable Markets Weather El NiÃ±o?</title><pubDate>27 August 2026 14:16:34 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/oil-henry-hub-and-aeco-price-assumptions-lowered-near-term-ttf-prices-raised-s101704975</link><description>S&amp;amp;P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. S&amp;amp;P Global Ratings review</description><title>Oil, Henry Hub, And AECO Price Assumptions Lowered; Near-Term TTF Prices Raised</title><pubDate>08 September 2026 23:08:15 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/metals/091626-interview-steelasia-plans-to-nearly-double-crude-steelmaking-by-2029</link><description>SteelAsia, the Philippines&amp;apos; largest steel producer, is embarking on a capacity expansion that will nearly double its crude steelmaking output to 4.8 million metric tons per year, with a phased buildout of new mills targeting structural sections, wire rods, and low-carbon steel production through 2029 â&amp;#x80;&amp;#x94; a move that could significantly reshape the country&amp;apos;s steel value chain. The expansion,</description><title>INTERVIEW: SteelAsia plans to nearly double crude steelmaking by 2029</title><pubDate>16 September 2026 15:25:49 GMT</pubDate><author><name>Jia Hui Tan</name><name>Chenxu Zhao</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Electric Power, Ferrous, Carbon September 16, 2026 INTERVIEW: SteelAsia plans to nearly double crude steelmaking by 2029 By Jia Hui Tan and Chenxu Zhao Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS Expansion targets 4.8 million mt/year by 2029 Aims to reduce Philippines' dependence on imported billets Goal to strengthen domestic long-steel value chain SteelAsia, the Philippines' largest steel producer, is embarking on a capacity expansion that will nearly double its crude steelmaking output to 4.8 million metric tons per year, with a phased buildout of new mills targeting structural sections, wire rods, and low-carbon steel production through 2029 â a move that could significantly reshape the country's steel value chain. The expansion, described by Vicky Mathur, Vice PresidentâGlobal Supply Chain &amp; Commercial at SteelAsia in an interview with S&amp;P Global Energy, as a structural transformation of the Philippine steel value chain, is designed to progressively reduce the country's dependence on imported billets while capturing more domestic scrap that is currently being exported to overseas buyers. The company currently operates 2.5 million mt/year of crude steelmaking capacity across five rolling mills but has only one electric arc furnace, or EAF. As new EAFs come online alongside each new mill, SteelAsia aims to convert more domestically sourced scrap into low-carbon billets, reducing exposure to imported billet prices, freight volatility, foreign exchange swings, and geopolitical disruption. Expansion plans implemented in phases The buildout is in three distinct phases. Lemery Works, the first sections mill in the Philippines to produce steel beams and similar products for construction, transportation and infrastructure applications, with a 500,000 mt/year capacity, is the most imminent, with its rolling mill scheduled for commissioning in Q1 2027 and its 500,000 mt/year EAF to follow in Q4 2027. The second phase, Candelaria Works, planned at 1 million mt/year for larger structural sections, is targeted for 2028, also supported with its own EAF. The two mills together are intended to form a complete structural steel portfolio for the Philippine market. The final phase, the Concepcion mill with a planned capacity of 1 million mt/year for green steel wire rod with an integrated EAF, is targeted for 2029. SteelAsia's expansion into structural sections, and in the future wire rods, is framed as import substitution, by allowing more products that are currently imported to be produced locally, Mathur said. "At present, SteelAsia has no plans to enter flat steel. Our focus remains on completing and strengthening the Philippine long steel industry, with our immediate focus to build a strong, competitive long steel ecosystem," he added. Long steel demand and procurement strategies Mathur described the Philippine long steel outlook over the next 6-12 months as structurally positive, citing private construction, industrial development, government support, and energy-related investment as key support pillars. However, he cautioned that the pace of project execution, financing conditions, interest rates, and broader economic conditions remain key variables to watch. SteelAsia maintains a diversified procurement base spanning China, Japan, Vietnam, Indonesia, and Malaysia, with the mix varying according to price, availability and freight. Additionally, Mathur pointed out that regional billet pricing, particularly Chinese export offers, remains an important reference point for Philippine steel economics, with import parity continuing to influence domestic price expectations even as domestic demand conditions affect how much room producers have to move independently. Mathur said the company evaluates billet purchases on a total delivered cost basis rather than FOB price alone; incorporating freight, transit risk, voyage uncertainty, payment terms, and geopolitical exposure. On the export side, Mathur acknowledged Europe as a potentially interesting market given the growing relevance of low-carbon steel under the EU Carbon Border Adjustment Mechanism, or CBAM. However, any export strategy toward that region would need to be evaluated against applicable trade measures, quotas, certification requirements, freight costs, and compliance costs. He noted that within the Philippines, domestic buyers remain highly price sensitive, although some major construction customers and projects are increasingly specifying sustainability or lower-carbon steel requirements. Domestic scrap availability Currently, the Philippines exports a portion of its ferrous scrap, which Mathur said reflects both the availability and internationally accepted quality of domestic scrap. The Philippines saw ferrous scrap export volumes of 154,275 mt over January-June 2026, a 19.3% rise year-over-year for the same period, according to data from the Philippine Statistics Authority. The new EAF capacity is intended to increase domestic demand for that scrap, improving cash flow cycles for local scrap suppliers and reducing their exposure to foreign exchange and international ocean freight risks. The expansion is designed to progressively reduce the country's dependence on imported billets while capturing more domestic scrap that is currently being exported to overseas buyers. By focusing on import substitution and building a complete long steel value chain, SteelAsia aims to create a more resilient Philippine long-steel industry, said Mathur. Green steel momentum SteelAsia's green steel credentials are central to its commercial positioning, particularly as the company eyes export opportunities in certification-sensitive markets. Mathur said SteelAsia's steel billets have a DNV-verified carbon footprint of 0.28 t COâ per tonne of steel, reflecting its EAF-based production route combined with scrap utilization, energy efficiency, and process optimization. "Green steel should ultimately be measured in terms of tons of CO2 per ton of steel, not by the color of the marketing," Mathur said. The Concepcion wire rod mill is specifically designed around green steel production, leveraging the Philippines' geothermal power advantage. SteelAsia has also signed an agreement with Buskowitz Energy Inc. for a solar project, beginning with its Compostela Works in Cebu, which Mathur described as set to become the largest single-roof rooftop solar installation in Philippine heavy industry. The project is 8 MWp and is expected to supply approximately 25% of the plant's electricity requirements. 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-private-credits-role-in-structured-capital-s101705809</link><description>This report does not constitute a rating action. Structured capital transactions--where investment-grade companies partner with financial investors to raise funds through complex bespoke transactions--are proliferating. These transactions are proving useful to fund large projects in capital-intensive sectors such as data centers and power infrastructure, as well as to make shareholder returns, streamline liability management, and/or pay down debt. They can also be complicated, opaque, and defy c</description><title>Credit FAQ: Private Credit&amp;apos;s Role In Structured Capital</title><pubDate>16 September 2026 16:02:50 GMT</pubDate></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/09/us-retailers-expect-september-to-be-busiest-month-of-year-for-imports</link><description>US retailers expect September imports to hit a 2026 high as typhoons, Panama Canal restrictions and steady demand extend peak shipping season.</description><title>US retailers expect September to be busiest month of year for imports</title><pubDate>16 September 2026 12:00:00 GMT</pubDate><author><name>Bill Mongelluzzo</name></author><content><![CDATA[ BLOG â Sep 16, 2026 US retailers expect September to be busiest month of year for imports By Bill Mongelluzzo Supply chain disruption highlighted by storm-related vessel delays in China and draft restrictions along the Panama Canal are combining to extend peak shipping season into September, which may end up being the busiest month of 2026 for US imports, a major retail group said Wednesday. The Global Port Tracker (GPT), published monthly by the National Retail Federation (NRF) and Hackett Associates, forecasts that 2.31 million TEUs of imports will cross US docks this month, surpassing the year-to-date high of 2.3 million TEUs set in July. âWe thought the peak season would be mostly behind us by now, but thatâs not the case,â Jonathan Gold, the NRFâs vice president for supply chain and customs policy, said a statement accompanying the GPT. Gold noted some of the import volumes being handled now and in the coming weeks have been delayed by a series of typhoons that have hit key load ports in China in recent weeks and by increasing draft restrictions at the Panama Canal forcing the rerouting of some vessels. âBut consumers keep buying despite tariffs, inflation and high fuel prices, and retailers keep bringing in merchandise to meet demand,â he said. In its prior port tracker released Aug. 7, the NRF said peak shipping season was âcoming to an end.â And while that end has been extended through September, the group did provide a downward revision for the fourth quarter, indicating that imports for October, November and December are now expected to be lower than last monthâs forecast. In its first forecast for January 2027, the NRF pegs imports at 2.09 million TEUs, down 1% year over year. Julyâs year-to-date import high would track with data appearing on the Journal of Commerceâs Gateway platform. According to PIERS, a sister product of the Journal of Commerce within S&amp;P Global, US imports from Asia in July climbed to 1.74 million TEUs, the highest so far this year. For China alone, imports of 946,320 TEUs in July were also the high watermark of 2026 to date. âImports have remained buoyant over the past three months despite several hurdles,â Hackett Associates founder Ben Hackett said in the GPT statement, citing increased tariffs from the Trump administration and higher oil prices linked to the war with Iran. âRetail sales remain strong and cargo is moving relatively smoothly, although there are reports of vessel delays and increased times required for cargo to move through the supply chain.â Despite the supply chain disruptions caused by tariffs, the typhoons in China and forecasts for prolonged low-water conditions at the Panama Canal, the Retail Industry Leaders Association (RILA), whose members are primarily larger retailers, also anticipates continued strong imports this fall. In a press briefing Wednesday with Gene Seroka, executive director of the Port of Los Angeles, RILA CEO Brian Dodge said much, but not all, of the holiday merchandise was imported during the spring and summer, starting with an early peak season that began in earnest in May amid a frontloading spree driven in part by US tariff deadlines. âBut everything is not in,â Dodge said. âThey will bring it in for the next several months to meet demand.â The GPT forecasts imports at 13 US ports: Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Virginia, Charleston, Savannah, Port Everglades, Miami, Jacksonville and Houston. This article was originally published by the Journal of Commerce on Sept. 9, 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/regulatory/article/greenhouse-gas-emissions-global-industry-and-geographic-trends-s101689509</link><description>This report does not constitute a rating action. The greenhouse gas emissions captured in our analysis represent approximately one-third of the global total. Our dataset is part of Sustainable1 by S&amp;amp;P Global Energy (thereafter Sustainable1) and has historical annual data for scope 1 and 2 greenhouse gas absolute emissions and greenhouse gas emissions intensity. Our data coverage increased to more than 28,000 companies in 2024 from about 13,000 companies in 2016. We compared the volume and intens</description><title>Greenhouse Gas Emissions: Global Industry And Geographic Trends</title><pubDate>15 September 2026 13:54:01 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-global-company-emissions-are-still-rising-s101689506</link><description>This report does not constitute a rating action. Our analysis aims to provide insights into the industry groups that are most exposed to climate transition risks. These include policy, technology, and market changes in relation to potential shifts toward a low-carbon economy. The greenhouse gas emissions captured in our analysis represent approximately one-third of the global total. For the full results of our analysis and details on our methodology, see &amp;quot; Greenhouse Gas Emissions: Global Indust</description><title>Sustainability Insights: Global Company Emissions Are Still Rising</title><pubDate>15 September 2026 14:18:39 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/energy-transition/091626-et-highlights-global-hydrogen-europe-co2-capture-brics-energy-transition</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: Global hydrogen capacity grows, Europeâ&amp;#x80;&amp;#x99;s largest CO2 capture plant starts, BRICS weigh in on transition certification standards</title><pubDate>15 September 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon September 16, 2026 ET Highlights: Global hydrogen capacity grows, Europeâs largest CO2 capture plant starts, BRICS weigh in on transition certification standards 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 Global hydrogen capacity boosts as energy security drives investment: Hydrogen Council Global operational low-carbon hydrogen project capacity has grown 70% to about 1.7 million metric tons/year, and is projected to reach about 3.8 million mt/year in 2027 as projects under construction come online, the Hydrogen Council said in its Global Hydrogen Compass 2026 report, published Sept. 10. Project capacity has increased to 6.9 million mt/year and committed investments amount to $130 billion, the Hydrogen Council said in the report, co-authored with McKinsey &amp; Co. Drivers of hydrogen uptake are shifting as energy security, resilience and industrial growth have gained importance alongside decarbonization. "The conversation has shifted from sustainability targets to immediate industrial resilience â governments now see hydrogen as a strategic solution to protect their industrial base from external shocks," said Air Liquide CEO FranÃ§ois Jackow, who is also co-chair of the Hydrogen Council. Benchmark of the Week â¬85.84/mt Platts nearest December EU ETS carbon allowance prices on Sept. 10, the highest since July 22, as the European Parliament set out its negotiating position on ETS reform. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy EU carbon market reform battle lines drawn as parliament enters the fray The European Parliament's lead negotiator on the EU Emissions Trading System revision is pushing for a smarter emissions reduction path, stricter investment conditions on free allowances and a more powerful role for ETS revenues in driving down electricity costs ahead of trilogue talks following the Commission's landmark July 17 proposal. Peter Liese, the German center-right MEP from the European People's Party steering the ETS file as rapporteur for the Environment Committee, presented a draft report Sept. 11, setting the parliament's negotiating position on a reform that will shape European carbon prices and industrial investment decisions for the next two decades. Yara starts up Europeâs largest CO2 capture plant at Dutch ammonia site Yara International has started carbon capture operations at its Sluiskil ammonia site in the Netherlands, it said in a statement Sept. 7, marking the start of the largest such plant in Europe. The facility is designed to capture and liquefy up to 800,000 metric tons/year of CO2 from ammonia production at the site, shielding those volumes from European carbon taxation under the EU Emissions Trading System. Japan sees hydrogen, ammonia critical for energy security: minister Japan sees hydrogen and ammonia playing a growing role in strengthening energy security as geopolitical tensions and supply uncertainties expose vulnerabilities in traditional energy markets, Economy, Trade and Industry Minister Ryosei Akazawa said. Akazawa said the fuels can support both decarbonization and diversification of energy and supply sources. S&amp;P Global Energy Core Over 80% of âqualityâ biochar already committed in 2026: Supercritical report Most of the âhigh-qualityâ biochar supply was accounted for by July, teeing up high spot transaction prices in the fourth quarter, according to a Sept. 8 report from the carbon credit marketplace Supercritical. The report shows that 81% of the âhigh-qualityâ biochar supply was committed by July 2026, much faster than in 2025, when the same threshold was reached in October. BRICS backs common hydrogen standards, carbon markets partnership BRICS leaders agreed to advance interoperable certification standards for low-carbon hydrogen and deepen cooperation on carbon markets at the New Delhi Summit. The bloc said the measures would support clean-energy deployment, trade and decarbonization while strengthening resilience across member economies. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/082826-interview-emvolon-sees-renewable-marine-and-aviation-fuel-demand-for-waste-gas-methanol</link><description>The global biofuels industry spends much of its time debating feedstocks such as used cooking oil, animal fats and agricultural residues, but one of the largest untapped resources is already being produced and burned off, Emmanuel Kasseris, CEO of Emvolon told Platts. &amp;quot;US landfill gas stock is about 300 billion cubic feet and most of it is flared because there is no pipeline nearby,&amp;quot; said</description><title>INTERVIEW: Emvolon sees renewable marine and aviation fuel demand for waste-gas methanol</title><pubDate>28 August 2026 14:54:38 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Chemicals, Agriculture, Energy Transition, Refined Products, Biofuels, Vegetable Oils, Renewables, Emissions, Fuel Oil August 28, 2026 INTERVIEW: Emvolon sees renewable marine and aviation fuel demand for waste-gas methanol By Samyak Pandey Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS Emvolon converts landfill gas into methanol Startup uses repurposed engines as reactors Freepoint deal targets 300,000 tons annually The global biofuels industry spends much of its time debating feedstocks such as used cooking oil, animal fats and agricultural residues, but one of the largest untapped resources is already being produced and burned off, Emmanuel Kasseris, CEO of Emvolon told Platts. "US landfill gas stock is about 300 billion cubic feet and most of it is flared because there is no pipeline nearby," said Kasseris, co-founder and CEO of Emvolon. His company, an MIT spinout, has developed a system that converts methane-rich waste gases directly into methanol at the source, using modular reactors built around repurposed automotive engines. Instead of transporting gas through expensive pipelines, Emvolon converts it into a liquid fuel that can be moved by truck, rail or barge. The biomethanol startup has signed a definitive agreement under which trader Freepoint Commodities will receive a first-purchase option for biomethanol and associated liquid fuels produced by Emvolon's waste-methane conversion projects. Production volumes are designed to scale to 300,000 metric tons/year as Emvolon's project portfolio expands, a deal which the companies said could exceed $450 million in seven years. The approach targets landfills, dairy operations, agricultural digesters and industrial flare sites â locations where methane emissions often have limited economic value due to a lack of infrastructure. "Instead of building a centralized plant that really relies on economies of scale, this is built so that it can have totally mass production," Kasseris said. The company's technology repurposes mass-produced 10-liter to 20-liter combustion engines as methanol synthesis reactors. By relying on standardized equipment rather than bespoke chemical plants, Emvolon aims to reduce deployment costs and accelerate project development. Economics drive deployment While the engineering is unusual, Kasseris argues that the economics ultimately matter. He said projects can achieve payback periods of roughly four years and internal rates of return above 20%, largely because the feedstock is methane that would otherwise be flared or stranded. "In terms of IRR, that is more than 20%," he said. The company believes its decentralized approach can compete with conventional methanol production by eliminating major infrastructure costs associated with pipelines and large centralized facilities. Why methanol? Kasseris sees multiple end markets for low-carbon methanol. Marine fuel is among the most immediate opportunities, with hundreds of methanol-capable vessels already operating globally and shipping companies seeking lower-carbon alternatives to conventional bunker fuels. Chemical markets also offer demand, particularly as manufacturers seek lower-carbon feedstocks. In the long term, Kasseris believes aviation could become an important outlet. "This year, as you know, we finally have the ESDM certification for methanol jet," he said. "We are actually working very actively to secure some partnerships in that space." While aviation remains a longer-term opportunity than marine fuel or chemicals, he argues methanol's relative ease of production could make it an attractive route for future SAF supply chains. Scaling up The challenge now is moving from demonstration to deployment. Emvolon is developing its first commercial projects through a partnership with Montauk Renewables, with the first unit expected to be online in the first half of 2027. Additional projects are expected to follow as the company builds out a larger network of methane-to-methanol facilities. A recently announced agreement with Freepoint Commodities provides both an offtake pathway and access to project-level financing, helping address one of the biggest hurdles facing emerging fuel technologies: commercial scale-up. For Kasseris, the broader opportunity extends beyond methanol itself. The goal, he said, is to create a practical way of turning waste methane emissions into tradable liquid fuels without waiting for new pipelines, new power lines or entirely new infrastructure networks. 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/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. Discover more at S&amp;P Global Ratings European Private Markets Conference 2026 8:00AM - 14:30PM, Wednesday 23 September London | Complimentary Event Book now 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/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>15 September 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[ September 15, 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 Sept. 15, 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: Member states push back against Brussels' ETS reform ahead of lawmaker response INTERVIEW: Hydrogen in 'different light' as Middle East war prompts structural shift: Jemelkova ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/091426-trump-administration-completes-repeal-of-most-power-plant-carbon-emissions-standards</link><description>The Trump administration on Sept. 14 completed the repeal of a majority of greenhouse gas emissions limits imposed on coal- and gas-fired power plants during the Biden administration, and proposed the repeal of additional greenhouse gas regulations. US Environmental Protection Agency Administrator Lee Zeldin made the announcement Sept. 14 at the G20 Energy Abundance Ministerial conference in</description><title>Trump administration completes repeal of most power plant carbon emissions standards</title><pubDate>14 September 2026 21:38:32 GMT</pubDate><author><name>Leah Garden</name></author><content><![CDATA[ Energy Transition, Electric Power, Coal, Natural Gas, Emissions September 14, 2026 Trump administration completes repeal of most power plant carbon emissions standards By Leah Garden Editor: Giselle Rodriguez Getting your Trinity Audio player ready... HIGHLIGHTS EPA finishes majority GHG emissions rollback Follows February endangerment finding repeal The Trump administration on Sept. 14 completed the repeal of a majority of greenhouse gas emissions limits imposed on coal- and gas-fired power plants during the Biden administration, and proposed the repeal of additional greenhouse gas regulations. US Environmental Protection Agency Administrator Lee Zeldin made the announcement Sept. 14 at the G20 Energy Abundance Ministerial conference in Houston, saying the repeal will save $310 billion. At the same time, the EPA also proposed to rescind "every remaining greenhouse gas standard for the power sector," which Zeldin said in a news release would save an additional "$370 million in direct compliance costs, in addition to the billions more American families and businesses can expect to see saved across the economy." This proposal, which would affect coal plant standards set during the Obama administration, has a 45-day comment period. A Trump administration official said during a press call that under the newly finalized repeal, consumer electricity prices are expected to decline by 2035, though the administration did not provide a specific figure. The repeals only impact carbon standards, and the agency will retain oversight of criteria pollutants and hazardous air pollutants to safeguard human health, the EPA said. "They would remain in place to safeguard human health," a Trump administration official said during the press call. The announcement follows the February repeal of the agency's 2009 finding that GHG emissions endanger public health and can be regulated. That decision was the basis for subsequent regulations of emissions from vehicles, power plants and oil and gas operations, and the February action has been challenged in federal court. The power plant rule will likely face similar legal challenges once finalized. "This necessary reversal restores efficiency to our energy sector and allows our vital resources to be used for the benefit of the American people," Interior Secretary Doug Burgum, also chairman of the National Energy Dominance Council, said in a statement. Environmental groups immediately promised to challenge the Trump administration's action. "With millions of Americans facing wildfires, heat waves and deadly storms fueled by climate change, the Trump administration is cutting the biggest polluters loose to do more damage than ever," Meredith Hankins, federal climate legal director at the Natural Resources Defense Council, said in a statement.â¯"For the health of our families and good of our nation, this cannot stand." Future limits on EPA actions The proposed rule to repeal all GHG standards in the power sector would also block future EPA efforts to regulate greenhouse gas emissions from power plants to address global climate change. "It would prevent a future EPA from being able to regulate greenhouse gas emissions for global climate change for power plants," the Trump administration official said. Citing Section 111 of the Clean Air Act, the official argued the Biden administration "relied on technology that had not been adequately demonstrated." The Trump administration has said the Biden-era EPA's requirement for coal- and natural gas-fired plants to install carbon capture technology was an action beyond the agency's authority. "The Biden administration didn't care that they were closing plants or that American jobs would be lost," the official continued. Matthew Leopold, a partner at Holland &amp; Knight and former EPA general counsel from 2018 to 2020, during the first Trump administration, said the EPA has a strong legal case if the decision is challenged. "That seems to be a perfectly good rationale for rescinding the GHG standards that we adopted under the Biden administration," Leopold said to Platts, part of S&amp;P Global Energy. "Because carbon capture and sequestration has not materialized for power plants." The US power sector remains the nation's largest stationary source of climate-warming emissions, accounting for 23% of the total US footprint in 2023, according to the EPA. The agency no longer inventories greenhouse gas emissions as part of the Trump administration's deregulatory agenda, but other organizations provide estimates. Climate research firm the Rhodium Group reported in January that US power sector emissions rose 3.8% in 2025, marking the second consecutive annual increase since 2012-2013. 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/2026/09/ai-gold-rush-selling-shovels-chillers-blades</link><description>The supply chains enabling Artificial Intelligence investments go well beyond GPU servers and communications equipment, with the whole ecosystem enabling the supporting physical infrastructure scaling up.</description><title>AI gold rush: Selling shovels, chillers and blades</title><pubDate>14 September 2026 16:45:00 GMT</pubDate><author><name>Chris Rogers</name></author><content><![CDATA[ BLOG â Sept. 14, 2026 AI gold rush: Selling shovels, chillers and blades By Chris Rogers The supply chains enabling Artificial Intelligence investments go well beyond GPU servers and communications equipment, with the whole ecosystem enabling the supporting physical infrastructure scaling up. The process of regional globalization, where global supply chains focus specific skills in specific regions, is also a driving force. At the start of the supply chain, a large Japanese mining equipment machinery maker is spending US$80 million to scale up its Arizona equipment maintenance center to support increased copper production. So far the firmâs operations have been been focused in Georgia, while future copper mines are located in the west. Further down the chain, sourcing the blades needed in gas turbines has become concentrated in a handful of large players where a newly announced acquisition is causing further consolidation. Thatâs leading a major integrated AI developer to build its own casting facilities in Texas to both diversify and make production available more swiftly. The central challenge for blades is in labor availability. While wages in the fabricated materials sector have only increased by 4.3% in the past year has lagged the 17.2% growth in electrical equipment manufacturing, they could rapidly catch up. Once the data center is built, cabled and powered it still needs to be cooled. Thatâs led one of the largest producers of industrial chillers to expand its manufacturing capacity for North America at a new facility in Tijuana Mexico adjacent to two existing air handling plants. Locating in Mexico provides optimal labor costs, and available assembly-trained workforce and access to the USMCA free trade area. Mexico has already become the third-largest supply center for large-scale chillers, reaching a 18.7% share of global exports in the second quarter of 2026, up from 13.4% in 2025 and 9.5% in 2021. Thatâs largely come at the expense of European suppliers, which fell to a 34.5% share in the second quarter of 2026 compared with 39.6% in 2021 while mainland Chinese suppliers have modestly increased their share to 23.6% from 21.5% in second quarter 2026 versus 2021. 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/ratings/en/regulatory/article/china-auto-brief-faw-gac-tie-up-signals-accelerating-consolidation-s101706786</link><description>This report does not constitute a rating action. Consolidation is accelerating in China&amp;apos;s auto industry. A deal between China FAW and GAC comes at a critical juncture, as weak domestic demand, overcapacity, and rapid EV transition test state-owned carmakers and their joint ventures with foreign auto OEMs. We anticipate a broader wave of industry restructuring over the next two to three years. On Sept. 14, 2026, Guangzhou Automobile Group Co. Ltd. (GAC) announced it would acquire part of China FA</description><title>China Auto Brief: FAW-GAC Tie-Up Signals Accelerating Consolidation</title><pubDate>15 September 2026 09:02:26 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/091426-supply-chains-seen-driving-next-growth-leap-in-i-rec-market-executives</link><description>The global International Renewable Energy Certificates market is nearing a structural inflection point, as Asia-Pacific transaction volumes surged from below $1 million to $100-$250 million annually, with industry leaders at the I-TRACK Day India event cautioning that further growth hinges on a fundamental shift in demand generation, especially through corporate supply chains. &amp;quot;Margin for optimism</description><title>Supply chains seen driving next growth leap in I-REC market: executives</title><pubDate>14 September 2026 07:19:38 GMT</pubDate><author><name>Ahmad afiq Muhammad zahir</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables September 14, 2026 Supply chains seen driving next growth leap in I-REC market: executives By Ahmad afiq Muhammad zahir Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS APAC I-REC market reaches $100-$250 mil annually India redemptions projected at 24-25 million by 2027 Scope 3 supply chains offer 25x growth potential The global International Renewable Energy Certificates market is nearing a structural inflection point, as Asia-Pacific transaction volumes surged from below $1 million to $100-$250 million annually, with industry leaders at the I-TRACK Day India event cautioning that further growth hinges on a fundamental shift in demand generation, especially through corporate supply chains. "Margin for optimism is having watched the market move from less than a million dollars a year within the APAC region to a floating range in between $100 and $250 million a year. It's been a really, really fun ride to watch that growth," Roble P. Velasco-Resenheim, director of Partnerships and Asia Pacific at the I-TRACK Foundation, said during the event held in New Delhi Sept. 11. Demand lags supply Neda Arifi, business development director at Xpansiv, said I-REC issuances had grown from 1 million at the market's inception to around 400 million in the most recent year. However, she cautioned that sluggish redemption rates have made demand generation the market's most pressing concern. "Up until now, the demand was growing organically, but from now on, we need to generate demand more systematically," Arifi said. The buyer base is also shifting. Mining, metals and semiconductors -- historically the dominant sectors -- are now being joined by food, consumer goods, packaging and software companies, a sign that I-RECs are finding their way into new industries. India stood out as a bright spot. Arifi said the country ranks first globally for registered renewable energy facilities on the Xpansiv registry and second in registered capacity, with more than 22 gigawatts enrolled, and a redemption rate of over 85%, among the highest globally. She projected Indian market volumes of between 24 million and 25 million I-RECs by 2027, with a market value of between $8 million and $11 million at current prices. Growth has accelerated since 2023, which Arifi attributed in part to the International Carbon Exchange (ICX) becoming a local issuer in India in 2024. Around 40% of redemptions in India are linked to RE100 member companies, while 89% of certificates are tied to voluntary reporting frameworks. Scope 3 unlocks new buyers Velasco-Resenheim said the market's biggest untapped opportunity lay not with large corporate brands, but with their suppliers and customers, where electricity loads could be 10 to 25 times larger than the direct corporate load the market currently serves. "Supply chain load, expect 25x under your total addressable market," he said, pointing to scope 3 category 1 -- electricity use within supply chains -- and scope 3 category 11 -- electricity embedded in finished products -- as the two demand pools brokers and traders should be targeting. He said the corporate net zero standard now explicitly allows renewable energy certificates consumed in supply chains to be attributed upward to brand-level scope 3 emissions accounting, calling it "a 10x moment in the market" that many participants had yet to act on. Velasco-Resenheim also flagged the growing overlap between voluntary certificate markets and compliance frameworks, noting that instruments bought for sustainability reporting were becoming relevant to the EU's carbon border adjustment mechanism, adding regulatory urgency to procurement decisions for companies exporting to Europe. Both speakers said buyers were increasingly asking for more granular, time-matched and supply-chain-specific products, with Velasco-Resenheim describing labels and external data infrastructure as a second layer of market information that would become essential for meeting future buyer demands. Velasco-Resenheim said suppliers should be approaching buyers as consultants and long-term partners rather than spot transactors, as corporate demand for more complex and programmatic procurement structures grows. 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/091426-interview-mexico-biomethane-market-eyes-stronger-rtc-pricing-as-volumes-grow</link><description>Mexico&amp;apos;s emerging market for Renewable Thermal Certificates could see stronger pricing as biomethane production expands, while carbon intensity and feedstock are likely to be differentials among certificates, CleanCounts CEO Benjamin L. Gerber told Platts in a Sept. 10 interview. The Mexican biomethane market is relatively immature, with small production volumes and limited price discovery, Gerber</description><title>INTERVIEW: Mexico biomethane market eyes stronger RTC pricing as volumes grow</title><pubDate>14 September 2026 21:08:52 GMT</pubDate><author><name>Paulina Santos vallejo</name><name>Felipe Peroni</name></author><content><![CDATA[ Agriculture, Energy Transition, LNG, Natural Gas, Electric Power, Biofuels, Renewables, Carbon September 14, 2026 INTERVIEW: Mexico biomethane market eyes stronger RTC pricing as volumes grow By Paulina Santos vallejo and Felipe Peroni Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS CleanCounts CEO says CI, feedstocks likely to differentiate Larger project volumes expected to boost pricing power North American gas interconnections could support liquidity Mexico's emerging market for Renewable Thermal Certificates could see stronger pricing as biomethane production expands, while carbon intensity and feedstock are likely to be differentials among certificates, CleanCounts CEO Benjamin L. Gerber told Platts in a Sept. 10 interview. The Mexican biomethane market is relatively immature, with small production volumes and limited price discovery, Gerber said. Some facilities rely on multiple feedstocks, adding complexity to validation and affecting how buyers value their output. "Like any commodity, the bigger the volume, the stronger the pricing power that the producer has," Gerber said. Brimex Energy's Lagos de Moreno facility in Jalisco became the first Mexican renewable thermal project registered on the CleanCounts Registry in September, allowing verified production to generate Renewable Thermal Certificates, or RTCs. Gerber said some Mexican digesters combine different waste streams because feedstocks such as tequila vinasse are highly acidic and need to be balanced with other materials, including whey or swine manure. Mixed-feedstock generators have attracted discounts in other North American markets outside Mexico, partly because buyers may scrutinize how different inputs translate into production, he said. Mexico's lack of domestic compliance requirements also weighs on pricing, but pricing power is expected to improve. "As this industry matures, and it'll probably do it very quickly ... you will be able to see stronger pricing from producers," he said. CI, feedstocks could segment demand Carbon intensity, or CI, could become an important source of differentiation between RTCs. CleanCounts does not require projects to report a CI score but allows the information to be included in its registry. He distinguished between buyers seeking the lowest-cost renewable molecule and companies focused more specifically on reducing emissions, which tend to value more CI scores and feedstock. "The customers that care about reducing their overall emissions are going to be very specific on the CI score," Gerber said. Feedstock preferences may also affect purchasing decisions independently of CI, he added, with buyers potentially valuing pre-consumer food waste, post-consumer waste, agricultural residues or landfill gas differently. "The consumers will value it differently," he said. Mexico currently lacks an established benchmark for biomethane environmental attributes, with project economics depending on production costs, natural gas references and the value buyers assign to the renewable component. North American integration could support liquidity CleanCounts sees Mexico's physical gas connections with the US and Canada as supportive of a broader North American market for renewable gas attributes, although Gerber stressed that CleanCounts itself does not determine whether a particular cross-border claim is accepted by regulators or corporate reporting frameworks. "All claims are administered by a certification body, and we are not a certification body," Gerber said. Still, he argued that physical interconnectivity should be considered when defining geographic market boundaries for gaseous fuels. "Borders shouldn't be the only reason," he said. "We should look at actual interconnectivity between the countries." He mentioned CleanCounts' tracking of US-produced biomethane that was subsequently exported as LNG to Japan. Japanese entities retired the associated certificates within the CleanCounts system, while recognition of the claim ultimately depended on Japanese rules. He also expects domestic demand to develop in Mexico, particularly from multinational companies that require subsidiaries to meet emissions-reduction goals. Additional Mexican projects could emerge over the next year, he said, though he did not provide a specific timetable. Increasing regional volumes could also improve liquidity and price discovery. Even in the US, Gerber said voluntary RTC trading remains less liquid than Renewable Energy Certificate markets, creating challenges for producers with surplus output. Aggregating transactions across Mexico, the US and Canada could help address those constraints, he said. Registry fragmentation, regulation Gerber also questioned whether Mexico needs multiple independent biomethane registries operating in the same geographic market. The International Tracking Standard Foundation's ITRACK(G) framework has previously been discussed in Mexico as a potential tracking tool for biomethane. He argued that similarities in the Mexican, US and Canadian gas systems favor common regional infrastructure, while noting that CleanCounts would work with a Mexican government registry if authorities chose to establish one. "With all the respect to ITRACK(G), I think that there's not really a need for that market now in Mexico," he said. Gerber said broader work is also underway on transactional connectivity between biomethane registries to support cross-border activity. On domestic regulation, he identified a clear definition distinguishing biogas from biomethane as the most important near-term priority. Without a technical threshold, lower-quality biogas could potentially be marketed alongside biomethane produced through more costly upgrading, weakening incentives to invest in pipeline-quality gas, he said. "If you don't [differentiate them], people will try to sell their biogas as biomethane," Gerber said. Financing support is another major constraint, he added. A number of Mexican projects are currently waiting for financing to proceed, while the country's large agricultural waste streams offer significant potential for additional biomethane production, he said. Platts is 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/091426-brics-calls-for-cooperation-to-ensure-energy-security-recognizes-fossil-fuels-importance</link><description>BRICS leaders on Sept. 12 called for greater energy security through stable markets, diversified supplies and resilient infrastructure, while acknowledging that fossil fuels will continue to play an important role in the energy mix, particularly for emerging markets and developing economies, according to a joint declaration issued by India&amp;apos;s foreign ministry. The group also called for restraint</description><title>BRICS calls for cooperation to ensure energy security, recognizes fossil fuels&amp;apos; importance</title><pubDate>14 September 2026 02:01:32 GMT</pubDate><author><name>Sambit Mohanty, Ratnajyoti Dutta</name></author><content><![CDATA[ Energy Transition, Electric Power, Emissions, Hydrogen, Renewables September 14, 2026 BRICS calls for cooperation to ensure energy security, recognizes fossil fuelsâ importance Sambit Mohanty, Ratnajyoti Dutta Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Energy security foundation for social, economic development Need to promote 'orderly' energy transition BRICS leaders on Sept. 12 called for greater energy security through stable markets, diversified supplies and resilient infrastructure, while acknowledging that fossil fuels will continue to play an important role in the energy mix, particularly for emerging markets and developing economies, according to a joint declaration issued by India's foreign ministry. The group also called for restraint and diplomacy amid escalating conflicts in the Middle East, warning that further instability could disrupt global trade, energy supplies and critical infrastructure, the statement said. "We recognize that energy security is a crucial foundation for social and economic development, national security and the welfare of all nations," the declaration said. "We acknowledge fossil fuels will still play an important role in the world's energy mix, particularly for emerging markets and developing economies, and we recognize the need to promote just, orderly, equitable and inclusive energy transitions and reduce GHG emissions in line with our climate goals," it added. BRICS countries stressed the need to work together to maintain the smooth flow of global trade, supply chains and energy in accordance with international law. Diversified energy mix The declaration presented an expansive definition of energy security that goes beyond access to fuel. It includes secure transport routes, reliable power grids, protected pipelines and other critical infrastructure, as well as diversified technologies and supply chains resilient to geopolitical conflict, cyberattacks and economic disruption. Rather than endorsing a single energy pathway, BRICS called for diversified energy mixes, saying the precise balance should reflect each country's circumstances and priorities. "We underscore the importance of balanced and diversified energy mixes reflecting national circumstances and recognize that the widest variety of energy sources and technologies, including but not limited to renewable energy, bioenergy, fossil fuels, nuclear energy, hydropower, hydrogen, low-carbon technologies and energy storage technologies, play an important role in achieving the sustainable development goals and energy security," the declaration said. The declaration also signaled closer cooperation on hydrogen, including efforts to develop interoperable standards and certification systems for zero- and low-emissions production. Critical minerals emerged as another major area of cooperation. "We affirm the need to promote reliable, responsible, diversified, resilient, fair, sustainable, and just supply chains of critical minerals to guarantee benefit sharing, value addition and economic diversification in resource-rich countries, while fully preserving sovereign rights over their mineral resources, as well as their right to adopt, maintain and enforce measures necessary to pursue legitimate public policy objectives," the declaration said. "We recognize the key role of critical minerals for the development of zero- and low-emission energy technologies, energy security, and resilience of energy supply chains," it 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/latest-news/energy-transition/091426-brics-backs-common-hydrogen-standards-carbon-markets-partnership</link><description>BRICS leaders pledged to develop interoperable hydrogen certification standards and establish a partnership on carbon markets, signaling a coordinated effort to shape clean energy trade flows and decarbonization, the Indian government said over the weekend. The 18th BRICS Summit, held over Sept. 12-13 in New Delhi, under the theme &amp;quot;Building for Resilience, Innovation, Cooperation and</description><title>BRICS backs common hydrogen standards, carbon markets partnership</title><pubDate>14 September 2026 04:44:20 GMT</pubDate><author><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Electric Power, Metals &amp; Mining, Hydrogen, Emissions, Carbon, Renewables September 14, 2026 BRICS backs common hydrogen standards, carbon markets partnership By Ruchira Singh Editor: Ankit Ajmera Getting your Trinity Audio player ready... HIGHLIGHTS BRICS leaders back hydrogen certification Fossil fuels retain role in energy strategy Highlight need to enhance energy security BRICS leaders pledged to develop interoperable hydrogen certification standards and establish a partnership on carbon markets, signaling a coordinated effort to shape clean energy trade flows and decarbonization, the Indian government said over the weekend. The 18th BRICS Summit, held over Sept. 12-13 in New Delhi, under the theme "Building for Resilience, Innovation, Cooperation and Sustainability," brought together leaders from the expanded bloc to advance cooperation across energy, climate and trade, according to statements from the Indian government. The BRICS bloc is an intergovernmental organization of emerging economies whose founding members include Brazil, Russia, India and China. "Pandemics, climate disasters and supply-chain disruptions have shown that in today's interconnected world, no crisis stays confined to one region," Prime Minister Narendra Modi said during an address Sept. 13. "That is why we have put special emphasis on increasing resilience within the BRICS group." The New Delhi Declaration, issued Sept. 12, covered a range of policy commitments, including energy and climate provisions to support the development of environmental markets. Diversified energy mix The declaration highlighted the role of all available energy sources, resilient energy supply chains and enhanced cooperation among BRICS countries through deliberations under the energy track. On hydrogen, the declaration encouraged "BRICS collaboration on interoperable standards and certification frameworks for zero/low-emissions hydrogen," and noted ongoing work on the BRICS Joint Report on hydrogen value chains. The declaration underscored the importance of "balanced and diversified energy mixes reflecting national circumstances" and recognized the importance of the "widest" range of energy sources and technologies. The declaration identified renewable energy, bioenergy, fossil fuels, nuclear power, hydropower, hydrogen, low-carbon solutions and energy storage technologies as important for achieving the Sustainable Development Goals and energy security. It added that energy sources must not be limited to the technologies listed in the declaration. Platts, part of S&amp;P Global Energy, assessed the India renewable hydrogen term contract at $3.22/kg on Sept. 10, down 0.6% month over month. Carbon market cooperation The declaration said it supported cooperation on carbon markets, with a specific focus on capacity building and the exchange of experiences, referring to the 2025 BRICS Leaders' Framework Declaration on Climate Finance. The declaration also said it looked forward to implementing the memorandum of understanding on the BRICS Carbon Markets Partnership as a cooperative mechanism to support member countries. "We acknowledge fossil fuels will still play an important role in the world's energy mix, particularly for emerging markets and developing economies," the declaration said. "We recognize the need to promote just, orderly, equitable and inclusive energy transitions and reduce greenhouse gas emissions in line with our climate goals." In 2024, the BRICS Contact Group on Climate Change and Sustainable Development promoted an MOU on the BRICS partnership for carbon markets, according to the website of the then-BRICS host, the Russian Federation. The MOU would enable BRICS countries to exchange experience in establishing carbon markets and implement joint climate projects, including issuing carbon units. Energy security The declaration highlighted the need to enhance energy security by ensuring stable energy markets and uninterrupted energy flows from diverse sources. The declaration recognized the importance of strengthening value chains and ensuring the resilience and protection of critical energy infrastructure, including cross-border infrastructure. The nations said they recognize the key role of critical minerals for the development of zero- and low-emission energy technologies, energy security and resilience of energy supply chains. BRICS affirmed the need to promote reliable, responsible, diversified, resilient, fair, sustainable and just supply chains for critical minerals to "guarantee benefit-sharing, value addition and economic diversification in resource-rich countries." This would be done while fully preserving countries' sovereign rights over their mineral resources, as well as their right to adopt, maintain and enforce measures necessary to pursue legitimate public policy objectives, according to the declaration. In 2025, BRICS adopted a new climate finance framework that prioritizes funding for developing countries and condemned unilateral climate-linked trade measures, including carbon border adjustment mechanisms, as discriminatory protectionism. 