Daily Update — February 9, 2026
Top Sustainability Trends; AI in Energy Markets; and Secondaries Fundraising
Today is Monday, February 9, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
Listen: Top 2026 sustainability trends: What leaders need to know
In this episode of the “All Things Sustainable” podcast, several experts joined to explore the geopolitical and macroeconomic issues affecting sustainability, energy and climate strategies in 2026. Carlos Pascual, senior vice president and head of geopolitics and international affairs at S&P Global Energy and former US ambassador to Mexico and Ukraine, described a fragmented geopolitical landscape that is uncertain about the direction of global climate policy, action and finance.
"We have huge changes ahead and look for the private sector to have to play a much more central role in the overall momentum on clean technology and investments in renewable energy," Pascual said.
Artificial Intelligence
Listen: Top Trends for 2026: Energy capital bets on AI-led power demand, positions for cyclical oil surplus
AI will continue to be a dominant driver of energy capital flows in 2026 as growth investment in well-supplied global oil and natural gas markets pauses. Such expectations will direct the attention of energy investors over the coming year, according to S&P Global Energy.
S&P Global Energy Research and Analysis Director Justin Jacobs joined “EnergyCents” podcast hosts Hill Vaden and Sam Humphreys to discuss the top trends that will direct energy capital allocation in 2026.
Private Markets
Private equity secondaries fundraising boosted by surge in deals
Global fundraising totals for private equity secondaries funds increased for a third consecutive year in 2025 as institutional investors sought more exposure to the booming secondaries market. Capital commitments increased 6.4% to $92.90 billion from $87.32 billion in 2024 for funds targeting investments in buyout, growth capital and venture secondaries, according to data from With Intelligence, a part of S&P Global Market Intelligence. This was the largest annual fundraising total for private equity secondaries funds since at least 2020.
Capital is chasing a fast-growing opportunity in the wider secondaries marketplace, where stakes in private equity, private credit and other illiquid alternative assets are traded, typically at a discount to the fund's estimated value. The global transaction value for secondaries increased 41% year over year to a record $226 billion in 2025, according to investment bank Evercore.
In case you missed it
- An increasingly opaque US labor market is likely to keep the Federal Reserve from cutting benchmark interest rates until the summer, if officials even lower rates at all in 2026.
- Indian rice exporters expect to capture a larger share of the US market following the trade deal that lowers US import duties, with the biggest gains likely in basmati rice. Thai and Pakistani exporters said they expect minimal impact due to different market positions and demand patterns.
- Large downside risk and a volatile London Metal Exchange, which has caused tariff fluctuations in the US aluminum market, mean Canadian aluminum is still being exported to Europe despite a record-high US Aluminum Midwest Premium.
Upcoming events
- Datacenter Dealmaking: Can the Record-Breaking Momentum Continue in 2026? | February 10 (Webinar)
- 2026 Investment Outlook: Market Trends and Insights for the Year Ahead | February 10 (Webinar)
- Energy Horizons: Navigating Geopolitics, AI, and Climate in 2026 | February 26 (Boston)
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