Daily Update — January 15, 2026
India’s Energy Transition; New US Tariffs on Iran; and Sukuk Issuance Growth
Today is Thursday, January 15, 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
India hits 50% nonfossil power capacity, seeks $300B for energy transition by 2030
India reached 50% nonfossil fuel installed power capacity in 2025. Still, the country needs about $300 billion in investments by 2030 to accelerate its energy transition and attract global investors, Minister for New and Renewable Energy Pralhad Joshi said Jan. 11.
Speaking at the International Renewable Energy Agency in Abu Dhabi, United Arab Emirates, Joshi highlighted that India's growing electricity demand and clean energy plan would require more efforts and funds. The Indian government has a 2070 net-zero target and aims to have 500 GW of nonfossil fuel capacity by 2030.
S&P Global Mobility’s scenario-based approach demonstrates how economies, the trucking industry, clean energy technology and the policy environment could develop. For 2026, governance and technology are the key factors.
Global Trade
US to impose 25% tariff on any country doing business with Iran: Trump
The US will impose a 25% tariff on any country doing business with Iran, US President Donald Trump said Jan. 12 on his social media site, Truth Social.
Trump's announcement followed his warnings on Jan. 9 that the US would retaliate if Iranian authorities killed protesters amid growing social unrest in the country. Escalating civil unrest and the threat of US military intervention are placing the spotlight on Iran's oil industry, which is a key supplier of heavy-sour crude to Asia.
Market Dynamics
Sukuk Market: Strong Growth To Continue
Global sukuk issuance increased to $264.8 billion in 2025 from $234.9 billion in 2024, driven by solid economic growth in core Islamic finance countries, high financing needs and supportive financing conditions due to globally declining interest rates. The figures are higher than S&P Global Ratings' historical figures as a broader measure of local currency-denominated sukuk issuance is now used. Foreign currency-denominated issuances exceeded $100 billion in 2025, almost double the volume in 2021. Issuance was concentrated in a few countries — particularly those in the Gulf Cooperation Council and in Malaysia — reflecting activity in the broader Islamic finance industry, but interest also came from nontraditional issuers.
In 2026, barring major volatility in the global capital markets or unexpected spikes in geopolitical risk, S&P Global Ratings expects issuance to continue increasing, driven by lower oil prices, strong economic performance in some core Islamic finance countries and supportive market conditions.
In case you missed it
- Australia's miners want the federal government to adopt a price collar to ensure certainty for producers of rare earths, which will be the initial focus of the country's critical minerals strategic reserve, along with gallium and antimony.
- The EU should ban the provision of maritime services to Russian fossil energy exporters in the next sanctions package to further weaken Russia's financial resources in its war against Ukraine, Swedish and Finnish foreign ministers said Jan. 12.
- Asia-Pacific's Islamic banking sector is set for a post-2025 rebound. S&P Global Ratings forecasts financing growth to accelerate to about 10% through 2028.
Upcoming events
- APAC Dividend Outlook 2026: Decoding Dividend Dynamics for Investors | January 20 (Webinar)
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- Navigating carbon markets in Asia: Looking ahead to 2026 | January 22 (Webinar)