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/crude-oil/091426-insight-conversation-takeshi-hashimoto-mitsui-osk-lines</link><description>Geopolitical risks, decarbonization and artificial intelligence (AI) have been reshaping the shipping industry more than ever. For Mitsui O.S.K. Lines Ltd. (MOL), the recent Middle East conflict underscored the importance of resilience in the age of disruption. MOL Chairman Takeshi Hashimoto speaks with S&amp;amp;P Global Energy Editor Mia Pei on how the company navigated the crisis, the challenges of</description><title>INSIGHT CONVERSATION: Takeshi Hashimoto, Mitsui O.S.K. Lines</title><pubDate>14 September 2026 13:33:20 GMT</pubDate><author><name>Mia Pei</name></author><content><![CDATA[ Crude Oil, Maritime &amp; Shipping, Energy Transition, Electric Power, Refined Products, Agriculture, Chemicals, Renewables, Fuel Oil, Biofuels, Emissions, Food September 14, 2026 INSIGHT CONVERSATION: Takeshi Hashimoto, Mitsui O.S.K. Lines By Mia Pei Editor: Roma Arora Getting your Trinity Audio player ready... Geopolitical risks, decarbonization and artificial intelligence (AI) have been reshaping the shipping industry more than ever. For Mitsui O.S.K. Lines Ltd. (MOL), the recent Middle East conflict underscored the importance of resilience in the age of disruption. MOL Chairman Takeshi Hashimoto speaks with S&amp;P Global Energy Editor Mia Pei on how the company navigated the crisis, the challenges of scaling low-carbon marine fuels, AI's value for the shipping industry and why international cooperation matters for the future of shipping. Hashimoto served as MOL's president and CEO from 2021 and transitioned to his role as chairman of the board earlier this year. How did the Middle East conflict affect MOL's operations? Energy shipping is one of MOL's core businesses, so when the conflict broke out, our top priority was the safety of cargoes, vessels and the lives of seafarers. As the situation escalated, we believed it was better to evacuate sooner rather than later. However, conditions were changing almost every day. Our evacuation program started in March, but the first vessel was only able to leave in early April. It was a very difficult period. Our teams worked almost all around the clock, constantly monitoring developments, conducting risk assessments and deciding evacuation procedures vessel by vessel. We consulted not only the Japanese government but also other government authorities, specialist consultancies and risk analysis experts. Fortunately, following the temporary suspension of hostilities and the ceasefire, we managed to evacuate almost all our ships without any serious injuries to seafarers or damage to cargo or vessels. It was an extremely stressful operation, but ultimately successful. The challenge now is different. The Persian Gulf remains one of the world's most important energy-producing regions. Asian countries such as Japan, China and India depend on reliable energy imports from the region. So far, we have focused on evacuation. It is still too early to fully resume normal trading. For the time being, we have suspended entering the Gulf, but both energy producers in countries such as Qatar, the UAE and Saudi Arabia, and importers across Asia, want trade to continue. Our next challenge is determining how to safely restart operations and establish new safety standards under these difficult conditions. How has this year's crisis changed the way MOL thinks about geopolitical risk? It is still a little bit too early to say this has changed our long-term strategy. So far, our response has been operational â protecting our interests and those of our customers. Many people are talking about diversifying energy imports. Some of our vessels have shifted to North America, South America and Australia to transport alternative oil and gas supplies. However, I see this as an operational response rather than a strategic shift. Over the longer term, I don't believe the global economy can meet total energy demand without the Middle East. We need to reestablish a stable and secure trading route between Gulf producers and major importing regions, especially Asia. International politics will, therefore, remain critical and we will continue monitoring developments carefully. For now, we are allocating more vessels to alternative trade routes, but this comes at a cost. Longer voyages and higher energy prices ultimately increase costs for importing countries such as Japan, South Korea, China and India. I sincerely hope a lasting ceasefire and peace can be achieved in the Middle East. If not, we will have to continue exploring alternative solutions. What is MOL's approach to alternative marine fuels? What remains the biggest obstacle to scaling them? Compared with the so-called 'oil shocks' of the 1970s, today's situation is much better because there are many more alternative energy sources available. Countries including China, India and Japan have significantly expanded renewable energy over the past 10 to 20 years, including solar and wind. Although the situation has been challenging, the global economy has continued operating without the major disruption many feared when the conflict began. This demonstrates that countries have become more resilient. Alternative energy development, alongside energy efficiency improvements and strategic petroleum reserves, particularly in Japan, has strengthened resilience. The biggest challenge in scaling alternative marine fuels is the lack of industry consensus on which fuel will ultimately become dominant. There are many promising options â biodiesel, biomethane, green and blue ammonia, green and blue methanol â but we still don't know which can be supplied in sufficient volume. Volume is extremely important. We have to think of an alternative to several hundred million tons of fuel oil. Today, many projects produce only half a million to two million tons of alternative fuels, which is far from sufficient. Logistics is another challenge. We need reliable supply chains that can deliver these fuels wherever our vessels operate. At present, production capacity and logistics remain at an early stage, making it difficult to identify the most feasible long-term candidate. Our strategy, therefore, is to reduce greenhouse gas emissions with every available option. Whenever biodiesel or green methanol becomes available, we will use it. At the same time, we are improving operational excellence through AI, reducing fuel consumption and deploying technologies such as wind-assist propulsion. Together, these measures could reduce our emissions by 40%-50% compared with several years ago. There is still a long journey toward our 2050 net-zero target. I hope that within the next 10 to 15 years, the industry will identify a mainstream fuel. Green ammonia and green methanol appear to be strong candidates today, but it is still too early to determine which will ultimately prove to be the most competitive and practical. For the next five years, our priority is to maximize emissions reductions by combining every available solution. How is AI creating value for MOL? Even before AI, we had already begun collecting and analyzing operational data from our fleet of around 900 vessels worldwide. We use that information to determine the most efficient route for each voyage and reduce energy consumption. AI can significantly improve this process by automating data collection and analysis. This allows us to process much larger amounts of information much more quickly and with fewer people. Looking ahead, if we could analyze data not only from our own fleet but all the vessels worldwide, AI could identify even better navigation patterns by incorporating trade flows, weather conditions and many other variables. We highly expect AI to help us further reduce fuel consumption and improve efficiency. However, safety must always come first. Sometimes the most fuel-efficient route is not the safest. We may need to avoid typhoons or hurricanes, by accepting additional fuel consumption. AI should support decision-making but it should not replace human judgment. Critical operational decisions must ultimately be made by experienced professionals. Beyond conventional shipping, where does MOL see its biggest growth opportunities? We believe offshore industries have enormous growth potential. Historically, the offshore business has centered on oil and gas, including FPSOs [floating production, storage and offloading vessels], FLNGs [floating liquefied natural gas vessels] and FSRUs [floating storage and regasification units], where we have invested heavily and developed strong expertise. In the future, however, we want to apply those offshore technologies beyond oil and gas. Examples include floating power plants, which we have already commenced as our business, floating data centers, floating offshore wind facilities and even floating nuclear power stations. As land becomes scarcer and greater flexibility is needed, floating infrastructure will become increasingly valuable. Our long-term vision is to transform MOL into a broader social infrastructure company, expanding our offshore capabilities into renewable energy, alternative energy and other power-related sectors. Looking ahead, what do you hope will have changed for MOL and the global shipping industry? Above all, I hope the world experiences less geopolitical tension. Shipping depends on international trade. While regional conflicts can temporarily increase shipping demand or create alternative trade routes, that is not sustainable growth. Our objective is long-term, sustainable growth. That requires making major investments, but today's political uncertainty makes long-term investment decisions much more difficult because we cannot predict what the world will look like in three or five years. I hope we see a more stable international environment. Today, many countries understandably prioritize their own national interests. However, major global challenges â energy security, food supply, population issues and climate change â cannot be solved by individual countries or companies acting alone. International cooperation is essential. MOL serves customers around the world. We want to see stable global economic growth, lower geopolitical tensions, and stronger international collaboration. That collaborative approach will also be essential for advancing decarbonization, developing alternative industries and addressing the world's biggest challenges. This interview has been edited for clarity and length. This article first appeared in the September 2026 edition of Insights Magazine. 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/090726-burundi-opens-mining-sector-to-investment-seeks-australian-expertise</link><description>Burundi is opening up to foreign investment in mining from exploration through to end-use manufacturing, Hassan Kibeya, Burundi&amp;apos;s minister of energy, industry, trade and tourism, said Sept. 4. Kibeya laid out Burundi&amp;apos;s strategic &amp;quot;road map&amp;quot; for the mining sector at the Africa Down Under conference in Perth, Australia. &amp;quot;Burundi is not well known globally ... The Burundi mining sector is at its early</description><title>Burundi opens mining sector to investment, seeks Australian expertise</title><pubDate>07 September 2026 05:10:22 GMT</pubDate><author><name>Anthony Barich</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Renewables September 07, 2026 Burundi opens mining sector to investment, seeks Australian expertise By Anthony Barich Editor: Manish Parashar Getting your Trinity Audio player ready... HIGHLIGHTS Minister pitches reforms to attract miners Country holds 6% of global nickel reserves Burundi is opening up to foreign investment in mining from exploration through to end-use manufacturing, Hassan Kibeya, Burundi's minister of energy, industry, trade and tourism, said Sept. 4. Kibeya laid out Burundi's strategic "road map" for the mining sector at the Africa Down Under conference in Perth, Australia. "Burundi is not well known globally ... The Burundi mining sector is at its early stage, and it is now emerging, and we believe that this is the moment to open it fully to the world. We are actively opening doors to different partners, especially Western investment," Kibeya said. Burundi officials are already negotiating with an Australian Securities Exchange-listed company regarding a lithium mining permit, which they hope "will be highly significant." Burundi's geology includes lithium, gold, tin, rare earths, kaolin, copper, cobalt, titanium, amethyst, gemstones and granite, plus about 6% of the world's nickel reserves, the minister said. It also has East Africa's second-largest reserves of columbite-tantalite â otherwise known as coltan â behind Democratic Republic of the Congo, according to Kibeya. "The challenge that we face is we have this mining exploited artisanally" on a small scale with limited industrial oversight, so production is low, and the government wants to transition to an industrial way of mining, Kibeya said. Most minerals are exported as raw concentrate, which exposes them to commodity price volatility â a challenge faced by other African economies â while energy deficits and logistics bottlenecks restrict large-scale project bankability, Kibeya said. Thus, the government wants to connect isolated mines to a more integrated supply chain model, then develop a processing hub with better connectivity, also to regional trade corridors and export hubs, the minister said. Mining reforms To this end, Burundi is implementing reforms to boost mineral value addition and regional integration, in order to "connect Burundi directly to the global green energy transition industry and that can reshape demand for the minerals that we hold," Kibeya said. An investment code was formalized in 2021 with the creation of the Burundi Development Agency, while modernized frameworks were launched for rail transport in 2022 and for resource extraction in 2023, according to the presentation. New regulations were also launched in 2023, allowing freely negotiated rates between operators and clients, while an Independent Competition Commission has also been established to ensure market fairness, the presentation said. While Burundi's standard corporate tax rate is 30%, miners pay just 5% in the first year of production, which rises to 25% by the fifth year, according to Kibeya's presentation. There are also value-added tax and customs exemptions for the import of construction materials, equipment and production inputs, with "free repatriation of profits after payment of applicable taxes and duties," the minister's presentation said. Burundi needs equipment and technology to extract, concentrate and refine minerals, then manufacture products from these materials for end-customers, Kibeya said. Derisking bankable projects firstly requires digitization to "guarantee a transparent and digital mineral cadastre, license reform and also technical readiness." "Our target is explicit, 100% of transparency and a Tier 1 of investor confidence," the minister said. To this end, Kibeya signed an agreement in March with US group KoBold Metals Co. to digitize geological data. Surveys also must be done due to the lack of data to explain the country's mining and geological characteristics, Kibeya said. The minister also signed a deal in March to give Isle of Man-headquartered Lifezone Metals Ltd. exclusivity over the Musongati nickel project in Burundi in the East African nickel belt, which also hosts Lifezone's Kabanga nickel project in Tanzania. 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/sector-review-systemic-risk-european-banks-structured-exposure-to-nonbank-financial-institutions-is-contained-s101695260</link><description>This report does not constitute a rating action. The steady rise of nonbank credit providers in Europe has turned banks into essential liquidity providers for the nonbank sector. While this shift allows banks to support the nonbank sector through highly structured, low-risk loans, it introduces operational complexity. This complexity, combined with the material scale of the nonbank financing industry, can lead to substantial losses for banks. Billion-dollar write-downs involving U.S. firms TriCo</description><title>Sector Review: Systemic Risk: European Banks&amp;apos; Structured Exposure To Nonbank Financial Institutions Is Contained</title><pubDate>14 September 2026 09:45:15 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/091026-brazilian-tallow-exports-slow-as-us-tariffs-curb-forward-negotiations-secex</link><description>Brazilian beef tallow exporters are struggling to place cargoes for October and November, as US import tariffs keep the arbitrage to the Gulf Coast closed and European demand remains limited, despite high August and September shipment volumes from deals concluded earlier in the year. Brazil exported 231,800 mt of beef tallow in the first eight months of 2026, down 34.9% from 356,033 mt in the same</description><title>Brazilian tallow exports slow as US tariffs curb forward negotiations: Secex</title><pubDate>10 September 2026 16:12:29 GMT</pubDate><author><name>Monique Murer</name></author><content><![CDATA[ Agriculture, Energy Transition, Biofuels, Meat, Vegetable Oils, Oilseeds, Renewables September 10, 2026 Brazilian tallow exports slow as US tariffs curb forward negotiations: Secex By Monique Murer Editor: Karina Roman Getting your Trinity Audio player ready... HIGHLIGHTS Jan-Aug exports drop 34.9% on year US tariffs add $439/mt to import costs Slaughter rates expected to rise in Oct Brazilian beef tallow exporters are struggling to place cargoes for October and November, as US import tariffs keep the arbitrage to the Gulf Coast closed and European demand remains limited, despite high August and September shipment volumes from deals concluded earlier in the year. Brazil exported 231,800 mt of beef tallow in the first eight months of 2026, down 34.9% from 356,033 mt in the same period of 2025, according to Secex data released Sept. 4. However, it remains higher than the corresponding 2024 period, which reached 226,708 mt. August exports totaled 40,634 mt, down 37.2% from 64,730 mt a year earlier, but remained elevated compared with other months in 2026. Of the August total, 97% is directed to the US market, as participants said most of the volume had been negotiated in July, before the 37.5% tariff took effect. Similarly, a vessel lineup seen by Platts showed more than 33,000 mt scheduled for September loading. Negotiations for October and November loadings, however, have been slow. While Brazil's meatpacking sector has sought tariff relief from the US government for beef imports, market participants said tallow has not yet been included in those discussions. The US remained an important destination for Brazilian tallow in 2026. US Census data, available through July, showed imports of 115,008 mt gross weight from Brazil, with 66,257 mt entering through Beaumont, Texas, and 24,192 mt through New Orleans, Louisiana. Together, the two US Gulf Coast ports accounted for 78.6% of Brazilian arrivals during the period. Platts, part of S&amp;P Global Energy, assessed Tallow delivered US Gulf Coast at 81 cents/pound, or approximately $1,786/mt, on Sept. 9. On the same day, Platts assessed beef tallow FOB Santos price for 31- to 60-day loading at $1,170/mt. Applying the current 37.5% additional US tariff to the customs value would add about $439/mt, bringing the tariff-adjusted value to approximately $1,609/mt before ocean freight, insurance and other import costs. US Customs generally excludes international freight and insurance from the value on which ad valorem duties are assessed. That leaves a spread of roughly $177/mt between the tariff-adjusted FOB Santos value and the delivered US Gulf Coast assessment before freight and other costs, which market participants said remains insufficient to reopen the arbitrage. Expectations for stronger US renewable feedstock demand have provided some support to the outlook. On Aug. 31, the US Environmental Protection Agency said it would propose reallocating 100% of the difference between projected and actual volumes exempted under 2025 small refinery exemptions into the 2026 and 2027 Renewable Volume Obligations. Still, market participants said it remains unclear whether stronger feedstock demand would be sufficient to offset the tariff disadvantage for Brazilian tallow. European negotiations have also been slow. Under the EU Renewable Energy Directive III, animal fats classified as Categories 1 and 2 are listed in Annex IX Part B, giving them greater compliance value in several European biofuel markets. Category 3 animal fat, which accounts for the bulk of Brazilian beef tallow exports, is not included in Annex IX and therefore does not benefit from the same treatment. As a result, Category 1 and 2 material can command premiums in European markets where Annex IX feedstocks receive favorable treatment, while Brazilian Category 3 tallow has struggled to achieve equivalent values, limiting Europe's ability to replace lost US demand. Still, traders and brokers expect export discussions to pick up from the second half of October as Brazilian slaughter rates increase. Market participants expect meatpackers to accelerate slaughter toward the end of the year for November-December beef shipments timed to arrive in China after the country's 2027 import quota opens in January. "The slaughters will return, but now with low volumes for exports," a local renderer said, pointing to expectations of higher domestic tallow availability alongside weaker export demand. Higher supply, however, may not necessarily pressure domestic prices. Brazilian tallow negotiations continue to closely track soybean oil, which has strengthened amid higher soybean origination costs and pressured crush margins. "Tallow prices should keep going up, tracking soybean oil, even with more animal fat available," the renderer said. With both US and European markets offering limited opportunities, traders have also begun testing alternative destinations. Platts confirmed a Brazilian tallow shipment to Singapore for use as a feedstock for advanced biofuel production. 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/091126-interview-hydrogen-in-different-light-as-middle-east-war-prompts-structural-shift-jemelkova</link><description>Hydrogen and its derivatives are being viewed in a &amp;quot;different light&amp;quot; as the conflict in the Middle East and shipping disruptions in the Strait of Hormuz prompt a structural shift, Ivana Jemelkova, CEO of the Hydrogen Council, told Platts, part of S&amp;amp;P Global Energy. &amp;quot;The lesson here is that long-term resilience needs a structural shift,&amp;quot; Jemelkova said in a written interview following the launch of</description><title>INTERVIEW: Hydrogen in &amp;apos;different light&amp;apos; as Middle East war prompts structural shift: Jemelkova</title><pubDate>14 September 2026 04:26:31 GMT</pubDate><author><name>Takeo Kumagai</name><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Natural Gas, LNG, Crude Oil, Hydrogen September 11, 2026 Â· Updated September 14, 2026 INTERVIEW: Hydrogen in 'different light' as Middle East war prompts structural shift: Jemelkova By Takeo Kumagai and Ruchira Singh Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Middle East crisis costs importers more than $100B Energy security drives over 60% of clean hydrogen investment Europe, India, East Asia have hydrogen frameworks Hydrogen and its derivatives are being viewed in a "different light" as the conflict in the Middle East and shipping disruptions in the Strait of Hormuz prompt a structural shift, Ivana Jemelkova, CEO of the Hydrogen Council, told Platts, part of S&amp;P Global Energy. "The lesson here is that long-term resilience needs a structural shift," Jemelkova said in a written interview following the launch of the Hydrogen Council's Global Hydrogen Compass 2026 report on Sept. 10. "Just two months of the energy crisis triggered by the conflict in the Middle East have cost importing countries in Asia and Europe more than $100 billion," she said. "Many of those countries now view hydrogen and its derivatives in a different light â as a solution for energy security and competitiveness alongside decarbonization." The Global Hydrogen Compass 2026 report was launched on the sidelines of the Global High-Level Symposium on Hydrogen and Ammonia and the Japan-hosted 8th Hydrogen Energy Ministerial Meeting at Makuhari Messe, on the outskirts of Tokyo, in collaboration with H2 &amp; FC EXPO (International Hydrogen &amp; Fuel Cell Expo) â one of the world's largest hydrogen-related exhibitions. The Hydrogen Energy Ministerial Meeting and the Global High-Level Symposium on Hydrogen and Ammonia take place as the Middle East conflict has disrupted not only oil and LNG shipments through the Strait of Hormuz but also trade in hydrogen-based products. In the case of Japan, Jemelkova said its proposed public-private investment road map, published in June, outlined $2.3 trillion (Â¥370 trillion) in investment and earmarked $38 billion (Â¥6.2 trillion) for hydrogen and its derivatives through fiscal year 2040-41 (April-March). "The road map frames hydrogen deployment in terms of economic security and resilience, as well as the opportunity to export Japanese technologies to global markets," she said. Referring to the CEO sentiment survey published in the latest Global Hydrogen Compass report, Jemelkova said executives across the value chain believe recent energy crises, combined with rising power demand from rapid electrification and new industrial loads, have fundamentally reshaped their strategic priorities. "Clean molecules have become a geopolitical insurance policy, with hydrogen valued for energy security, resilience and industrial growth as well as for its role as a decarbonization lever. 64% of CEOs told us that recent energy shocks had increased their interest in hydrogen," she said. The shift is most visible in heavily import-dependent regions such as India, Europe and East Asia, where hydrogen is increasingly viewed as a necessary pathway to long-term energy diversification, she added. Investment climate When asked whether the Strait of Hormuz crisis would accelerate hydrogen investment, Jemelkova said that more than 60% of committed global clean hydrogen investment is currently in regions where energy security and industrial growth match or exceed decarbonization as the primary driver. "Whether the current crisis translates into a boost to further long-term investment in the sector is a question of policy certainty and follow-through on binding demand-side measures actually being implemented," she said. The investment picture shows both sides of this, Jemelkova said, adding that cumulative committed clean hydrogen investment has reached $130 billion, up from $110 billion a year ago, with a further $5 billion committed to projects scheduled to begin commercial operations after 2030. "Year-over-year growth in committed investment for projects due by 2030 has moderated to about 20%, against an average of roughly 45% since 2021," Jemelkova said, adding that earlier-stage activity is picking up again after the 2024-2025 reset, with front-end engineering design (FEED)-stage investment up 50% on 2025. Geographically, the capital is becoming more concentrated. North America and China account for 72% of committed capacity, up from about 70% a year ago, and represent most of the net additions, she said. "They are getting there by different routes. China holds about 55% of committed renewable capacity, driven by domestic supply projects and larger average project sizes, and has set a target of at least 2 Mtpa [million tons per annum] of renewable hydrogen production by 2030," Jemelkova said. North America holds 80% of committed low-carbon capacity and has led overall growth since 2025, expanding from 2.2 million tons/year to 2.9 million tons/year, she added. "Both of those are policy stories. China's growth rests on a national production target and the 15th Five-Year Plan; North America's on fiscal support that made low-carbon hydrogen bankable," Jemelkova said. "Europe shows what happens when demand policy is actually enforced: committed investment grew 35% this year, supported by the transposition of RED III transport targets in several Member States." "That is also where the gap is: 6 Mtpa of 2030 demand is already backed by policies in force, and 4.2 Mtpa of that is under binding offtake," she said, adding that another 5 million tons/year could materialize if existing policies were fully implemented, with the RED III industry targets being the obvious example. "The regions that felt Hormuz hardest, Europe, India and East Asia, have the frameworks. Timing and execution will dictate whether that second 5 Mtpa arrives by 2030 or not," Jemelkova said. "The acceleration they are looking for will come when legislative frameworks are turned into binding demand-side measures and delivered on schedule." 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/091126-appec-marine-biofuels-deployable-near-term-but-feedstock-availability-constrains-growth</link><description>Marine biofuels are emerging as a readily deployable near-term decarbonization option for the shipping sector, although tightening feedstock availability constrains growth as demand scales, industry participants told Platts at APPEC 2026 in Singapore. Biofuels are the &amp;quot;lowest hanging fruit&amp;quot; among lower-carbon marine fuels because they are relatively easy to blend and incorporate into existing</description><title>APPEC: Marine biofuels deployable near term, but feedstock availability constrains growth</title><pubDate>11 September 2026 11:53:57 GMT</pubDate><author><name>Mia Pei</name></author><content><![CDATA[ Agriculture, LNG, Chemicals, Energy Transition, Refined Products, Biofuels, Renewables, Fuel Oil September 11, 2026 APPEC: Marine biofuels deployable near term, but feedstock availability constrains growth By Mia Pei Editor: James Leech Getting your Trinity Audio player ready... HIGHLIGHTS Biofuels offer easy drop-in option Singapore biobunker sales drop 50% in 2026 Feedstock scarcity threatens project financing Marine biofuels are emerging as a readily deployable near-term decarbonization option for the shipping sector, although tightening feedstock availability constrains growth as demand scales, industry participants told Platts at APPEC 2026 in Singapore. Biofuels are the "lowest hanging fruit" among lower-carbon marine fuels because they are relatively easy to blend and incorporate into existing engines, Nathanael Lin, partner for shipping and international trade at Rajah &amp; Tann Singapore, said at a shipping panel Sept. 10. The sector can also draw on broadly similar storage infrastructure for conventional fuels, as well as on financiers and underwriters already familiar with the products, reducing barriers to adoption, Lin said. The Maritime and Port Authority of Singapore data shows that biobunker sales in the world's largest bunkering hub retreated to around 39,000 mt in July, accounting for less than 1% of the total bunker sales in the month, compared to 135,000 mt in the same month the previous year. For the first seven months of 2026, total biobunker sales stood at 457,000 mt, down from 907,900 mt in the same period the previous year. Platts, part of S&amp;P Global Energy, assessed Singapore-delivered B24 low-sulfur biobunker premiums at $232/mt over the Platts FOB Singapore Marine Fuel 0.5%S cargo assessment Sept. 10, down $2/mt week over week. Singapore-delivered B30 low-sulfur biobunker premiums fell $3/mt over the same period to $267/mt. In the high-sulfur segment, Singapore-delivered B24 high-sulfur biobunker premiums were assessed at $244/mt over the Platts FOB Singapore 380 CST 3.5%S fuel oil cargo assessment, down $6/mt week over week. B30 high-sulfur bio-bunker premiums were assessed at $293/mt, down $9/mt over the same period. Shipowners are already expanding their use following trials. NYK Line's biodiesel consumption increased by "more than 40 times or even 50 times" from 2023 levels after the Japanese shipowner completed a six-month B24 trial under Project LOTUS with the Global Center for Maritime Decarbonization, according to Ryogo Nakajima, decarbonization promotion team lead at NYK. The trial found no issues with longer-term B24 use under the tested conditions, Nakajima said. NYK is now undertaking an almost year-long B100 trial to assess the effects of higher-purity biodiesel on its vessels and engines. However, greater adoption is putting the availability and aggregation of sustainable feedstocks increasingly in focus. "B24, B30, they're definitely scalable; however...not indefinitely," Chris Chatterton, maritime director at the Global Center for Green Fuels, said at a separate low-carbon marine fuels panel. Rather than focusing solely on increasing blend ratios, the industry needs to broaden the pool of available feedstocks to support further growth, Chatterton said. Feedstock constraints are also emerging as a hurdle to financing new biofuel projects. "The aggregation is a problem," said Karthik Sathiavageeswaran, executive director for energy, renewables, and infrastructure at DBS Bank. While technology risks for many projects are increasingly manageable, some developers seeking capital "really can't demonstrate sustainable feedstock that comes in," he said. Feedstock supply is therefore becoming a key consideration in determining whether projects can secure financing and move toward commercial scale. Near-term prospects for biofuels come amid longer commercialization timelines expected for some other low-carbon marine fuels. Juwita Setiawan, trading manager at Sing Fuels, said she expected biofuels and LNG to lead alternative marine fuels in the near term, followed by methanol in the medium term, while synthetic fuels could become more important as emissions targets tighten toward 2040 and beyond. S&amp;P Global Energy expects the traditional bunker fuels' share will decline from 85% in 2030 to 26% in 2060 globally on an energy basis, where bio-blends will be used to help vessels comply with tightening EEXI regulations, and their adoption is increasing due to the drop-in nature, typically up to 30%, according to the alternative bunker fuel long-term outlook released Aug. 25. The share of alternative bunker fuels is expected to reach 30% of the fuel mix by 2060, while methanol leads in the short-term and ammonia takes highest market share of 22% by 2060. Despite biofuels' near-term advantage, shipping is unlikely to converge on a single replacement fuel. Chatterton said, "Optionality is very high on the agenda for bankability," as shipowners seek greater flexibility across multiple fuel pathways. MPA has highlighted at APPEC 2026 that Singapore has been preparing for a future of the most diverse fuel mix in shipping history. 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/091126-eu-carbon-market-reform-battle-lines-drawn-as-parliament-enters-the-fray</link><description>The European Parliament&amp;apos;s lead negotiator on the EU Emissions Trading System revision is pushing for a smarter emissions reduction path, stricter investment conditions on free allowances and a more powerful role for ETS revenues in driving down electricity costs ahead of trilogue talks following the Commission&amp;apos;s landmark July 17 proposal. Peter Liese, the German center-right MEP from the European</description><title>EU carbon market reform battle lines drawn as parliament enters the fray</title><pubDate>11 September 2026 14:37:26 GMT</pubDate><author><name>Eklavya Gupte</name></author><content><![CDATA[ Energy Transition, Electric Power, Emissions, Carbon, Renewables September 11, 2026 EU carbon market reform battle lines drawn as parliament enters the fray By Eklavya Gupte Editor: Richard Rubin Getting your Trinity Audio player ready... HIGHLIGHTS 'Tight is right, too tight is broke,' Lies warns on ETS overhaul No free lunch on carbon permits, EP's chief ETS negotiator warns industry Parliament and member states at odds on key conditionality terms The European Parliament's lead negotiator on the EU Emissions Trading System revision is pushing for a smarter emissions reduction path, stricter investment conditions on free allowances and a more powerful role for ETS revenues in driving down electricity costs ahead of trilogue talks following the Commission's landmark July 17 proposal. Peter Liese, the German center-right MEP from the European People's Party steering the ETS file as rapporteur for the Environment Committee, presented a draft report Sept. 11, setting the parliament's negotiating position on a reform that will shape European carbon prices and industrial investment decisions for the next two decades. Liese is broadly supportive of the commission's direction but insists the proposal needs sharpening in several areas. He is unambiguous that the ETS itself is not negotiable. "The discussions of the beginning of the year are over," he said at a press briefing. "Those who say stop the ETS, abolish the ETS, I don't think they have any chance to succeed. The ETS is here to stay." But he was equally clear that the system needs careful handling. "If you put it too tight, it may break," he said, warning that carbon leakage could become a growing problem if free allowances are cut without the enabling conditions for decarbonization being in place. The commission's July 17 proposal was itself a far-reaching overhaul, slowing the pace of emissions cuts beyond 2030, delivering â¬6 billion in additional free permits to manufacturers, establishing a new â¬100 billion Industrial Decarbonization Bank, and introducing controlled access to carbon removals and international credits. EU Allowance prices rose sharpy few days after the EC's proposal, with December 2026 EUAs trading above â¬86/mt of CO2 equivalent on July 22. Platts, part of S&amp;P Global Energy, last assessed EU Allowances at â¬85.84/mtCO2e on Sept. 10, the highest since July 22. Linear reduction factor At the heart of Liese's position is a proposed adjustment to the linear reduction factor, the annual rate at which the ETS cap on total emissions declines. The commission proposed an LRF of 3.7% for 2031-2035, falling to just 1.7% for 2036-2040, down from the current 4.3% rate. Liese accepts the logic of near-term relief but argues the commission's back-end trajectory is too lenient, leaving insufficient ambition in the years that matter most for the 2050 climate neutrality target. His solution is a split trajectory, with a 3.4% LRF in the first five years of the new period stepping up to 2.3% in the second half. The adjustment is designed to give industry near-term breathing room while preserving a credible pathway to climate neutrality and, crucially, releasing allowances beyond 2039, the year at which the cap under the current scheme would reach zero. Liese also wants the Market Stability Reserve modified to reduce price volatility, citing episodes where political statements triggered sudden price collapses or sharp spikes. More predictable carbon pricing, he said, benefits both frontrunners who have already invested and those not yet able to decarbonize. The proposal puts him at odds with Germany, which, in Council working party documents, called for keeping the LRF at 4.4% until 2035, a harder near-term line, while also seeking to suspend MSR invalidation until 2030. France and Italy have separately raised concerns about the predictability of benchmark reductions across the two sub-periods, reflecting a broader anxiety about long-term investment certainty. Free allowances and conditionality Driving much of Liese's thinking on free allowances is a conviction that the ETS must become a more powerful engine for driving down electricity costs across the continent. "We must do everything we can to ensure that electricity prices fall," he said. "EU countries that get their electricity primarily from climate-neutral domestic energy sources, such as Portugal, Sweden and Finland, have relatively low electricity costs compared to Germany and Italy, which are heavily dependent on fossil fuels. Therefore, emissions trading must provide stronger incentives than before for investment in domestic clean energy." To that end, Liese is calling for 75% of ETS revenues to be reinvested in ETS sectors, up from the 50% proposed by the commission, with a dedicated sub-quota for energy-intensive industries at risk of carbon leakage. On free allocations, Liese calls for an increase beyond the commission's proposed 47% uplift compared to the current system, particularly for the period up to 2030 and for sectors covered by the Carbon Border Adjustment Mechanism. But he is insisting those allowances come with conditions and is prepared to resist industry lobbying that seeks unconditional relief. "Industry was shouting, we need free allowances because we want to invest in decarbonization. I heard this not 10 times, not 20 times, more than 50 times, people told me that. And now when we say, yes, you get the free allowances when you invest, they are complaining." This position could set up a direct confrontation with several member states. Poland has called conditionality "illogical and counterproductive," arguing that free allocations exist solely to level the playing field against non-EU producers. Italy warned that the implementation timetable does not give investments enough time to generate measurable reductions during the 2031-2035 reference period. France said any conditionality "should remain simple to implement and aim to limit the administrative burden." With parliament set to adopt its formal negotiating mandate in the coming weeks, and the distance between institutions already visible, the path to agreement on the world's most mature carbon market could be hard-fought. 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/091126-ifc-cela-partner-to-train-lenders-on-battery-storage-systems</link><description>Consultancy firm Clean Energy Latin America and the International Finance Corp., a member of the World Bank Group focused on the private sector, closed a partnership to offer training and qualify banks and financial institutions about battery energy storage systems, CELA said Sept. 11. The partnership aims to prepare banks and investors to offer credit to BESS providers as the technology emerges</description><title>IFC, Cela partner to train lenders on battery storage systems</title><pubDate>11 September 2026 19:07:24 GMT</pubDate><author><name>Felipe Peroni</name></author><content><![CDATA[ Electric Power, Energy Transition, Renewables September 11, 2026 IFC, Cela partner to train lenders on battery storage systems By Felipe Peroni Editor: Ashanti Rojano Getting your Trinity Audio player ready... HIGHLIGHTS IFC partners with CELA to train banks on BESS Brazil plans 4-5 GW storage auctions for 2026 6,091 projects totaling 297 GW seek participation in auction Consultancy firm Clean Energy Latin America and the International Finance Corp., a member of the World Bank Group focused on the private sector, closed a partnership to offer training and qualify banks and financial institutions about battery energy storage systems, CELA said Sept. 11. The partnership aims to prepare banks and investors to offer credit to BESS providers as the technology emerges in the Brazilian market. "Financial institutions are not used to providing credit to this emergent technology, so we aim to unlock these opportunities," CELA CEO Camila Ramos told Platts on Sept. 11. The Brazilian government has scheduled two storage system auctions for December 2026, which are expected to contract for between 4 GW and 5 GW of capacity, according to market participants. Suppliers are expected to invest between Real 16 billion and Real 20 billion ($3.1-3.9 billion) in the auction, which will mark the country's first large-scale BESS deployment. So far, suppliers have registered 6,091 projects to participate in the auction, totaling 297 GW of capacity, a record high for electricity auctions in the country. As a result, Ramos believes this will generate a new class of financeable assets in the country, for which banks are not fully prepared. Among the challenges, investors mention regulatory gaps and technical issues, such as uncertainty about battery useful life. "Many banks face a lack of project standardization, which makes financing less viable, and we are working to develop industry standards," Ramos said. IFC will offer training and study materials through its Green Banking Academy (GBAC) platform, extending its access to financial institutions in Latin America and the Caribbean. Courses will be offered in different formats, including tailored training sessions to companies, workshops, seminars and webinars. The IFC currently has $1 billion invested in BESS projects globally, with a pipeline of over $2.5 billion, IFC and CELA said in an event on the 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/lng/091126-appec-regulation-not-prices-key-driver-for-alternative-fuels-lng-uptake-emf-director</link><description>Global environmental regulations are the key driver of the uptake of LNG and other alternative fuels, and prices, though an important consideration, will not likely provide the principal push, Equatorial Marine Fuel Management Services Director Sheen Mao Choong said Sept. 10. LNG is compelling because a &amp;quot;substantial&amp;quot; supply may become available over the next 10-15 years, potentially lowering</description><title>APPEC: Regulation, not prices, key driver for alternative fuels, LNG uptake: EMF director</title><pubDate>11 September 2026 08:56:01 GMT</pubDate><author><name>Surabhi Sahu</name><name>Mia Pei</name></author><content><![CDATA[ LNG, Maritime &amp; Shipping, Energy Transition, Refined Products, Emissions, Fuel Oil September 11, 2026 APPEC: Regulation, not prices, key driver for alternative fuels, LNG uptake: EMF director By Surabhi Sahu and Mia Pei Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS LNG supply growth may lower costs long-term Dual-fuel ships offer owners fuel flexibility Eyes on MEPC 85 for cues on Net-Zero Framework Global environmental regulations are the key driver of the uptake of LNG and other alternative fuels, and prices, though an important consideration, will not likely provide the principal push, Equatorial Marine Fuel Management Services Director Sheen Mao Choong said Sept. 10. LNG is compelling because a "substantial" supply may become available over the next 10-15 years, potentially lowering prices, Choong said at the APPEC 2026 conference, hosted by S&amp;P Global Energy in Singapore. However, he stressed that the principal driver of alternative fuels is regulation, not price. "Without regulation, it is difficult to conclude that high conventional-fuel prices will increase alternative-fuel uptake. They could instead lead to looser regulation if policymakers focus on cost," Choong said. His comments come ahead of the 85th session of the International Maritime Organization's Marine Environment Protection Committee, scheduled for Nov. 30-Dec. 3, during which discussions on the IMO Net-Zero Framework are expected to continue. The UN agency's 22nd intersessional working group on GHG concluded Sept. 4 after four days of negotiations in London, with member states continuing to debate key elements of the framework, including emissions pricing, the design of a central fund, compliance mechanisms, and how revenues should be used to support developing countries. Choong said that Equatorial remained conservative regarding its progress. "A year ago, much of the industry appeared certain that the IMO Net-Zero Framework would pass...This year, there should be substantive discussion, including LNG's role, but such frameworks take time to modify and build consensus around," Choong said. "We may see progress, but there is not yet a clear direction on what Framework will be accepted," he said. Fuel flexibility Among alternative fuels, LNG still appears to be the preferred choice for newbuilds, Choong opined. A dual-fuel ship gives owners the option between conventional and alternative fuels, he said. According to the global classification society DNV, orders for alternative-fueled ships were strong in August, with 52 new vessels added globally. Of the 52 new alternative-fuel ship orders in August, 46 were for LNG-powered ships, according to DNV's Alternative Fuels Insight platform data released in September. Many owners still view conventional fuel as the safe choice, with the alternative available if regulation requires it, Choong said. LNG can be attractive because it can be both compliant and cost-competitive, he said. However, at today's spot prices, LNG may carry a "hefty" premium over HSFO, Choong continued, citinguncertain global geopolitics and the Middle East crisis. High costs could even slow the transition, although the relationship is indirect, according to Choong. "If the world enters recession or experiences inflation, uptake will also be affected because the alternative-fuel supply is difficult to scale," he added. Singapore is the world's largest bunkering port. Platts, part of S&amp;P Global Energy, assessed Singapore-delivered 0.5%S marine fuel at $855/metric ton Sept. 10 and Singapore HSFO 380 CST cargo at $648.15/mt. 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/090726-interview-us-ambassador-rebuffs-prospect-of-eu-energy-trade-as-political-tool</link><description>The US ambassador to the EU does not expect Washington to exploit Europe&amp;apos;s growing reliance on US energy as a political tool, even as the administration of US President Donald Trump critiques several policies out of Brussels at a time of both deepening bilateral energy relations and escalating international tensions. &amp;quot;I&amp;apos;ve seen no indication that the United States would use energy as a political</description><title>INTERVIEW: US ambassador rebuffs prospect of EU energy trade as &amp;apos;political tool&amp;apos;</title><pubDate>07 September 2026 10:14:36 GMT</pubDate><author><name>Matt Hoisch</name></author><content><![CDATA[ LNG, Natural Gas, Energy Transition, Crude Oil, Electric Power, Emissions September 07, 2026 INTERVIEW: US ambassador rebuffs prospect of EU energy trade as 'political tool' By Matt Hoisch Editor: Alisdair Bowles Getting your Trinity Audio player ready... HIGHLIGHTS âNo indicationâ US would use energy ties as âpolitical toolâ: Puzder Expects EU to hold to $750 billion energy purchase pledge Remains critical of methane regulation, CSDDD, CSRD The US ambassador to the EU does not expect Washington to exploit Europe's growing reliance on US energy as a political tool, even as the administration of US President Donald Trump critiques several policies out of Brussels at a time of both deepening bilateral energy relations and escalating international tensions. "I've seen no indication that the United States would use energy as a political tool against our allies in Europe," Ambassador Andrew Puzder told Platts, part of S&amp;P Global Energy, in an interview on Sept. 4. "We've been a reliable supplier in the past. I expect we will be in the future." Europe has grown increasingly dependent on energy from its transatlantic partner â particularly on LNG amid the EU's pivot away from Russian pipeline gas since the 2022 invasion of Ukraine. The US supplied about 60% of the EU's imports of the super-chilled fuel over the first eight months of 2026 â about 40.2 million metric tons â according to data from S&amp;P Global Energy CERA. That's up from some 42% across all of 2022. At the same time, Europe has placed a greater focus on trimming energy dependencies and diversifying supply sources. In January, European Commission President Ursula von der Leyen called for Europe to adopt an "urgency mindset" towards securing energy independence amid a "seismic change" in the world economic order. Shortly after, when the EU officially agreed to phase out Russian gas and LNG, EU Energy Commissioner Dan Jorgensen cautioned against once more becoming too reliant on any single supplier. "We do not want to replace one dependency with another, so we need to diversify, but first and foremost we need to produce more of our own energy," Jorgensen said. "We need to become independent. We need to have our own homegrown energy instead of being [reliant] on imports." Since then, the war in the Middle East has only sharpened that resolve. The conflict underscored that even though Europe's embrace of LNG boosted its gas sourcing flexibility, the continent remains vulnerable to supply-side shocks. European energy players have pushed for greater diversification amid a more geopolitically fraught landscape. However, the EU has also agreed to increase US links. Last year, the EU committed to expand US energy purchases as part of a sweeping trade agreement, pledging to buy $750 billion in US energy resources through 2028. Puzder highlighted LNG as a key element of that. "The major fuel that we will supply â the US will supply â to Europe will be LNG," he said. Analysts and even some EU politicians have assessed the mammoth headline figure as unrealistically high. Market watchers have characterized the commitment more as a signal of intention, rather than a binding pledge. They have also underscored that the deals needed to fuel the envisioned trade increase would come from private companies, not Brussels. The ambassador, however, indicated a firmer, more literal understanding. "We expect Europe to do what it said it's going to do, and I think there's every potential that they'll be able to do it," he said. "A deal is a deal." Policy concerns While the US ambassador downplayed the prospect of Washington weaponizing growing transatlantic energy ties, he also stressed the possibility for individual suppliers to shun Europe if US firms perceive undue regulatory requirements. "Our companies are anxious to meet the Europeans' demands and requirements â they [Europeans] just need to make it possible to do so," he said. "They can't regulate us off the continent, and then ask us where the energy is." Puzder reiterated concerns about the EU's methane emissions regulation, which the US has repeatedly criticized. In July, the European Commission recommended member states delay penalties under the law until after 2029, amid worries compliance uncertainty could hobble imports and threaten energy security. Business groups, however, have bemoaned the move as insufficient. Importers can still face risks for falling foul of the law, even with Brussels backing a pause on penalties, they have argued. Puzder echoed that view. "Hopefully the Commission is going to adjust so that the industry can ship that energy into the EU, but we haven't seen enough of an adjustment yet," he said. "They [the EC] believe they've done enough to justify it, but everything we hear from the industry and from suppliers says that that's not the case." An EC spokesperson said Sept. 2 the Commission does not plan to change the regulation, though it remains open to additional action if energy supply risks rise. Ambassador Puzder also flagged lingering issues with two major EU laws related to environmental and human rights obligations for businesses: the Corporate Sustainability Due Diligence Directive, or CSDDD, and the Corporate Sustainability Reporting Directive, or CSRD. The EU simplified both regulations earlier this year. The US, however, remains concerned about implications for companies outside the EU. It recently submitted comments on looming guidelines seeking clarifications, according to the ambassador. "Hopefully we'll be able to resolve that, but as of right now, we're not really sure what the CSDDD and CSRD require anymore," he said. European domestic production Even as the ambassador extolled the reliability of US energy supplies, Puzder simultaneously advocated greater European hydrocarbon production at a time when capitals across the continent are more focused on energy supply security. "It would be in the Europeans' best interest, if they're really concerned about long-term energy supplies and whether other countries could dominate or use these energy supplies politically â which I don't believe the United States intends to â but if that's a serious concern they ought to start looking for and drilling for natural gas and oil and develop some supplies here [in Europe]," he said. Global LNG prices are hovering at multi-year highs as the dramatic drop in maritime traffic through the Strait of Hormuz due to the war in the Middle East persists into its seventh month. Platts assessed the DES Northwest Europe LNG marker at $23.925/million British thermal unit on Sept. 4, up 1% day-over-day. The benchmark is around its highest point since December 2022. 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/091026-european-biomethane-players-pivot-toward-compliance-markets</link><description>European countries are increasingly turning away from state-funded production support for biomethane and toward demand-side compliance obligations, with recent regulatory changes reshaping expectations for market participation. This comes as EU&amp;apos;s biomethane market growth remains hindered by a fractured policy picture, with counterparties needing to navigate shifting requirements for grid</description><title>European biomethane players pivot toward compliance markets</title><pubDate>10 September 2026 16:28:31 GMT</pubDate><author><name>Irina Breilean</name></author><content><![CDATA[ Energy Transition, Electric Power, Agriculture, Natural Gas, Renewables, Biofuels, Grains, Carbon September 10, 2026 European biomethane players pivot toward compliance markets By Irina Breilean Editor: Jonathan Loades-Carter Getting your Trinity Audio player ready... HIGHLIGHTS EU market increasingly turns to compliance France shifts to CPB scheme as rules face criticism Germany introduces building heating quota European countries are increasingly turning away from state-funded production support for biomethane and toward demand-side compliance obligations, with recent regulatory changes reshaping expectations for market participation. This comes as EU's biomethane market growth remains hindered by a fractured policy picture, with counterparties needing to navigate shifting requirements for grid connection and injection, cost allocation, Guarantees of Origin (GO), Proofs of Sustainability (PoS) and certification systems in a rapidly evolving market. "There is still considerable fragmentation between national markets," Anna Venturini, Policy Director at the European Biogas Association, told Platts, part of S&amp;P Global Energy. "A more harmonized approach, including interoperable certification and registry systems and a fully operational Union Database, would be important for developing a genuine European market for renewable gases," she added. Market players and EU member states are divided between two contrasting models, said Alexia Vieira, principal biofuels analyst at S&amp;P Global Energy CERA. On the one hand, a producer-focused, subsidy-driven circular system, and on the other, a buyer-focused, market-driven model. "The EU regulatory framework allows both to coexist, which creates tensions, uneven implementation, and increased risk for developers and off-takers. Policy is shifting away from stable, production-based subsidies toward consumption-based obligations. This shifts the revenue risk from governments to producers, making project revenue dependent on volatile market conditions and increasing financing uncertainty," said Vieira. France's CPB France is Europe's largest producer, with 11.6 terawatt-hours injected into its gas grid in 2024, according to the European Biogas Association. The country boasts more than 829 biomethane plants as of the first quarter of 2026, with generous government subsidies having incentivized rapid production uptake in previous years. Growth had been driven in part by a 15-year regulated purchase tariff available to eligible injection installations below the applicable annual production threshold. But an order dated Aug. 10 reduced the eligibility threshold for the regulated purchase tariff from 25 gigawatt-hours to 13 GWh gross calorific value of annual production, while existing purchase contracts are grandfathered and continue under the previous rules. Specific supported producers will be given an indemnity-free exit route to move toward the Biogas Production Certificates (CPB) mechanism through the end of 2027. The current tariff framework is now explicitly set to end for new applications, but a complete request submitted before Dec. 31, 2026, can still secure eligibility, even if the buyer has not formally confirmed completeness by that date. Under the CPB scheme, gas suppliers delivering more than 400 GWh/year to residential and tertiary customers must surrender certificates in proportion to their covered gas sales. Despite boasting large capacities and generous incentives, France remains a largely insular market as it only allows certificates to be issued for biomethane injected into the French network. This has led the European Commission to issue an infringement notice against France for failing to comply with EU rules on the free movement of goods. German GHG quotas As Europe's second-largest biomethane producer, Germany boasts 282 installed plants as of the first quarter of 2026 and injected 10.94 TWh into its grid in 2024, according to EBA data. Europe's industrial behemoth supports biomethane through a combination of remuneration under the Renewable Energy Sources Act (EEG) for eligible electricity generation and compliance-driven demand in sectors such as transport and, increasingly, building heat. Special tenders are in place for electricity produced by biomethane-powered combined heat and power (CHP) plants with an installed capacity above 150 kilowatts. A flexibility premium of â¬100/kW ($116/kW) is available for biomethane CHPs, depending on maize usage limits of 30% in 2025, decreasing to 25% from 2026 onward. However, tenders have historically been undersubscribed, and the German cabinet has approved amendments to the EEG law that scrap the dedicated biomethane tenders altogether. "The government is blocking new applications," said a biomethane trader with a utility. "Therefore, EEG might die." In addition to the biomass and biomethane tenders, a transport greenhouse gas quota is in place, along with a quota for the building sector, which is expected to start in 2029. Scheme Mandate French Biogas Production Certificates Certificates are generated by eligible biomethane production. Suppliers are required to meet obligations consistent with established coefficients, equivalent to approximately 0.41% in 2026, 1.82% in 2027 and 4.15% in 2028. German Greenhouse Gas Reduction Quota Fossil fuel distributors must reduce emissions by 12% starting in 2026, increasing gradually to 65% by 2040 through eligible compliance options, including certain conventional and advanced biofuels, renewable electricity, renewable fuels of non-biological origin and biomethane, subject to pathway-specific sustainability, GHG-saving, cap and multiplier rules. German Building Modernization Act Newly installed fossil-fuel heating systems must use a rising minimum percentage of green gases over time: 10% from 2029; 15% from 2030; 30% from 2035; 60% from 2040 Dutch Green Gas Blending Obligation The rules require annual reductions in emissions by supplying biomethane into the national gas grid, starting with a 0.63 million metric tons of CO2 chain emission reduction in 2027, before rising to 2.85 MMtCO2 by 2031. The GHG reduction quota for transport fuels, known as the THG-Quoten, requires fossil fuel distributors to reduce emissions by a mandated percentage each year through eligible compliance options, including certain conventional and advanced biofuels, renewable electricity, renewable fuels of non-biological origin and biomethane, subject to pathway-specific sustainability, GHG-saving, cap and multiplier rules. In December 2025, the German Federal Cabinet set an ambitious long-term trajectory to reduce fuel emissions by 12% in 2026, increasing to 59% by 2040, but lawmakers later increased this ambition to 65%, with the obligation coming into effect in April. Additionally, biomethane plays a significant role in meeting targets for the buildings sector following changes to the Building Energy Act (GEG), which has been replaced by the Building Modernization Act (GMG). The previous rules required a 65% share of renewable energy in the heat supply for the building sector. The new building-energy framework introduces a staged minimum share of qualifying renewable fuels for certain gas- and liquid-fuel heating systems, with biomethane being one possible compliance fuel. Dutch blending mandate The Netherlands, an important player in the European gas market, is also pivoting towards compliance. The country holds significant production capacity, with 92 plants installed as of the first quarter of 2026 and 2.70 TWh injected into the grid in 2024, according to EBA data. "The Netherlands plans to implement Green Gas Units (GGEs) targeting households, small-scale consumers, and industry by 2027," said Vieira. This comes after the signing of the Green Gas Blending Obligation Act in May, which outlines the obligations that Dutch suppliers must comply with. The rules require annual reductions in emissions by supplying biomethane into the national gas grid, starting with a 0.63 million metric tons of CO2 chain emission reduction in 2027, before rising to 2.85 MMtCO2 by 2031. Importantly, the law would allow imports of green gas from other EU member states, which was not possible under previous drafts. This had drawn criticism, with the EU Commission issuing a reasoned opinion in 2024, arguing that the Dutch rules were contrary to Article 34 of the Treaty on the Functioning of the European Union (TFEU), which prohibits quantitative import restrictions and all measures having an equivalent effect to ensure the free movement of goods within the bloc. The final legislation has not yet been passed, with the next legislative consultation scheduled Sept. 21. 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/creditweek-what-are-the-economic-and-credit-effects-of-the-us-canada-tariffs-s101705996</link><description>The breakdown of trade talks and tariff escalation between the U.S. and Canadaâ&amp;#x80;&amp;#x94;with the implementation of Canadaâ&amp;#x80;&amp;#x99;s countertariffs on some U.S. goods starting this weekâ&amp;#x80;&amp;#x94;mark a significant deepening of tensions between the two closely-linked economies that could weigh on growth and credit conditions , particularly in Canada. We forecast that the tariffs, if sustained, could shave 0.2-0.5 percentage point (ppt) off Canadaâ&amp;#x80;&amp;#x99;s GDP growth in the next four quarters and add 0.2-0.3 ppt to inflati</description><title>CreditWeek: What Are The Economic And Credit Effects Of The U.S.-Canada Tariffs?</title><pubDate>10 September 2026 18:14:10 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/european-and-north-american-private-credit-and-middle-market-comparison-q3-2026-s101705879</link><description>Europeâ&amp;#x80;&amp;#x99;s private debt pool still lags thatÂ of North America. Europe has just over 250 credit-estimated borrowers, a fraction of North Americanâ&amp;#x80;&amp;#x99;s more than 3,800. European borrowers operate with thinner credit cushions, although North American companies have a higher proportion of â&amp;#x80;&amp;#x98;cccâ&amp;#x80;&amp;#x99; category exposure (15% versus 13% in Europe).</description><title>European And North American Private Credit And Middle-Market Comparison Q3 2026</title><pubDate>09 September 2026 15:53:41 GMT</pubDate></item><item><link>https://www.spglobal.com/ratings/en/regulatory/article/following-legislative-session-california-investor-owned-utilities-wildfire-liability-exposure-remains-significant-s101704346</link><description>This report does not constitute a rating action. The enactment of SB 254 in 2025 established a wildfire fund continuation account, granting Californiaâ&amp;#x80;&amp;#x99;s IOUs access to an incremental $18 billion for future wildfire-related liabilities. The bill acknowledged the need for additional measures to support the credit quality of IOUs and required the wildfire fund administrator to submit a report by April 2026 with recommendations to mitigate damages, accelerate recovery, and equitably distribute the</description><title>Following Legislative Session, California Investor-Owned Utilities&amp;apos; Wildfire Liability Exposure Remains Significant</title><pubDate>01 September 2026 21:37:25 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/090926-infographic-regulatory-fragmentation-throws-wrench-into-europes-biomethane-market-growth</link><description>As governments race to scale renewable gases, biomethane markets are being shaped by a patchwork of rules that often differ across countries. Counterparties need to navigate shifting requirements for sustainability, certification, grid access, subsidies and emissions accounting in a rapidly evolving market, with prices varying across a range of specifications.</description><title>INFOGRAPHIC: Regulatory fragmentation throws wrench into Europe&amp;apos;s biomethane market growth</title><pubDate>09 September 2026 14:36:01 GMT</pubDate><author><name>Irina Breilean</name></author><content><![CDATA[ Natural Gas, Energy Transition, Renewables September 09, 2026 INFOGRAPHIC: Regulatory fragmentation throws wrench into Europeâs biomethane market growth By Irina Breilean Editor: James Leech Getting your Trinity Audio player ready... HIGHLIGHTS Patchwork rules complicate biomethane trading Certification standards vary by nation Prices fluctuate across specifications As governments race to scale renewable gases, biomethane markets are being shaped by a patchwork of rules that often differ across countries. Counterparties need to navigate shifting requirements for sustainability, certification, grid access, subsidies and emissions accounting in a rapidly evolving market, with prices varying across a range of specifications. 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/091026-member-states-push-back-against-brussels-ets-reform-ahead-of-lawmaker-response</link><description>EU member states have voiced sharp concerns about the Commission&amp;apos;s proposal to overhaul the bloc&amp;apos;s carbon market, with supply-balancing rules and free allocations emerging as major points of contention while governments and lawmakers begin staking out their positions ahead of negotiations. Documents submitted to the Working Party on the Environment, the Council&amp;apos;s preparatory body for environmental</description><title>Member states push back against Brussels&amp;apos; ETS reform ahead of lawmaker response</title><pubDate>10 September 2026 16:32:26 GMT</pubDate><author><name>Irina Breilean</name><name>Eklavya Gupte</name></author><content><![CDATA[ Energy Transition, Emissions, Carbon September 10, 2026 Member states push back against Brussels' ETS reform ahead of lawmaker response By Irina Breilean and Eklavya Gupte Editor: Karla Sanchez Getting your Trinity Audio player ready... HIGHLIGHTS MSR invalidation threshold divides opinions Free allocation conditionality draws fire from some member states EUA prices volatile amid political pressure, US-Iran war fallout EU member states have voiced sharp concerns about the Commission's proposal to overhaul the bloc's carbon market, with supply-balancing rules and free allocations emerging as major points of contention while governments and lawmakers begin staking out their positions ahead of negotiations. Documents submitted to the Working Party on the Environment, the Council's preparatory body for environmental rules, showed that delegations from multiple member states held significant reservations about the Commission's July proposal to reform the EU Emissions Trading System, the world's most mature carbon market and the centerpiece of Europe's climate architecture. At the heart of the dispute lie three interlocking questions: how to manage the supply of allowances through the Market Stability Reserve, whether to attach conditions to free allocations, and how to distribute funding. None has a simple answer, and on each, the divisions run deep. MSR faultlines The MSR, the mechanism designed to absorb surplus allowances and anchor market stability has become the most technically complex and politically charged battleground of the reform. The Commission had proposed halting the automatic invalidation of allowances held in the reserve, allowing unlimited accumulation as a buffer against future price shocks. Member states are far from united on how to respond. Germany staked out a detailed and carefully calibrated position. The German delegation vouched for keeping the Linear Reduction Factor at 4.4% until 2035, while agreeing to temporarily suspend MSR invalidation until 2030 to create an additional buffer. "We consider it necessary to introduce a new limit on the MSR volume of 800 million allowances," the German delegation said, adding that the limit should be reduced to 4% starting in 2028 to allow any surplus through 2030 to be absorbed. EU lawmakers, meanwhile, voted to keep the MSR invalidation in place, with MEPs pushing to raise the threshold from 400 to 650 million allowances in 2027, a position that sets up a direct confrontation with the Commission's original proposal when trilogue begins. Seeking to bridge the divide, the Netherlands proposed what it dubbed a "compromise combining elements of both approaches": maintaining the invalidation threshold at 400 million EUAs until March 1, 2027, raising it to 650 million from the same date, and introducing an annual 4% decrease from 2028. The MSR is a pool that holds surplus allowances and has operated since January 2019 to address supply-and-demand imbalances in the EU ETS. According to the ETS review proposal, the linear reduction factor will fall to 3.7% for 2031-2035 and 1.7% for 2036-2040, down from the current 4.3% rate, providing what the Commission called "breathing space" for European industry. The LRF is the annual fixed percentage by which the total number of emission allowances is reduced in the EU ETS. Conditionality If the MSR debate is technical, the row over free allocation conditionality is anything but. The Commission's proposal to tie a portion of free allowances to verified emissions reductions has drawn fire from several of Europe's industrial heavyweights, who argue it penalizes manufacturers already operating at the frontier of decarbonization. France said that "should the conditionality of free allowances be adopted, it should remain simple to implement and aim to limit the administrative burden," while Poland held a firmer opposing view, stating that the "mechanism seems to be illogical and counterproductive." Paris also questioned the absence of provisions to improve the gradualness and predictability of benchmark reductions for the 2031-2035 and 2036-2040 periods, a concern that speaks to the broader anxiety among member states about long-term investment certainty. Italy raised concerns about whether the implementation timetable gives investments enough time to generate measurable reductions during the 2031-2035 reference period, warning of risks to the effectiveness of carbon leakage protections. "The conditions set out for the allocation of the remaining 20% of free allowances are particularly challenging," the Italian delegation said, pointing out that "significant time in technical, financial and regulatory terms" was needed to achieve meaningful emissions reductions. Poland adopted the most uncompromising stance, arguing that conditionality is unjustified because free allocations are not state aid measures. "Free allocation is meant to simply level the playing field between EU producers bearing the ETS cost and non-EU producers, and to help avoid carbon leakage. Therefore, there is no systemic reason for the free allocation to be based on conditionality," the Polish delegation said. Similar concerns were echoed by Estonia, whose delegation argues that linking allocations to investments is challenging and may prove difficult for several installations. Price pressure The stakes are significant. The EU ETS sets the price signal that drives decarbonization investment across power generation, heavy industry and aviation, and in 2026, that signal has been far from steady. EU Allowance prices have been volatile this year, ranging from lows of about â¬60/mt to highs approaching â¬90/mt, buffeted by relentless political pressure on the carbon market and a sharply higher energy complex driven by the US-Israel war with Iran. The outcome of this reform will shape the trajectory of European carbon prices for the next decade and also the investment decisions of some of the continent's most energy-intensive industries. Platts, part of S&amp;P Global Energy, last assessed EU Allowances at â¬85.67/metric tons of CO2 equivalent ($99.71/mtCO2e) on Sept. 9, the highest since July 22. With Parliament set to adopt its formal negotiating mandate at the September 2026 plenary, the distance between the institutions and within the Council itself suggests the path to a final agreement will be long, hard-fought, and consequential for the future of European climate policy. 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/090726-yara-starts-up-europes-largest-co2-capture-plant-at-dutch-ammonia-site</link><description>Yara International has started carbon capture operations at its Sluiskil ammonia site in the Netherlands, it said in a statement Sept. 7, marking the start of the largest such plant in Europe. The facility is designed to capture and liquefy up to 800,000 metric tons/year of CO2 from ammonia production at the site, shielding those volumes from European carbon taxation under the EU Emissions Trading</description><title>Yara starts up Europe&amp;apos;s largest CO2 capture plant at Dutch ammonia site</title><pubDate>07 September 2026 14:55:34 GMT</pubDate><author><name>Mollie Gorman</name><name>James Burgess</name></author><content><![CDATA[ Energy Transition, Carbon, Emissions September 07, 2026 Yara starts up Europeâs largest CO2 capture plant at Dutch ammonia site By Mollie Gorman and James Burgess Editor: Karina Roman Getting your Trinity Audio player ready... HIGHLIGHTS Facility liquefies 800,000 mt CO2 annually Ships transport emissions to Norwegian seabed Northern Lights expands to 5 million mt by 2028 Yara International has started carbon capture operations at its Sluiskil ammonia site in the Netherlands, it said in a statement Sept. 7, marking the start of the largest such plant in Europe. The facility is designed to capture and liquefy up to 800,000 metric tons/year of CO2 from ammonia production at the site, shielding those volumes from European carbon taxation under the EU Emissions Trading System. Platts, part of S&amp;P Global Energy, assessed nearest December EU ETS prices at â¬84.15/mt ($97.83/mt). The project marks the first large-scale cross-border industrial CCS link in Europe, connecting Yara's Dutch production hub directly to Norway's Northern Lights permanent subsea storage infrastructure. Captured CO2 will be liquefied and temporarily stored at Sluiskil before being transported by ship to Ãygarden, Norway, where it will be injected 2,600 meters beneath the North Sea seabed. The project is expected to capture and permanently store approximately 12 million mt of CO2 over a 15-year period, Yara said. "The carbon capture facility in Sluiskil proves that large-scale industrial decarbonization is possible today," Svein Tore Holsether, President and CEO of Yara International, said. "As global competition intensifies, Europe must find ways to cut emissions while keeping industry, jobs and critical value chains in Europe." Yara said the site would enable the company to "further reduce the carbon footprint of its production and support low-carbon value chains across agriculture, industry, energy and shipping." The inauguration ceremony was attended by EU Commissioner for Climate, Net-Zero and Clean Growth, Wopke Hoekstra, Norwegian Prime Minister Jonas Gahr StÃ¸re, Dutch Prime Minister Rob Jetten and Yara's Holsether, underscoring the strategic importance of the cross-border project for European leaders. "Europe needs practical climate solutions that deliver real emissions reductions while strengthening industrial competitiveness," Hoekstra said in a statement Sept. 7. "This is exactly the kind of project Europe needs to combine climate ambition with a strong and resilient industrial base." Northern Lights expansion The 1.5 million mt/year Northern Lights CO2 storage facility in the Norwegian North Sea started commercial operations in 2025, with first supplies from Heidelberg Materials Brevik cement plant. Heidelberg will supply 400,000 mt/year of CO2 to Northern Lights. The facility is expected to start receiving further volumes from Ãrsted A/S later in 2026. Ãrsted has an agreement with Northern Lights to supply 430,000 mt/year from its Asnaes and Avedore biomass power stations in Denmark. Northern Lights said it would further expand its transport capacity for the second phase of the project â including the addition of larger CO2 tankers from 2028 â which expands capacity to 5 million mt/year. Stockholm Exergi AB in Sweden and Hafslund Celsio in Norway will supply additional volumes from 2028 and 2029. Northern Lights is a joint venture between Equinor ASA, TotalEnergies SE and Shell PLC. 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/091026-global-hydrogen-capacity-boosts-as-energy-security-drives-investment-hydrogen-council</link><description>Global low-carbon hydrogen project capacity has increased to 6.9 million metric tons/year and committed investments amount to $130 billion, the Hydrogen Council said Sept. 10, amid changing dynamics of hydrogen drivers. The operational capacity grew 70% to about 1.7 million mt/y and is projected to reach about 3.8 million mt/y in 2027 as projects under construction come online, the Hydrogen</description><title>Global hydrogen capacity boosts as energy security drives investment: Hydrogen Council</title><pubDate>10 September 2026 06:00:19 GMT</pubDate><author><name>Takeo Kumagai</name><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, LNG, Crude Oil, Refined Products, Hydrogen September 10, 2026 Global hydrogen capacity boosts as energy security drives investment: Hydrogen Council By Takeo Kumagai and Ruchira Singh Editor: Manish Parashar Getting your Trinity Audio player ready... HIGHLIGHTS Operational capacity up 70% to 1.7 million mt/y Hormuz disruptions reshape hydrogen strategy India's ammonia supply faces acute Hormuz risk Stable execution of existing policy needs priority Global low-carbon hydrogen project capacity has increased to 6.9 million metric tons/year and committed investments amount to $130 billion, the Hydrogen Council said Sept. 10, amid changing dynamics of hydrogen drivers. The operational capacity grew 70% to about 1.7 million mt/y and is projected to reach about 3.8 million mt/y in 2027 as projects under construction come online, the Hydrogen Council said in its Global Hydrogen Compass 2026 report. The report â co-authored with McKinsey &amp; Co. â noted that the drivers of hydrogen uptake are shifting as energy security, resilience and industrial growth have gained importance alongside decarbonization. "The conversation has shifted from sustainability targets to immediate industrial resilience â governments now see hydrogen as a strategic solution to protect their industrial base from external shocks," said FranÃ§ois Jackow, CEO, Air Liquide, and also the co-chair of the Hydrogen Council. The combination of drivers varies by geography, with over 60% of committed investment in regions where security and growth match or exceed decarbonization as primary motivations, according to the report. The Global Hydrogen Compass 2026 was launched on the sidelines of the Global High-Level Symposium on Hydrogen and Ammonia and the Japan-hosted 8th Hydrogen Energy Ministerial Meeting at Makuhari Messe in collaboration with H2 &amp; FC EXPO (International Hydrogen &amp; Fuel Cell Expo) â one of the world's largest hydrogen-related exhibitions â on the outskirts of Tokyo. The Hydrogen Energy Ministerial Meeting and the Global High-Level Symposium on Hydrogen and Ammonia take place at a time when the Middle East conflict has not only disrupted oil and LNG shipping via the Strait of Hormuz but also affected hydrogen-based products. Hormuz impact Localized clean hydrogen and derivative production could enable import-dependent markets to diversify energy and feedstock supply and develop strategic reserves, according to the Global Hydrogen Compass 2026. By providing alternative sourcing for agricultural and industrial bases, these solutions may reduce supply chain and critical mineral dependencies while shielding food and fuel systems from price spikes and shortages, the report added. "Under the current global landscape, energy security and industrial competitiveness have become increasingly critical drivers for the large-scale deployment of hydrogen," Koji Sato, vice chairman at Toyota Motor Corp., said. The resilience challenge is not purely import dependence, but even more so the concentration risk regarding the routing of supply, according to the report. Among several key global trade arteries, the Strait of Hormuz is the clearest example, given its role in about one-quarter of global seaborne oil trade and significant LNG and fertilizer-related flows. For markets like India, this creates a direct food system vulnerability, as 80% of India's ammonia demand relies on imported ammonia or natural gas, 40% of which passes through the Strait of Hormuz, according to the report. Recent disruptions have already shifted sourcing strategies from lowest-cost procurement toward resilience, diversification and domestic supply options, strengthening the strategic case for clean hydrogen and its derivatives. India is seeking to mitigate disruptions from exposure to such volatility by supporting additional domestic renewable ammonia supply within a more stable cost range, thereby partially insulating the import-exposed country. Investments grow China leads on renewable hydrogen, accounting for over half of global committed capacity and the majority of new operational renewable capacity since 2025, the report said. "China's deliberate shift toward electrification, where hydrogen is an extension of the renewable power system, is reflected in the country accounting for the largest share of committed hydrogen investment at $44.5 billion, of which about $12 billion advanced to final investment decision over the past year," it said. Europe is the second-largest economy by committed investments and leads in the overall project count. Investments grew 35% year over year in Europe, supported by the transposition of RED III transport targets, while the US continues to lead in low-carbon deployment, making up over 75% of committed low-carbon capacity globally, according to the report. In Japan and South Korea, with limited domestic production capacity but ambitious decarbonization targets and acute interest in bolstering energy security, hydrogen investment is focused largely on distribution and end use, the report said. A renewed focus on sourcing domestic clean hydrogen is also emerging, although long-term ecosystem scaling likely depends on a combination of local production with securing imported molecules and building the import and trade infrastructure to land them, including via an emerging liquid hydrogen value chain, it added. Hydrogen has shifted from "vision to execution as the project pipeline continues to mature and rationalize," the report said. It also points out that deploying hydrogen and building an end-to-end value chain requires its own playbook distinct from the deployment model for renewables. Stable execution of existing policy, even more so than new regulatory design, is the highest priority to firm the potential demand, it 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/latest-news/lng/091026-australias-exposure-draft-softens-gas-reservation-rule-for-lng-exporters</link><description>The Australian government unveiled its Domestic Gas Reservation Exposure Draft Sept. 10, proposing up to 20% of gas exports be reserved for domestic use, with the draft setting a ceiling rather than a fixed mandate. &amp;quot;The Future Gas Strategy recognises that gas will remain an important part of Australia&amp;apos;s energy mix and a critical partner to renewable energy through the transition to net zero,&amp;quot;</description><title>Australia&amp;apos;s Exposure Draft softens gas reservation rule for LNG exporters</title><pubDate>10 September 2026 11:24:14 GMT</pubDate><author><name>Surabhi Sahu</name></author><content><![CDATA[ Natural Gas, LNG, Energy Transition, Renewables September 10, 2026 Australiaâs Exposure Draft softens gas reservation rule for LNG exporters By Surabhi Sahu Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Draft sets 20% gas export ceiling Domestic supply obligation to start from Jan. 1, 2028 Industry body warns oversupply may deter investment The Australian government unveiled its Domestic Gas Reservation Exposure Draft Sept. 10, proposing up to 20% of gas exports be reserved for domestic use, with the draft setting a ceiling rather than a fixed mandate. "The Future Gas Strategy recognises that gas will remain an important part of Australia's energy mix and a critical partner to renewable energy through the transition to net zero," Minister for Resources Madeleine King said. "By ensuring more Australian gas is available here at home, while maintaining our position as a trusted energy exporter, we are delivering a balanced approach that supports households, industry, and long-term economic growth," she said. The Domestic Gas Reservation Bill 2026 will establish Australia's first national Domestic Gas Reservation Scheme. The exposure draft builds on the design features proposed by the government earlier this year. The draft reflects some flexibility or softening of plans even as the government stays committed to ensuring that gas is affordable for domestic households, businesses, and industry. "It establishes a framework for how the reservation scheme is proposed to operate within a broader set of gas market reforms, including how costs will be recovered, and the compliance and enforcement mechanisms available to the Regulator," the Sept. 10 statement posted on the government website said. The scheme ensures domestic customers can buy from a larger pool of gas, mitigating the risk of tight market conditions leading to price spikes, promoting long-term contracting, and shielding them from global volatility, according to the government. With the Reservation scheme in place, exporters could provide up to 200 additional petajoules of gas a year, ensuring more than enough secure gas, along with domestic production to meet new manufacturing demands, it said. "This is more than enough to avoid AEMO [Australian Energy Market Operator] forecast possible shortfalls of up to 140 petajoules," it added. Under the draft plan, the license application process will commence from Jan. 1, 2027, with the Domestic Supply Obligation to start from Jan. 1, 2028, to align with industry contracting cycles, it said. The domestic gas reservation scheme exposure draft and consultation material, available on the Department of Industry, Science and Resources Consultation Hub, is open for consultation with submissions scheduled to close on Sept. 24. "The government welcomes further feedback to refine the draft legislation package before its proposed introduction to parliament later this year," it said. On May 25, the Australian government announced the draft design framework for the Domestic Gas Reservation. Under the plan at the time, the scheme was scheduled to start in 2027, with obligations expected to commence from July 1, 2027. Industry reaction Australia is one of the world's largest LNG exporters, and its gas production is not only crucial for domestic energy security but also for overseas customers. Australia ranked as the world's third-largest LNG exporter in 2025, behind the US and Qatar, supplying about 77.2 million metric tons to global markets, according to S&amp;P Global Energy CERA data, with most of its exports directed to Asia. The federal government has made many "sensible changes" to the proposed design of a domestic gas reservation, including calibrating the reservation requirement more closely to domestic market needs, the Australian Energy Producers said in a separate statement on Sept. 10. The Australian Energy Producers is an industry body whose member companies account for more than 95% of national oil and gas production, according to its website. "The exposure draft released today also appears to provide greater certainty for Western Australia and the Northern Territory by recognizing existing state schemes and linking the supply obligation to physically connected domestic gas markets," it said. "However, the proposed 110% oversupply of the East Coast gas market will destroy investment signals and crowd out smaller, domestic-focused producers," it added. According to the industry body, the policy could result in less competition and investments due to the "must sell" requirements in the domestic market. This could ultimately lead to higher prices and a greater risk of future shortfalls, it continued. The Australian Energy Producers said that it supports a well-designed, prospective reservation policy that provides long-term certainty for gas users and producers and supports a final design that is fit for purpose and boosts investment in new supply. 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/090926-isma-2026-indian-sugar-sector-bets-on-saf-and-hydrogen-for-energy-shift</link><description>India&amp;apos;s sugar industry is positioning itself as a future supplier of sustainable aviation fuel and green hydrogen, with senior government and industry officials at a major New Delhi conference calling on mills to accelerate their transformation into diversified bio-refineries capable of supporting the country&amp;apos;s clean energy transition. Speaking at the inaugural session of the Indian Sugar &amp;amp;</description><title>ISMA 2026: Indian sugar sector bets on SAF and hydrogen for energy shift</title><pubDate>09 September 2026 17:10:17 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Chemicals, Refined Products, Biofuels, Hydrogen, Sugar, Jet Fuel September 09, 2026 ISMA 2026: Indian sugar sector bets on SAF and hydrogen for energy shift By Samyak Pandey Editor: Juan Tolentino Getting your Trinity Audio player ready... HIGHLIGHTS Mills transform into bio-refineries now Government sets SAF blending targets by 2030 AI whitepaper unveils digital transformation India's sugar industry is positioning itself as a future supplier of sustainable aviation fuel and green hydrogen, with senior government and industry officials at a major New Delhi conference calling on mills to accelerate their transformation into diversified bio-refineries capable of supporting the country's clean energy transition. Speaking at the inaugural session of the Indian Sugar &amp; Bio-Energy Conference 2026, organized by the Indian Sugar &amp; Bio-energy Manufacturers Association in New Delhi, Santosh Kumar Sarangi, Secretary at the Ministry of New and Renewable Energy, said the sector had already completed a fundamental shift in its identity and was ready for a further leap into next-generation fuels. "Today, you have completed a journey where, from merely being sugar producers, you have become bio-refiners," Sarangi said, pointing to the industry's growing contributions through ethanol production, distilleries and bagasse-based power generation. He said investments in green hydrogen under India's National Green Hydrogen Mission, alongside green methanol, SAF and other biofuels, could open significant new revenue streams for sugar companies while reducing India's dependence on imported fossil fuels. The sector's existing agricultural and processing infrastructure, including sugarcane cultivation networks, distilleries, and residue streams such as bagasse and press mud, gives it a natural feedstock advantage for scaling up these new fuel categories, he said. The two-day conference, held under the theme "Powering India's Energy Security," brought together policymakers, scientists, industry leaders and international delegates to discuss the future of sugar, bioenergy and emerging clean-fuel opportunities. SAF and hydrogen pathways The push into SAF and green hydrogen comes as India moves to formalise its aviation decarbonisation framework. The government amended the Aviation Turbine Fuel (Regulation of Marketing) Order in April 2026 to permit SAF-blended fuel, setting indicative blending targets of 1% in 2027, 2% in 2028 and 5% in 2030 for international flights. Sugar industry feedstocks, including ethanol and agricultural residues, are potential inputs for alcohol-to-jet SAF production pathways, positioning mills as upstream suppliers in an emerging domestic SAF supply chain. Sarangi said the recent geopolitical environment had reinforced the strategic importance of energy security for import-dependent economies such as India, and that greater domestic production of renewable fuels could materially reduce the country's fossil fuel import bill. ISMA President Niraj Shirgaokar said sugarcane should increasingly be viewed as a strategic energy crop rather than a commodity input, with ethanol blending already helping mills diversify operations while cutting fossil fuel imports and emissions. He called for faster adoption of high-ethanol blends, flex-fuel technology and compressed biogas in collaboration with automobile manufacturers and oil marketing companies. Shirgaokar also stressed the need to strengthen the agricultural foundation of the sector through precision farming, satellite-based crop monitoring and artificial intelligence to improve yield forecasting and supply chain reliability, prerequisites for the stable, large-scale feedstock flows that SAF and green hydrogen production would require. On the technology side, Sarangi highlighted work underway at the National Institute of Bioenergy in Kapurthala, which is collaborating with ISMA on technologies to convert bagasse into biogas. He also pointed to the GOBARdhan scheme, which provides capital assistance, offtake arrangements and pricing support for compressed biogas projects, as a near-term opportunity for sugar mills to monetize residue streams while building expertise in clean fuel production. Platts, part of S&amp;P Global Energy, assessed Sustainable Aviation Fuel HEFA-SPK FOB Straits, reflecting CORSIA-certified cargoes, at $2,540/metric ton Sept. 9, unchanged from Sept. 8. 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/090226-hydrovolt-partners-with-danish-group-to-recycle-ev-batteries</link><description>Norwegian battery recycler Hydrovolt has signed a collaboration agreement with Kollektiv Ansvarsordning, or KABoB, Denmark&amp;apos;s producer responsibility organization, to provide collection, transportation, and recycling services for industrial and electric vehicle batteries in Denmark. According to a joint statement released Sept. 1, the new agreement gives KABoB&amp;apos;s members and its collection network</description><title>Hydrovolt partners with Danish group to recycle EV batteries</title><pubDate>02 September 2026 12:32:36 GMT</pubDate><author><name>Euan Sadden</name></author><content><![CDATA[ Electric Power, Energy Transition, Metals &amp; Mining, Renewables, Non-Ferrous September 02, 2026 Hydrovolt partners with Danish group to recycle EV batteries By Euan Sadden Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS Plant processes 12,000 mt/year of battery packs in Norway EVs to account for 95% of Denmark's new car sales in 2026 Norwegian battery recycler Hydrovolt has signed a collaboration agreement with Kollektiv Ansvarsordning, or KABoB, Denmark's producer responsibility organization, to provide collection, transportation, and recycling services for industrial and electric vehicle batteries in Denmark. According to a joint statement released Sept. 1, the new agreement gives KABoB's members and its collection network access to Hydrovolt's recycling capacity, combining regulatory compliance with a treatment solution designed to provide a high recycling performance for end-of-life batteries. Under Danish law, companies that place batteries on the market must register, report the volumes they sell or import, and pay producer responsibility fees, the statement said. KABoB administers these processes for its member companies and manages a collective scheme for vehicle batteries imported into Denmark. Hydrovolt will recycle batteries collected under the collaboration at its recycling plant in Norway. According to the company, the facility has an annual capacity of 12,000 mt of battery packsâequivalent to about 25,000 electric car batteries. "We are proud to partner with Hydrovolt and to introduce their expertise and experience from the Norwegian market to Denmark," said Claus Bjerring, CEO and founder of KABoB. "There are many similarities in the restructuring of the car fleets, and therefore the needs and challenges will be known to Hydrovolt, which will benefit our members, as well as the entire market." Hydrovolt said the partnership is intended to help Danish battery importers access efficient and sustainable recycling services as EV deployment accelerates. "We look forward to working with KABoB to offer our solutions and services to the Danish importer network," said Hans Bjerkaas, Senior Vice President of Commercial Operations and Development at Hydrovolt. "Our unique experience and market insight from Norway will be valuable for importers who need efficient, sustainable and competent solutions for battery recycling in the Nordic region." The companies said the collaboration reflects the pace of electrification in Denmark, where electric cars are approaching a 25% share of the total car fleet and account for more than 95% of new private car sales this year. According to the statement, this trend will increase the number of end-of-life batteries in the coming years, making a robust recycling system important for safe battery treatment and the sustainable recovery of battery materials. Platts, part of S&amp;P Global Energy, assessed cobalt payables at 85% ex-works Europe on Sept 1, unchanged both day over day and week over week, based on European cobalt metal. Nickel payables were also 85% and stable day over day and week over week, referencing London Metal Exchange nickel. Platts assessed lithium payables at zero on Sept 1, unchanged since its April 2023 launch. 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/091026-japan-sees-hydrogen-ammonia-important-for-energy-security-minister</link><description>Japan sees hydrogen and ammonia as increasingly important for energy security amid heightened uncertainty surrounding energy supplies, Minister of Economy, Trade and Industry Ryosei Akazawa said Sept. 10. &amp;quot;Today, against the backdrop of growing instability in the international environment and increasing uncertainty surrounding the supply of energy resources and fuels, the risks to stable energy</description><title>Japan sees hydrogen, ammonia important for energy security: minister</title><pubDate>10 September 2026 06:11:16 GMT</pubDate><author><name>Takeo Kumagai</name><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Hydrogen September 10, 2026 Japan sees hydrogen, ammonia important for energy security: minister By Takeo Kumagai and Ruchira Singh Editor: Aastha Agnihotri Getting your Trinity Audio player ready... HIGHLIGHTS 'Hydrogen and ammonia are becoming more important than ever,' Akazawa Price gap schemes build 200,000 mt/year hydrogen capacity Hydrogen bank initiative advances deployment Japan sees hydrogen and ammonia as increasingly important for energy security amid heightened uncertainty surrounding energy supplies, Minister of Economy, Trade and Industry Ryosei Akazawa said Sept. 10. "Today, against the backdrop of growing instability in the international environment and increasing uncertainty surrounding the supply of energy resources and fuels, the risks to stable energy supplies have become increasingly evident," Akazawa said in his opening speech at the Japan-hosted 8th Hydrogen Energy Ministerial Meeting at Makuhari Messe in collaboration with H2 &amp; FC EXPO (International Hydrogen &amp; Fuel Cell Expo) â one of the world's largest hydrogen-related exhibitions on the outskirts of Tokyo. "In this context, hydrogen and ammonia are becoming more important than ever, and they can contribute not only to achieving carbon neutrality, but also to enhancing energy security through the diversification of supply sources and energy sources." Price gap schemes Under the Hydrogen Society Promotion Act, Japan's support schemes aim at addressing the price gap between low carbon hydrogen and its derivatives and conventional fuels," Akazawa said. "Japan has selected projects, including green ammonia supply projects from India with a combined hydrogen production capacity of approximately 200,000 tonnes per year," he said. "Through these projects, we are steadily advancing the development of hydrogen and ammonia supply chains." This year, Japan also launched the hydrogen back initiative, a joint public-private initiative to advance the real-world deployment of hydrogen and ammonia. "As the hydrogen sector increasingly focuses on projects with greater certainty and commercial viability. These projects are steadily moving into the implementation phase," Akazawa said. "To expand the deployment of hydrogen and ammonia, we must not leave them nearly as possible energy sources for the distant future," he added. "We must begin where action is already possible. deploying hydrogen and ammonia in real-world applications across mobility, power generation and industry. By building up sustainable demand, we can create viable and resilient markets." 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/090926-regional-disruptions-force-cement-sector-to-reassess-freight-energy-risks-tepav</link><description>Disruptions to energy infrastructure and shipping routes are increasing freight, insurance, and input costs for cement producers, challenging supply chains built around low-cost transportation, Muhdan Saglam, director of the Energy and Climate Change Studies Center at The Economic Policy Research Foundation of Turkey (TEPAV), said Sept. 9. Speaking at the Cement Industry Conference Intercem in</description><title>Regional disruptions force cement sector to reassess freight, energy risks: TEPAV</title><pubDate>09 September 2026 23:02:33 GMT</pubDate><author><name>Shivam Prakash</name></author><content><![CDATA[ Metals &amp; Mining, Crude Oil, Natural Gas, LNG, Refined Products, Maritime &amp; Shipping, Energy Transition, Electric Power, Diesel-Gasoil, Containers, Renewables September 09, 2026 Regional disruptions force cement sector to reassess freight, energy risks: TEPAV By Shivam Prakash Editor: Giselle Rodriguez Getting your Trinity Audio player ready... HIGHLIGHTS Regional conflicts raise cement input costs Freight disruptions challenge supply chains Carbon costs pressure EU market competitiveness Disruptions to energy infrastructure and shipping routes are increasing freight, insurance, and input costs for cement producers, challenging supply chains built around low-cost transportation, Muhdan Saglam, director of the Energy and Climate Change Studies Center at The Economic Policy Research Foundation of Turkey (TEPAV), said Sept. 9. Speaking at the Cement Industry Conference Intercem in Istanbul, Saglam said the impact of regional conflict extends beyond oil and gas transportation to production, refining, vessels and deliveries to end markets. Energy facilities, refineries, transport vessels and other critical infrastructure have become exposed to regional disruptions, Saglam said. The effects can include higher costs for fuel, diesel, spare parts and other inputs used by industrial sectors, including cement. Oil prices have not risen to the levels some market participants initially expected, with inventories cushioning physical supply disruptions, Saglam said. Financial prices can react quickly to expectations, negotiations and information, while the physical market may continue to function as vessels move and inventories remain available, she added. Natural gas markets, in particular, have faced additional competition for liquefied natural gas cargoes as Asian buyers seek alternative supplies, potentially pushing up prices in Europe. Freight, supply-chain costs rise The disruptions are also changing the way companies assess supply-chain costs, Saglam said. A business model based on globalization and the lowest available transportation costs is becoming less reliable as companies place greater value on resilience and alternative routes. Higher freight costs can affect cement producers indirectly, even when cement itself is not transported in containers. Producers still depend on container shipping to import plant equipment, spare parts and other materials, particularly from Asia. Higher container and port costs can therefore increase maintenance and investment expenses, Saglam said. Regional disruptions have also affected established trade flows involving Turkey and Israel, Saglam said, forcing market participants to consider alternative destinations and suppliers at potentially higher transportation costs. Freight rates could increase further in September and October as additional cargoes move through affected routes, she said. Carbon costs add to competitiveness pressures Saglam said cement producers serving the European Union must increasingly account for the carbon embedded in their products. Companies that do not reduce emissions could face additional costs when supplying the European market. The combination of freight and embedded carbon costs is changing how market share and profitability are calculated, she added. Producers must consider not only manufacturing costs but also delivery expenses, carbon intensity and exposure to supply chain disruptions. The transition to lower-carbon energy could also help protect cement producers from external energy shocks, Saglam said. Greater use of renewable power and other lower-carbon technologies, including solar, hydropower and small modular reactors, could improve the resilience of industrial energy systems, she added. Cement producers will continue to need oil products and other conventional fuels during the energy transition, Saglam said. However, companies will increasingly have to assess competitiveness on the basis of their full cost structure, including production, freight, delivery and carbon-related expenses. Platts, part of S&amp;P Global Energy, assessed CEMDEX Turkey at $56/mt Sept. 3, unchanged 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/energy/en/news-research/latest-news/energy-transition/090926-not-the-moment-for-complacency-on-european-gas-storage-eurogas</link><description>Europe&amp;apos;s natural gas storage levels heading into the winter are low enough to warrant close monitoring but not alarm, the head of European gas industry association Eurogas said in an interview, while warning that regulatory burdens â&amp;#x80;&amp;#x94; from storage fill mandates to methane emission rules â&amp;#x80;&amp;#x94; are undermining the continent&amp;apos;s ability to manage supply efficiently and contract new volumes. Eurogas</description><title>&amp;apos;Not the moment for complacency&amp;apos; on European gas storage: Eurogas</title><pubDate>09 September 2026 13:04:01 GMT</pubDate><author><name>James Burgess</name></author><content><![CDATA[ Natural Gas, LNG, Energy Transition, Electric Power, Emissions, Hydrogen, Renewables September 09, 2026 'Not the moment for complacency' on European gas storage: Eurogas By James Burgess Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS Europe's gas storage sits at 67.1% capacity Resilience, not mandates, key to gas supply security Hydrogen market stalls under EU regulations Europe's natural gas storage levels heading into the winter are low enough to warrant close monitoring but not alarm, the head of European gas industry association Eurogas said in an interview, while warning that regulatory burdens â from storage fill mandates to methane emission rules â are undermining the continent's ability to manage supply efficiently and contract new volumes. Eurogas Secretary General Andreas Guth said Europe's energy security framework needed to shift its focus toward systemic resilience and market efficiency, rather than prescriptive storage targets, as the continent navigates declining dependence on Russian gas, tighter LNG contracting conditions, and a hydrogen market that has yet to achieve meaningful commercial traction. "The facts speak for themselves," Guth told Platts, part of S&amp;P Global Energy, on Sept. 8. "We have relatively low storage levels compared to previous years and it is certainly not the moment for complacency, but it is also not the moment to panic." EU gas storage sites were filled to 67.1% as of Sept. 7, according to the latest data published by Gas Infrastructure Europe, down from 79.5% at the same point in 2025 and 92.8% in 2024. Guth said storage volumes were only one element of a broader security of supply picture that had changed substantially since 2022, citing significantly lower European gas demand, expanded LNG regasification capacity, and infrastructure adapted to new supply flows. But a winter cold snap or another supply disruption could still trigger price spikes even in a well-supplied market. "We are in a difficult market situation, and you see that already today," Guth said. "The prices reflect that in Europe and also Asia." Platts assessed month-ahead Dutch TTF gas prices at â¬76.20/megawatt-hours ($88.65/MWh) on Sept. 8, the highest since December 2022. "What we should be doing in Europe is looking at the overall regulatory framework," Guth added. "We need to make sure that we have the market run efficiently." Regulatory obstacles He cautioned against further mandated gas storage levels, noting that the "fill-at-all-cost" market dynamics of the past few years had contributed to price spikes, particularly in 2022 and 2023, and that the European storage regulations were "distorting the market." Indeed, the backwardated gas market erodes the financial incentive to store gas in the summer for winter consumption, with summer prices at a premium. Platts assessed Dutch TTF gas for winter 2026 at â¬74.87/MWh, a â¬1.33/MWh discount to the front-month contract. "The storage regulation is something that shouldn't be continued beyond its current shelf life," Guth said, echoing earlier remarks from Eurogas in June. "It has not proven to be helpful for the overall security of supply situation of Europe and affordability." Guth also flagged the EU methane emission regulation as a compounding problem, saying it was making it "extremely difficult" to contract gas supplies at competitive terms â particularly as Europe phases out Russian long-term LNG contracts ahead of upcoming milestone deadlines. "We are imposing additional requirements on EU quotas through the EU methane emission regulation that currently cannot be complied with, which makes contracting extremely difficult and in some cases delays contracts," he said. "That is not conducive to managing the current situation." On physical infrastructure security â following a series of incidents, including an intercepted naval drone near an offshore gas platform in the Black Sea and sabotage attacks on German power stations â Guth said the industry's response should be built around resilience, with diversity of energy supply and system redundancy. He pointed to Europe's rapid buildout of LNG import terminals after 2022 as a model, noting that infrastructure once criticized as likely to be underutilized proved essential. "That is what creates the resilience and enables us to deal with the geopolitical context such as we have today," he said, referencing the ongoing disruption to Strait of Hormuz LNG transits affecting roughly 20% of global supply. Hydrogen hurdles On hydrogen, Guth said Europe's regulatory framework was suppressing market development by being too technology-specific and too restrictive, particularly around EU Renewable Fuels of Non-Biological Origin rules governing green hydrogen production. Industry leaders say RFNBO rules add about â¬2/kg to green hydrogen production costs. Platts assessed the cost of RFNBO-compliant hydrogen production via alkaline electrolysis in Germany, backed by renewable power purchase agreements, at â¬10.31kg ($11.99/kg) on Sept 8. "The market is not developing," Guth said, noting particular headwinds for green hydrogen uptake in the industrial sector. Guth said Eurogas supported renewable hydrogen production standards but that the bloc needed to develop a market first. "The key question is how do you create the market in the first place," he said. He also raised concerns about draft implementing rules under the EU's Renewable Energy Directive which he said could prevent industrial consumers from counting hydrogen blended into the gas network toward their renewable hydrogen obligations unless it was deblended and used in pure form. "Blending is certainly not the destination where we should be heading, but it is a market-creating mechanism," Guth said. "If you do not yet have sufficient demand, you do not yet have sufficient supply, you do not yet have the infrastructure in place, then blending can actually make or break a case for projects that could be producing renewable hydrogen." Guth said that hydrogen would play a key role in Europe's energy resilience in the future. "The question is when will it be," 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/market-intelligence/en/news-insights/research/2026/09/amlr-2027-why-readiness-must-start-now</link><description>The EUâ&amp;#x80;&amp;#x99;s landmark Anti-Money Laundering Regulation (AMLR) 2024/1624 is no longer a distant policy development.</description><title>AMLR 2027: Why Readiness Must Start Now</title><pubDate>07 September 2026 00:00:00 GMT</pubDate><author><name>Sam Jarrett</name></author><content><![CDATA[ Blog â September 7, 2026 AMLR 2027: Why Readiness Must Start Now By Sam Jarrett Executive Summary: The EUâs landmark Anti-Money Laundering Regulation (AMLR) 2024/1624 is no longer a distant policy development. Enforced from July 10, 2027, AMLR replaces a fragmented landscape of national directives with a single, harmonized rulebook across all EU Member States. AMLR fundamentally elevates compliance, operational, and data expectations for financial institutions and obliged entities, including a stricter supervisory environment, stringent beneficial ownership rules, and severe financial penalties for non-compliance. Waiting for final technical standards is a critical operational vulnerability; institutions must immediately audit client data, re-engineer workflows, and build scalable operating capacity to ensure readiness across customer due diligence, ongoing monitoring, business-wide risk assessment, reporting obligations, and governance frameworks. The direction of travel is clear: organizations will need stronger evidence, structured processes, tougher controls, and better traceability across the customer lifecycle. AMLR Timeline: From Framework to Supervision - click to see infographic. AI and AMLR Readiness AI can help organizations accelerate AMLR readiness by automating data collection, identifying documentation gaps, enhancing customer due diligence, and supporting ongoing monitoring at scale. When combined with trusted data and strong governance, AI enables firms to improve efficiency, strengthen auditability, and respond more effectively to the increased compliance and transparency requirements introduced by AMLR. From Awareness to Readiness AMLR will fundamentally change the operating baseline. A framework that has historically been shaped through national implementation will be replaced by a harmonized EU rulebook for obliged entities. This shift eliminates regulatory arbitrage and creates uniform operational expectations across all EU member states. While creating greater consistency, it also exposes uneven legacy processes. Many organizations still adhere to fragmented KYC standards, siloed customer records, variable documentation quality and remediation activity that is episodic rather than sustainable. Beyond harmonizing rules, AMLR significantly broadens the regulatory perimeter and introduces stricter operational thresholds: Expanded Obliged Entities: The regulation extends compliance requirements across new sectors. EU-Wide Cash Cap: Introduces a uniform, EU-wide maximum limit of â¬10,000 for cash payments, establishing a strict compliance boundary across commercial transactions. Interconnected Beneficial Ownership Registers: Mandates standardized, interconnected, and accessible central beneficial ownership registers across all Member States to expose complex, multi-layered corporate structures. Critical Operational and Technical Challenges Translating policy into daily operations presents significant structural hurdles for risk, compliance, and technology leaders. The most difficult work is likely to sit below the policy layer. Institutions will need to assess whether they can identify customers consistently, verify ownership and control structures, evidence with documentation, maintain records, and demonstrate that screening, monitoring and maintenance controls are working as designed. Organizations must establish audit-ready, evidence-backed identification and verification for Ultimate Beneficial Owners (UBOs). Siloed customer records, legacy KYC files, and incomplete documentation quality must be systematically remediated. The Risk of Delay: Why Waiting Is a Strategic Vulnerability Some institutions may be tempted to defer operational investments until The Anti-Money Laundering Authority (AMLA) finalizes all Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). This strategy carries extreme operational risk. The enforcement date is fixed, and fast approaching. While the work required to prepare data, controls, ownership evidence, governance and operating capacity is substantial, gap assessments, data-quality reviews, file remediation planning and operating-model design can begin now. Capacity should be retained to incorporate final AMLA instruments as they are adopted. AMLR readiness also requires improved coordination between compliance, operations, technology, data, legal, and front office teams. Organizations must be able to show how requirements are embedded into workflows, how exceptions are escalated, how evidence is retained and how accountability is maintained. Building a Durable Readiness Programme A practical AMLR readiness programme should start with four priorities. First, assess current KYC, CDD, beneficial ownership and monitoring processes against the emerging EU baseline. Second, identify gaps in customer data, supporting documentation, ownership evidence, screening controls and audit trails. Third, prioritize remediation of high-risk customer populations and legacy files that are unlikely to meet future evidencing expectations. Fourth, move from one-off remediation to ongoing monitoring, maintenance and periodic refresh that can support business-as-usual compliance after 2027. For cross-border groups, the benefits of acting early extend beyond regulatory compliance. A consistent customer data foundation can reduce duplication, improve onboarding efficiency, strengthen risk decisioning and create a clearer audit trail across jurisdictions. In a supervisory environment that is expected to become more evidence-led, operational discipline can become a competitive advantage. Strategic Execution with S&amp;P Global Data, Technology &amp; Managed Services Achieving AMLR compliance while managing operational overhead requires scalable capacity, specialized domain expertise, and advanced data architecture. Outsourcing portions of a compliance framework does not remove accountability, but it can help organizations execute at the pace and scale required by the AMLR timetable. AMLR should therefore be viewed less as a single compliance deadline and more as a catalyst for modernizing operations. Organizations that start now will be better placed to absorb final technical standards, evidence readiness to supervisors and build repeatable processes that remain effective beyond the initial implementation sprint. The countdown has started. S&amp;P Globalâs differentiated data, audit-ready traceability, technology architecture, and expert managed services personnel help impacted organizations gain a stronger, more resilient financial-crime control environment. Turn AMLR readiness into a competitive advantage. Discover how S&amp;P Global's KYC Technology and Services can help you streamline customer due diligence, accelerate remediation, strengthen audit readiness, and build a sustainable compliance framework for 2027 and beyond. Client Lifecycle &amp; Regulatory Solutions Explore our Client Lifecycle and Regulatory Software &amp; Services Request a Meeting KYC Technology Unlock KYC solutions for a dynamic regulatory landscape Find out more Services Scale, Seize Opportunity, and Accelerate Growth Find out more CLM Pro Accelerate your Client Lifecycle Management Find out more ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/mine-permitting-delays-discovery-to-production-timeline</link><description>S&amp;amp;P Global Market Intelligence research finds mine permitting delays are extending project lead times to nearly 30 years, five times longer than in the 1990s.</description><title>Mine Permitting Delays Stretch Timelines to 30 Years</title><pubDate>08 July 2026 14:44:00 GMT</pubDate><author><name>Paul Manalo</name></author><content><![CDATA[ Research â Jul 8, 2026 From Discovery to Delay: Mine Permitting Stretches Project Timelines By Paul Manalo What is the average lead time for new mining projects? The average lead time from discovery to production for mining projects is 16 years, combining both operating and nonoperating assets. However, for nonoperating mines that have undergone feasibility studies, this timeline has stretched significantly to nearly 30 years due largely to permitting delays, which is five times longer than the lead times observed in the 1990s. This analysis is based on a study of 232 assets discovered and brought into production between 1990 and 2025. Why are governments now focusing on streamlining mine permit processes? Governments are focusing on streamlining the mine permit process because long, complex permitting procedures are recognized as a major friction point in mine development. With timelines for some projects stretching to nearly 30 years and facing multiyear setbacks or cancellations, there is a growing recognition that these delays hinder the supply of critical minerals and impact economic and strategic priorities. What are the key findings on mining project delays? Key findings from the S&amp;P Global Market Intelligence annual study on discovery-to-production lead times include: The average lead time from discovery to production is 16 years for the 232 assets studied. For nonoperating mines, this timeline has increased to nearly 30 years. Permitting issues or revocations are the primary cause of startup delays for mines scheduled to begin production in 2026 and beyond. Specific projects like the Resolution copper mine face potential startup postponements of up to five years, while others, such as the Loma Larga gold project, have had their environmental licenses revoked, leading to cancellation. While many major mining jurisdictions are introducing reforms to streamline the approval process, public sentiment, political accountability, and legal challenges from local communities and Indigenous groups remain decisive factors. What does the data show about mining project timelines? Average Lead Times Extend to 16 Years In this update of our annual study of discovery-to-production lead times, the average lead time for the 203 operating mines in this study is 14 years, discovered and brought into production between 1990 and 2025. We also included 29 nonoperating mines that have undergone feasibility studies and estimated startup dates when the owners have not provided guidance. For these nonoperating assets, the lead time has increased significantly, reaching nearly 30 years â five times longer than the lead time observed in the 1990s. When operating and nonoperating mines are combined, the average lead time from discovery to production is 16 years for the 232 assets. Key Highlights Permitting delays stretch mine lead times to nearly 30 years. Mining pipeline clogs as permits stall; projects face multiyear setbacks and even cancellations. Governments race to streamline mine permits to address this decades-long issue. Permitting Delays Push Startups Beyond 2026 Mines scheduled to begin production in 2026 and beyond are now expected to experience startup delays, primarily due to delays in permitting issues or revocations. As these timelines are pushed back, some projects have had their expected start dates postponed by up to five years. In some cases, companies have withdrawn their guidance entirely, resulting in uncertainty about when, or if, these mines will open. Case Study: Resolution and Loma Larga Projects Resolution and Loma Larga The Resolution copper project in Arizona was initially estimated to start production by 2030, which already equated to a 35-year timeline from discovery to production. Native American tribes consider the site sacred, while federal agencies have rescinded and paused permits â factors that have contributed to the delay. In a recent interview, Katie Jackson, Chief Executive of copper for Rio Tinto PLC, said the startup of the Resolution project could be pushed back to mid-2030s. In March 2025, the 9th Circuit Court of Appeals issued a temporary restraining order, blocking the Oak Flat land transfer that would have moved 2,400 acres from the federal government to Resolution project in exchange for 5,000 acres of ecologically valuable land in Arizona. In March 2026, the court lifted the injunction and denied further requests, allowing the land transfer to proceed and the company to own the land required for the construction of the mine. In the same month, Resolution also received approval of its final environmental impact statement (EIS), clearing the biggest hurdle in federal permitting. Despite this development, Arizona state permitting is pending, including for water and air usage and tailings management. Detailed mine plan approvals are also pending, and legal challenges may still slow the timeline. Construction will take longer than a typical mine, as the deposit is 1 kilometer deep. The Loma Larga gold project in Ecuador, fully owned by Toronto-based DPM Metals Inc., was removed from the list. Its environmental license was revoked in October 2025 by Ecuador's Ministry of Environment and Energy, just four months after it was issued. Indigenous groups, farmers and local authorities had an immediate backlash and protest after the license was approved in June 2025, as the project sits near a critical water resource for the region. The protest forced the government to suspend activities, making it the most significant project cancellations in the region. There is currently no pathway to mine construction. Global Policy Reforms Aim to Streamline Permitting Policies and reforms In the last three to four years, many major mining jurisdictions have introduced reforms and new regulations to address the long permitting process. The infographic below shows some of the most notable policies and reforms around the world. Many governments, think tanks and private corporations acknowledge that the long and complex permitting process for mine construction is a major point of friction in mine development. To address this, governments are introducing ways to streamline the approval process, reduce duplication and improve transparency in the process. However, expectations need to remain grounded. Policy outcomes are not driven solely by economic or strategic priorities; they are also shaped by public sentiment and political accountability. Local communities, Indigenous groups and civil society organizations play a decisive role in project approvals. How does the S&amp;P Capital IQ Pro Platform help analyze mining project timelines? The S&amp;P Capital IQ Pro platform provides the comprehensive data and analysis needed to navigate the challenges highlighted in this research, including extended project lead times and permitting delays. The platform's extensive database on global mining assets was used to conduct the analysis presented in this report, enabling users to gain deeper insights into project viability and risk. Access Asset-Level Detail: Users can access detailed data on thousands of operating and nonoperating mines, including discovery dates, feasibility study status, and estimated or actual production start dates. Track Permitting Milestones: The platform allows users to monitor permitting milestones, such as the status of an environmental impact statement (EIS) for projects like the Resolution copper mine, to assess potential delays and risks. Monitor Regulatory Changes: Stay informed on regulatory changes and policy reforms across major mining jurisdictions to understand the evolving landscape for mine development and investment. Benchmark Project Timelines: Utilize historical data to benchmark project timelines and identify trends, such as the significant increase in lead times for non-operating assets to nearly 30 years. Key questions about mining project delays This analysis raises several important questions about the increasing length of mining project timelines. Below are answers to key questions regarding the causes of delays, their impact, and the governmental responses discussed in the report. What is the primary cause of delays for new mining projects? The primary cause of startup delays for mines scheduled to begin production in 2026 and beyond is permitting issues or the revocation of previously issued permits. How long can permitting delays postpone a mine's startup? Permitting delays can push a project's expected start date back by up to 5 years, as seen with some mines scheduled to begin production from 2026 onward. For the Resolution copper project, the timeline has already been pushed back from 2030 to potentially the mid-2030s. Can permitting issues lead to project cancellation? Yes, permitting issues can lead to project cancellations. The Loma Larga gold project in Ecuador is a significant example: the environmental license was revoked just four months after issuance due to backlash from local groups, leading to the suspension of all activities. What are governments doing to address these long lead times? In the last three to four years, many major mining jurisdictions have introduced reforms and new regulations to address the long permitting process. These efforts aim to streamline the approval process, reduce duplication, and improve transparency to reduce friction in mine development. S&amp;P Global uses generative AI to create content in accordance with our Terms of Use. (Terms of Use with https://www.spglobal.com/en/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. State of the Market: Mining Q1â26 Watch on demand 2026 World Exploration Trends Download Report Track Global Mining Projects &amp; Supply Pipelines Explore S&amp;P Capital IQ Pro ]]></content></item><item><link>https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/09/us-power-interconnection-queue-analysis-gas-surge-renewable-decline-2026</link><description>Explore S&amp;amp;P Global&amp;apos;s 2026 analysis of US power interconnection queues, detailing the rise of natural gas, the decline in renewables, and regional grid backlogs.</description><title>US Interconnection Queues See Natural Gas Surge as Renewablesâ&amp;#x80;&amp;#x99; Share Declines for Second Year</title><pubDate>07 September 2026 13:30:00 GMT</pubDate><author><name>Adam Wilson</name><name>Tony Lenoir</name></author><content><![CDATA[ Research â Sep 8, 2026 US Interconnection Queues See Natural Gas Surge as Renewablesâ Share Declines for Second Year By Adam Wilson and Tony Lenoir A new analysis of US power generation interconnection queues reveals a significant shift in the proposed energy mix. While the total volume of projects awaiting grid connection remains elevated at 1,740 GW, the dominance of renewables is beginning to erode. For the second consecutive year, the share of renewablesâincluding hybrid, solar, wind, and battery storageâhas declined, while proposed natural gas capacity has surged. This evolving landscape, detailed in the S&amp;P Global report - 2026 US Interconnection Queues Analysis, reflects a complex interplay of policy changes, grid reform efforts, and soaring electricity demand from new industrial loads like AI-powering data centers. As grid operators work to manage these extensive backlogs, the data highlights critical regional differences and technology-specific trends shaping the future of the US power grid. Key Highlights Renewables' Share Declines: The share of renewables in US interconnection queues dropped by approximately 7 percentage points to 83% of total capacity, marking the second straight year of decline. Natural Gas Surges: Proposed natural gas capacity increased by nearly 68% year-over-year, driven by rising power demand from data centers and a shifting policy environment. Solar and Storage See Pullback: Stand-alone solar proposals saw the largest percentage drop, falling 22%, while battery storage and wind also declined amid policy shifts and the clearing of speculative projects. Regional Priorities Diverge: Technology preferences vary significantly by region, with hybrids leading in CAISO and the non-ISO West, while natural gas now accounts for 46% of the queue in the non-ISO Southeast. Queue Reforms Show Early Impact: Despite persistent backlogs, the proportion of projects with an approved interconnection agreement has risen to over 22%, suggesting that reforms from FERC Order 2023 are beginning to streamline the process. Five Key Takeaways from the 2026 US Interconnection Queues Analysis 1. Why is the share of renewables in US interconnection queues declining? The composition of US power generation queues is undergoing a notable transformation. As of June 2026, the total tracked capacity stands at a substantial 1,740 GW. However, the share of renewable and battery storage projects fell for the second consecutive year to 83% of the total. This trend is influenced by two primary factors: the accelerated phaseout of renewable tax credits under the H.R. 1 budget reconciliation bill of July 2025 and a concurrent surge in proposals for gas-fired generation. Stand-alone solar projects experienced the most significant annual percentage drop at 22%, followed by battery storage (-12.5%) and wind (-9.5%). This shift signals a potential rebalancing of development priorities as developers respond to new policy incentives and pressing market demands. 2. How is the rise of data centers impacting the generation mix? The boom in energy-intensive data centers is a primary driver behind the resurgence of natural gas in interconnection queues. Proposed gas capacity jumped nearly 68% year-over-year, building on a 159% increase in the prior year. This trend is most pronounced in regions with significant data center development, such as the non-ISO Southeast, where gas projects now constitute 46% of all proposed capacity. The non-ISO West and ERCOT also saw significant increases in gas proposals. This dynamic highlights the tension between meeting near-term, large-scale power demand and advancing long-term decarbonization goals, with gas-fired generation being positioned as a solution for ensuring grid reliability amid rapid load growth. 3. Which regions lead in specific generation technologies? Analysis of regional queues reveals distinct technology preferences across the country. Hybrid projects, primarily solar-plus-storage, are the dominant choice in western markets, accounting for 70% of capacity in CAISO and also leading in the non-ISO West and ERCOT. Stand-alone battery storage is the top technology in NYISO and ISO New England, while stand-alone solar leads in MISO, PJM, and SPP. In stark contrast, the non-ISO Southeast has pivoted toward thermal generation, where natural gas is the technology of choice. These regional specializations reflect differing resource availability, market structures, policy environments, and the specific nature of local demand growth. 4. How do interconnection backlogs vary at the state level? At the state level, Texas leads the nation with 456 GW of generation capacity in its queues, followed by California with 160 GW. While these states maintain high shares of renewables (85% and 97%, respectively), the national trend shows a broader decline. The share of renewables in proposed generation mixes fell in 39 states, with 18 states experiencing double-digit percentage-point drops. Connecticut saw the largest decline, falling 49 percentage points to a 51% renewable share. States with the lowest proportion of proposed renewables include West Virginia (14%) and Tennessee (15%), indicating significant geographic disparities in the energy transition pipeline. 5. Are grid connection reforms having an effect? Efforts to streamline the grid connection process, notably through FERC Order 2023's "First Ready, First Serve" cluster study approach, are showing early signs of progress. The proportion of total queue capacity with an approved interconnection agreement has increased, surpassing 22% in the latest analysis. This suggests that reforms aimed at discouraging speculative projects and improving study efficiency are beginning to yield positive results. Among non-hybrid projects with agreements, solar (40%), battery storage (25%), and wind (19%) represent the vast majority. While backlogs and wait times remain a challenge in several regions, the upward trend in approved agreements offers a positive indicator for future project development. How S&amp;P Capital IQ Pro Supports Power Market Analysis Navigating the complexities of US interconnection queues requires comprehensive, standardized data and powerful analytical tools. S&amp;P Capital IQ Pro: Energy service provides granular access to queue data across all ISOs and major non-ISO utilities, enabling users to track technology trends, regional backlogs, and project-specific milestones from entry to commercial operation. By harmonizing disparate data sources, our platform allows energy analysts, investors, and strategists to identify market opportunities, assess development risk, and understand the evolving generation mix with precision. This data is critical for forecasting capacity additions, modeling regional power prices, and making informed decisions in a rapidly changing energy landscape. Key questions arising from the 2026 US Interconnection Queues Analysis What is the total capacity of power projects in US interconnection queues? As of June 2026, the combined capacity of power generation projects in US interconnection queues tracked by S&amp;P Global was 1,740 GW. This includes projects across all seven independent system operators (ISOs) and major utilities in non-ISO regions. Why is natural gas capacity increasing in US interconnection queues? Proposed natural gas capacity has surged nearly 68% year-over-year, largely driven by the need to power a boom in energy-intensive data centers. This trend is particularly strong in the non-ISO Southeast, where gas represents 46% of the queue. Which renewable technology has seen the biggest decline in new proposals? Stand-alone solar projects experienced the largest annual percentage drop in queue capacity, declining by 22%. This pullback is attributed to the accelerated phaseout of federal tax credits and a broader market rebalancing after years of rapid growth. Which US state has the most generation capacity awaiting grid connection? Texas leads the US with approximately 456 GW of proposed generation capacity in its interconnection queues. California is second with 160 GW of capacity awaiting grid connection. Are FERC's queue reforms working? Early data suggests that reforms like those in FERC Order 2023 are having a positive impact. The share of projects with a signed interconnection agreement has risen to over 22%, indicating that efforts to streamline the process and reduce speculative entries are beginning to take effect. Which regions have the highest share of renewables in their queues? NYISO leads with 100% renewable or storage projects in its queue, followed by CAISO at 97.9%. In contrast, the non-ISO Southeast has the lowest share at 50.2%, reflecting its significant increase in natural gas proposals. Natural Gas Gains Ground: Key Shifts in the US Power Market Competition Read Article US Grid Outlook 2026 Read Article 2026 US Interconnection Queues Analysis Download Report ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/090926-appec-hormuz-crisis-highlights-asias-need-for-larger-oil-reserves-closer-supplier-ties</link><description>The Strait of Hormuz crisis has highlighted the need for Asia to make energy security the foundation of its policies, maintain adequate reserves of crude oil, refined products and LPG and foster greater collaboration with global partners, said Atul Arya, chief energy strategist at S&amp;amp;P Global Energy, during APPEC in Singapore on Sept. 9. &amp;quot;The Hormuz crisis is a powerful reminder that energy</description><title>APPEC: Hormuz crisis highlights Asia&amp;apos;s need for larger oil reserves, closer supplier ties</title><pubDate>09 September 2026 03:30:51 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Crude Oil, Refined Products, Natural Gas, Coal, Electric Power, Energy Transition, LPG, Renewables, Hydrogen September 09, 2026 APPEC: Hormuz crisis highlights Asia's need for larger oil reserves, closer supplier ties Sambit Mohanty Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Asia needs to build reserves amid supply disruptions China, Japan cushion shock with ample stockpiles Supply diversification requires investment, planning The Strait of Hormuz crisis has highlighted the need for Asia to make energy security the foundation of its policies, maintain adequate reserves of crude oil, refined products and LPG and foster greater collaboration with global partners, said Atul Arya, chief energy strategist at S&amp;P Global Energy, during APPEC in Singapore on Sept. 9. "The Hormuz crisis is a powerful reminder that energy security must be the foundation of sound energy policy for every country," Arya said during the conference. "In addition, cooperation and collaboration with partners and neighbors will enhance energy security." He added that China and Japan have managed the crisis better than any other countries in Asia, thanks to their foresight, planning and preparation in building sufficient reserves of critical commodities, including crude oil, refined products and natural gas. "Although both Japan and China are highly dependent on oil from the Middle East, their strategic reserves and commercial stocks have cushioned the countries from the supply shock," Arya said. "Other large importers of crude oil from the Middle East, including India, Thailand and Pakistan, have very small strategic stocks." "These and other countries in similar situations need to build larger reserves of key commodities. They also need to diversify supply sources. These actions will require investment and may potentially increase energy costs. However, it will be a small price to pay for increasing energy security," he added. Strengthening collaboration Arya said collaboration in Asia's energy transition cannot remain aspirational. It must be specific, operationalized, cross-sectoral and realistic, involving governments, corporations, financiers and technology providers. "This crisis presents an opportunity for Asia to double down on technologies that can better utilize domestic resources for long-term supply security. This isn't necessarily about accelerating the energy transition purely for climate goals, but primarily about strengthening long-term supply security," he said. On the demand side, promoting electrification across sectors can shift reliance away from fuel imports, while robust energy-efficiency programs can help manage demand, he added. On the supply side, markets with domestic coal resources, such as India and China, may use more domestic coal than previously anticipated. "In all countries, building out domestic resources, including wind, solar, battery, nuclear and geothermal, will also help reduce import dependency. Additionally, countries should ensure regulatory and fiscal systems that encourage new oil and gas development," Arya said. He added that Asian economies rely on resilient energy systems that are affordable, reliable and secure amid evolving risks. Resilience in these markets is built on diversified energy systems â a pragmatic mix of renewables, gas, coal, hydropower and emerging technologies such as hydrogen and carbon capture, utilization and storage. "Policymakers face a balancing act: reducing emissions without compromising affordability, reliability and industrial competitiveness. There are several actions Asian countries can take on their own and with partners," Arya said. Impact on Asia Premasish Das, executive director for oil analytics at S&amp;P Global Energy CERA, said the oil market is moving from crisis mode into a contested recovery phase, but it is still far from returning to normal. "Asia is bearing the brunt of the disruption because the region imports about 80% of the crude it consumes, making it particularly exposed to disruptions in Middle Eastern supply," Das said. According to CERA, Middle Eastern crude oil production is expected to remain, on average, about 4 million barrels/day below prewar production levels through 2027. "That leaves refiners across Asia short of feedstock and forces refinery throughput lower than expected. China accounts for a large share of the reduction, but refiners across the region face the challenge of securing enough crude," Das said. Vitol CEO Russell Hardy said at APPEC on Sept. 8 that while Europe and the US are grappling with high oil prices, the situation in Asia is far more severe due to outright shortages. However, China has absorbed some of the shock through its oil inventories and surplus refining capacity, Hardy said, adding that Beijing has adopted a reasonably conservative approach to both demand and crude oil runs to ensure energy security. 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/090926-european-aluminium-irked-by-delay-replacement-of-scrap-export-duty</link><description>The European aluminum industry faces frustration as long-awaited scrap export measures are delayed yet again and now also substituted, its representative organization, European Aluminium, said of the Commission swapping the earlier proposed export duties for a ban on sales to non-OECD markets, now expected no earlier than 2027. While supporting the Commission&amp;apos;s efforts to address the issue through</description><title>European Aluminium irked by delay, replacement of scrap export duty</title><pubDate>09 September 2026 16:24:41 GMT</pubDate><author><name>Katya Bouckley</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Renewables, Ferrous September 09, 2026 European Aluminium irked by delay, replacement of scrap export duty By Katya Bouckley Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS Export restrictions delayed until 2027 timeline EU scrap export ban targets non-OECD India faces largest supply loss at 383,000 mt New regulation could cut exports by 75% total The European aluminum industry faces frustration as long-awaited scrap export measures are delayed yet again and now also substituted, its representative organization, European Aluminium, said of the Commission swapping the earlier proposed export duties for a ban on sales to non-OECD markets, now expected no earlier than 2027. While supporting the Commission's efforts to address the issue through alternative policy instruments, European Aluminium reiterates the urgency for a trade measure with the widest possible territorial and product scope. "Naturally, we are frustrated by the delay in bringing forward measures to address Europe's aluminium scrap leakage, given the scale and urgency of the problem," the association's Director General Paul Voss told Platts in a written comment. The European Commission had originally aimed to unveil restrictions on aluminum scrap exports, expected to take the form of duties, in Q2 2026, but the measure was later postponed to September. Earlier this month, it emerged that the Commission has withdrawn a targeted trade measure to prepare a delegated act under the Waste Shipment Regulation instead, which will ban exports of waste, including aluminum scrap, to non-OECD countries, with the exception of some EU candidate countries, according to the Executive Vice-President for Prosperity and Industrial Strategy of the European Commission StÃ©phane SÃ©journÃ©. Not industry-driven European Aluminium told Platts it had supported the Commission's earlier plan to introduce an export duty on aluminum scrap. However, a decision was taken at the highest political level to exempt from the measure current and prospective free trade agreement partners, which would have included major destinations for EU aluminum scrap such as India. As a result, the proposed duty would have covered only about half of EU aluminum scrap exports, leading Executive Vice-President SÃ©journÃ© to conclude that the instrument would not be sufficiently effective and to pursue a different approach, Kelly Roegies, a spokesperson for European Aluminium, told Platts. "If ... SÃ©journÃ© believes the problem can be addressed more effectively through other policy instruments, we can only support him and urge the Commission to put them in place as quickly as possible. There is absolutely no time to waste," said Voss. Restrictions do not create demand Domestic recyclers also urgently need clarity and predictability. Murat Bayram, president of the Circular Metal Association (CMA) representing European and German metal recycling industries, told Platts that companies are already preparing their business models and international trade flows for 2027, when new export provisions under the Waste Shipment Regulation will apply. "These already include significant new obligations, such as independent audits of receiving facilities outside the EU. Yet important practical questions remain about how recyclers are expected to implement these requirements," said Bayram. "Before adding further restrictions, we should first make sure that the framework already agreed can work effectively." Unlike European Aluminium, Bayram sees a positive signal in the Commission's decision to pull back from the export tariff option, but stresses that as they take a different tack, policymakers should take several factors into account. "Europe's automotive and machinery industries are under enormous pressure, with production being reduced and sites being closed. If Europe produces less, it needs less recycled metal. Restricting exports does not create industrial demand," he said. Then, scrap grades and qualities Europe exports are not necessarily those European manufacturers need, as the transformation of the automotive industry from combustion engines toward EVs is changing material requirements, according to Bayram. "Europe will continue to need certain recycled materials from international markets, just as it will generate materials for which demand exists elsewhere. We should be very careful not to create measures that could ultimately restrict the international flows Europe itself depends on," the CMA's president said. Non-OECD exports substantial The OECD includes 16 non-EU member countries, but the EU was shipping there just over 22% of its 1.27 million mt/year aluminum scrap exports over 2024-25. India alone bought 100,000 mt more scrap (383,000 mt) from the EU last year than the 16 states together, according to S&amp;P Global Market Intelligence's Global Trade Analytics Suite. Exports outside OECD are significant in volume, with major importers India, Thailand and Pakistan among destinations, said Roegies. Deducting 18,800 to 20,900 tons/year supplied to non-OECD candidates for EU membership, the Commission could be looking at reducing aluminum scrap exports by up to 950,000 mt or 75%, Platts estimates. India, Thailand, Pakistan, and China, the top export destinations over the last couple of years, would incur the most losses if the EU imposes that ban. To replace shortfalls, the countries will have to source 670,000 to 750,000 mt of scrap elsewhere, based on their combined purchases from the EU in 2024-25. The EU waste export controls are taking shape in a year when aluminum scrap prices are at their most volatile. The Platts assessment for European aluminum auto shreds peaked at Eur2,560/mt in mid-June; its Eur760 surge from the January low of Eur1,800/mt contrasts sharply with the Eur260/mt spread between the high and low prices of 2025. 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/090926-appec-singapore-readjusts-energy-resilience-portfolio-amid-middle-east-crisis-slng-ceo</link><description>Singapore has been able to readjust and reclaim its entire energy resilience portfolio, and find replacement barrels through GasCo while also diversifying its energy sources to tackle the challenges posed by the Middle East war, Singapore LNG Corp. (SLNG) CEO Leong Wei Hung said at an industry event Sept. 9 The country has established a strategic storage capacity to cope with uncertain</description><title>APPEC: Singapore readjusts energy resilience portfolio amid Middle East crisis: SLNG CEO</title><pubDate>09 September 2026 14:00:03 GMT</pubDate><author><name>Surabhi Sahu</name></author><content><![CDATA[ LNG, Natural Gas, Electric Power, Energy Transition, Renewables September 09, 2026 APPEC: Singapore readjusts energy resilience portfolio amid Middle East crisis: SLNG CEO By Surabhi Sahu Editor: Jonathan Loades-Carter Getting your Trinity Audio player ready... HIGHLIGHTS Strategic reserves untouched despite global headwinds Use of regas capacity, collaboration vital Multiple fuel pathways key to energy resilience Singapore has been able to readjust and reclaim its entire energy resilience portfolio, and find replacement barrels through GasCo while also diversifying its energy sources to tackle the challenges posed by the Middle East war, Singapore LNG Corp. (SLNG) CEO Leong Wei Hung said at an industry event Sept. 9 The country has established a strategic storage capacity to cope with uncertain geopolitics, Leong said at APPEC 2026, hosted by S&amp;P Global Energy, in Singapore. "On a very positive note, we haven't touched that at all," he continued, noting that the country's trading partners had also been very "diligent' in helping secure supplies. Despite the uncertain geopolitics, electricity imports have continued to flow into Singapore. The Southeast Asian nation has also increased solar generation, which has catered to local needs, Leong said. On the other hand, higher energy prices have also brought about some demand destruction. So, a balance has been maintained, Leong noted. In 2025, gas accounted for 94% of Singapore's power generation, with LNG accounting for about 59% of the country's gas supply mix, according to an August report by S&amp;P Global Energy CERA analysts. "LNG demand in Singapore is expected to grow significantly from 2027 and remain elevated in the 2030s and 2040s, driven by increasing power and bunkering demand and declining pipeline gas imports," they said. By 2029, LNG demand is forecast to reach 12.6 million metric tons/year, double the 6.3 million mt of net imports in 2025, they added. Meanwhile, Leong said that higher global LNG prices have turned attention to supply-side market fundamentals. However, the human element also needs to be addressed to limit consumption because it is a consumer choice issue, Leong said. SLNG operates the only LNG import facility, located on Jurong Island. SLNG plans to develop a second LNG terminal by the end of the 2020s, with a capacity of up to 5 million mt/year as Singapore aims to become a physical LNG hub. In May, SLNG said that it had started construction of onshore connecting infrastructure for Singapore's second LNG terminal at the country's Jurong port. Leong also highlighted that in response to Asian demand, it was not only important to build regasification capacity in the region but also to facilitate consumption by the industry and power generators, to train people, and to find ways to absorb that capacity even in times of peace. He also reflected on the importance of collaboration to connect pipelines, writing contracts, and helping to build regional energy resilience. Turning to green capacity, Leong said it was vital to build that capacity because the energy transition was coming. Although Singapore had been relying mostly on LNG or gas for power, a balance among liquids, gas, renewables, and even nuclear may need to be considered, with policy settings, as well as public education and acceptance, continuing to hold the key, Leong said. Singapore is set to embark on the first phase of the Integrated Nuclear Infrastructure Review outlined by the International Atomic Energy Agency in 2027, even as the country pursues multiple pathways to balance the goals of energy security, affordability and sustainability, Prime Minister Lawrence Wong said May 19. Singapore is also focusing on newer reactor technologies, including small modular reactors, as well as other advanced designs with enhanced safety features, as the country explores multiple pathways for energy, Wong said at the time. At the time, Wong also shared that "in the medium term, natural gas will continue to anchor our energy mix." Platts, part of S&amp;P Global Energy, assessed the October JKM at $28.505/million British thermal unit Sept. 9, up 6.1% from the previous session, with the LNG DES Southeast Asia Marker, or SEAM, 6.1% higher at $28.255/MMBtu. 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/082026-clean-energy-politics-get-boost-from-affordability-debate-in-midterm-campaigns</link><description>Democrats are positioning solar and wind energy as key solutions to rising electricity costs as they approach November&amp;apos;s midterm elections, seeking to capitalize on voter concerns about energy affordability amid surging demand from data centers and artificial intelligence facilities. The strategy marks a shift in how renewable energy advocates frame their arguments, moving away from climate</description><title>Clean energy politics get boost from affordability debate in midterm campaigns</title><pubDate>20 August 2026 15:30:35 GMT</pubDate><author><name>John Siciliano</name><name>Nushin Huq</name></author><content><![CDATA[ Electric Power, Energy Transition, Coal, Natural Gas, Renewables August 20, 2026 Clean energy politics get boost from affordability debate in midterm campaigns By John Siciliano and Nushin Huq Editor: Michael Lustig Getting your Trinity Audio player ready... HIGHLIGHTS Clean energy central to Democrats' messaging Renewables feature in key House races Democrats are positioning solar and wind energy as key solutions to rising electricity costs as they approach November's midterm elections, seeking to capitalize on voter concerns about energy affordability amid surging demand from data centers and artificial intelligence facilities. The strategy marks a shift in how renewable energy advocates frame their arguments, moving away from climate benefits to focus squarely on pocketbook issues that affect household budgets. Both Republican and Democratic voters have expressed a desire for greater control over their energy use to shield themselves from market volatility and reduce costs. Solar panels have gained popularity among both parties for this reason, though rolling back tax credits would increase the cost of solar installations. Polling conducted earlier this year for the Solar Energy Industries Association, the country's largest solar trade group, demonstrated that despite a rhetorical partisan divide in Washington, DC, support for solar among Republicans has grown, as they see the resource as a way to reduce costs while also creating jobs and enhancing energy security. A poll from Fabrizio, Lee &amp; Associates, a polling firm used by President Donald Trump during his presidential campaigns, found that 68% of Republican voters agreed that solar is necessary to lower electricity costs, while 70% said they support utility-scale solar when projects use American-made materials. Additional polling from former Trump communications strategist Kellyanne Conway and KA Consulting showed that 75% of Trump voters in Arizona, Florida, Indiana, Ohio and Texas believe solar energy should be used to bolster the US energy supply. Democratic messaging strategy For Democrats, renewable energy represents an issue that could attract a broader base of voters, particularly when combined with messaging about affordability, jobs and national security. "We are talking about affordability ... at every opportunity," Representative Jared Huffman of California, the top Democrat on the House Natural Resources Committee, said in an interview with Platts, part of S&amp;P Global Energy. Huffman is running for reelection in his Northern California district, where he reports that voters have responded positively to affordability messaging. "[Voters] are looking at their electricity bills, they are looking at all these data centers coming online, and they see Donald Trump paying renewable energy developers to walk away from huge projects that could provide the cheapest clean energy available in large amounts," Huffman said. Policy contrasts Democrats are contrasting their renewable energy stance against Trump administration actions, which include the US Department of the Interior's buyout of offshore wind leases, the US Department of Defense's delays to onshore wind siting, the cancellation of billions of dollars in federal Solar For All grants, and the US Department of Energy's multiple orders to keep older coal plants operating. Democrats are touting solar and wind energy for their ability to add power to the grid quickly, while the Trump administration maintains that renewable energy resources cost more than other forms of electricity generation and blames wind and solar for rising electricity costs. White House spokesperson Taylor Rogers contended that Democratic policies stifled production of more affordable energy from fossil fuels, "causing prices to skyrocket more than 30% under [President Joe] Biden's failed leadership." "The Democrats caused the grid crisis; President Trump is fixing it," Rogers said in an email. Rogers said coal and natural gas performed like "champions" during heat waves this summer while wind and solar "did close to nothing," and cited data from the DOE that showed the breakdown of energy resources in the mid-Atlantic grid operated by the PJM Interconnection. However, the limited contribution of renewables during peak summer heat reflects known operational characteristics rather than system failure. PJM's capacity accreditation methodology assigns low summer capacity credits to these resources because their availability during peak demand hours is constrained. Wind and solar together accounted for 6% of PJM's 2025 generation and are projected to reach 16% by 2035. Huffman pointed to the war in the Middle East as a factor causing higher energy prices, but also highlighted benefits of renewable energy resources. He argued that the Middle East conflict has shown how solar and wind resources can reduce the US' dependence on fuel imports from foreign sources and other factors that elevate energy prices. Industry perspective on electoral opportunities Jeff Danielson, vice president for advocacy at the Clean Grid Alliance, a renewable energy industry group, said voters' focus on costs creates opportunities for renewable energy messaging in the midterm elections. "Yes, President Trump has made it clear that he doesn't want any new wind farms built and is encouraging the federal departments to delay or deny those permits, but that really isn't the salience for the voters," Danielson said in an interview with Platts. "Good news is that energy and electricity and the prices consumers pay is actually a salient issue in this election." The increasing demand for electricity is outpacing established supply, and the renewables industry has a role to play in addressing this imbalance, Danielson said. "We believe that if voters are concerned about affordability around energy and electricity prices, then homegrown clean energy is a solution," he said. "It's the quickest to market, which means it can be added to the supply ... and it's also the most price-competitive." Polling by environmental advocacy group the Natural Resources Defense Council (NRDC) shows voters oppose policies that reduce energy generation options, according to Jed Ober, director of the NRDC Action Fund, the group's political arm. Even Republican voters have warmed to solar energy, though they remain hesitant about wind, Ober said. "I think you're going to see it come up all over the map," Ober added. "Every candidate who's running out there is going to poll on energy costs. And when they poll on energy costs, they're going to see what we see." The NRDC Action Fund is monitoring numerous races nationwide and endorsing candidates, both Republicans and Democrats, whose energy policies align with efforts to reverse the Trump administration's policies, Ober said. Battleground races The NRDC endorsed Representative Brian Fitzpatrick (Republican-Pennsylvania), who introduced legislation to restore renewable energy incentives removed by Trump's One Big Beautiful Bill Act. Fitzpatrick was one of two House Republicans who voted against the president's legislation when it passed in 2025. The other, Thomas Massie of Kentucky, lost in a Republican primary election in May. Among the races renewables advocates are watching closely are Colorado's 8th District, where Republican Representative Gabe Evans was elected in 2024 by a margin of less than 1 percentage point, and Iowa's 1st District, where Republican Representative Mariannette Miller-Meeks also won in 2024 by less than 1 percentage point. Miller-Meeks faces particular pressure as high fuel prices affect farmers heading into Iowa's fall harvest season. Iowa in 2024 generated 63% of its electricity from wind resources, the highest percentage in the nation, according to the US Energy Information Administration. The fact that Miller-Meeks voted in favor of ending wind subsidies â by supporting the One Big Beautiful Bill Act â in a state that leads in wind energy gives her Democratic opponent an advantage in this year's congressional race, said Matt Mohrfeld, former mayor of Fort Madison, Iowa, where Siemens Gamesa Renewable Energy SA operates a wind blade manufacturing plant. Mohrfield noted the slim margin by which Miller-Meeks won in 2024. "If it's 500 votes, we have 500 people working at Siemens Gamesa. I think the math is simple; she just lost," said Mohrfeld, who is running as a Democrat to represent District 100 in the Iowa House of Representatives on a platform focused on protecting the state's green industries. Miller-Meeks' campaign office did not respond to requests for comment. She faces a challenge from Democrat Christina Bohannan, an environmental engineer and lawyer. Polling conducted over the past year by the House Majority PAC, a Democratic group, showed Miller-Meeks trailing Bohannan by 4 points in the 2026 race. In Florida, Democratic Representative Kathy Castor's race is attracting attention from clean energy advocates after Castor reintroduced a ratepayer protection bill in July aimed at easing constraints on clean energy development. Castor serves as ranking Democrat on the House Energy and Commerce Committee's energy subcommittee. She was unopposed in a primary, but her district, historically held by Democrats, was redrawn this year and is likely to be more favorable toward Republicans. 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. S&amp;P Global uses generative AI to create content in accordance with our Terms of Use. (Terms of Use with https://www.spglobal.com/en/terms-of-use) 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/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. S&amp;P Global uses generative AI to create content in accordance with our Terms of Use. (Terms of Use with https://www.spglobal.com/en/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. 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/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. S&amp;P Global uses generative AI to create content in accordance with our Terms of Use. (Terms of Use with https://www.spglobal.com/en/terms-of-use) US Grid Outlook: Renewables Add Over 90 GW as Data Center Demand Tests Reliability Read More 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/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: 8th September, 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/blog/energy-transition/090926-et-highlights-brazil-biodiesel-eu-cbam-south-korea-power-auctions</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: Brazil biodiesel defies seasonal trends, EU CBAM seen aiding global carbon price, South Korea to relaunch clean hydrogen power auctions</title><pubDate>08 September 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon September 9, 2026 ET Highlights: Brazil biodiesel defies seasonal trends, EU CBAM seen aiding global carbon price, South Korea to relaunch clean hydrogen power auctions 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 Brazil biodiesel logistics fees rise modestly amid distributor pressure Brazilian biodiesel logistics differentials for September-October term contracts rose by less than 100 reais/cubic meters on average over the previous term, falling short of producersâ expectations as distributor backlogs, sluggish diesel demand and ample biofuel supply continued to weigh on negotiations. As in the previous two bimonthly negotiation rounds, biodiesel plants had entered talks seeking a cost recovery of around 300-400 reais/cubic meter. Producers argued that tighter soybean oil availability in Brazil during the second half of the year was reducing margins for non-integrated mills and complicating origination for integrated producers. âWe need a recovery of at least 300 reais/cubic meter to rebalance crush margins and if the argument of abundant soybean oil availability justified stable or lower fees in previous periods, the current limitation now has to work in our favor,â a biodiesel producer said before the September-October negotiation window opened. However, on the sidelines of the Rio Market Briefing event, held by S&amp;P Global Energy Aug. 4-5 in Rio de Janeiro, distributors said they would start bids at levels equivalent to the July-August period and saw an increase of around Real 100/cubic meter as the most likely ceiling. In another negotiation round that persisted until the final moments of the closing window, distributor pressure ultimately prevailed over producersâ attempts to secure a stronger recovery. Platts, part of S&amp;P Global Energy, surveyed 51 companies Aug. 24-31 to calculate the volume-weighted average differential, or âfee,â as it is commonly known, for biodiesel term contracts across the key regions highlighted in the map above. The fee reflects producersâ margins and is part of a pricing formula that also includes soybean oil futures on the Chicago Board of Trade, the vegetable oil price basis at ParanaguÃ¡ port and the Brazilian Real/US dollar exchange rate. Benchmark of the Week 6,470 reais/cu m Platts, part of S&amp;P Global Energy, assessed Biodiesel DAP PaulÃ­nia for one -to seven-day delivery at 6,470 reais/cubic meter on Sept. 4, up 3% from the start of the assessment in May 2026. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy INTERVIEW: EU CBAM could fuel drive toward global carbon price: GHG Protocol CEO A global carbon price could emerge within two to five years, driven by the EU carbon border adjustment mechanism, prompting other governments to adopt similar tariffs on carbon-intensive imports, Greenhouse Gas Protocol CEO Tim Mohin told Platts in an interview. The UK, Australia and China are moving toward CBAM-style measures, a shift already reshaping trade in carbon-intensive commodities such as steel by penalizing high-emission producers, Mohin said on the sidelines of the Brazilian Business Council for Sustainable Development congress in Rio de Janeiro. INTERVIEW: India's ex-China rare-earth magnet capacity could emerge by 2029-31: CMAI's Kanuganti India is stepping up efforts to secure critical minerals needed for its energy transition and industrial ambitions, but building a fully integrated domestic supply chain remains a long-term challenge, according to Rahul Kanuganti, vice chairman, Critical Minerals Association of India. Meaningful rare-earth processing and magnet manufacturing capacity outside China could emerge by 2029-2031, with a mature ecosystem taking shape by 2032-2035. Despite stronger policy support, India continues to rely heavily on imported materials and overseas refining, highlighting the importance of strategic partnerships and supply diversification. JERA, JERA Cross launch decarbonization project for rice packaging in Japan JERA, JERA Cross and Japan Pack Rice Oga have launched a project to decarbonize packaged rice production in Akita Prefecture, aiming to support energy transition in the regionâs food industry. The initiative seeks to advance sustainability across Akitaâs agriculture, forestry and fisheries sectors while promoting lower-carbon products and services. The partners say the project will help create new environmental value and accelerate the shift toward a more sustainable food system through green transformation (GX) efforts. S&amp;P Global Energy Core South Korea set to hold clean hydrogen power auctions for 2026 South Korea is preparing to relaunch its clean hydrogen power auctions in 2026 after earlier rounds were undersubscribed or canceled, signaling a renewed push to support low-carbon hydrogen generation. The government is expected to unveil auction details in September or October, with smaller procurement volumes and tighter limits on imported hydrogen. The move highlights Seoulâs efforts to refine its Clean Hydrogen Energy Portfolio Standards and strengthen domestic hydrogen supply chains. India's wind power sector targets 100 GW by 2030 following record additions in 2025-26 Indiaâs wind sector is targeting 100 GW of installed capacity by 2030 and 155 GW by 2035, underscoring its growing role in the countryâs energy transition. With capacity reaching 58.14 GW by July-end, the industry is calling for sustained annual additions to meet long-term goals. Wind power is also positioning itself as both a major consumer of clean electricity and an exporter of turbine technology, supporting Indiaâs broader clean energy ambitions. ETFuels relocates UK e-SAF project on hydrogen economics ETFuels has relocated its flagship UK sustainable aviation fuel project to Immingham on the Humber estuary from Teesside, dropping earlier plans to produce hydrogen domestically in favor of importing lower-cost e-methanol from its own overseas plants, the company said on Sept. 2. The scope of the project remains largely unchanged, with a 35,000 metric ton/year methanol-to-jet e-sustainable aviation fuel plant with startup targeted for 2030, ETFuels CEO Lara Naqushbandi said in a statement. Switzerland sends first bioenergy carbon capture shipment to North Sea storage Switzerland's first cross-border, commercial-scale bioenergy carbon capture and storage value chain has begun operations, with the first shipment of liquefied biogenic CO2 leaving a Swiss biomethane plant for permanent storage beneath the North Sea, project developers Airfix, CO2 Energie AG and South Pole said Sept. 1. The CO2 originates at Regionalwerke AG Baden's biomethane facility in Niederwil, Switzerland's largest, where up to 4,300 metric tons of biogenic CO2 will be captured and liquefied each year, for storage in Denmarkâs Greensand project, the companies said. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/agriculture/090926-asian-rice-exporters-assess-impact-of-europes-new-packaging-regulations</link><description>Asian rice exporters face a compliance test as the EU&amp;apos;s new packaging rules take effect. India, Thailand, Vietnam, Pakistan, Myanmar and Cambodia collectively supply nearly 80% of the EU&amp;apos;s rice imports, according to data from the European Commission. </description><title>Asian rice exporters assess impact of Europe&amp;apos;s new packaging regulations</title><pubDate>09 September 2026 08:26:07 GMT</pubDate><author><name>Ayushi Baloni</name><name>Muskan Agarwal</name></author><content><![CDATA[ Agriculture, Chemicals, Energy Transition, Maritime &amp; Shipping, Rice, Polymers, Renewables, Pesticides, Grains September 09, 2026 Asian rice exporters assess impact of Europeâs new packaging regulations By Ayushi Baloni and Muskan Agarwal Editor: Roma Arora Getting your Trinity Audio player ready... Asian rice exporters face a compliance test as the EU's new packaging rules take effect. India, Thailand, Vietnam, Pakistan, Myanmar and Cambodia collectively supply nearly 80% of the EU's rice imports, according to data from the European Commission. The EU's Packaging and Packaging Waste Regulation (PPWR) entered into force on Feb. 11, 2025, with general mandatory application starting on Aug. 12, according to the European Commission. The regulation mandates that all packaging placed on the EU market must be recyclable by 2030, with minimum recycled content requirements for plastics, according to the commission. The regulation restricts single-use packaging and enforces clear labeling and traceability requirements to promote sustainability and reduce waste, according to the European Commission. The regulation comes as the EU continues to maintain one of the world's most stringent import-control systems. Analysis of Rapid Alert System for Food and Feed (RASFF) notifications released by the European Commission shows that about 300 rice-related notifications involving India, Pakistan, Thailand, Vietnam and Cambodia were issued between January 2024 and August 2026. Pesticide residues and mycotoxin contamination accounted for most cases. While packaging-related issues have represented only a small share of notifications, industry participants said the PPWR could broaden compliance requirements for exporters. The regulation extends beyond food-safety standards to include packaging design, recyclability and material sourcing requirements. India and Pakistan account for more than 90% of rice-related RASFF notifications during this period, according to the European Commission. These origins may now need to be scrutinized not just for pesticide controls but also for packaging materials, traceability and recyclability requirements to maintain market access. What PPWR requires The EU PPWR, part of the EU's Green Deal, updates and replaces the existing Packaging Waste Directive. According to key measures outlined in the regulation, all packaging in the EU must be fully recyclable by 2030, with rising targets for recycled content in plastics through 2040. The regulation bans excessive and unnecessary packaging, promotes lightweight designs and strengthens deposit-return and refill systems. Single-use plastics will be restricted and brands using harmful materials will pay cleanup costs, according to the EU Commission. Hazardous "forever chemicals" in packaging will be limited, ensuring safer, more sustainable products for the EU market. This means that Asian rice exporters must sooner or later upgrade their packaging to meet EU recyclability and recycled-content standards. Failure to comply could result in shipment rejections, higher costs and potential loss of market access. Asia-EU rice trade flows The EU remains a key destination for Asian rice exporters. The region consistently supplies around four-fifths of the bloc's import needs. In marketing year 2024-25 (September-August), the EU imported 2.32 million metric tons of rice from all origins, according to the European Commission's rice trade data. Of this total, 1.86 million mt, or 80%, came from Myanmar, Cambodia, India, Pakistan, Thailand and Vietnam alone, according to the data. Myanmar was the largest supplier at 670,930 mt, according to the commission. Cambodia followed with 314,840 mt, India with 311,380 mt and Pakistan with 256,070 mt during the same period. The dominance of Asian origins has continued into MY 2025-26, with imports from the six suppliers reaching about 1.36 million mt between September 2025 and June 2026. The scale of these trade flows underscores the EU's importance as a destination market for Asian exporters. It highlights how regulations such as the PPWR could influence supply chain and packaging practices far beyond Europe. EU buyers sourcing rice from key Asian origins typically focus on a mix of premium and value-oriented varieties, depending on end-market demand. Platts assessed major varieties prominently bought by the EU include India's 1121 Steam Basmati, Pakistan's Super Kernel Brown Basmati, Thailand's Pathum Thani 100% Grade B, Myanmar's long grain 5% WR and Cambodia's Phka Malis variety. Industry response varies Compliance with PPWR could require changes to packaging specifications, greater use of recyclable materials and more detailed documentation for shipments bound for the EU. However, the cost implications remain difficult to quantify, with many suppliers still assessing the regulation's full impact. A European broker said he does not see the new EU PPWR regulation as a major concern, particularly regarding EU trade flows from Myanmar. The broker explained that the EU imports most of its rice from Myanmar in bulk, packed in liner bags. Since liner bags use less plastic by weight than individual-bag packaging, he expects the regulation to have a limited effect on these shipments. The broker added that freight is the bigger driver. The EU has been experiencing higher freight costs from Asia due to geopolitical tensions, which have reduced demand in the EU, the broker said. In response, EU buyers have sourced from nearby regions and South America, where freight has been lower than in parts of Asia. Higher freight rates, driven by geopolitical tensions and longer shipping routes, together with price volatility, continue to pose a bigger challenge than potential packaging changes, the broker said. The recyclable materials are already used for many EU-bound cargoes, limiting the immediate scale of adjustment required, the broker said. Exporters in Pakistan, Myanmar and Cambodia broadly agreed that Europe is becoming an increasingly compliance-heavy market. Stricter regulations, more frequent testing and growing documentation requirements are steadily adding to operating costs and administrative burdens. "They [EU] are already clamping down on packaging, requiring MOAH/MOSH tests to ensure goods will be EU compliant for mineral oils. I wouldn't be surprised if they implemented the same rule for Indian and Pakistani-origin rice. EU laws become tougher to comply with each year," an exporter based in Karachi said. MOAH (Mineral Oil Aromatic Hydrocarbons) and MOSH (Mineral Oil Saturated Hydrocarbons) are mineral oil contaminants from packaging that can migrate into food, according to the European Food Safety Authority. Meanwhile, some European buyers said it remains too early to quantify the overall cost impact, as the industry is still assessing how the rules will apply across different packaging formats. The PPWR would primarily affect packaging rather than the bulk rice loads themselves. As a result, bulk shipments may face limited direct impact, one EU rice buyer said. Rice imported in large bags, liner bags and small packs is likely to face higher compliance and production costs, another EU importer said. For now, PPWR is not widely viewed as a stand-alone trigger for a major redirection of Asian rice exports. However, it adds another layer of uncertainty to shipments destined for a market already affected by soft demand, elevated freight costs and tightening import standards. "We have not yet seen our customers asking for any specific packaging type yet, so it should not be much of an issue," said a Cambodia-based exporter. For Asian exporters, particularly smaller players in Myanmar and Cambodia, compliance could mean overhauling packaging lines. It could also require sourcing compliant materials and ensuring greater traceability across supply chains. Industry sources said that smaller exporters may face disproportionately higher compliance costs and more limited access to certified packaging suppliers. Way forward The EU's regulatory landscape is evolving rapidly. For Asian rice exporters, the challenge extends beyond compliance to competition. While PPWR may not immediately alter trade flows, it signals the direction for one of the world's most important premium food-import markets. Exporters who invest early in compliant, eco-friendly packaging and transparent supply chains will be better positioned to capture market share. They can build lasting relationships with European buyers as sustainability expectations continue to rise. 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/090826-asia-gets-first-homegrown-saf-certification-as-japan-issues-debut-stamp</link><description>Japan ClassNK has issued the first certification under Asia&amp;apos;s only ICAO-approved sustainable aviation fuel certification scheme, a milestone that removes a key regulatory barrier for Japanese producers seeking to supply CORSIA-eligible fuel. The certification comes just days after two of the region&amp;apos;s largest carriers retired a combined 400,000 metric tons of carbon credits under the same</description><title>Asia gets first homegrown SAF certification as Japan issues debut stamp</title><pubDate>08 September 2026 19:30:24 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Biofuels, Carbon, Vegetable Oils September 08, 2026 Asia gets first homegrown SAF certification as Japan issues debut stamp By Samyak Pandey Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS ClassNK issues Asia's first ICAO-approved SAF cert Japanese airlines retire 400,000 mt carbon credits Forestry residue pathway gains CORSIA eligibility Japan ClassNK has issued the first certification under Asia's only ICAO-approved sustainable aviation fuel certification scheme, a milestone that removes a key regulatory barrier for Japanese producers seeking to supply CORSIA-eligible fuel. The certification comes just days after two of the region's largest carriers retired a combined 400,000 metric tons of carbon credits under the same international aviation emissions framework. The certification, issued by Nippon Kaiji Kentei QA under the ClassNK Sustainable Certification Scheme on Sept. 8, was awarded to Mokukan no Mori, a Sumitomo Forestry Group lumber company that converts woody biomass residues from its lumbering operations into usable fuel products. The issuance marks the full operational launch of ClassNK SCS, which was approved by the ICAO Council in October 2024 as the third SAF certification scheme in the world and the first in Asia, according to a ClassNK press release on Sept. 8. The timing underscores the growing urgency of CORSIA compliance infrastructure in Asia. On Sept. 7, Japan Airlines and Singapore Airlines together retired 400,000 mt of credits under Phase 1 of the Carbon Offsetting and Reduction Scheme for International Aviation, according to data on the Verra Carbon Standard registry. Both carriers sourced their credits from VCS 2925, Grouped Projects for Improved Cookstoves in Cambodia, developed by Vietnam's INTRACO Carbon. Japan Airlines retired 100,000 mt of credits with a 2022 vintage, while Singapore Airlines and its subsidiary Scoot retired 300,000 mt with a 2023-24 vintage, with Scoot accounting for 30,439 mt of the Singapore Airlines total. The practical significance of a domestic Asian certification pathway is considerable. Until now, Japanese and other Asian SAF producers seeking CORSIA eligibility have been required to navigate certification processes designed around overseas schemes, primarily European ones. The ClassNK SCS creates a fully domestic certification pathway aligned with Japanese laws and business practices, lowering the administrative and cost barriers for producers entering the market. Certification infrastructure For SAF to qualify as a CORSIA-eligible fuel, every business in the supply chain from raw material sourcing to the blending point must be certified by a body operating within an ICAO-approved sustainability certification scheme. The absence of an Asia-based approved scheme had represented a structural gap in the region's SAF infrastructure, forcing producers to engage with foreign certification bodies and comply with frameworks not calibrated to Asian feedstock types, regulatory environments or supply chain structures. The Japan Accreditation Board for Conformity Assessment granted accreditation to Nippon Kaiji Kentei QA or the product certification sub-scheme covering the fuel manufacturing process on September 2, six days before the first certification was issued. ClassNK said it would expand its network of certification bodies and position the scheme as the foundation for SAF certification infrastructure across Japan and the broader Asian region. The choice of Mokukan no Mori as the scheme's inaugural certified entity signals that ClassNK SCS is designed to accommodate a broad range of feedstock pathways beyond the waste cooking oil and processed fatty acid distillate streams that currently dominate Asian SAF production. Certification of a forestry residue-based supply chain participant could support the feedstock diversification that has been identified as critical to scaling Asian SAF supply beyond the constraints of the globally traded waste oil market. The broader CORSIA credit market context adds further urgency to the certification infrastructure development. Platts, part of S&amp;P Global Energy, assessed prices of the Platts CEC â which reflects the value of fully eligible CORSIA Phase 1 credits â down 5 cents/mt of CO2 equivalent to $12.25/mtCO2e on Sept. 7. 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/090826-appec-interview-reliance-banks-on-jamnagar-refinerys-flexibility-to-weather-crude-shocks</link><description>India&amp;apos;s Reliance Industries Ltd. can process crude from diverse regions thanks to the advanced configuration and scale of its Jamnagar complex â&amp;#x80;&amp;#x94; a flexibility that will help it manage future supply disruptions along key shipping routes such as the Strait of Hormuz, Debangsu Ray, cluster president and head of the Jamnagar Refinery and Petrochemical Supersite, said Sept. 8 during APPEC 2026. Ray</description><title>APPEC INTERVIEW: Reliance banks on Jamnagar refinery&amp;apos;s flexibility to weather crude shocks</title><pubDate>08 September 2026 08:16:42 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Crude Oil, Refined Products, Chemicals, Electric Power, Energy Transition, Agriculture, Renewables, Hydrogen, Biofuels, Carbon September 08, 2026 APPEC INTERVIEW: Reliance banks on Jamnagar refinery's flexibility to weather crude shocks Sambit Mohanty Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Jamnagar refinery has processed over 240 crude grades Higher complexity helps to produce differentiated products Aims to maintain refining edge, scale up energy gigafactories India's Reliance Industries Ltd. can process crude from diverse regions thanks to the advanced configuration and scale of its Jamnagar complex â a flexibility that will help it manage future supply disruptions along key shipping routes such as the Strait of Hormuz, Debangsu Ray, cluster president and head of the Jamnagar Refinery and Petrochemical Supersite, said Sept. 8 during APPEC 2026. Ray added that the Asia-Pacific region, which normally sources substantial volumes of crude oil from the Middle East, had felt the greatest impact on energy flows due to disruptions in the Strait of Hormuz, compared with other regions. "The oil market is global in nature, and supply disruptions have adverse consequences for the world. The crude oil slate of the Jamnagar refinery has always been diverse. This gave us the ability to source feedstock from different regions and tide us over the current crisis, and it can also help to serve us in the future," Ray told Platts, part of S&amp;P Global Energy. About 75% of Asia's crude oil imports from the Middle East transited the Strait of Hormuz in 2025, according to S&amp;P Global Energy CERA. By the third quarter of 2026, that share had fallen sharply, fluctuating between 10% and 20%, ship-tracking data from S&amp;P Global Commodities at Sea showed. Ray said the Jamnagar refinery's Nelson Complexity Index of 21.1 â the highest in the world â gives the asset the versatility to process almost all crude oil grades and meet the increasingly differentiated, more demanding product specifications of global markets. The refining complex, with 1.4 million barrels/day of crude processing capacity, has so far processed more than 240 different grades of crude oil, Ray added. Leading refining hub Ray said India has established itself as a leading refining hub, balancing strong domestic demand with exports to various regions. At a time when the refining industry is facing a margin squeeze, new, more sophisticated refineries in the Middle East and China are intensifying competition. "Our emphasis will continue to be on deep petrochemicals integration, optimized logistics, energy self-sufficiency and efficiency and disciplined cost management across the entire value chain, supported by our agility and global footprint in petroleum product marketing," Ray said. Ray reiterated that meeting demand for oil products in India's fast-growing, price-sensitive domestic market is the biggest priority. Reliance's dual-refinery setup ensures local demand is met first, with export volumes adjusted dynamically in response to seasonal shifts. While past predictions of rapid declines in transport fuel demand had not materialized, the transition is likely to be gradual, he said. India's energy transition would be unique because the country still has enormous mobility growth ahead and has not yet reached peak transport fuel demand, he added. Given India's robust GDP growth, domestic demand for conventional transport fuels is expected to continue rising well into the next decade before plateauing. "The closure of several older refineries in the world will reduce the supply of transport fuels, which will have to be filled up by existing complex refineries. Technological pathways to reduce transport fuels and increase petrochemicals production are already available and are maturing, with a few small-scale units in operation," Ray said. "These include crude-to-chemicals and multizone catalytic cracking with selectivity toward higher olefinic yields." However, these options would require multi-billion-dollar investments, he added. "We will continue to monitor supply and demand balances, progress on the technological pathways and calibrate our strategy. We have plans for value addition through increased petrochemicals production. Being a well-established, large player in the petrochemicals business, we will be able to move quickly," Ray said. Embracing energy transition Looking ahead, Ray described the future path of the Jamnagar complex's transformation â from a traditional fuel refinery into an integrated energy and materials complex â as Reliance seeks to balance capital allocation between maintaining its core refining strength and scaling up its new energy gigafactories. "The next chapter for Jamnagar is about multidimensional integration. The primary capital allocation shall follow two mega-trends: deep petrochemicals expansion and world-scale green energy manufacturing," Ray said. "By placing solar, bioenergy and advanced energy storage ecosystems in close proximity to our refining footprint, we will create a symbiotic loop where clean energy powers low-carbon refining, which in turn yields the high-tech materials needed for the transition." He added that Reliance is actively co-processing bio and circular feedstocks and scaling up its infrastructure to meet the government's accelerated ethanol and biodiesel blending mandates. "With our planned integration of green hydrogen into our hydrotreating blocks and maximizing chemical conversion, we will supplement revenue growth from long-term fossil fuel demand," Ray said. Decarbonizing Jamnagar's vast operations would be a monumental engineering challenge, requiring a comprehensive approach, he added. "We are targeting substantial emissions reductions through three distinct pillars. First, we will progressively replace internal, fossil-based process heating and captive power with renewable power and green hydrogen. Second, we are scaling up the co-processing of biomass in our gasifiers and retrofitting our hydrotreaters for partial processing of renewable bio-oil feed. Finally, we are laying the technical groundwork for carbon capture and utilization â converting captured carbon dioxide into industrial chemical building blocks," Ray said. He added that the key to the cost competitiveness of green hydrogen lies in the convergence of factors such as technological breakthroughs, demand scale and supportive mandates. Conventional hydrogen produced via steam methane reforming currently costs about $1.5-$2.0/kg, while green hydrogen costs about $2.5-$4/kg. "The rapid adoption of green hydrogen (or ammonia) in countries and regions such as Japan and Europe can help in reducing costs. Also, increased solar energy generation and integration with large grids could cut the production cost of green hydrogen," Ray said. "We are hopeful that green hydrogen costs will become competitive compared with conventional hydrogen costs sooner than later." 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/slow-exits-are-redrawing-europes-alternative-asset-management-map-s101702047</link><description>This report does not constitute a rating action. Macroeconomic volatility, low exit activity, and concerns about software company valuations have heightened liquidity and valuation risks in the European alternative asset management industry. Asset managers&amp;apos; inability to exit assets at historical valuations has led realizations to stagnate, leaving funds struggling to return capital to investors. The European buyout distributed to paid-in capital ratio fell to roughly 6% of AUM in 2025, compared </description><title>Slow Exits Are Redrawing Europe&amp;apos;s Alternative Asset Management Map</title><pubDate>07 September 2026 16:35:46 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/090726-interview-australia-can-become-regional-saf-hub-with-onshore-feedstocks-boeing</link><description>Policy settings will determine whether Australia emerges as a sustainable aviation fuel production and export hub or remains principally a supplier of raw materials to overseas refiners, Boeing&amp;apos;s head of sustainability for Asia-Pacific and India, Kimberly Camrass, told Platts, part of S&amp;amp;P Global Energy, Aug. 27. This comes as the Asia-Pacific region&amp;apos;s low-carbon fuel supply chain develops under a</description><title>INTERVIEW: Australia can become regional SAF hub with onshore feedstocks: Boeing</title><pubDate>07 September 2026 09:48:34 GMT</pubDate><author><name>Mia Pei</name></author><content><![CDATA[ Agriculture, Refined Products, Energy Transition, Biofuels, Jet Fuel, Diesel-Gasoil, Oilseeds, Hydrogen September 07, 2026 INTERVIEW: Australia can become regional SAF hub with onshore feedstocks: Boeing By Mia Pei Editor: Rizwan Choudhury Getting your Trinity Audio player ready... HIGHLIGHTS Distributed supply chain model emerges Policy must balance production, demand: exec Boeing-CSIRO high case sees SAF at 90% of 2050 demand Policy settings will determine whether Australia emerges as a sustainable aviation fuel production and export hub or remains principally a supplier of raw materials to overseas refiners, Boeing's head of sustainability for Asia-Pacific and India, Kimberly Camrass, told Platts, part of S&amp;P Global Energy, Aug. 27. This comes as the Asia-Pacific region's low-carbon fuel supply chain develops under a more distributed model. The question has gained immediacy after the Australian government opened consultation on a potential demand mechanism for low-carbon liquid fuels, including those used in aviation, with feedback closing Sept. 15. The consultation forms part of Australia's wider A$14.8 billion Fuel Security and Resilience Package, which also includes A$3.2 billion for a government-owned reserve of 1 billion liters of diesel and jet fuel. Unlike conventional jet fuel, which is generally supplied by fewer, larger refineries and trading hubs, SAF could be produced closer to the region's varied feedstock pools, Camrass told Platts in an interview. "We're actually seeing the potential for a more distributed supply chain," she said, adding that this could spread the economic benefits of fuel production among countries while reducing exposure to disruptions in existing fossil-fuel supply chains. Production would depend on where feedstocks and processing capabilities overlap. Some markets have feedstocks but limited processing capacity, while Singapore and South Korea have substantial refining or blending infrastructure but fewer domestic feedstock options. A regional market would need to connect producers, processors and consuming countries, Camrass said. "Asia-Pacific has a high level of readiness and potential for SAF production to service its own needs and even to provide export opportunities to the rest of the world," she said. "The challenge is turning that potential into production in the short to medium term." Platts assessed SAF (HEFA-SPK) FOB Straits at $2,560/mt on Sept. 4, up $56/mt day over day. Australia's high-case potential A 2023 roadmap by Boeing and Australia's Commonwealth Scientific and Industrial Research Organisation found that local resources could theoretically support SAF output equivalent to almost 90% of projected Australian jet fuel demand by 2050. The high case assumes greater feedstock availability, higher biorefinery yields and growing hydrogen production. Potential output reached 89.72% of demand, compared with 7.57% in the low case. Boeing said both scenarios remain applicable. Australia exports up to A$6 billion of feedstocks annually, including canola and tallow, according to the government. "If Australia is to receive the economic and industrial development benefits of a SAF industry, it would be preferable for that SAF to be produced here and exported, as opposed to the feedstock being exported directly," Camrass said. The policy framework would ultimately determine which trade model prevailed, she added. Australia and New Zealand could eventually supply Pacific island countries lacking the resources for domestic SAF production, Camrass said. Balancing supply and demand "A demand-side policy that has not considered the supply-side requirements is poor economic policy and can result in less affordable aviation, less accessible aviation," Camrass said. Boeing supports a package of supply-and-demand measures rather than a single instrument. Camrass cited alignment with CORSIA, transparent obligations, compatible federal and state incentives and a policy duration of at least 10 years. Guaranteed strike prices and production tax incentives could lower costs and improve project bankability, she said. Through 2030, Boeing supports coprocessing and other transitional options at existing Australian refineries, Camrass said. Corporate demand could provide additional support through book-and-claim systems, under which buyers purchase SAF's environmental attributes without receiving the physical fuel. "Book and claim at a domestic level in Australia will be absolutely critical," Camrass said. The systems could help companies address Scope 3 business-travel emissions, attract corporate capital and help airlines absorb part of SAF's price premium, Camrass said. Certification pathway Camrass said Boeing was working to enable higher SAF blend rates. Current ASTM International specifications allow fuel produced through approved SAF pathways to be blended with conventional jet fuel at rates of up to 50%. "Over the past five years, we worked with ASTM to enable SAF within existing fuel specifications, proving that adoption requires no changes to engines, fuel systems, or airport infrastructure," Camrass said. Boeing is also working to expand fuel specifications to ensure compatibility with existing and future fleets. The company aims to ensure that all new commercial airplanes delivered from 2030 are compatible with 100% SAF and is procuring blended SAF for its US operations. Scaling production, however, will require action by stakeholders beyond aircraft manufacturers, Camrass 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/latest-news/energy-transition/082826-indonesia-may-emerge-as-next-major-biochar-credits-producer-in-se-asia-after-india-cmi-panel</link><description>Indonesia could emerge as the next major biochar carbon credit producer in Southeast Asia after India, with substantial feedstock availability positioning the country to deliver significant carbon removal volumes, panelists said during Carbon Market Institute&amp;apos;s Singapore Carbon Forum 2026. Alvin Lee, head of Supply at Puro.earth, during the panel &amp;quot;Innovation Showcase: Scaling Finance into Carbon</description><title>Indonesia may emerge as next major biochar credits producer in SE Asia after India: CMI panel</title><pubDate>28 August 2026 15:44:58 GMT</pubDate><author><name>Himanshu Chauhan</name><name>Rachel Tan</name></author><content><![CDATA[ Energy Transition, Agriculture, Carbon, Biofuels, Emissions August 28, 2026 Indonesia may emerge as next major biochar credits producer in SE Asia after India: CMI panel By Himanshu Chauhan and Rachel Tan Editor: Karla Sanchez Getting your Trinity Audio player ready... HIGHLIGHTS Indonesia has a large biochar output potential in Southeast Asia No price differential expected between SE Asia nations in early stage EU-ETS CDR integration model eyed for Asia compliance schemes Indonesia could emerge as the next major biochar carbon credit producer in Southeast Asia after India, with substantial feedstock availability positioning the country to deliver significant carbon removal volumes, panelists said during Carbon Market Institute's Singapore Carbon Forum 2026. Alvin Lee, head of Supply at Puro.earth, during the panel "Innovation Showcase: Scaling Finance into Carbon Removals," on Aug. 27, noted that early research indicates Indonesia has the largest potential feedstock sources in Southeast Asia. "In this region, Indonesia could deliver very substantial amounts of biochar carbon removal within Southeast Asia," Lee said. The panel noted that while Indonesia shows the most promise, other Southeast Asian markets are also developing biochar projects, including Thailand, Malaysia, Philippines and Cambodia. "We're watching very closely what could be delivered further in Thailand, what new projects can come in Malaysia, etc. But if you add all those up, could it equal India? I'm not sure. India has enormous potential as well," Lee said, while commenting if any of the nations can match the pace of Biochar Carbon Credit developments in India. Platts, part of S&amp;P Global Energy, assessed biochar India at $130/metric ton of CO2 equivalent Aug. 28, steady day over day. An Indonesia-based developer told Platts that Southeast Asian nations were building infrastructure around on-site operations to tackle Scope 3 emissions of companies involved with direct communities and farmers. No differential seen at current stage Market participants said that despite differences in feedstock availability and biomass types across Southeast Asian countries, price differentiation between nations is unlikely in the early stages of market development. Adrien Humbert, co-founder and CEO of Circonomy, noted that the biochar market in Asia remains in its early stages, with standardization and methodology development taking priority over geographic price differentiation. An Asia-based biochar developer said that while there are obvious differences in the biomass available in Indonesia and India, such factors will not play a major role in deciding price levels, with project size, developer track record, and offtake volumes proving more influential. "If buyers have to differentiate, then there are other, better and major things to look at, such as co-benefits, community engagements, etc. For different biomass, such as husk and soy, the carbon content differs, but it's not that substantial," the biochar developer said. A second Southeast Asia-based biochar developer, whose also active in India, acknowledged operational challenges with certain biomass types but said such issues would not materially affect pricing. "I think it's harder to operate with the kind of biomass available in Indonesia. The machine tears down faster, but that is a tech issue and won't affect the prices much," the developer said. The developer added that at this stage, the market is focused on scaling supply and building buyer confidence in permanence and Measurement, Reporting, and Verification. Geographic differentiation will likely emerge later as the market matures and specific co-benefits become more valued. EU-ETS model eyed for Asia Panelists also discussed the potential for integrating carbon dioxide removal into Asian compliance schemes, drawing on developments in Europe's Emissions Trading System. Lee highlighted that the EU-ETS is accelerating efforts to integrate CDR into its system, with market participants closely watching how much CDR purchasing will occur and when. "That works in Europe because the cost of emissions or emissions allowance price is very high, right? And there's nothing quite comparable that we can observe in this region," Lee said. Platts assessed the EU Emission Allowance Nearest-December â¬82.36/mtCO2e ($95.61/mtCO2e), Aug. 28. He suggested that Asian compliance schemes with clear carbon pricing, including Australia, Singapore, Japan and China, could introduce "high ambition sleeves" that allow a portion of compliance obligations to be met with CDR credits, rather than requiring exclusive CDR use. Panel cited biochar as an example, noting that while Singapore's carbon tax currently sits below S$50/mtCO2e, well below biochar's cost, the technology's strong agronomic value and contribution to food security could justify its inclusion in compliance schemes. The discussion reflects growing interest in how Asian carbon markets can incentivize high-integrity carbon removal technologies while maintaining cost-effectiveness for compliance entities, with biochar emerging as a potential bridge between removal ambition and regional agricultural co-benefits. 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/090726-petronas-eni-team-up-to-develop-renewable-motorsport-fuel</link><description>Eni and Petronas have signed a feasibility agreement to develop high-performance bio-gasoline from renewable feedstocks, a move that could open new commercial pathways for sustainable road fuels if the motorsport application proves technically and economically viable. The agreement, signed on the sidelines of the 2026 Formula 1 Italian Grand Prix in San Donato Milanese, will leverage Eni&amp;apos;s</description><title>Petronas, Eni team up to develop renewable motorsport fuel</title><pubDate>07 September 2026 15:44:51 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Refined Products, Natural Gas, Biofuels, Renewables, Diesel-Gasoil, Gasoline September 07, 2026 Petronas, Eni team up to develop renewable motorsport fuel By Samyak Pandey Editor: Giselle Rodriguez Getting your Trinity Audio player ready... HIGHLIGHTS Partners assess bio-gasoline feasibility Pengerang facility targets 650,000 mt capacity HVO diesel reaches 1,700 European stations Eni and Petronas have signed a feasibility agreement to develop high-performance bio-gasoline from renewable feedstocks, a move that could open new commercial pathways for sustainable road fuels if the motorsport application proves technically and economically viable. The agreement, signed on the sidelines of the 2026 Formula 1 Italian Grand Prix in San Donato Milanese, will leverage Eni's proprietary Ecofining technology, the same process the Italian energy major has used to produce hydrotreated vegetable oil biofuels since 2014, to assess whether a commercially scalable bio-gasoline can be produced from renewable raw materials for use first in motorsport and later in broader consumer markets. The deal adds a new dimension to the two companies' existing biofuels cooperation and could have significant implications for renewable gasoline trade flows, particularly in Europe and Southeast Asia, where both firms have established refining and distribution infrastructure. Biorefinery ambitions The agreement tasks both companies with evaluating the technical, market, and sustainability profiles of the proposed bio-gasoline, as well as its performance characteristics under motorsport conditions. Eni will draw on its Eni biorefinery operations, which already produce commercially available HVO diesel and sustainable aviation fuel, while Petronas will contribute its fuel technology expertise spanning fossil-based and high-performance sustainable fuels for combustion engines, according to the companies' joint statement. The partnership builds on a deepening bilateral relationship. The two companies recently established Searah, a 50:50 joint venture combining gas production and development assets across 19 blocks in Indonesia and Malaysia. In the biofuels space specifically, Petronas has joined Eni and Japan's Euglena to form Pengerang Biorefinery, a joint venture developing a biorefinery at Pengerang in Johor, Malaysia. That facility is expected to reach processing capacity of up to 650,000 metric tons of renewable feedstocks per year by the second half of 2028, producing SAF, HVO diesel and bio-naphtha, according to the statement. The Pengerang project positions the partnership as a significant future supplier of renewable distillates into Asian markets, where demand for low-carbon transport fuels is growing under tightening regulatory frameworks. Eni currently distributes HVO diesel at more than 1,700 service stations across Europe, giving the partnership an established retail channel through which any future commercial bio-gasoline product could be introduced to market, according to the statement. The motorsport-to-road pathway mirrors strategies already adopted by other fuel developers in the Formula 1 ecosystem, where the sport's governing body has mandated a shift to fully sustainable fuels. A successful demonstration in high-performance racing conditions could accelerate regulatory and consumer acceptance of bio-gasoline as a drop-in replacement for conventional petrol, with potential to reshape blending demand across European and Asian refining markets. Platts, part of S&amp;P Global Energy, assessed Sustainable Aviation Fuel HEFA-SPK FOB Straits, reflecting CORSIA-certified cargoes, at $2,550/mt on Sept. 7, down $10/mt from Sept. 4, below offers heard on the 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/090426-brazil-anac-seeks-saf-monitoring-rules-input-before-2027-deadline</link><description>Brazil&amp;apos;s civil aviation regulator has opened a public consultation on the monitoring and compliance rules for its mandatory sustainable aviation fuel program, with less than four months before the first binding emissions reduction targets take effect and key market architecture questions still unresolved. The National Civil Aviation Agency (ANAC) launched Public Consultation No. 12/2026 on Sept.</description><title>Brazil ANAC seeks SAF monitoring rules input before 2027 deadline</title><pubDate>04 September 2026 20:35:55 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Biofuels, Carbon, Oilseeds, Vegetable Oils September 04, 2026 Brazil ANAC seeks SAF monitoring rules input before 2027 deadline By Samyak Pandey Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS ANAC opens consultation on SAF compliance rules Book-and-claim system creates new pricing Airlines demand cost neutrality for adoption Brazil's civil aviation regulator has opened a public consultation on the monitoring and compliance rules for its mandatory sustainable aviation fuel program, with less than four months before the first binding emissions reduction targets take effect and key market architecture questions still unresolved. The National Civil Aviation Agency (ANAC) launched Public Consultation No. 12/2026 on Sept. 3, inviting submissions on a proposed resolution establishing monitoring, reporting and verification procedures for the National Sustainable Aviation Fuel Programme, known as ProBioQAV. The consultation remains open until Oct. 1, 2026, after which ANAC will analyze contributions before the proposal goes to the agency's Board of Directors for deliberation. The ProBioQAV program, established under the Fuel of the Future Law and regulated by Decree No. 13,094 of 2026 signed on Aug. 12, requires airlines operating domestic flights in Brazil to reduce aviation greenhouse gas emissions by 1% in 2027 through SAF use, with targets increasing progressively in subsequent years. The first mandatory targets are effective from Jan. 1, 2027, creating a narrow implementation window for an industry still awaiting final rules on certification, feedstock eligibility, pricing and financing. Regulatory framework and unresolved questions The proposed resolution covers the procedures and methodologies air operators must follow for monitoring and reporting emissions and reductions attributable to SAF use on domestic flights, the mechanisms for proving compliance with targets set under Law No. 14,993 of 2024, verification processes for declared information, use of the Sustainable Aviation Fuel Certificate (CS-SAF), alternative compliance pathways, and ANAC inspection procedures. The proposal was developed through technical analyses and discussions within the SAF Connection initiative, a forum coordinated by ANAC and the National Agency of Petroleum, Natural Gas and Biofuels (ANP) that brings together representatives from the aviation sector, the fuel industry, sector associations, academic institutions and public bodies. ANAC will hold a forum on Sept. 11 to present the proposed regulations and detail the agency's responsibilities within ProBioQAV, the monitoring mechanisms and the COâ target compliance framework. Despite the regulatory progress, significant market questions remain unresolved with the mandate less than five months away. A key issue under scrutiny is how Brazil's domestic certification system will interact with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), whose mandatory phase also begins in 2027. The decree allows producers to certify SAF either through the national system to be developed by ANP or under CORSIA-approved schemes, and CORSIA-certified SAF will automatically qualify under the Brazilian system. However, the regulation does not establish whether Brazilian CS-SAF certificates will similarly support CORSIA Eligible Fuel claims, creating potential uncertainty for airlines with both domestic and international compliance obligations. Brazil's pool of CORSIA-certified feedstocks remains limited. Bunge supplies certified SAF-grade soybeans, while ADM's soybean processing unit in RondonÃ³polis, Mato Grosso, is also listed as certified. State-controlled oil company Petrobras has commercially produced co-processed SAF using technical corn oil and Bunge's certified soybean oil. Traceability remains a challenge for other potential feedstocks, particularly used cooking oil, where collection is fragmented, and Brazil currently restricts UCO imports, though the government has been reviewing the issue. Book-and-claim and cost concerns The decree's inclusion of a book-and-claim structure has introduced a new pricing dynamic that market participants are still assessing. Under the framework, CS-SAF certificates can be traded independently from the physical fuel until retirement, meaning the purchaser of the physical SAF cannot claim the associated emissions reduction once the certificate is separated. The structure could streamline compliance logistics, given that Brazil's mandate is based on annual emissions reductions rather than requiring each airline to physically blend a fixed SAF percentage, potentially allowing physical SAF to be supplied where logistics are most efficient while airlines acquire certificates separately. 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/083126-air-permits-for-data-centers-heated-topic-ahead-of-epa-rule-revision</link><description>A Trump administration plan to let states determine whether to allow public input on certain Clean Air Act permits has garnered broad attention â&amp;#x80;&amp;#x94; in large part because the move could affect data center construction across the US. The US Environmental Protection Agency proposal, now being finalized, has prompted comments from thousands of individuals nationwide. It has also energized oil and gas</description><title>Air permits for data centers heated topic ahead of EPA rule revision</title><pubDate>31 August 2026 21:11:11 GMT</pubDate><author><name>Karin Rives</name></author><content><![CDATA[ Energy Transition, Electric Power, Emissions August 31, 2026 Air permits for data centers heated topic ahead of EPA rule revision Karin Rives Editor: Sarah Smith Getting your Trinity Audio player ready... HIGHLIGHTS EPA proposes eliminating public input rules States gain discretion over permit hearings A Trump administration plan to let states determine whether to allow public input on certain Clean Air Act permits has garnered broad attention â in large part because the move could affect data center construction across the US. The US Environmental Protection Agency proposal, now being finalized, has prompted comments from thousands of individuals nationwide. It has also energized oil and gas companies, civil rights and environmental groups, manufacturers, health experts and state officials â all of whom claim a stake in the matter. The EPA rule would eliminate federal requirements that states provide notice and hold public hearings before so-called "minor source" permits are issued under the Clean Air Act's New Source Review program. Industrial facilities that emit pollutants below certain thresholds can qualify for minor source permits and obtain faster approval than facilities requiring major-source permits, which are subject to extensive and sometimes costly environmental reviews. Data centers and their energy providers often rely on minor permits when seeking preconstruction approval for backup diesel generators or power sources. Industry supporters argued in comments filed on the EPA plan that the agency never provided clear rules on how public participation should be handled as the New Source Review program evolved. Practices for notifying and involving the public when companies request minor source permits are often inconsistent and vary from state to state, according to commenters on both sides of the issue. "EPA's proposed rule strikes an appropriate balance by acknowledging that the best reading of the Clean Air Act ... is that Congress afforded EPA and states and local air agencies discretion to determine whether, when and to what extent to include public participation requirements in regulations of the modification and construction of stationary sources," the American Petroleum Institute wrote in its comment on the agency's rulemaking. The EPA plan fits into a broader effort to modernize federal permitting, the Petroleum Alliance of Oklahoma told the agency. "By reducing unnecessary permitting processes for lower-emitting projects, it complements other federal administrative and legislative initiatives aimed at delivering more efficient, predictable permitting for energy, manufacturing, and infrastructure projects without compromising core environmental protections," the trade group said in its comment. Opponents of the proposed EPA rule said states routinely issue minor source permits that result in significant pollution for communities near industrial facilities. "Many of our organizations represent or partner with communities where large data centers, refineries, chemical plants, processing facilities, asphalt plants, concrete batch plants, chemical pyrolysis plants and an array of other highly polluting facilities are sited and expanded â permit after permit â often without our knowledge until construction has already begun," 193 local groups wrote in a comment filed on the EPA plan. The comment period closed Aug. 21. Georgia data center lacked generator permit In Georgia, environmental regulators in July issued a stop-work order to VoltaGrid LLC after local activists sent aerial photos to the state showing that the company was installing natural gas-fired generators without a permit next to a data center in Covington southeast of Atlanta. Houston-based VoltaGrid specializes in temporary energy solutions for data centers and had been tapped to provide 33 natural gas generators as a 90 MW "bridge" electric generating unit. The data center is expected to connect to Georgia Power's grid about a year. The photos also showed that the data center developer, ServerFarm LLC, had installed 36 of the 37 diesel-fired backup generators proposed in its application to the state even though it lacked an air quality permit. Both companies are being investigated by the state and could be fined, Sara Lips, a spokesperson for the Georgia Environmental Protection Division said in an email. Maurice Carter, president and co-founder of the small nonprofit Sustainable Newton, said he drove to the data center site in mid-June and took photos after learning that someone had seen construction activity. The photos led to the drone fly-over and aerial images that prompted the state to take action, he said in an interview. "I go by every day and take pictures and visit," said Carter, a former project executive with IBM who formed the nonprofit as a retiree. "It's one of the difficulties with holding a project like this accountable. The more EPA tries to ease the rules and let the companies do more, who on the ground can discern what's going on?" The Georgia Environmental Protection Division (EPD) posted a notice about the project on its website in November 2025, as required under federal law, prompting the group's investigation. Carter said the EPA proposal could make it harder to get such notices and protect local communities. VoltaGrid and ServerFarm did not return requests for comment. Permitting flexibility Some states commenting on the EPA proposal agreed that they are best equipped to handle public input on Clean Air Act permits. States take seriously the public's involvement in permitting actions, "but this does not mean that an across-the-board public notice mandate for state and local minor NSR permitting is lawful or appropriate," the South Carolina Department of Environmental Services wrote in comments to the EPA. Ohio has a 30-day public comment period for all its New Source Review permits, including minor source permits, and takes such comments into account, wrote the Ohio Environmental Protection Agency. "The proposed rule would allow Ohio EPA to continue its current public participation process but also provide the option to tailor the process for minor NSR permits, general permits and permits by rule," the agency wrote in its comment. "Ohio EPA appreciates such discretion, and as such, supports the proposal." Meanwhile, the Georgia community groups are pressing forward with their challenges to the Covington data center permits, even as the EPA and some states question the need for such engagement. During the first three months of the year, 75 data centers worth an estimated $130 billion were disrupted by local opposition, according to Data Center Watch, published by AI research firm 10a Labs. Emission concerns, PSC schedules hearing The activists in Covington urged state regulators not to split the data center's 37 diesel backup generators and 33 gas generators between two minor permits since they serve a single facility but rather collect them under a single major permit. The same argument was raised for a $10 billion data center in North Carolina for which state regulators on Aug. 28 approved two separate permits. Sustainable Newton, together with the group Altamaha Riverkeeper and attorneys with the Southern Environmental Law Center, also argued that the Covington data center energy project needs approval from the Georgia Public Service Commission. Since VoltaGrid is intent on operating as an energy provider under its own permit and independent of the data center, the company must be regulated by the commission as a cogenerator, the groups said in a July filing with the PSC. VoltaGrid, in a response, pushed back against the notion that it is an electric retail supplier under the jurisdiction of state utility laws. The company is still awaiting the air permit needed to resume installation of the gas generators. The Georgia commission set a hearing for December 9. A similar appeal was rejected by South Carolina utility regulators on Aug. 27. 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/special-reports/energy-transition/energy-scenarios-report-2026</link><description>Geopolitical disruption, rising import exposure, accelerating electricity demand and the intensifying impacts of climate change are reshaping the way policymakers and corporates think about energy and environmental security.</description><title>In Search of Resilience</title><pubDate>04 September 2026 19:31:00 GMT</pubDate><content><![CDATA[ S&amp;P Global Energy In Search of Resilience A scenario-based assessment of energy and environmental security Let's Talk Interested in our product? Contact us. Contact Us On this page Introduction Energy Scenarios Pathways to Resilience Resilience Outcomes Strategic Implications On this page Introduction Energy Scenarios Pathways to Resilience Resilience Outcomes Strategic Implications Key Takeaways Resilience now drives the global energy future: building systems, strategies and institutions that adapt to volatility. S&amp;P Globalâs 2026 Energy Scenarios outline four pathways to 2060, each requiring governments, corporations and consumers to manage trade-offs across growth, technology, energy security and governance. Decarbonization remains essential, but must be balanced with import exposure, reliability, supply chains, climate adaptation and affordability. Fossil fuels will remain significant for decades, but clean technology will shape future energy systems; in the Base Case, wind and solar supply over half of global power by 2060. S&amp;P Globalâs Energy Scenarios project by 2100 a warming ranging from 3.1 Â°C to 2.0 Â°C above pre-industrial levels, signaling rising climate risk despite emissions progress. Introduction Download report Geopolitical disruption, rising import exposure, accelerating electricity demand and the intensifying impacts of climate change are reshaping the way policymakers and corporates think about energy and environmental security. In this environment, resilience is no longer simply about withstanding shocks; it is about building systems, strategies and institutions capable of adapting to a more volatile world. S&amp;P Globalâs 2026 Energy Scenarios explore four distinct pathways through this uncertainty. Each offers a different route to resilience, and each demands compromise. Together, they show that the future of energy will be defined not by a single pathway, but by the ability of governments, energy companies and industrial consumers to manage trade-offs between security, affordability, competitiveness and climate risk. Building resilience In July 2025, we introduced three brand new Energy Scenarios (Adaptation, Fracture and Renaissance) alongside an updated and refreshed Base Case. Since then, the instability and uncertainty that has so far characterized the 2020s has only been amplified. The ongoing conflict in the Middle East between Iran, the United States and Israel is the latest and perhaps most consequential example of the upending of geopolitical norms that began in 2025. Whatever the outcome of the conflict, it is now clear that the post-WW2 period that previously defined the global geopolitical landscape has drawn to a close. What follows is unknown. But with future market, geopolitical and environmental shocks increasingly likely, resilience has become the new mantra for policymakers and corporate strategists alike. S&amp;P Globalâs Energy Scenarios, updated for 2026, explore this concept of resilience in different ways, each finding solutions to the twin challenges of energy and environmental security, but also sometimes demanding difficult compromise, depending on the pathway followed. To learn more or to request a demo, visit spglobal.com/energy-scenarios. The 2026 Energy Scenarios Download report The 2026 Energy Scenarios update the analysis we introduced in July 2025. The suite of outlooks comprises the Base Case as well as three alternative scenarios: Adaptation, Fracture and Renaissance. The S&amp;P Global Energy Base Case describes a world attempting to manage the instability and uncertainty of the early- to mid-2020s and facilitate an energy transition that conclusively pivots the global energy system away from fossil fuels, while still meeting the growing energy needs of developed and emerging economies alike. Base Case Pragmatic transition with gradual decarbonization Adaptation Economic resilience outweighs emissions reduction Fracture Rapid innovation amid weak governance Renaissance Accelerated clean energy in a multipolar world Base Case Pragmatic transition with gradual decarbonization Adaptation Economic resilience outweighs emissions reduction Fracture Rapid innovation amid weak governance Renaissance Accelerated clean energy in a multipolar world In this effort, the world is not entirely unsuccessful: the energy system of 2060 is far less reliant on fossil fuels than in 2026, and greenhouse gas emissions see decades of sustained decline, although the transition away from fossil fuels remains incomplete by the end of the outlook period. The Adaptation scenario balances fossil-fuel-powered economic growth against the risks of heightened global warming. Countries pivot toward strategies that emphasize adaptation to climate change via stronger, more resilient economies over emissions mitigation. This focus on economic growth underpins robust energy consumption and resilient demand for fossil fuels, especially oil and gas, over the long term. The Fracture scenario explores the possibility of accelerated technological progress in a weak policy and governance environment. Fracture sees rapid technological advancements, but also complex governance issues and significant shifts in global energy dynamics as some markets decarbonize very rapidly, while others lag. The combination of poor governance and accelerated technological progress has profound implications for geopolitics and economics, as well as environmental issues such as climate change, creating a complex and often difficult future for energy markets and society at large. In the Renaissance scenario, major shifts in the global balance of power result in a more multipolar geopolitical landscape. A faster-than-expected rise of key emerging markets and developing economies (EMDEs) play a significant role in driving strong global economic growth and a more accelerated pathway of clean energy technology (CET) uptake across the world. 2026 energy scenarios Source: S&amp;P Global Energy Adaptation 2026 Fracture Renaissance 2.4% 18% 53% -27% 2.6 Â°C 2.7% 34% 65% 5% 3.1 Â°C 1.9% 2% 55% -26% 2.6 Â°C 2.7% -3% 32% -68% 2.0 Â°C 2025 2025 2060 Base Case (CAGR 2000-25) (2000-25) (2000-25) (CAGR 2025-60) (2025-60) (2025-60) (est. change by 2100) 2.8% 57% 80% 44% (actual) of TPED in 2025 Fossil fuel % GHG emissions TPED Global GDP Fossil fuel % GHG emissions Global temp. TPED Global GDP of TPED in 2060 Pathways to resilience Download report All four 2026 scenarios build forward from the mid-2020s marked global increase in volatility and fragmentation of international relationships and trade. But the scenarios also take account of structural and long-term trends that have increasingly defined global energy markets in recent years, in particular the increased exposure of emerging economies to energy imports, and the growing role of electricity in meeting end-use demand. In addition, the scenarios are shaped by a world which is increasingly seeing the impacts of global climate change, driven by anthropogenic greenhouse gas (GHG) emissions. Over the last 30 years, the major global energy demand centers have typically increased their reliance on imported energy in order to meet demand. In 2025 Europe met over 45% of its energy demand with imports; India 36% and China 22% (although in volumetric terms China is by far the worldâs largest energy importer). In 2025 Europe met over 45% of its energy demand with imports; India 36% and China 22% With the Iran war representing the second major global energy crisis in only four years (after Russiaâs invasion of Ukraine in 2022), the import exposure of major global economic centers has become a strategic risk that can no longer be taken for granted. Of the worldâs major economies the US stands alone in not only having reduced its exposure to energy imports since 2005, but also having switched to a net energy exporter status, a result of radically increased production of oil and natural gas over the last 20 years. The second critical trend is the growth of electricity as the worldâs energy type of choice at the point of end use. Electricity is taking market share from other fuels in all sectors â from industry to transport, to residential and commercial. With the emergence of data center demand growth, electricity supply has become even more critical to the modern economy. Crucially, demand for electricity in emerging markets is now, on a per capita basis, significantly higher than it was in developed country peers at the same stage of economic development. In 2026, Europe endured numerous heatwaves, record-breaking temperatures and wildfires. In 2026, Europe endured numerous heatwaves, record-breaking temperatures and wildfires. In the Pacific Ocean, an El NiÃ±o is developing which could be the most intense ever recorded â and push 2027 global average temperatures to levels never before seen in human history. In this age of uncertainty, the challenge is to maximize energy security (particularly in those economies exposed to energy imports) and provide ever-increasing electricity supply at an affordable level, all while trying to minimize environmental impacts â especially those related to the global climate. Energy security In defining pathways to resilience, the two extremes for energy security solutions are illustrated by the Adaptation and Renaissance scenarios. In the former, energy security emerges from a "stronger for longer" use of fossil fuels. Countries that are able to exploit domestic fossil reserves do so, but demand is also supported by robust international energy trade. In the latter, energy security emerges via the accelerated deployment of clean energy technology, which by default brings more energy production back inside countriesâ borders. Energy security is achieved via a pragmatic balance between the deployment of clean energy technology and the continued use of fossil fuels. In the Base Case, energy security is achieved via a pragmatic balance between the deployment of clean energy technology and the continued use of fossil fuels. All countries demonstrate some level of energy transition, but this is fastest and deepest in select economies, principally China and Europe. In Fracture, energy security is sought but not always achieved. Energy trade is volatile and imports not always guaranteed, but the ubiquity and low cost of clean energy technology â especially solar and batteries â offers emerging economies in particular the opportunity to develop their energy systems even against the background of the poor governance and weak institutions that are a global theme in this scenario. Electricity demand and supply are the critical differentiators Across the scenarios, trends in electricity demand and supply underly the various pathways to energy security. All outlooks show the continuation of the trend since 1990 for electricity to take an ever-larger share of end-use (or final) energy demand. In the Base Case, power demand grows from 22% of final energy demand in 2025 to 36% by 2060. Meanwhile, the share of renewables in the power supply mix grows ever stronger; by 2060 wind and solar combined will supply more than half of global power demand. Adaptation In Adaptation, electricity increases its share of end-use energy demand over the decades, though not to quite the degree seen in the Base Case. Moreover, end-use demand for fossil fuels grows marginally in absolute terms. Top-line demand growth is strongest of all scenarios in Adaptation, and the role of EVs weakest: these two factors alone ensure a much longer future for oil demand in the transportation sector, which helps to underpin long-term end-use fossil fuel consumption. Meanwhile, the contribution of wind and solar (and other renewables) to power generation grows, but again not to the same degree as in the Base Case, leaving a much larger role in the power mix for coal, and especially gas, through the long term. Fracture The Fracture scenario shows complex regional, governance and technology dynamics which simultaneously result in an electricity end-use share of final energy demand which is second-highest in all the outlooks by 2060 (37%) even while delivered electricity is lowest in absolute terms. In Fracture, clean energy technology is available but not always deployed in the most effective or robust fashion, which prevents this scenario from achieving the accelerated energy transition seen in Renaissance (below). Nevertheless, end-use consumption of fossil fuels does fall in absolute terms in the Fracture scenario, and the role of renewables in the power sector does grow. By 2060, non-hydro renewables represent 65% of global power supply â with this total significantly higher in select countries, including China. Renaissance Renaissance is the scenario in which the twin trends of electrification of end-use energy demand and the decarbonization of power generation reach their apogee. A concerted and deliberate shift to "electrify everything" in almost all countries (or at least, electrify everything it is plausible to electrify) leads to power reaching almost 50% of end-use demand by 2060. Oil demand shrinks by about half and coal demand is almost totally eliminated from the last remaining industrial sectors where it is currently in use. On the power generation side, the same mantra to electrify everything is applied to renewable deployment, pushing this to the highest level of output in any of the scenarios. In Adaptation, electricity increases its share of end-use energy demand over the decades, though not to quite the degree seen in the Base Case. Moreover, end-use demand for fossil fuels grows marginally in absolute terms. Top-line demand growth is strongest of all scenarios in Adaptation, and the role of EVs weakest: these two factors alone ensure a much longer future for oil demand in the transportation sector, which helps to underpin long-term end-use fossil fuel consumption. Meanwhile, the contribution of wind and solar (and other renewables) to power generation grows, but again not to the same degree as in the Base Case, leaving a much larger role in the power mix for coal, and especially gas, through the long term. The Fracture scenario shows complex regional, governance and technology dynamics which simultaneously result in an electricity end-use share of final energy demand which is second-highest in all the outlooks by 2060 (37%) even while delivered electricity is lowest in absolute terms. In Fracture, clean energy technology is available but not always deployed in the most effective or robust fashion, which prevents this scenario from achieving the accelerated energy transition seen in Renaissance (below). Nevertheless, end-use consumption of fossil fuels does fall in absolute terms in the Fracture scenario, and the role of renewables in the power sector does grow. By 2060, non-hydro renewables represent 65% of global power supply â with this total significantly higher in select countries, including China. Renaissance is the scenario in which the twin trends of electrification of end-use energy demand and the decarbonization of power generation reach their apogee. A concerted and deliberate shift to "electrify everything" in almost all countries (or at least, electrify everything it is plausible to electrify) leads to power reaching almost 50% of end-use demand by 2060. Oil demand shrinks by about half and coal demand is almost totally eliminated from the last remaining industrial sectors where it is currently in use. On the power generation side, the same mantra to electrify everything is applied to renewable deployment, pushing this to the highest level of output in any of the scenarios. Resilience Outcomes Download report Evolution of global energy trade Electrification of energy demand and the decarbonization of power generation are the foundations of energy security, but energy security is ultimately defined by a country (or regionâs) dependence on imported energy. If energy imports represent a large share of energy demand, then secure and reliable trade is imperative. If trade is unreliable or volatile, minimizing import exposure and reshoring energy production is critical. For China, the strategic development of a clean energy technology industry has a marked impact on future energy import levels. In 2025, China is the worldâs largest energy importer, and imports are needed to meet almost 1/4th of total energy demand. By 2060, this picture has changed dramatically across all scenarios. In the Base Case, imports represent only 16% of energy demand, with this share falling to 7% in the rapid-decarbonization Renaissance scenario. In India, imported energy meets about 35% of demand in 2025. By 2060, the Base Case sees about the same share of energy met by imports, although in volume terms there has been material growth. The Adaptation scenario facilitates open international energy trade: here, in 2060 Indiaâs energy imports are about double the 2025 level in volume terms, and the share of demand has also risen slightly to 40%. Only in Renaissance is there a material decline in both energy imports in volume and demand share terms â a result of the very rapid electrification and decarbonization of the power sector in this scenario. In the wake of the Ukraine war and loss of gas supplies from Russia, EU policymakers leaned into accelerated decarbonization as a solution not just for emissions mitigation, but also for enhancing energy security. Despite the lack of a domestic cleantech industry akin to Chinaâs, the EU nevertheless sees declining imports of energy across all scenarios between 2025 and 2060, and a sharp reduction in the import share of energy demand. Only in the Adaptation scenario does the openness of global energy trade through the long-term mean EU energy imports stay above a 40% share of demand in 2060 â with few concerns arising around energy security issues. Greenhouse gas emissions Global GHG emission trends closely follow the energy supply and demand paths illustrated by each of the scenarios. Once again, Adaptation and Renaissance define the extremes. As a result of the "higher for longer" fossil fuel signature of Adaptation, global GHG emissions grow until 2040 and then only plateau: emissions are almost at parity (+5%) with 2025 levels by 2060. In Renaissance, the global drive to revive multilateral climate policy and invest heavily in clean energy technology means by 2060, global GHG emissions are 68% below 2025 levels â and some markets are approaching true net-zero status. In Renaissance, decarbonization is not just a power sector story â all sectors contribute to decarbonization. In the Base Case and Fracture, global GHG emission trends are almost identical at the total level. In both outlooks, global emissions by 2060 are approximately 25% lower than 2025 levels, though this similarity at the global level masks regional disparities between the two scenarios. In the Base Case, regional decarbonization trends are more balanced, while in Fracture some markets (China especially) reduce emissions more quickly, with this decline offset by a slower rate of decline in the fossil-heavy regions and markets of the world. All scenarios demand compromise All of the 2026 scenarios find resilience in different ways, but all pathways to resilience demand some compromise. For Renaissance, the lower-emissions future minimizes climate impacts (though, as a 2-degree pathway, does not eliminate them) while also maximizing domestic energy supply via an accelerated buildout of clean energy technology. But this buildout requires significant investment in infrastructure and pre-commercial energy technologies. It also requires a policy framework that is geared towards decarbonization globally, is stable, and is supported (even if it implies higher costs) by consumers, governments and corporates alike. The low cost and easy availability of clean energy technology do offer some optionality for countries looking to diversify energy supply or to build out power systems Adaptation also requires a return to good governance, though here most specifically in the arena of international energy trade. Adaptation posits that a solution to the Hormuz crisis is eventually found that decisively and permanently opens the Strait â while the reverberations of the energy crises of the 2020s create global agreement that the free flow of energy around the world is too important to fall victim to geopolitical schisms. Adaptation also demands compromise in the area of environmental security, with GHG emissions remaining stubbornly high for many decades hence. Adaptation is thus the warmest of all the scenarios, and implicit within that is an elevated risk of climate-related financial, ecosystem and infrastructure damage throughout the remainder of this century. In Fracture, a difficult geopolitical framework means guaranteed energy security via the free flow of coal, oil and gas across borders is impossible. The low cost and easy availability of clean energy technology do offer some optionality for countries looking to diversify energy supply or to build out power systems, but with the poor governance background of Fracture, effective implementation is always a challenge. The accelerated energy transition described by the Renaissance scenario remains out of reach, and while GHG emissions do decline significantly to 2060, and 2.6 degree warming pathway does imply an elevated (vs. to today) risk of climate damage. In the slower economic growth outlook of Fracture, this means economies â many of them in the emerging world â are more poorly placed to adapt to the changing climate. The Base Case is a story of pragmatism, where resilience and compromise are balanced in almost equal measure. Global energy trade is more reliable than in Fracture, although a return to the pre-Hormuz crisis, pre-Ukraine invasion status quo is never achieved. Cleantech is deployed globally, but a focus on cost effectiveness and practicality over emissions mitigation mean that the ambitious decarbonization policies of the post-Paris Agreement are not met. A pathway to warming of 2.6 degrees above pre-industrial levels by 2100 does mean increased climate impacts, but unlike Fracture, a larger and more dynamic global economy is better positioned to withstand these challenges. A pathway to warmingâ¨of 2.6 degrees aboveâ¨pre-industrial levels by 2100 does mean increased climate impact Strategic implications Download report Resilience is becoming the organizing principle for energy policy, industrial strategy and corporate capital allocation. The 2026 scenarios do not describe a single linear transition from fossil fuels to clean energy, but instead a world in which energy security, environmental security, affordability, industrial competitiveness and geopolitical positioning interact in increasingly complex ways. For policymakers and corporates alike, the task is not to predict which future will arrive, but to build strategies that remain robust across several plausible futures. For policymakers, this points to a necessary broadening of energy strategy. Decarbonization remains essential, but it is no longer sufficient as a standalone framework. Governments must also contend with energy import exposure, electricity system reliability, clean technology supply chains, climate adaptation and consumer affordability. The Base Case suggests that policy succeeds where it is pragmatic, durable and focused on system-wide outcomes. Renaissance shows the upside of coordinated policy, accelerated infrastructure build-out and sustained public support for clean energy deployment. Adaptation and Fracture, meanwhile, expose the costs of either prioritizing economic resilience over environmental mitigation, or allowing technology progress to outrun governance capacity. Decarbonization remains essential, but it is no longer sufficient as a standalone framework. Managing energy system resilience means accelerating investment in grids, storage, firm low-carbon power, permitting reform and demand-side flexibility, while maintaining credible plans for oil, gas and critical minerals security. It also means treating climate adaptation spending as a core part of economic resilience. A warmer world is now embedded in all plausible outlooks; the difference between scenarios lies in the scale of future damages and the capacity of economies to absorb them. From policy ambition to execution For energy companies, the scenarios argue against binary positioning. Fossil fuels remain material in every outlook, but their strategic role changes by scenario, region and sector. In Adaptation, long-duration demand for oil and gas supports upstream investment, LNG infrastructure and conventional energy supply chains, provided trade remains open and geopolitical risks are managed. In Renaissance, value migrates more rapidly toward power, networks, flexibility, low-carbon fuels, critical minerals and carbon management. Fracture creates a more volatile operating environment: technology costs fall, but policy coherence and trade reliability weaken. The Base Case points to a middle path in which disciplined investment in hydrocarbons coexists with an expanding set of low-carbon growth options. Fossil fuels remain material in every outlook, but their strategic role changes by scenario, region and sector. For energy corporates, portfolio resilience matters more than simple portfolio greenness. Companies will need to stress-test assets against divergent demand, price, policy and climate outcomes; preserve optionality across molecules and electrons; and avoid over-committing to strategies that depend on a single political or technology pathway. The winners are likely to be those that can combine reliability in conventional supply with credible participation in the build-out of future energy systems. For industrials, electricity becomes the critical input to competitiveness, not just a utility cost. Across all scenarios, power demand rises in importance; in the more accelerated pathways, access to abundant, reliable and low-carbon electricity becomes a decisive determinant of industrial location, supply-chain configuration and operating margin. Resilience is not the alternative to transition. It is the condition under which any transition must now be judged. Across the scenarios, three strategic tests stand out. The first is exposure: how vulnerable is a country, company or asset to imported energy, volatile trade, carbon costs, physical climate risk or constrained power supply? The second is flexibility: how quickly can policy frameworks, capital plans, supply chains and operating models adapt as technology and geopolitics evolve? The third is credibility: can governments and corporates sustain the investment, public support and execution discipline required for their chosen pathway? Resilience will be built through diversification, not retreat. Energy security does not mean autarky; environmental security does not mean emissions mitigation alone; industrial strategy does not mean protectionism without competitiveness. The most resilient actors will be those that manage interdependence intelligently: diversifying supply, investing in domestic capability where strategically necessary, maintaining access to global markets where advantageous, and preparing for a future in which shocks are more frequent and trade-offs more explicit. Resilience is not the alternative to transition. It is the condition under which any transition, or any enduring energy system, must now be judged. Go beyond this report Published on: September 04, 2026 Author: Paul McConnell, Head of Scenarios Editor: Beth Foote, Associate Director Design: Energy Content Design ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/energy-transition/090326-eu-allowances-to-remain-well-supported-in-q4-but-policy-risk-adds-pressure</link><description>Nearest December EU allowances are expected to trade in a firm range in the fourth quarter of 2026, with a strong energy complex and the September compliance deadline providing support, though uncertainty over proposed EU Emissions Trading System reforms remains, market participants said. &amp;quot;We see the benchmark holding a â&amp;#x82;¬78/mtCO2e to â&amp;#x82;¬90/mtCO2e range into the deadline, with the center of gravity</description><title>EU allowances to remain well supported in Q4 but policy risk adds pressure</title><pubDate>03 September 2026 12:37:18 GMT</pubDate><author><name>Toby Lambert</name></author><content><![CDATA[ Energy Transition, Natural Gas, Electric Power, Maritime &amp; Shipping, Coal, Emissions, Carbon September 03, 2026 EU allowances to remain well supported in Q4 but policy risk adds pressure By Toby Lambert Editor: Adithya Ram Getting your Trinity Audio player ready... HIGHLIGHTS EUAs expected to hold firmly above â¬80/mtCO2e Potential downside risk from EU ETS review headlines persists Late compliance deadline buying expected from smaller entities: trader Nearest December EU allowances are expected to trade in a firm range in the fourth quarter of 2026, with a strong energy complex and the September compliance deadline providing support, though uncertainty over proposed EU Emissions Trading System reforms remains, market participants said. "We see the benchmark holding a â¬78/mtCO2e to â¬90/mtCO2e range into the deadline, with the center of gravity in the mid-80s," said Chris Christodoulopoulos, EU allowances trader at environmental services company Global Factor. "The path of least resistance is mildly higher." Analysts at S&amp;P Global CERA also expect higher ranges in the coming quarter, with their Q4 outlook anchored at â¬82-86/mtCO2e. Benchmark nearest-December EUAs were trading at â¬83.12/metric ton of carbon dioxide equivalent at 12:17 BST on Sept. 3, according to the Intercontinental Exchange. Platts, part of S&amp;P Global Energy, assessed the nearest December contract for EUAs at â¬84.11/mtCO2e in the previous session. "The EU ETS review proposal suggests scope for EUA price upside in H2 2026 with the market tightening in 2026 and 2027 left largely untouched," said Sawal Bacha, carbon market analyst at Redshaw Advisors. The European Commission published its proposal to revise the EU ETS directive on July 17. The proposal included changes that slow the pace of emissions reductions beyond 2030, extend maritime and aviation sector coverage, and establish new funding for decarbonization across covered sectors. Main drivers Analysts at S&amp;P Global CERA affirmed a strong energy complex, firm compliance-side demand, and a colder-than-normal Q4 lifting gas-for-power demand as the main potential upside drivers, according to a recent market note. Christodoulopoulos identified four main drivers currently shaping carbon: "Gas and the geopolitical premium attached to it, which is still the dominant short-term correlation; the end of REPowerEU-related auction supply; investor positioning, which remains structurally long and has been adding on dips; and the political noise around the July ETS revision." The TTF front-month contract, the benchmark for European natural gas prices, has increased above â¬70/MWh in recent sessions. Higher natural gas prices can make coal-fired power generation more competitive versus gas, a potentially bullish driver for EUAs. The most recent Commitment of Traders report, covering the week ended Aug. 28, showed investment funds decreased their net-long positions by 10.85% to 32.5 million allowances. Despite the decline, investment funds remain structurally long. REPowerEU, an EU initiative designed to support the green transition in light of the Russia-Ukraine war, was partially funded by the auctioning of frontloaded EUAs before achieving the last of its funding targets on July 13, resulting in an auction calendar revision. The EUA surrender deadline itself is less significant for prices than observers outside the market would assume, Christodoulopoulos added. This is because most compliance entities are often hedged well ahead of the Sept. 30 deadline. "What we get is a bid at the margin â late-buying from smaller installations, aviation and shipping operators, and the maritime sector is now surrendering against a higher share of verified emissions â but it's worth a couple of euros of support, not ten," Christodoulopoulos said. Shipping companies must now surrender allowances for 70% of their 2025 verified emissions by Sept. 30, up from the 40% requirement for their 2024 verified emissions. Bacha broadly agreed with the sentiment, saying "some upward pressure could come from last-minute buying by compliance entities looking to scoop up allowances before the deadline, but it is very difficult to quantify." In terms of downside risk, Christodoulopoulos said "a credible Ukraine settlement, or the Iran situation cooling, takes the premium out of gas and EUAs follow." "The second-order risk is positioning: the institutionals are long, and in a market this thin a liquidation doesn't need much of a catalyst," he added. Average ICE daily traded volumes in August 2026 stood at 19,232 lots, 26.64% lower than the same month in 2025 at 26,217 lots, according to data compiled by Platts. Policy uncertainty remains In recent sessions, other market participants have noted the importance of political statements as a driver for the EUA market. Bacha also said, "bearish policy risks persist with the Commission's ETS reform proposal only at the first step of the legislative journey." Following the publication of the proposal, the legislative procedure begins, with EU leaders having previously said they sought to finalize the review by the first quarter of 2027. S&amp;P Global CERA analysts said that the "ongoing ETS reform legislative process â now resuming in earnest with Parliament's Sept. 1 ENVI Committee meeting â also introduces headline risk through year-end," which could impact prices for the nearest-December contract. "After Sept. 30, this becomes a policy market again, trading the trilogue on the commission's revision, the Market Stability Reserve parameters, and ETS2 timing," said Christodoulopoulos. A trilogue is an informal negotiation between representatives of the European Parliament, the Council of the EU, and the Commission to reach a provisional agreement on a legislative proposal. The EU's ETS2 is a new emissions trading system created to cover and address CO2 emissions from fuel combustion in buildings, road transport, and additional sectors. 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/090226-interview-indias-ex-china-rare-earth-magnet-capacity-could-emerge-by-2029-31-cmais-kanuganti</link><description>India is moving to secure critical mineral supplies essential for its energy transition and industrial growth, though establishing a fully integrated domestic supply chain remains a long-term hurdle. Despite expanded policy support for mining, processing, and manufacturing, India&amp;apos;s critical minerals value chain remains reliant on imported materials and overseas refining capacity. Platts, part of</description><title>INTERVIEW: India&amp;apos;s ex-China rare-earth magnet capacity could emerge by 2029-31: CMAI&amp;apos;s Kanuganti</title><pubDate>02 September 2026 16:43:06 GMT</pubDate><author><name>Rohan Somwanshi</name></author><content><![CDATA[ Metals &amp; Mining, Energy Transition, Non-Ferrous, Renewables September 02, 2026 INTERVIEW: India's ex-China rare-earth magnet capacity could emerge by 2029-31: CMAI's Kanuganti By Rohan Somwanshi Editor: Debiprasad Nayak Getting your Trinity Audio player ready... HIGHLIGHTS Copper faces largest supply-demand gap through 2030 Strategic reserve program allocates $52.7M funding India is moving to secure critical mineral supplies essential for its energy transition and industrial growth, though establishing a fully integrated domestic supply chain remains a long-term hurdle. Despite expanded policy support for mining, processing, and manufacturing, India's critical minerals value chain remains reliant on imported materials and overseas refining capacity. Platts, part of S&amp;P Global Energy, spoke with Rahul Kanuganti, vice chairman, Critical Minerals Association of India, about the development of India's critical minerals ecosystem, prospects for domestic rare-earth magnet production, copper supply challenges, strategic stockpiling efforts and the role of partnerships in achieving greater supply security. This interview has been edited for clarity. Platts: What is India's realistic timeline for building a domestic rare-earth processing and magnet-manufacturing ecosystem independent of Chinese refining? Rahul Kanuganti: India can establish meaningful ex-China rare-earth magnet capacity by around 2029â31, but a mature, integrated ecosystem is more realistically a 2032â35 objective. India already has some mining, separation and oxide-refining capability through IREL. The bigger gaps are converting oxides into metals, metals into alloys, and alloys into high-performance sintered magnets at an industrial scale. India's Rare Earth Permanent Magnets Scheme is designed to address precisely these stages and targets 6,000 metric tons of annual integrated magnet capacity. If implementation proceeds broadly on schedule, the first large facilities could begin production around 2028â29, followed by commercial scaling over the next two or three years. India has also commissioned a 500-mt samarium-cobalt magnet facility and launched a pilot program for neodymium-iron-boron magnets. The critical qualification is that manufacturing magnets in India does not automatically mean independence from Chinese refining. Indian plants will initially need reliable supplies of separated neodymium-praseodymium oxide and, for high-temperature magnets, dysprosium and terbium. Australia is the most credible non-Chinese source for these materials. India's projected magnet demand is about 8,220 mt in 2030, while the government scheme targets 6,000 mt of capacity. Therefore, even full implementation would not eliminate imports. A reasonable expectation is initial industrial production by 2028â29, significant scale by 2030â32, and a broadly resilient ecosystem by 2032â35. Platts: What is India's current stockpile policy for critical minerals and is it moving toward a strategic reserve? Rahul Kanuganti: India has moved beyond simply considering a strategic reserve. The National Critical Mineral Mission includes a formal Critical Mineral Stockpile Program, with 5 billion Indian rupees ($52.7 million) allocated through 2030â31. However, it is still an early-stage program rather than a fully operational reserve. The government has not publicly disclosed which minerals will be stockpiled first, the quantities involved, storage arrangements, or release mechanisms. It is also possible that defense, atomic-energy and public-sector organizations hold inventories that are not publicly disclosed. Nevertheless, there is no evidence yet of a large, centrally managed reserve capable of insulating Indian industry from a prolonged Chinese supply disruption. A risk-based approach is preferable. Gallium, germanium, heavy rare-earth oxides and specialized graphite products deserve priority because supply is highly concentrated and relatively small volumes support strategically important industries. The reserve should also combine government-owned stocks with inventories held by major industrial users. Platts: Should India initially build processing plants around imported feedstocks and which sources offer the best near-term opportunities? Rahul Kanuganti: Yes. Building processing plants around imported feedstock is the most practical near-term approach. Waiting for Indian mines to reach commercial production could leave the country without meaningful midstream capacity for much of this decade. For rare-earth magnets, separated neodymium-praseodymium oxide is the most suitable initial feedstock. It would allow Indian companies to concentrate on the missing oxide-to-metal, alloy-making, powder-production, sintering and magnet-finishing stages without immediately taking on the technically difficult and environmentally sensitive treatment of radioactive monazite concentrates. Australia is the strongest near-term partner. Several Australian projects are approaching production of separated rare-earth oxides, and an emerging Indian magnet producer has already reached an arrangement for up to 500 mt/year of NdPr oxide from Australia's Nolans project. Platts: Which critical minerals face the largest supply-demand gaps in India through 2030 and which sectors will drive demand? Rahul Kanuganti: In absolute volume terms, copper is expected to face the largest gap, followed by graphite. Nickel, lithium and phosphate materials form the next tier, while rare earths and cobalt remain strategically important despite smaller physical volumes. Copper demand will be driven by transmission and distribution networks, renewable-energy infrastructure, railways, urban development, industrial equipment, electric vehicles, charging infrastructure and data centers. NITI Aayog estimates that energy-transition technologies alone could require about 1.88 million mt of copper between 2025 and 2030 under a net-zero pathway. Graphite is likely to be India's largest battery-material challenge by volume, driven by demand for lithium-ion battery anodes. The challenge is battery-grade spherical purified graphite, an area still dominated by China. Lithium and nickel demand will also grow rapidly alongside electric vehicles and battery storage. Nickel demand will depend partly on battery chemistry choices. Overall, copper and graphite present the largest volume challenges, while rare earths, lithium and cobalt carry the greatest strategic risk. Platts: Is there a realistic path to reducing India's copper concentrate import dependence below 80% by 2035? Rahul Kanuganti: India's strategy has four elements: expand domestic mines, increase smelting and refining capacity, recover more copper through recycling, and secure foreign concentrate through long-term contracts and overseas investments. Hindustan Copper plans to increase ore-mining capacity from around 4 million mt annually to 12.2 million mt by 2030 through mine expansions, reopening viable operations and improving beneficiation. Meanwhile, new refining projects are adding processing capacity, with the Copper Vision Document envisioning up to 5 million mt of refining capacity by 2030. The challenge is that new smelters do not reduce dependence on imported concentrate unless domestic mine output grows at a comparable pace. Government projections still indicate roughly 95% import dependence by 2030. India is therefore pursuing long-term supply agreements, overseas mine investments and trade arrangements with countries such as Chile and Peru, while also engaging with Australia and African copper producers. Reducing concentrate import dependence to below 80% by 2035 does not appear realistic, given the currently identified domestic projects. A more achievable goal is to reduce dependence on the spot market by diversifying and securing overseas supply. 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/090426-platts-periodic-table-of-oil</link><description>The uneven pace of the global energy transition along with rising geopolitical tensions continue to impact every corner of the oil market.&amp;#xd;&amp;#xa;&amp;#xd;&amp;#xa;With redirected oil flows, supply disruptions and a market increasingly under pressure from energy security concerns and demand destruction, the quality of oil has never been more important.</description><title>Interactive: Platts Periodic Table of Oil</title><pubDate>03 September 2026 18:30:00 GMT</pubDate><author><name>Eklavya Gupte</name><name>Charlie Mitchell</name></author><content><![CDATA[ September 4, 2026 Interactive: Platts Periodic Table of Oil By Eklavya Gupte and Charlie Mitchell Getting your Trinity Audio player ready... Click here to access the interactive Platts Periodic Table of Oil Crude quality has never mattered more. As geopolitical tensions sharpen the focus on energy security, the war between the US and Iran and the subsequent closure of the Strait of Hormuz have exposed a shortage that the market cannot easily fix: a scarcity of medium and heavy sour barrels precisely suited to the world's most complex refineries. The disruption at Hormuz, a chokepoint that once carried some 20 million b/d of oil and products, has triggered less a crisis of volume than one of quality. The Middle East remains the primary source of medium and heavy sour grades, which are precisely the barrels hit hardest by the conflict, as repeated closures of Hormuz and strikes on regional infrastructure have curtailed supply. Meanwhile, the crude flowing in to fill the gap including strategic reserve releases and surging US WTI Midland exports has been overwhelmingly light and sweet, doing little to resolve the underlying mismatch. Hundreds of crude varieties are produced worldwide, from light-sour Murban in the UAE to Guyana's medium-sweet Liza and Mexico's heavy-sour Maya. This interactive chart brings together the essential indicators behind every crude grade: region of origin, pricing, trade volumes, sulfur content, viscosity, carbon intensity, trade flows and benchmark data, all in one place. As war and geopolitical shocks continue to redraw global crude flows, understanding these quality differences has become essential to gauging energy security risks in an increasingly volatile oil market. The latest update as of September 2026 includes: * Updated crude assay and output data for 150 of the world's most traded crude grades * Refreshed Platts benchmarks and pricing data * Additional carbon intensity data, with a focus on upstream emissions * New design and improved technology, including click-through options and reset buttons Click here to access the interactive Platts Periodic Table of Oil ]]></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/energy/en/news-research/latest-news/agriculture/090226-india-ethanol-growth-capped-as-sugar-diversion-falls</link><description>The International Sugar Organization has cut its forecast for India&amp;apos;s 2026 fuel ethanol production by 0.75 billion liters to 11.3 billion liters, saying the shortfall reflects constraints from the country&amp;apos;s blending mandate rather than any shortage of processing capacity, according to the ISO&amp;apos;s Quarterly Market Outlook for August 2026. The downward revision comes as India&amp;apos;s sugar diversion to</description><title>India ethanol growth capped as sugar diversion falls</title><pubDate>02 September 2026 19:05:07 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Chemicals, Biofuels, Sugar, Grains, Food, Renewables, Solvents &amp; Intermediates September 02, 2026 India ethanol growth capped as sugar diversion falls By Samyak Pandey Editor: Benjamin Morse Getting your Trinity Audio player ready... HIGHLIGHTS ISO slashes India ethanol output forecast Grain replaces sugar as primary feedstock Domestic sugar prices reach record highs The International Sugar Organization has cut its forecast for India's 2026 fuel ethanol production by 0.75 billion liters to 11.3 billion liters, saying the shortfall reflects constraints from the country's blending mandate rather than any shortage of processing capacity, according to the ISO's Quarterly Market Outlook for August 2026. The downward revision comes as India's sugar diversion to ethanol is expected to fall sharply to 1 million metric tons in the coming season, down from 2.8 million metric tons previously, signaling a policy trade-off between sweetener supply and fuel-blending goals that could reshape domestic feedstock flows in the months ahead. The cut lands against a backdrop of tightening sugar fundamentals in India. Indian domestic sugar prices hit record highs during the quarter on concerns over tight supplies in the intercrop period, prompting the government to issue import permits, the ISO said. Indian wholesale sugar prices were at their highest level since at least 2020, the organization said, a divergence from softer markets in Brazil, China, the EU and Mexico over the same period. Feedstock shift With less sugar being routed to ethanol production, the ISO said grain now supplies most of India's ethanol requirement, pointing to growing reliance on maize and other grain-based feedstock to meet blending targets as cane-derived sweetener is held back for food use. The pattern reflects a recurring tension in India's ethanol policy, where blending mandates have periodically clashed with the government's need to safeguard domestic sugar availability and control retail prices. The revision to India's ethanol outlook comes even as the global fuel ethanol market continues to expand rapidly. World production is forecast to rise 6.0% to 130.1 billion liters in 2026, against consumption of 127.0 billion liters, leaving a surplus of 3.1 billion liters, the ISO said. Brazil's output was revised up by 1.76 billion liters to 38.3 billion liters as the country's ethanol-heavy production mix persisted, the organization said, in contrast to India's downgrade, which highlights how the two largest cane-ethanol producers are moving in opposite directions this year. Brazil moved to a 32% ethanol blend, known as E32, from Aug. 1, adding an estimated 1 billion liters a year to domestic demand, the ISO said. The country's hydrous-to-gasohol price ratio fell to 61.5% in July, its lowest level since September 2018, according to the report, a signal that sugar output remains more attractive than ethanol at prevailing price levels. Separately, the ISO noted that the US has imposed a 25% tariff on Brazilian ethanol, with a further 12.5% duty stemming from a separate inquiry, adding friction to global ethanol trade even as Brazil ramps up output, a contrast to India, where the constraint is domestic policy rather than external trade barriers. Sugar backdrop India's ethanol constraints unfold against a wider sugar market that the ISO has judged tighter than previously thought. The organization lowered its estimate for the 2025-26 global sugar surplus to 1.1 million mt, down from 2.2 million metric tons projected in May, citing weaker-than-expected output in Center-South Brazil during the first half of the 2026 harvest. For 2026-27, the ISO's first detailed estimate points to a small production deficit of 0.2 million metric tons, assuming that higher prevailing sugar prices will encourage Brazil to favor sugar output over ethanol, the organization said. Raw sugar prices have already begun to reflect these tightening dynamics, with the average monthly ISA Daily Price climbing to 17.4 cents per pound in August as speculative funds built long positions on concerns over a developing El Nino event, the ISO said. In the spot market, the Thai raw sugar spot premium was higher in the week to Aug. 27, tracking higher indicative values. Platts, part of S&amp;P Global Energy, assessed FOB premium for Thai HiPol raw sugar spot September shipment higher week over week at 75 points over ICE New York No. 11 October (V) 2026 futures. For India, that global price backdrop adds further complexity to the ethanol-versus-sugar calculus facing policymakers and millers. Any push to expand ethanol blending further would likely require continued reliance on grain-based feedstock or a policy recalibration on how much cane sugar can be diverted to fuel use, based on the trends outlined in the ISO's report. The Asian ethanol market was mixed, with fuel-grade firming while industrial-grade was steady. Platts, part of S&amp;P Global Energy, assessed the Asian fuel ethanol marker up $3.33/cubic meter day over day at $658/cubic meter, Sept. 2. Platts assessed the industrial-grade B ethanol price unchanged day over day at $612/cubic meter CFR Ulsan Sept. 2. 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/2025/09/asia-americas-container-shipping-system-on-a-knife-edge</link><description>Container shipping between Asia and the Americas tightens as congestion, weather risks and strong imports pressure rates and reliability.</description><title>Asia-Americas container shipping system on a knife-edge</title><pubDate>03 September 2026 12:00:00 GMT</pubDate><author><name>Mark Szakonyi</name></author><content><![CDATA[ BLOG â Sept 02, 2026 Asia-Americas container shipping system on a knife-edge By Mark Szakonyi The container shipping system between Asia and the Americas hasnât been this tight since the early peak season in 2024. That there are still plenty of potential pitfalls, from tighter Panama Canal restrictions to stronger-than-expected import volumes, should send a warning to shippers dependent on the trade lane. A bevy of factors is stretching the global system to the point where virtually all available tonnage is on the water. Global fleet idling was at just 0.5% in mid-August, according to Alphaliner. Port congestion globally, tying up approximately 4.3 million TEUs and fueled by recent storms in Asia that delayed shipments at major East Asia hubs, is now occupying more tonnage than during the worst of the pandemic disruption in 2022, according to analyst Linerlytica. However, the swelling of the global fleet since then by some 9.1 million TEUs has eased the share of capacity tied up at ports; 15.7% then compared with 12.6% now. In 2024 during the first major shock since the pandemic, tonnage and equipment â stretched by new Red Sea diversions â sagged under the frontloading of US imports ahead of new tariffs from the second Trump administration and the threat, later realized, of a US East Coast longshore strike. Container spot rate indexes are tracking near or higher than two years ago but still thousands of dollars below pandemic-era highs. Compared with a year ago, the cost to ship a 40-foot container from Asia to Los Angeles is up 182%; to the West Coast of Mexico, itâs up 176%; and up 113% to Brazilâs Santos, according to indexes from Drewry, Eternity and the Shanghai Shipping Exchange, respectively. Rates may still climb further if pressure on the shipping system increases. The direct blows to the system in just a few weeks include delays and diversions in China tied to Typhoon Dolphin, which sucked out 500,000 TEUs of functional capacity, and tighter Panama Canal transit restrictions due to low water levels. Ocean carriers are already warning about fresh potential delays at Shanghai and Ningbo due to the approaching Typhoon Saudel. At the same time, the Super El NiÃ±o weather pattern is strengthening, with meteorologists giving it a 90% chance of becoming âvery strongâ in the fall and winter. Those hits to the system come on top of an already stretched global system due to the Hormuz crisis, bottlenecks in Europe due to low water levels on the Rhine River, and falling Amazon River levels preventing ships from accessing Brazilâs Manaus port. Unsurprisingly, global schedule reliability in July fell to 56.4%, the lowest level this year and the weakest since February 2025, according to the latest readings available from Sea-Intelligence. More opportunistic carriers have shifted capacity between the Asia-North America and Asia-Latin America trades, or pulled tonnage from other trades, to chase accelerating rates, adding pressure on the system. The proximity of services feeding South and North America and the use of similarly-sized vessels make shifting tonnage operationally easier than pulling ships from other trades. Ocean reliability from Asia to the US East Coast crashed to 13% in July, according to data from Xenetaâs eeSea, while reliability from Asia to the East and West coasts of South America dropped to single digits. There is no short-term solution to the currently constrained system, Maersk CEO Vincent Clerc told investors earlier this month. With growing market demand outstripping existing terminal capacity, âwe were bound to hit a bottleneck at some point,â he said. No let-up Concerns among ocean carriers that the early peak season of frontloading imports from Asia could fizzle in the early fall after hitting year-to-date high volumes in July are fading. Multiple ocean carriers and forwarders told the Journal of Commerce this week that US imports from Asia are likely to stay elevated until Chinaâs Golden Week holiday in the first week of October. That jibes with what US retailers said they are planning, as reported in the Global Port Tracker released two weeks ago. In response, carriers in the eastbound trans-Pacific are only modestly reducing their planned tonnage over the next two months, with the West Coast actually receiving a top up in September. Compared with August, when some 2.26 million TEUs of capacity were deployed from Asia to the US, pro forma schedules show carriers deploying approximately 2.23 million TEUs next month and in October, according to eeSea. For the West Coast alone, capacity is expected to tick about 2.5% higher. âWhen demand started picking up in the course of the second quarter, lots of people thought that might be short-lived,â Hapag Lloyd CEO Rolf Habben Jansen told reporters earlier this month. âBut even up to today, I think we still see very robust volume, so a very decent peak season.â This article was originally published by the Journal of Commerce on Aug. 27, 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/research/2026/08/building-the-next-generation-of-solutions-with-agents-of-intelligence</link><description>Agents of Intelligence are defined not just by what they can doâ&amp;#x80;&amp;#x94;but by how responsibly they do it. In practice, this intelligence shows up in four distinct ways.</description><title>Building the Next Generation of Solutions with Agents of Intelligence</title><pubDate>28 August 2026 00:00:00 GMT</pubDate><author><name>Krishna Vinjamuri</name></author><content><![CDATA[ Research â August 28, 2026 Building the Next Generation of Solutions with Agents of Intelligence By Krishna Vinjamuri AI agents are no longer theoretical. They are rapidly becoming part of dayâtoâday operations embedded into solutions across capital markets. In markets where accuracy, transparency, and accountability are nonânegotiable, Artificial Intelligence (AI) alone isnât enough. AI must operate within a framework that creates explainable outcomes, addresses compliance, and is reliable at scale. That is what separates simple automation from true Agents of Intelligence. Agents of Intelligence are defined not just by what they can doâbut by how responsibly they do it. In practice, this intelligence shows up in four distinct ways. Some agents are designed to observe. Their role is to curate, normalize, and monitor vast volumes of information across systems and workflows. Grounded in clean, governed data and authoritative systems of record, these agents provide a clear, trusted view of whatâs happeningâwithout taking action. This is the foundation: reliable signals, free from noise or hallucination. Other agents are built to suggest. They apply context, models, and workflows to turn observation into insightâhighlighting patterns, surfacing recommendations, and identifying nextâbest actions. Critically, judgment remains human. These agents inform decisions, but do not make them, allowing teams to move faster without losing control. More advanced agents are able to act with a human in the loop. Here, agents execute defined tasks across workflows such as onboarding, reconciliation, or data access, while incorporating explicit checkpoints for human approval. Every action is logged, auditable, and governed by policyâasâcode. Productivity scales, but accountability remains intact. Other agents are capable of acting autonomously within bounded policy. These agents are permitted to operate independently only inside clearly defined guardrails shaped by governance, regulation, and organizational rules. When conditions fall outside those boundaries, action stops automatically. Autonomy is constrained, monitored, and earnedânot assumed. What differentiates Agents of Intelligence from basic automation is responsibility. These agents are powered by curated data, trusted systems of record, deep ecosystem connectivity, and orchestrated workflows that ensure every outcome can be explained and defended. As AI becomes embedded across capital markets, success will not go to those who deploy the fastestâbut to those who deploy intelligence that can be trusted to act. ]]></content></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/090326-appec-energy-security-takes-center-stage-as-asia-confronts-shifting-oil-shipping-flows</link><description>Asia&amp;apos;s push for energy security amid evolving oil flows, shipping disruptions and high prices is expected to be a central theme at APPEC 2026, where discussions are poised to focus on how the region is preparing to overcome supply challenges caused by heightened market crises driven by geopolitical conflicts. While the conference, hosted by S&amp;amp;P Global Energy over Sept. 7-10 in Singapore, would</description><title>APPEC: Energy security takes center stage as Asia confronts shifting oil, shipping flows</title><pubDate>03 September 2026 09:35:00 GMT</pubDate><author><name>Sambit Mohanty</name></author><content><![CDATA[ Refined Products, Natural Gas, Chemicals, Maritime &amp; Shipping, Crude Oil, Electric Power, Energy Transition, Coal, Agriculture, Polymers, Wet Freight, Dry Freight, Renewables, LPG, Naphtha, Biofuels September 03, 2026 APPEC: Energy security takes center stage as Asia confronts shifting oil, shipping flows Sambit Mohanty Editor: Ankit Ajmera Getting your Trinity Audio player ready... HIGHLIGHTS APPEC to be held over Sept. 7-10 in Singapore Hormuz crisis is market's 'ultimate theoretical risk' Storage, access to ships, new routes in focus Asia's push for energy security amid evolving oil flows, shipping disruptions and high prices is expected to be a central theme at APPEC 2026, where discussions are poised to focus on how the region is preparing to overcome supply challenges caused by heightened market crises driven by geopolitical conflicts. While the conference, hosted by S&amp;P Global Energy over Sept. 7-10 in Singapore, would spotlight critical themes ranging from market stability to Asia's transitioning role in the global energy landscape, experts are expected to explore how geopolitical tensions, including the Strait of Hormuz crisis, have exposed vulnerabilities in Asia's supply chains and prompted refiners and traders to reassess their strategic priorities. Delegates are anticipated to debate whether recent trade rerouting represents a lasting structural shift or a temporary response to disruptions, and what factors could trigger further changes in trade flows. "APPEC, over the past years, has guided the market through the rise of China, the US shale revolution and a global pandemic," S&amp;P Global Energy President Dave Ernsberger told Platts on Sept. 2. "But 2026 is different. This year, the market's ultimate theoretical risk, closure of the Strait of Hormuz, has become a very physical reality. With trade flows shifting and geopolitics reshaping the landscape all around us, this is a pivotal moment for global energy." About 75% of Asia's Middle Eastern crude imports transited the Strait of Hormuz in 2025, according to S&amp;P Global Energy CERA. By the third quarter of 2026, that share had fallen sharply, fluctuating between 10% and 20%, ship-tracking data from S&amp;P Global Commodities at Sea showed. Another key focus at the conference would be energy storage and strategic reserves, as industry participants examine what current inventory levels and reserve policies reveal about underlying market stress versus short-term volatility. "For most Asian economies, particularly those still industrializing and urbanizing, energy security remains the overriding priority," said Atul Arya, chief energy strategist at S&amp;P Global Energy. "The impact of the crisis has highlighted the need for diversifying supply sources, which may come at a cost, as well as creating strategic reserves for crude oil, refined products and where feasible, for gas." Trade transformation Asian refiners are navigating economic, reliability and compliance risks in crude selection, while producer strategies and evolving customer partnerships amid shifting trade dynamics are expected to be key topics at APPEC. As Asia's refining sector transforms, delegates are anticipated to explore how refining capacity, competition and margins impact crude buying, particularly the balance between sweet and sour grades and between light and heavy grades. "The global refining sector is not a static industry waiting to be phased out; it is an active engine of evolution," said Debangsu Ray, cluster president and head of Reliance Industries Ltd.'s Jamnagar refinery. "Highly complex, deeply integrated coastal assets are uniquely capable of transforming their operations to produce clean fuels, advanced polymers, and transition materials that the modern world requires," Ray said. "Scale, complexity, and adaptability will distinguish the winners in this changing landscape." Related podcast: APPEC to focus on Asia's energy resilience and vulnerability in a fragmented market APPEC comes as the global shipping sector faces scrutiny, with industry leaders assessing how oil trade, security and regulatory changes are reshaping freight markets and supply chains. The spotlight will be on the shipping industry's adaptability in this rapidly evolving landscape. "Geopolitical conflicts, sanctions, attacks on ships and maritime infrastructure, and changing trade relationships have fundamentally altered how barrels move around the world," said Rahul Kapoor, head of shipping and metal analytics at S&amp;P Global Energy. "Today, freight is no longer simply a transactional cost. Access to shipping assets has become a strategic variable influencing trade flows, reshaping arbitrage opportunities and determining who can successfully compete in global markets." Managing freight, insurance and the economics of arbitrage would be another key theme, as industry participants grapple with rising costs. The conference is also expected to examine the factors shaping tanker and dry bulk shipping demand. Navigating volatility Oil futures settled slightly higher Sept. 2 as renewed US-Iran military strikes near the Strait of Hormuz heightened concerns over potential disruptions to Persian Gulf crude flows. NYMEX October WTI settled 79 cents/barrel higher at $91.01/b, its highest level since July, and ICE October Brent rose 98 cents/b to $95.63/b. At APPEC, attention is likely to focus on how market participants are managing price volatility. With both term contracts and spot exposure under scrutiny, experts are expected to discuss how price benchmarks are evolving to reflect the realities of increasingly uncertain markets. Trading desks, facing frequent price swings and the impact of sanctions, are recalibrating risk management strategies as long-held assumptions about trade flows and counterparties are tested, with panelists set to explore evolving approaches to hedging and exposure management in a rapidly changing market environment. Jenny Yang, head of power and renewables research at S&amp;P Global Energy CERA, said geopolitical conflicts are no longer only disrupting commodity trade flows but are also affecting power system operations, underscoring the growing interdependence of energy security, fuel availability and electricity reliability. "Investments in electrification, renewables with storage, nuclear, geothermal, domestic coal and other indigenous resources are increasingly driven by energy security objectives, with significant implications for future energy markets and commodity trade flows," Yang said. APPEC will also spotlight rapidly changing chemical markets, as delegates assess how the conflict in the Middle East could reshape LPG and naphtha trade flows. Biofuels, sustainable aviation fuel and digital transformation are anticipated to feature in discussions at the conference, as delegates review Asia's role in the transitioning global market. With growth propelled by evolving policy frameworks and cross-sector collaboration, participants are expected to deliberate on how refiners, traders and technology providers are joining forces to scale up biofuels production despite complex supply and demand dynamics and adoption challenges. The conference will highlight the impact of digital transformation and artificial intelligence on energy companies, as they pursue innovative strategies to optimize supply chains, enhance operational efficiency and manage risk. 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/090126-solar-power-purchase-contracts-dominate-first-half-of-2026</link><description>While the year began with several notable nuclear agreements, solar power remained the clean energy source of choice in the US during the first half of 2026. In the first half of 2026, offtakers signed 96 deals totaling 28.1 gigawatts of clean power contracts, compared with about 22.4 GW in the first half of 2025, according to S&amp;amp;P Global Energy Horizons data. While nuclear deals dominated the</description><title>Solar power purchase contracts dominate first half of 2026</title><pubDate>01 September 2026 14:42:00 GMT</pubDate><author><name>Nushin Huq</name></author><content><![CDATA[ Electric Power, Energy Transition, Natural Gas, Renewables September 01, 2026 Solar power purchase contracts dominate first half of 2026 By Nushin Huq Editor: Kassia Micek Getting your Trinity Audio player ready... HIGHLIGHTS Solar deals reach 10 GW in first half of year Hyperscalers Meta, Google lead offtake volume While the year began with several notable nuclear agreements, solar power remained the clean energy source of choice in the US during the first half of 2026. In the first half of 2026, offtakers signed 96 deals totaling 28.1 gigawatts of clean power contracts, compared with about 22.4 GW in the first half of 2025, according to S&amp;P Global Energy Horizons data. While nuclear deals dominated the first quarter of 2026 by volume, offtakers favored solar projects in the second quarter of 2026, including both solar-only and solar-plus-battery deals. Offtakers, including utilities and corporations, signed 46 solar-only deals totaling a little over 10 GW in the first half of 2026. The largest deal in the first half of the year was Salt River Project's (SRP's) 3-GW agreement with NextEra Energy Resources LLC to develop 500 megawatts of solar capacity per year in Arizona between 2029 and 2034. The Phoenix-area utility said its agreement with NextEra would help it more than double its power system by 2035 to meet reliability, affordability and sustainability goals. "This approach will allow us to collaborate early in the project development process to minimize project risk and ensure the best outcomes for our customers and the communities where we operate," said Bobby Olsen, associate general manager and chief power system executive at SRP. Other notable solar contracts include Google LLC's January agreement with Clearway Energy Inc. for 650 MW of solar power. In February, Google signed power purchase agreements with TotalEnergies SE for 1 GW of solar capacity in Texas. "Strengthening the grid by deploying more reliable and clean energy is crucial for supporting the digital infrastructure that businesses and individuals depend on," Amanda Peterson Corio, Google's global head of data center energy, said in a statement. Most nuclear offtake agreements came at the beginning of the year, with two additional deals signed in the second quarter. Seven offtake agreements totaling about 7.5 GW were signed in the first half of 2026. In May, an undisclosed offtaker signed a 744-MW nuclear agreement with Constellation Energy Corp. In June, Walmart Inc. signed a 176-MW power purchase agreement for Constellation's Dresden Clean Energy Center. The deal was Walmart's first nuclear PPA. "Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve," Shayne Wahlmeier, senior vice president of energy at Walmart US, said in a statement. The number of large nuclear deals signed by hyperscalers early in 2026, including deals for small modular reactors (SMRs), reflected companies' interest in round-the-clock firm power, Luke Edney, partner at Norton Rose Fulbright, told Platts, part of S&amp;P Global. Despite the 10- to 15-year lead time, hyperscalers are well positioned to take a long-term view, accepting the extended lead time in exchange for securing future capacity at a given site. Edney's practice focuses on energy and infrastructure projects, including construction, project development and joint ventures. Until multiple SMRs have been successfully deployed, it will take "those people [hyperscalers] that are willing to take the long-term risk on executing to demonstrate and prove the concept," Edney said. Hyperscalers are largest offtakers Hyperscalers Meta and Google were the largest offtakers in the first half of 2026, with 9,830 MW and 6,469 MW in total deal volume, respectively, representing over half of total offtake deal volume during that period. The volume highlights the need for hyperscalers to provide power to their AI-focused data centers. Their investor-grade creditworthiness makes them attractive partners for developers, Zach Banks, a partner at Vinson &amp; Elkins, told Platts. Banks' practice includes representing private equity sponsors and lenders in financing transactions involving energy and infrastructure assets. While behind-the-meter natural gas projects are attractive because of their ability to bring enough baseload power, challenges remain, which is why they are also looking to sources like nuclear as a solution, Banks said. "Even if you have natural gas in sufficient quantities, there's the element of routing that to a project," Banks said. "There's just a big gap to solve in terms of how all this stuff is ultimately going to be powered and making sure that there's enough of it. And the demand right now outweighs the supply significantly." SRP's deal with NextEra Energy Inc.'s competitive generation subsidiary made SRP the top utility clean-energy offtaker in the first half of the year. Consumers Energy Co. had seven clean energy contracts in 2026, all solar, for a total of almost 1.5 GW. The power purchase agreements are aimed at helping the utility comply with a 2023 Michigan law that set renewable energy portfolio targets for state utilities. 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/090126-interview-eu-cbam-could-fuel-drive-toward-global-carbon-price-ghg-protocol-ceo</link><description>A global carbon price could emerge within two to five years, driven by the EU carbon border adjustment mechanism, prompting other governments to adopt similar tariffs on carbon-intensive imports, Greenhouse Gas Protocol CEO Tim Mohin told Platts, part of S&amp;amp;P Global Energy, in an interview. The UK, Australia and China are moving toward CBAM-style measures, a shift already reshaping trade in</description><title>INTERVIEW: EU CBAM could fuel drive toward global carbon price: GHG Protocol CEO</title><pubDate>01 September 2026 11:17:20 GMT</pubDate><author><name>Diana Kinch</name></author><content><![CDATA[ Energy Transition, Metals &amp; Mining, Emissions, Carbon, Ferrous September 01, 2026 INTERVIEW: EU CBAM could fuel drive toward global carbon price: GHG Protocol CEO By Diana Kinch Editor: Anoop Menon Getting your Trinity Audio player ready... HIGHLIGHTS EU carbon market seen anchoring future global benchmark GHG Protocol, ISO chart path to a 'global carbon language' Standards harmonization likely to be completed by 2028 A global carbon price could emerge within two to five years, driven by the EU carbon border adjustment mechanism, prompting other governments to adopt similar tariffs on carbon-intensive imports, Greenhouse Gas Protocol CEO Tim Mohin told Platts, part of S&amp;P Global Energy, in an interview. The UK, Australia and China are moving toward CBAM-style measures, a shift already reshaping trade in carbon-intensive commodities such as steel by penalizing high-emission producers, Mohin said on the sidelines of the Brazilian Business Council for Sustainable Development congress in Rio de Janeiro Aug. 26. "CBAM was created for fairness, to distinguish a dirty ton of steel from a green ton of steel and is already having a massive impact," Mohin said. "The global carbon market will require tariffs." The EU's position at the forefront of carbon tariffs, through its emissions trading system and CBAM, means any future global carbon price is likely to be anchored to the EU carbon market price, Mohin said. Global carbon language The merger of the GHG and the International Organization for Standardization should be completed in 2028, helping facilitate a global carbon price and "create a global carbon language," Mohin said. "A global standard is essential to decarbonization. If we can't measure it, we can't manage it," he added. The consolidation will unite GHG Protocol's Scope 1, Scope 2, Scope 3 and Actions and Market Instruments standards with ISO's 14064-1 standard, with an integrated public consultation planned for the second quarter of 2027. This harmonization represents a key milestone for accounting and responds to growing demand for consistent, interoperable greenhouse gas accounting as climate ambition intensifies across global markets. A coordination meeting is scheduled for September, to be followed by an industrywide consultation in 2027, Mohin said. The GHG Protocol and ISO are also jointly drawing up a carbon footprinting methodology that accounts for a product's full lifespan to generate a corporate carbon inventory number, he said. The methodology will be mandatory for companies to use, replacing an existing system based on carbon footprinting estimates, he said, adding that "any company using fossil fuels will be disadvantaged" under the new approach. Underpinning this pricing push is a broader shift toward mandatory corporate carbon disclosure, which Mohin said is already the norm among large companies and reinforces the case for standardized, market-relevant carbon data. He said 97% of S&amp;P 500 companies already report their carbon emissions, a practice that has accelerated in recent years. "Investors want and need this information in a company's financial report, because climate change is real and we see the risks, the costs and the opportunities," Mohin 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/blog/energy-transition/090226-et-highlights-adb-asia-decarbonization-battery-brazil-data-center</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: ADB observations on Asiaâ&amp;#x80;&amp;#x99;s decarbonization, US-Canadaâ&amp;#x80;&amp;#x99;s battery partnership potential, Brazil&amp;apos;s investment in data centers</title><pubDate>01 September 2026 20:05:00 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Energy Transition, Renewables, Emissions, Carbon September 2, 2026 ET Highlights: ADB observations on Asiaâs decarbonization, US-Canadaâs battery partnership potential, Brazil's investment in data centers 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 INTERVIEW: ADB highlights rapid clean energy leapfrogging in Asia-Pacific The Asian Development Bank said the recent Middle East conflict has reinforced, rather than undermined, the case for accelerating the energy transition across Asia-Pacific. According to Pradeep Tharakan, director of energy transition at ADB's Energy Sector Office, the region's focus on energy security is increasingly aligned with its decarbonization goals. ADB is expanding support for regional power grids and critical mineral supply chains, arguing that investments in renewables, stronger electricity networks, interconnected systems and energy storage can simultaneously improve energy security and lower emissions. Tharakan said Asia-Pacific is also seeing significant clean energy "leapfrogging", with smaller economies such as Nepal and Pakistan emerging as leaders in areas including electric vehicle adoption and distributed solar deployment. The comments highlight a growing view among policymakers and development institutions that energy security and decarbonization are mutually reinforcing priorities for the region's fast-growing economies, rather than competing objectives. Benchmark of the Week $28.55/mtc Platts assessed J-credit Renewable Energy (Electricity) on Aug. 31, down 2.36% month over month amid a lack of active buying. Explore Platts Energy Transition Price Assessments Editor's Picks: Free and premium content SPGlobal.com/energy UK delays carbon market entry for waste incinerators 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 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. Victoria opens first offshore wind tender for 2 GW in Australia Victoria has launched the request-for-proposal process for its first 2 GW of offshore wind capacity, marking Australiaâs first offshore wind auction, according to the state government. The tender is expected to attract billions of dollars in investment, support the replacement of aging coal-fired generation, and provide enough renewable electricity to power around 1.5 million homes annually. Besides, it is expected to lower power costs in the renewable resources-rich country, the state government said. US, Canadian battery sectors eye 'huge potential' to partner despite trade feud 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 trade partners can end a deepening feud that threatens to raise material prices and impede cross-border business, panelists agreed. S&amp;P Global Energy Core Woodside Energy puts US low-carbon ammonia project under strategic review Woodside Energy has placed its 1.1 million mt/year Beaumont low-carbon ammonia project in the US under strategic review and scrapped its planned $5 billion clean energy investment target through 2030, citing slower-than-expected development of hydrogen, ammonia and carbon capture markets, the company said in its half-year results for the period ended June 30. The move marks a renewed focus on the company's core conventional energy business and a scaling back of its clean energy ambitions. Nobian, Air Products enter multiyear Dutch offtake agreement for RFNBO-certified hydrogen Nobian BV has signed a multiyear agreement to supply certified renewable fuel of non-biological origin-compliant hydrogen to Air Products and Chemicals, Inc. from its chlor-alkali electrolyzer in Rotterdam, the Netherlands, the companies said in a joint statement. Nobianâs plant runs on renewable energy and in 2025 became the first large-scale European producer of renewable hydrogen with ISCC EU certification for RFNBO, according to the companies. The plant has a capacity of over 14,000 metric tons/year of hydrogen, making it Europeâs largest RFNBO-certified hydrogen plant. Brazil leads Latin America in data center growth on renewable energy Brazil has been leading investments in data centers among Latin American countries, due to the countryâs high renewable generation capacity and local data consumption. As of 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 Americaâ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%. ]]></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/energy/en/news-research/latest-news/energy-transition/090126-jera-jera-cross-launch-decarbonization-project-for-rice-packaging-in-japan</link><description>JERA Co. Inc. (JERA), JERA Cross Co. Inc. and Japan Pack Rice Oga Co. Ltd. have launched an initiative to advance energy transition in Akita Prefecture&amp;apos;s food industry through the decarbonization of packaged rice production, JERA said Sept. 1. The &amp;quot;Packaged Rice Project&amp;quot; aims to contribute to decarbonization efforts across the agriculture, forestry and fisheries sectors in Akita Prefecture and</description><title>JERA, JERA Cross launch decarbonization project for rice packaging in Japan</title><pubDate>01 September 2026 05:15:13 GMT</pubDate><author><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Electric Power, Agriculture, Renewables, Rice September 01, 2026 JERA, JERA Cross launch decarbonization project for rice packaging in Japan By Ruchira Singh Editor: Sivassanggari Tamil selvam Getting your Trinity Audio player ready... HIGHLIGHTS Renewable power supply begins at Japan Pack Rice Oga Aims to decarbonize packaged rice production process To expand renewable energy use, environmental value JERA Co. Inc. (JERA), JERA Cross Co. Inc. and Japan Pack Rice Oga Co. Ltd. have launched an initiative to advance energy transition in Akita Prefecture's food industry through the decarbonization of packaged rice production, JERA said Sept. 1. The "Packaged Rice Project" aims to contribute to decarbonization efforts across the agriculture, forestry and fisheries sectors in Akita Prefecture and support sustainability, JERA added. "JERA aims to help establish GX as a source of value for businesses and society, enabling sustainable products and services to be appropriately valued, supplied and consumed," the company said, referring to "green transformation" initiatives. "Together, the three companies aim to accelerate the transition to a more sustainable, lower-carbon food system while creating new environmental value through collaboration," the company added. As a first step, JERA Cross started supplying 100% renewable electricity to Japan Pack Rice Oga's manufacturing facility in Oga City for use in the manufacturing process, JERA said. Japan's agricultural sector faces the dual challenge of a declining farming population and growing expectations for low-carbon food production, JERA added. As such, preserving agricultural infrastructure and passing it on sustainably to future generations will support producers while reducing emissions across the food chain, the company said. Other decarbonization solutions Meanwhile, the companies will continue exploring opportunities to expand the use of renewable energy and enhance the environmental value generated by the "Packaged Rice Project," JERA said. JERA will contribute by planning initiatives and coordination among the participating parties, while JERA Cross will support implementation through renewable electricity supply and other tailored decarbonization solutions, the company added. JERA Cross's mission is to "transform decarbonization from a cost into a source of value," providing end-to-end green transformation support ranging from decarbonization road maps and strategies to renewable energy supply, JERA said. It includes solar PPAs, battery storage and aggregation for demand optimization and 24/7 carbon-free electricity through hourly matching, which matches generation and consumption on an hourly basis, the company added. Platts, part of S&amp;P Global Energy, assessed J-credit Renewable Energy (Electricity) at $28.55/mtc on Aug. 31, down 2.36% month over month. 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/082826-posco-eyes-swift-development-of-argentina-lithium-business-with-700-mil-loan</link><description>South Korea&amp;apos;s POSCO Holdings hopes to accelerate the development of its brine lithium project in Argentina after securing a $700 million loan to support it, the company said in a statement on Aug. 28. It said that POSCO Argentina SAU, its brine lithium production subsidiary, received approval on Aug. 4 for the short-term loan line from IDB Invest, the private investment agency of the</description><title>POSCO eyes swift development of Argentina lithium business with $700 mil loan</title><pubDate>28 August 2026 06:03:59 GMT</pubDate><author><name>Clement Choo</name></author><content><![CDATA[ Metals &amp; Mining, LNG, Energy Transition, Non-Ferrous, Renewables August 28, 2026 POSCO eyes swift development of Argentina lithium business with $700 mil loan By Clement Choo Editor: Surbhi Prasad Getting your Trinity Audio player ready... HIGHLIGHTS IDB Invest approves $700 mil credit facility Second plant produces 23,000 mt/y lithium carbonate Four-phase project targets 100,000 mt/y by 2033 South Korea's POSCO Holdings hopes to accelerate the development of its brine lithium project in Argentina after securing a $700 million loan to support it, the company said in a statement on Aug. 28. It said that POSCO Argentina SAU, its brine lithium production subsidiary, received approval on Aug. 4 for the short-term loan line from IDB Invest, the private investment agency of the Inter-American Development Bank Group. "With the approval of this borrowing limit, POSCO Argentina is expected to further strengthen the company's financial stability by enabling it to stably secure working capital for its lithium brine plant 1 and plant 2 (scheduled for completion in the second half of the year) whenever needed," it said. POSCO Argentina is developing the brine lithium production project at the Salar del Hombre Muerto salt lake in Argentina with a production capacity of 100,000 metric tons/year across four phases. A first-phase 25,000 mt/year lithium hydroxide plant is operating, with a second-phase plant for 23,000 mt/year of lithium carbonate to follow. Phases 3 and 4 are scheduled for completion in 2030 and 2033, respectively, data from the POSCO Group showed. "This investment will support the development, start-up, and gradual ramp-up of production at Sal de Oro project, located in the Salar del Hombre Muerto, in the provinces of Salta and Catamarca, Argentina," IDB Invest said, adding the initiative includes plants 1 and 2. By obtaining the loan, "POSCO Argentina will be able to enjoy not only large-scale working capital at low interest rates but also practical tax benefits," POSCO Holdings said. The group's lithium business has been slated as one of its three key growth sectors, namely industrial (steel), strategic (lithium, rare earths, etc) and energy resources (LNG, renewable energy, etc). Also, the lithium business will support plans by Argentina and South Korea to develop a supply chain for critical minerals, following the signing of a memorandum of understanding on July 31, 2026. Platts, part of S&amp;P Global Energy, assessed battery-grade lithium hydroxide at $19,800/mt CIF North Asia and lithium carbonate at $19,500/mt CIF North Asia on Aug. 27, both down $100/mt from Aug. 26. 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/083126-heineken-advances-industrial-decarbonization-with-biomethane-and-biomass-project-in-brazil</link><description>The Brazilian division of beverage producer Heineken has closed an $89 million deal with biogas producer Veolia to replace natural gas with a mix of biomethane and biomass at its factory in JacareÃ­ city. The project is in a ramp-up phase, expected to reach full capacity in 2027, when it will generate 110 metric tons of vapor per year, to be used in the unit&amp;apos;s boilers. The agreement is valued at</description><title>Heineken advances industrial decarbonization with biomethane and biomass project in Brazil</title><pubDate>31 August 2026 22:28:57 GMT</pubDate><author><name>Felipe Peroni</name></author><content><![CDATA[ Energy Transition, Agriculture, Natural Gas, Crude Oil, Renewables, Biofuels August 31, 2026 Heineken advances industrial decarbonization with biomethane and biomass project in Brazil By Felipe Peroni Editor: Giselle Rodriguez Getting your Trinity Audio player ready... HIGHLIGHTS Veolia deal to boost Heinekenâs biogas use under $89M agreement Brewery targets net-zero emissions by 2030 The Brazilian division of beverage producer Heineken has closed an $89 million deal with biogas producer Veolia to replace natural gas with a mix of biomethane and biomass at its factory in JacareÃ­ city. The project is in a ramp-up phase, expected to reach full capacity in 2027, when it will generate 110 metric tons of vapor per year, to be used in the unit's boilers. The agreement is valued at 460 million reais ($89 million) for a 10-year period, during which Veolia will manage and operate the thermal energy supply at the unit. "This partnership allows us to complete the decarbonization of thermal energy in Heineken's Brazilian units, in addition to our current 100% renewable electricity usage," Sustainability Director at Heineken, Ligia Camargo, told Platts Aug. 28. With 13 brewing units in the country and two microbrewers, the project represents a step towards achieving the company's net-zero target for scope 1 and 2 in 2030, which it tracks in partnership with the Science Based Targets Initiative (SBTi). "We are on track to reach zero scope 1 and 2 emissions by 2030," Camargo said. Beyond the environmental angle, the solution aims to reduce uncertainty in the company's fuel sourcing, as natural gas prices often track Brent. "Although natural gas appears to be cheaper, the renewable vapor offers more predictability and less exposure to fossil fuels' price volatility," Camargo said. Platts' dated Brent assessment was $89.64/barrel Aug. 28, having reached $144.42/b on April 7, and as low as $68.17/b on July 2. Veolia will supply the biomethane from its own biogas generated at its urban waste management facilities. The company manages 10 such facilities throughout Brazil. "We have been discussing this partnership for over a year, and were able to tailor the solution to Heineken's needs," said JosÃ© Renato Bruzadin, Veolia's director for business development. Platts is 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/podcasts/energy-evolution/090126-why-protesters-want-to-slow-americas-data-center-boom</link><description>Alongside a surge in data center construction, a growing protest movement has emerged in the US, with locals voicing concerns over electricity and water usage. Protests have put about 12 gigawatts of data center capacity at risk, analyst John Murray from S&amp;amp;P Global Energy tells the Energy Evolution podcast. To address concerns, tech firms need to improve transparency and deliver clear local</description><title>Why protesters want to slow America&amp;apos;s data center boom</title><pubDate>01 September 2026 11:01:01 GMT</pubDate><author><name>Camilla Naschert</name><name>Staff </name></author><content><![CDATA[ Water, Electric Power, Energy Transition, Renewables September 01, 2026 Why protesters want to slow America's data center boom Featuring Camilla Naschert and Staff HIGHLIGHTS Protests threaten 12 gigawatts of capacity Tech firms must boost transparency efforts Locals raise electricity and water concerns Alongside a surge in data center construction, a growing protest movement has emerged in the US, with locals voicing concerns over electricity and water usage. Protests have put about 12 gigawatts of data center capacity at risk, analyst John Murray from S&amp;P Global Energy tells the Energy Evolution podcast. To address concerns, tech firms need to improve transparency and deliver clear local benefits, said Darrell West, senior fellow at the Center for Technology Innovation within the Governance Studies program at think tank Brookings. To answer questions on sustainability and power consumption, host Camilla Naschert is joined by Aaron Tinjum of trade association Data Center Coalition. The news clip featured in this episode is from ABC News, July 19, 2026. View Full Transcript Camilla Naschert: Welcome to Energy Evolution, an S&amp;P Global Energy podcast explaining the dynamics and challenges of the energy transition. I'm correspondent Camilla Naschert. Today we'll be looking at the growth of AI data center capacity in the US. It is one of the major drivers of power demand growth, and electric utilities and grid operators are already grappling with questions over how quickly new capacity can be deployed to serve this industry. At the same time, a protest movement against data center construction has been slowing the pace of construction in several key states. In this episode, we'll hear from policy experts and the data center industry on how the protest movement could slow down data center construction, impacts on power grids, and best practice as new projects seek permission. We'll start with the fundamentals. So how much demand is coming from the data center industry? Where is the energy going to come from? And to get answers on that, I spoke with John Murray, principal analyst at S&amp;P Global Energy. I asked John to set the stage with his team's latest outlook on the power implications of new data centers. John Murray: Data center growth in America is having a big impact on power demand outlooks. My colleagues in S&amp;P Global Energy, Sara, the North American power team, they have come out with a new outlook for this year where they see that grid-based data center low demand has risen from 337 gigawatts hours in 2026 to 701 gigawatt hours by 2030. And that represents 108% increase in power demand over the next four to five years. So this vast kind of power demand growth is driving a lot of things that's happening in America in terms of clean energy deployments increases are happening or continuing to grow even in the face of policy obstacles such as the early sunsetting of tax credits for clean energy technology such as solar and wind. In terms of new energy, we are expecting to see a lot of it being done by gas where we project that 45% of demand will be met by natural gas. 25% will be met by solar, 15% met by battery energy storage systems or BES, and 10% by onshore or offshore wind. And the remaining 5% will be then met by nuclear generation. The main reason behind it is the kind of intermittency kind of problem we have with renewables. Solar can only really work during the day and then you can only have wind working when the wind is blowing. But with natural gas, you can have a powering facility 24 hours a day. But what we see coming into the energy mix a lot more and it's increasing ever more so this year and we continue to see it growing for the next couple of years is battery energy storage systems. But until we have the buildup of the batteries into a place where we can fully rely on clean energy technology, hyperscalers and data center developers are still relying on natural gas to provide that 24-hour reliable power that they need. Camilla Naschert: So let's look at the main topic that we are thinking about today, which is the issue of protests and their impact on the rollout of data centers. What did you find there? John Murray: Yeah. So through our research, we kind of follow a lot of the data center developments because it's having an impact on clean energy deployments in the US. And one of the kind of trends we're seeing emerging is local opposition to AI data centers and data centers in general. And we started to think if this is starting to grow and it especially became pronounced at the start of this year, what impact could it have on clean energy deployments? And before I could figure out the clean energy deployments impacts, I had to figure out what was happening in America in terms of local opposition. Audio: Speaker 1: Tonight, a growing debate over data centers as a number of demonstrations play out across the country from Atlanta to Berkeley, California. Audio: Speaker 2: We want to slow down AI data center development. We want to slow down AI in general and stop big tech from infringing on our local communities. Audio: Speaker 1: The explosion of data center construction projects, the byproduct of the AI and cloud computing boom, that skyrocketing growth also prompting new scrutiny as communities housing these centers say they're bearing new burdens of heightened water and power usage. John Murray: Local opposition like this is estimated to a kind of place around just under 12 gigawatts of data center capacity at risk. Another thing that's happening is several jurisdictions across the US have implemented formal moratoriums on data center development, and this is in order to assess the cumulative impacts and revise zoning regulations for their districts. At the local or county level in the US, at least 125 data center moratoriums are in place across 24 states with 110 of these moratoriums already in effect and it represents about 10.5 gigawatt of at-risk data center capacity. Now I mentioned that there is a lot of data centers happening and 10.5 gigawatts is not that much when you think of the entire data center project pipeline in the US. And that's mainly because a lot of the communities or townships or counties are getting ahead of data center developments. So they're putting moratoriums in place even before any projects have even been announced in that region. The third thing is then that local opposition groups are increasingly employing legal strategies to delay or block data center projects. Over the past 12 months, there's been at least 70 legal challenges to data center development, and these have been tracked across 26 states. And overall it represents 48 gigawatts of at-risk data center capacity. So it seems that legal challenges are having the biggest impacts or could have the biggest impact on data center developments, placing the most at risk capacity here. Camilla Naschert: I know you've looked at this at a state level and regional level. Is there anything you can say on trends as to which parts of the US are seeing more opposition and then in turn which regions could be more attractive alternative destinations? John Murray: It's kind of common sense that the most of these oppositions are happening in places where the most data center activity is happening. So we see the most legal challenges or local oppositioning happening in Virginia where this is the data center capital basically of the world. So that's understandable, you would have the most opposition there. We're also seeing a lot of opposition in terms of legal challenges in Texas and also in California. Again, these are also hotbeds for data center activity. As this is happening, we also see data center activity expanding into the Midwest where you have a lot happening in Illinois, Indiana, Ohio, and also on the West Coast in Oregon. Camilla Naschert: After this overview from John, let's hear about some potential solutions to navigate the apparent conflict between locals and new data centers. To understand the drivers behind the opposition, I spoke with political scientist Darryl West, senior fellow in the Center for Technology Innovation within the governance studies program at Think Tank Brookings. I began by asking him if these protests are similar to what we've seen with other infrastructure or if there's something unique about data centers that's fueling the pushback. Darrell West: I think there are a few unique aspects of the data center debate that have fueled public opposition within the United States. One is just data centers are taking so much energy, people are worried about that. Other customers are wondering if their costs are going up due to the data centers, so there's a lot of concern over that. You have the water usage aspect of data centers. But it's not just things that are specific to data centers. In the United States, there's a lot of concern about AI in general, and people understand data centers are the entity that are making AI possible as well as many other aspects of the digital economy. So people's worries about AI are part of their worries about data centers. Public concerns about both AI and data centers have fused into one dimension right now. And I think that helps to explain both the breadth of the opposition as well as some of the intensity behind that opposition. Camilla Naschert: I know you've written in a recent report that legislators should resist the urge to stop technology and instead focus on implementing responsible guards rails. Can you say a bit more about how that could look and how you would define that? Darrell West: You're exactly right. There is a lot of public concern about AI taking jobs, so that is a part of this whole data center debate that is taking place. I don't think a moratorium is the way to go. We're not going to stop digital innovation. Technology is such a part of all of our lives. We're seeing AI being deployed in virtually every sector, and so the ability to stop it is probably not a viable option. But what we do need to take seriously is the development of responsible guardrails that can address the public concerns, make sure that as we move forward both with AI as well as data centers, that it meets community needs. We've argued in other papers that there should be what we call community benefit agreements that are publicly negotiated contracts between the local community and the data center developers, kind of outlining exactly what the benefits are going to be for the community, what the potential costs are either in terms of energy and/or water usage, and then how the company is going to deal with those issues. We think if companies are more open and explicit about what the data center needs are going to be, the public will have a better shot of understanding what the issues are and perhaps to become more supportive. And I think the same thing is true with AI in general. Camilla Naschert: I know it's really early days in this industry, but is there anywhere in the US and the world that you can see doing the permitting processes with successful buy-in from locals and ideally without major environmental impacts? Can we already see some success stories? Darrell West: Actually, we are starting to see communities be more open about their discussions with the tech companies. In Wisconsin, for example, there have been constructive conversations between business interests and data center developers and local communities. Three Mile Island is an example of one approach to dealing with the energy needs. We all know there was a nuclear power plant there. There was an accident several decades ago that caused the stopping of that power plant. It was basically taken offline. There's a plan now paid for by industry to bring that nuclear plant back online and provide energy for a data center that's going to be located right next to that. So I think those are the types of things where if people see the tech companies, which we know have large resources behind them, taking responsibility for developing new sources of energy, paying for the costs of data centers, that will help local communities deal with the public concerns. If people see the tech companies taking their concerns seriously and taking meaningful steps to address them, I think they will become more open to data centers. Camilla Naschert: Okay, so we've talked plenty about the data center industry now, so let's bring in a representative for the industry. This was my conversation with Aaron Tinjum from Trade Association Data Center Coalition. Aaron Tinjum: So I'm Aaron Tinjum. I'm the executive vice president of the Data Center Coalition, DCC. We're the National Membership Association for the US data center industry. We have about 50 data center owner operators within our membership that own infrastructure, have investments and have teams across the US, and many also have facilities across the world. We are really focused on advocating for policies, regulations, and other solutions that continue to ensure that the US can build and operate data centers here at home. Camilla Naschert: Right. And data centers have been increasingly in the headlines recently, thanks to protestors who have voiced concerns around the construction of new data centers, pointing to pollution, water consumption, maybe noise even, and overall the sense that data centers may have fewer benefits than costs for local people. Are they wrong? Aaron Tinjum: Yeah, and I really appreciate you raising that question. I will start my response by stating all of these issues are extremely important, whether we are talking about energy use, whether we're talking about water use, whether we're talking about noise or local engagement, all of those things matter important. The data center industry and including our members appreciates all the efforts not only local communities have taken, but also several states that are really focused on ensuring continued responsible development of data centers in their local communities. I think it's important though to really take a step back and consider what we're talking about. On one front, I would note that data centers are not a monolithic industry. We have many companies, many company sizes, multiple business models, different facility types and sizes, and different computing operations that are occurring within these facilities. So while our headlines and national conversation often use the term data center interchangeably, we could be talking about small legacy facilities that have been operating for decades. We could be talking about retrofitted manufacturing facilities that now host computing operations. We could be talking about artificial intelligence, but often what we're really talking about with the facilities online today are cloud facilities. And I think that's a piece that's often overlooked in our conversation, is there is still an immense amount of data center construction that is a reflection of our collective computing demands, especially coming out of the pandemic. I have, again, 50 operators within our membership, many of whom are also smaller developers. When we're talking about data centers, it's not simply one type of computing operation. And then with those important caveats noted though, regardless of the company size, regardless of the type of operation being supported within those facilities, these members are committed to engaging with their local communities and being good neighbors in the communities where they operate. Camilla Naschert: Right. And I take your point about the established use cases, but I think what has been driving a lot of the new demand projections is this huge growth in need for computing power through artificial intelligence. And now in the last few months, we've seen a series of legal challenges, but also moratoriums in several states. I guess the idea being that lawmakers are trying to take some time to weigh the benefits and drawbacks of letting new projects go ahead. And I wonder whether you think that's a reasonable approach. Aaron Tinjum: We really view moratoriums as a slippery slope that impede progress. I think a more responsible and thoughtful approach would be bringing together communities and decision makers and really developing clear and common sense guardrails to move forward. This is something a number of states and communities have done in recent years, so I don't think that it's something that requires additional moratoriums. And I think there's a few different reasons for that. I think number one, there are long planned investments and approvals in place for a number of facilities that our members are hoping can continue to move forward. When they do not move forward, we are talking about a slowing of both economic benefits and the terms of construction jobs. So if those facilities are paused, those construction workers are not working on those jobs, that is delayed employment. We're also talking about a delay of tax revenue. And I know a number of communities across the US in recent years have been identifying ways to replace industries that have been housed there. Camilla Naschert: So what does the process to get from concept to data center currently look like in the US? Can you walk us through what it's like for a data center operator maybe trying to secure a grid connection in one of the main US hotspots? What is the process and what are the timings? Aaron Tinjum: I will take Virginia for example, which is not only the data center capital of the US in many regards when we're thinking about computing capacity that's online, but it is the data center capital of the world. And in that market, our members historically had been able to build and power a data center roughly between 18 to 24 months. A few years ago, that timeframe began to slide, so it went from about 18 to 24 months, and then the timeline became two to four years. From there, the timeline became four to seven years. The latest we have heard that within Northern Virginia, it's around seven years plus in many instances for these facilities to receive power. And if you read between the lines, we may be talking about a decade to power. Those delays and a lot of it is attributed to a transmission constraint at Loudoun, Virginia. I think a lot of the delay in Virginia could be attributed to under forecasting of demand from data centers. So our members will put in a load request with the local utility, really estimate their highest demand for that facility. And in the US, Virginia is part of the PJM Interconnection, which is the regional grid operator that oversees about 13 states and Washington, DC. It's a lengthy forecasting process, but effectively the utilities in each market will produce a forecast that will eventually roll up to PJM, and PJM will create a regional forecast. We do not always have clarity as to the thresholds for being included in those forecasts. So what we have been doing as an industry is advocating for what we call commercial readiness verification. We want to ensure that the projects that are in interconnection queues within PJM and elsewhere have made progress on permitting, that there are financial commitments behind these load requests. Regulators are going to review these requests. And what large customers can do at this moment is provide a little bit more clarity, a little more transparency to ensure that there's legitimacy to these projects. Camilla Naschert: Right. I mean, there's been other regulators who've tried to grapple with this issue of, I guess you could call it speculative project. So in the UK, a grid regulator of JAM is planning to introduce fees for data center operators who are waiting for grid connections to avoid speculation and maybe unclog the queue for grid requests. What do you make of that kind of approach? Aaron Tinjum: Yeah, I think our industry's fully committed to making financial commitments if that will help address the issue of, let's say, speculative load requests or duplicative load requests across projects or across regions. One thing I would point out though, I think often there's a lot of concern around these issues that are called speculation or duplicative load requests, but I think a couple points to recognize is just because a large customer may be requesting a project in multiple jurisdictions does not mean that they do not intend to move forward with that project. And admittedly, there are a number of, let's say, developers, speculators that may have no intent to ultimately own and operate a data center. They may just be looking to get a site set up with power and then flip it to an ultimate owner of that site. But the data center coalition, we are really focused on representing those companies that own and operate facilities. Camilla Naschert: Right. Let's get to the energy aspects then. Research here at S&amp;P Global Energy has shown that the majority of new data centers in the US use natural gas. In part, that's because of the intermittency issues we have with renewables. And at the same time, many, if not most of your members, have net-zero commitments in place, often around 2040 or even earlier. So should we think of gas as a transition solution on the path to net-zero or could the industry's goals there be at risk? Aaron Tinjum: Yeah, I really appreciate the question, and a few different thoughts come to mind. I believe S&amp;P Global has also estimated that approximately half of all corporate renewable energy procurement has been driven by technology companies with data centers. And so I highlight that point to really emphasize that this industry's sustainability commitments are not falling by the wayside at this critical juncture. There have been countless announcements now around small modular reactors. There have been projects announced to advance enhanced geothermal technologies, other long duration storage technologies. So this is an industry that will continue to advocate and procure, let's say, traditional renewables, solar and wind, but it is also leaning in both with commitments and investments in clean electricity technologies that are not only carbon-free, but get us to that firmer future that really align with the load shape of data center facilities, which are generally speaking, large and relatively predictable. Now, your question around natural gas is an important one. And I think any interest in, let's say, natural gas generation, whether it be onsite, behind the meter, is really a reflection of where the US grid is at. We do not have sufficient capacity in key data center markets at this moment. And again, I think that partially comes back to under forecasting of data center demand and other growth drivers, whether we're talking about the onshoring and manufacturing or electrification. Camilla Naschert: Now, the DCC has been lobbying or advocating on behalf of the industry for years now, even before the AI boom really put data centers on the map. And I wonder whether you find that the attitude from local stakeholders has shifted recently, and if so, why you think that is? Aaron Tinjum: You're absolutely right. The data center coalition was founded in 2019, so we predate much of the conversation around artificial intelligence. Certainly there is no shortage of local concern. I think the media does an excellent job of covering that concern. I think at the end of the day, our industry needs to provide greater education of this industry, what these facilities are supporting within our economy. If it's located within your community or near your community, do we have a clear understanding of the benefits of that project in hosting that, whether it be tax revenue or jobs? And then I think zooming out a little bit further, what are the national security implications associated with this moment? Whether we are talking about the artificial intelligence race globally, where we know the US's adversaries are also very quickly working to develop data center infrastructure and AI models, or if we're talking about ultimately where the US's data is held. Camilla Naschert: All right, listeners, that was it for this week. I really enjoyed diving into this issue with you. I find it a good reminder about the social and political context in which you allocate energy resources, and it's something our reporters at S&amp;P Global Energy will, of course, continue to cover. My thanks to Aaron, Darryl, and John for their thoughtful comments on this, and thank you for your interest in our discussions on energy evolution. We'll be back in your ears next week. As always, thank you to the rest of our Energy Evolution podcast team, including Eklavya Gupte, Karen Willenbrecht, Drew Engblom, and Dan Testa, as well as our producer, Donovan Menard from the 199, and the S&amp;P Global Energy Digital Content Team. Don't forget to subscribe to Energy Evolution on your favorite podcast platform. And if you've got an idea for future topics or guests, please email us at energyevolution@spglobal.com. 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/ratings/en/regulatory/article/australia-private-credit-brief-why-increasing-redemption-restrictions-arent-a-systemic-risk-s101704112</link><description>This report does not constitute a rating action. Australia&amp;apos;s private credit funds may see their abundant liquidity come under pressure. The weakening credit quality of some underlying assets has led to a notable rise in redemption restrictions among small funds this year. More could follow. But we don&amp;apos;t believe this signals broader industry instability. Responsible entities have increasingly deployed gating mechanisms for private credit funds this year. The aim is to ensure all investors are tre</description><title>Australia Private Credit Brief: Why Increasing Redemption Restrictions Aren&amp;apos;t A Systemic Risk</title><pubDate>31 August 2026 02:44:37 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/blog/crude-oil/090126-ctracker-asia-gasoil-distillates-europe-carbon-prices-soybean-corn-india-ethanol-solar-photovoltaic-brazil-data-center</link><description>Asian refiners plan maximum distillate exports to capture elevated crack spreads in the second half of 2026. Meanwhile, European carbon allowances touched one-month highs, while corn and soybean meal prices near records on supply concerns. Indian ethanol imports and Brazil&amp;apos;s solar investment are also in focus this week.</description><title>COMMODITY TRACKER: 5 charts to watch this week</title><pubDate>01 September 2026 06:36:12 GMT</pubDate><author><name>Staff </name></author><content><![CDATA[ Agriculture, Refined Products, Energy Transition, Crude Oil, Natural Gas, Electric Power, Biofuels, Carbon, Grains, Oilseeds, Diesel-Gasoil, Jet Fuel September 01, 2026 COMMODITY TRACKER: 5 charts to watch this week By Staff Editor: Roma Arora Getting your Trinity Audio player ready... Asian refiners plan maximum distillate exports to capture elevated crack spreads in the second half of 2026. Meanwhile, European carbon allowances touched one-month highs, while corn and soybean meal prices near records on supply concerns. Indian ethanol imports and Brazil's solar investment are also in focus this week. 1. Asian refiners eye higher distillate exports amid record margins What's happening? Asian middle distillate crack spreads rose significantly above 2025 averages in August due to refinery feedstock procurement disruptions and tighter export controls, according to Platts data, the South Korean Trade Ministry and industry sources. Platts assessed the Singapore gasoil swap crack against Dubai crude at a record high $71.61/b on Aug. 19. The crack spread averaged $64.71/b in August versus the 2025 average of $18.16/b. Jet fuel crack spread averaged $44.74/b year-to-date in 2026, more than double the 2025 average of $17.32/b. Platts is part of S&amp;P Global Energy. What's next? South Korean refiners plan to export at maximum levels within government caps to capture robust crack spreads in the second half of 2026, officials at four refiners told Platts. Refiners in Thailand, Japan and Taiwan also intend to increase spot sales when domestic supply conditions permit, product marketers said. 2. European carbon prices reach one-month high What's happening? European carbon prices touched a one-month high in the week to Aug. 28 before retreating amid subdued summer liquidity. EU Allowances traded at â¬82.56/metric tons of CO2e at 1302 BST Aug. 28, according to the Intercontinental Exchange Inc. (ICE), largely unchanged from the Aug. 21 settlement of â¬82.61/mtCO2e. Platts assessed EUAs for the December 2026 contract at â¬82.36/mtCO2e Aug. 27, while UK Allowances for the same contract were assessed at Â£59.06/mtCO2e, trading at a â¬13.48/mtCO2e discount to their EU counterparts. 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 data. What's next? S&amp;P Global Energy CERA analysts expect EUAs to range between â¬80/mtCO2e and â¬86/mtCO2e from September to December. The upper end depends 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 downside catalysts," CERA analysts said. The European Commission will publish bi-weekly updates starting in September on the distribution of free allocations to industry. 3. European corn, soybean meal prices near record highs What's happening? European corn and soybean meal prices reached near-record levels, supported by stronger futures markets and firmer origin premiums due to supply concerns, according to market participants in Spain, the Netherlands and Italy. Platts assessed Spain ex-works corn at â¬245/mt on Aug. 26, up â¬6/mt month over month. Netherlands FOB soybean meal was assessed at â¬379/mt, up â¬13/mt, while Spain ex-works soybean meal reached â¬381/mt, up â¬15/mt. Factors include European heat waves, escalating Russia-Ukraine conflict and weaker Brazilian soybean crush margins. What's next? European Commission data forecasts EU corn production at 52.11 million mt for the 2026-27 marketing year (July-June), down from 60.45 million mt in 2025-26. Spanish feed manufacturers may increasingly turn to barley as a substitute for higher-priced feed grains, a Spanish broker said. US soybean meal may become more competitive in Spain as elevated Brazilian and Argentine values make American supplies attractive, a Spain-based market participant said. However, demand remains limited during the holiday period, with consumption weaker than under normal market conditions, traders said. 4. Indian ethanol import prices rise to new high What's happening? Indian ethanol import prices hit a record high on Aug. 25 as global and domestic price gains lifted market sentiment, market sources told Platts. Platts assessed Anhydrous Ethanol CFR India shipment one month ahead at $757/mt for September, up $12/mt week over week, surpassing the previous high of $751/mt from May 26. US ethanol futures climbed above $2/gal, with Platts assessing Chicago Terminal ethanol at $2.07/gal on Aug. 25. Brazil anhydrous ethanol reached $549/cubic meter FOB Santos, its highest since May 28, supported by improved local buying interest. What's next? Demand for imported ethanol into India remains muted as elevated CFR prices curb fresh buying interest, sources said. Indian buyers are adopting a wait-and-see approach, monitoring freight rates and price trends before placing new import inquiries. Mills are expected to start crushing early this year, with conditions improving once the festive season ends, sources said. 5. Solar investments pause in Brazil amid renewable curtailments What's happening? Investments in centralized solar power plants in Brazil has frozen due to increased risk from ongoing renewable energy curtailments, according to ABSolar president Rodrigo Sauaia. From January to July, curtailments accounted for 19.5% of solar and wind generation, with August restrictions reaching 28.9% of potential generation, up from 24.9% in July, according to National System Operator data. Small distributed generation units continue growing, but at a slower pace due to higher capital costs and recent tax increases, Sauaia said. Solar photovoltaic capacity grew 16.3 GW in 2025, reaching 24.8% of Brazil's total capacity, according to the Brazilian Energy Research Bureau. What's next? ABSolar estimates solar PV generation capacity will grow 8-9 GW in 2026, significantly slower than the 16.3 GW added in 2025. Oversupply is expected to persist and worsen once new thermal plants from a March 2026 government auction that contracted for 19 GW of capacity come online, sources said. More permanent solutions include enhancing energy exports, implementing hourly pricing, and investing in storage systems, according to Markus Vlasits, president of the advisory board at the Brazilian Energy Storage Association. Reporting and analysis by Philip Vahn, Shu Ling Lee, Irina Breilean, Eklavya Gupte, Nanditha Kinavoor Madathil, Rishab Joshi and Felipe Peroni. 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-conditions-north-america-update-what-are-the-macro-and-credit-effects-of-the-us-canada-trade-dispute-s101704089</link><description>This report does not constitute a rating action. The breakdown of trade talks and tariff escalation between the U.S. and Canada mark a significant deepening of tensions between the two closely linked economies that could weigh on growth and credit conditions, particularly in Canada. The immediate credit effects will vary across sectors. Following the collapse of trade negotiations between the two countries, the U.S. immediately imposed 50% tariffs on roughly $20 billion worth of Canadian goods, </description><title>Credit Conditions North America Update: What Are The Macro And Credit Effects Of The U.S.-Canada Trade Dispute?</title><pubDate>28 August 2026 18:51:18 GMT</pubDate></item><item><link>https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/082826-asian-saf-market-focus-shifts-to-carbon-intensity-as-feedstock-scrutiny-grows</link><description>For much of the past five years, competition in Asia&amp;apos;s sustainable aviation fuel sector has been measured in announced capacity, project pipelines and investment commitments. Increasingly, however, the industry&amp;apos;s next phase may be defined by a different metric of carbon performance. The shift is becoming evident as airlines, regulators and corporate buyers move beyond questions of whether enough</description><title>Asian SAF market focus shifts to carbon intensity as feedstock scrutiny grows</title><pubDate>28 August 2026 20:00:18 GMT</pubDate><author><name>Samyak Pandey</name></author><content><![CDATA[ Agriculture, Energy Transition, Electric Power, Refined Products, Biofuels, Renewables, Vegetable Oils, Non-Sugar Sweeteners, Jet Fuel August 28, 2026 Asian SAF market focus shifts to carbon intensity as feedstock scrutiny grows By Samyak Pandey Editor: Meghan Gordon Getting your Trinity Audio player ready... HIGHLIGHTS EcoCeres cuts emissions intensity by 11% Feedstock traceability becomes critical factor SAF producers face carbon verification pressure For much of the past five years, competition in Asia's sustainable aviation fuel sector has been measured in announced capacity, project pipelines and investment commitments. Increasingly, however, the industry's next phase may be defined by a different metric of carbon performance. The shift is becoming evident as airlines, regulators and corporate buyers move beyond questions of whether enough SAF can be produced and begin scrutinizing how it is produced, where feedstocks originate and whether emissions reductions can be independently verified. Hong Kong-based renewable fuels producer EcoCeres provided a glimpse of that transition this week through the release of its 2025 Sustainability Report and GHG Accounting and Audit Report on Aug. 27, which focused less on new capacity announcements and more on operational emissions, renewable electricity use, governance and feedstock traceability. The company said its Johor, Malaysia, facility was successfully commissioned to support growing demand for sustainable aviation fuel, hydrotreated vegetable oil and bio-naphtha in key markets. While EcoCeres did not disclose production volumes or nameplate capacity, the company emphasized sustainability performance across its operating platform. According to the reports, EcoCeres reduced combined Scope 1 and Scope 2 emissions intensity by 11% compared with its 2022 baseline despite expanding operations, while energy intensity fell nearly 19% to 695 kilowatt-hours/metric ton of output. The company also reported that renewable electricity accounted for 69% of power consumption at its Jiangsu operations in 2025, up from zero in 2022, and reiterated a target of sourcing 100% renewable electricity across its operations by 2030. Those metrics are becoming increasingly relevant as governments tighten sustainability requirements for aviation fuels and airlines seek suppliers capable of supporting compliance with evolving SAF mandates and carbon-accounting frameworks. Feedstocks under the spotlight The industry's growing focus on carbon intensity is being accompanied by heightened scrutiny of feedstock sourcing. Questions surrounding used cooking oil traceability, waste-based feedstock availability and sustainability certification have become increasingly important as SAF demand accelerates across Europe, Asia and North America. Producers are under pressure to demonstrate not only emissions reductions but also transparent supply chains. EcoCeres said it maintains 100% ISCC-certified traceability for feedstocks, including used cooking oil, animal fats, glycerine and agricultural residues. The company also highlighted strengthened supplier oversight and sustainability governance as part of its broader decarbonization strategy. The company joined the UN Global Compact in October 2025 and received an EcoVadis Gold rating in January 2026, placing it among the top-rated companies assessed under the sustainability benchmarking framework. From volume race to quality race The disclosures come as SAF markets gradually evolve from a supply-constrained environment toward one where differentiation may increasingly depend on measurable sustainability credentials. Early SAF market development was largely driven by the need to bring production capacity online. As more facilities enter operation globally, buyers are beginning to compare suppliers based on emissions intensity, renewable energy integration, governance standards and feedstock provenance. EcoCeres has set a target to reduce Scope 1 and Scope 2 emissions intensity by 30% by 2035 and to achieve net-zero emissions across Scopes 1, 2 and 3 by 2050. The company has also linked executive remuneration to ESG-related performance indicators, including sustainability and operational metrics. What remains absent from the disclosures are lifecycle carbon-intensity values, SAF production volumes and long-term airline offtake agreements metrics that many fuel buyers will ultimately use when evaluating suppliers. The reports point to a broader trend taking shape across the sector. As SAF production capacity expands globally, the next competitive divide may not be between companies that can produce fuel and those that cannot, but between producers that can demonstrate verified carbon reductions and feedstock transparency and those that cannot. Platts, part of S&amp;P Global Energy, assessed Sustainable Aviation Fuel HEFA-SPK FOB China at $2,443/mt on Aug. 28, down $7/mt from Aug. 27. 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/082626-victoria-opens-first-offshore-wind-tender-for-2-gw-in-australia</link><description>Victoria&amp;apos;s Minister for Energy and Resources Jaclyn Symes on Aug. 26 opened the Request for Proposal process for the state&amp;apos;s first two gigawatts of offshore wind, marking Australia&amp;apos;s first offshore wind auction, the Victorian government said in a statement. Australia has been accelerating the adoption of renewables in a bid to lower power prices and to achieve its ambitious climate goals,</description><title>Victoria opens first offshore wind tender for 2 GW in Australia</title><pubDate>26 August 2026 14:03:15 GMT</pubDate><author><name>Ruchira Singh</name></author><content><![CDATA[ Electric Power, Energy Transition, Coal, Agriculture, Renewables, Biofuels August 26, 2026 Victoria opens first offshore wind tender for 2 GW in Australia By Ruchira Singh Editor: Pollock Mondal Getting your Trinity Audio player ready... HIGHLIGHTS Auction to power around 1.5 mil homes yearly Contracts expected to be awarded in 2028 2035 emissions cut target 62%-70% below 2005 levels Victoria's Minister for Energy and Resources Jaclyn Symes on Aug. 26 opened the Request for Proposal process for the state's first two gigawatts of offshore wind, marking Australia's first offshore wind auction, the Victorian government said in a statement. Australia has been accelerating the adoption of renewables in a bid to lower power prices and to achieve its ambitious climate goals, including a 2035 emissions reduction target of 62%-70% below 2005 levels. "This auction is a giant leap towards getting Australia's first offshore wind projects built -- attracting billions in investment, creating thousands of jobs and delivering the reliable power we need as coal retires," Symes said. "Victoria has some of the best offshore wind resources in the world. This auction is about harnessing that advantage and building the next generation of energy..." The tender will provide enough energy to power around 1.5 million homes each year, the government said. The move will add large amounts of new renewable energy to the grid as the state's ageing coal-fired generators retire. Nine gigawatts of offshore wind Contracts are expected to be integrated into the national Electricity Services Entry Mechanism (ESEM), providing a pathway toward Victoria's target of nine GW of offshore wind, it said. "Victoria's record investment in renewables is delivering the lowest wholesale power prices in the country," the government said. Renewables accounted for 45% of the state's total electricity generation. The auction will close in August 2027, with contracts expected to be awarded in 2028, the state government said. Australia offered feasibility licenses to three offshore wind projects in Western Australia that could deliver about 4 GW of renewable electricity capacity, the government said in January, marking a significant step forward for the emerging offshore wind industry. Australia's federal government opened registrations for the 11th tender round under its Capacity Investment Scheme in Western Australia on Aug. 25, aiming to bring forward 1.8 gigawatts of renewable generation capacity, according to a statement. Australia has a projected renewable energy installed capacity â solar, wind, biomass and waste â of 57.94 GW in 2026, according to data from 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/energy-transition/082726-interview-adb-highlights-rapid-clean-energy-leapfrogging-in-asia-pacific</link><description>The Asian Development Bank is scaling up support for regional power grids and critical mineral supply chains across Asia-Pacific, arguing that the region&amp;apos;s pursuit of energy security in the wake of the Middle East conflict has strengthened rather than weakened the case for accelerating decarbonization. Pradeep Tharakan, director, energy transition at ADB&amp;apos;s Energy Sector Office, said the region is</description><title>INTERVIEW: ADB highlights rapid clean energy leapfrogging in Asia-Pacific</title><pubDate>28 August 2026 05:39:47 GMT</pubDate><author><name>Ruchira Singh</name></author><content><![CDATA[ Energy Transition, Electric Power, Metals &amp; Mining, Crude Oil, Renewables, Non-Ferrous, Emissions August 27, 2026 Â· Updated August 28, 2026 INTERVIEW: ADB highlights rapid clean energy leapfrogging in Asia-Pacific By Ruchira Singh Editor: Ankit Ajmera Getting your Trinity Audio player ready... HIGHLIGHTS ADB pledges $10B for ASEAN Power Grid over 10 years Pan-Asia Power Grid Initiative targets $50B mobilization Critical minerals key to Asia-Pacific's fuels-to-materials shift The Asian Development Bank is scaling up support for regional power grids and critical mineral supply chains across Asia-Pacific, arguing that the region's pursuit of energy security in the wake of the Middle East conflict has strengthened rather than weakened the case for accelerating decarbonization. Pradeep Tharakan, director, energy transition at ADB's Energy Sector Office, said the region is also witnessing significant "leapfrogging" in clean energy technology, with smaller economies such as Nepal and Pakistan emerging as frontrunners in electric-vehicle penetration and distributed solar generation. "With the Middle East conflict, what was highlighted or reinforced is something clean energy advocates have argued all along: that energy security and decarbonization are not mutually exclusive factors. They are mutually reinforcing," Tharakan told Platts, part of S&amp;P Global Energy, in an online interview Aug. 25. "If you are focused on energy security, we need to really invest in renewables, strong grids, connected systems and energy storage. And all of that will lead to decarbonization anyway." Tharakan said the ongoing Middle East conflict has crystallized an argument long made by clean energy advocates: that energy security and decarbonization are complementary rather than competing priorities for the region's fast-growing economies. He pointed to a "massive increase" in procurement of solar photovoltaic energy across small and large Asian economies over the past year, along with a shift toward EVs in markets, including smaller ones such as Nepal, as evidence that the link between the two goals has become clearer to policymakers. "As recently as a year ago, about $3 trillion was invested in the energy space: $2 trillion for clean energy and $1 trillion for fossil fuels," Tharakan said, noting that even during the pandemic-era demand destruction, the world continued investing in clean energy. Asia-Pacific emissions are expected to rise from 26.96 billion metric tons of CO2 equivalent in 2026 under a base-case scenario to 27.19 billion mtCO2e by 2030, according to S&amp;P Global Energy. Grid, minerals-to-manufacturing investment ADB has pledged about $10 billion over the next 10 years toward investments linked to the ASEAN Power Grid, Tharakan said, as part of efforts to help member countries build more resilient and interconnected energy systems. Earlier in 2026, at ADB's annual meeting, the bank announced the Pan-Asia Power Grid Initiative, or PAGI, under which it aims to mobilize up to $50 billion over the next decade, Tharakan said. "For countries to be resilient, they need to be interconnected and benefit from a larger pool of energy resources," Tharakan said. The bank has also turned its attention to the materials underpinning the energy transition, launching a critical minerals-to-manufacturing supply chains initiative, or CMM, in 2025, with an initial focus on battery minerals, copper and rare earth element value chains. "We realized that if we want to help our countries with the energy transition, the transition requires materials and equipment like electrolyzers, wind turbines and solar PV panels, and those require minerals," Tharakan said. Some of the supply chains feeding this manufacturing base remain highly concentrated, Tharakan said, adding that diversifying them is crucial for managing and maintaining energy security across the region. ADB's efforts in this area are coordinated with public- and private-sector partners, blending climate finance from sources such as the Climate Investment Funds and the Green Climate Fund with philanthropic and commercial capital, he said. Focus on just transition Tharakan said transition plans are improving across the region as the falling cost of renewables increasingly makes them the default choice for governments and corporates, though more work is needed at the subnational level, where cities face the biggest infrastructure and financing challenges. "The transition story needs to be just. If you do it in an unplanned way, you create inequitable and negative impacts," Tharakan said, pointing to a widening "energy-transition divide" and noting that roughly 60 million people across Asia-Pacific still lack access to electricity. As fossil fuel use declines over time, communities and industries built around those sectors in countries such as Indonesia and India will need to find alternative livelihoods, Tharakan said, adding that upskilling and reskilling programs will be necessary to manage the shift. Asia-Pacific must continue to focus on decarbonization, with energy demand set to climb further on the back of rising cooling needs, artificial intelligence and data center growth, urbanization and industrial electrification, Tharakan said. "Asia-Pacific has no choice but to decarbonize as it develops," Tharakan said. Regional investment has bounced back to prepandemic levels, he said, citing International Energy Agency investment data. China remains the world's largest market for clean energy investment, with India close behind, potentially ranking just after the US, Tharakan said. He highlighted examples of countries emerging as leaders in clean technology adoption across the region. While Norway has the world's highest share of EVs in new car sales, Nepal ranks second, Tharakan said, attributing this to the country's hydropower-based electricity system, which allows drivers to reduce reliance on imported oil. "We are seeing some very significant leapfrogging," Tharakan said, citing Pakistan's rapid build-out of distributed solar generation capacity over the past three to five years. 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-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></channel></rss>