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Daily Update — March 19, 2026

Why Carbon Accounting Matters; AI in Software; and Private Credit Managers to Watch

Today is Thursday, March 19, 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.

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Energy Transition & Sustainability

Listen: The math behind emissions: Why carbon accounting matters now more than ever

 

Carbon accounting — the math of how emissions are calculated, reported and compared — is poised to move to the forefront of global trade and energy markets. Three critical developments in 2026 are forcing action: the implementation of the EU's Carbon Border Adjustment Mechanism, revisions to the Greenhouse Gas Protocol, and new industry-driven, product-level carbon accounting efforts.

 

In this episode of the “Energy Evolution” podcast, S&P Global Energy analysts Kevin Birn, Roman Kramarchuk and James Salo joined host Eklavya Gupte to explore why harmonizing carbon accounting matters, what's at stake and how the commodity industry is responding to the urgent need for standardized, comparable emissions data.

Artificial Intelligence

AI Can Add An Edge To Several European Software Subsegments

 

The degree of disruption of AI on Europe’s software industry varies depending on the nature of software applications, their complexity, the domain expertise they require and the sensitivity of the underlying data. For software companies focused on critical segments that have strict regulations and high barriers to entry, AI is not an existential threat but a tool that can enhance capabilities, improve efficiency and accelerate growth.

 

For example, S&P Global Ratings believes that there is very low displacement risk for established European healthcare software providers, particularly those offering electronic health record systems. These systems are deeply integrated into clinical decision-making and patient safety, and errors can have serious regulatory and legal consequences.

Private Markets

Private credit: Emerging managers to watch in 2026

 

Private credit fundraising was strong in 2025, but the asset class remains tough to break into for first-time managers. Of the 301 private credit funds launched in 2025, 79 came from first-time entrants to the asset class, down about 10% from 87 funds in 2024, according to With Intelligence, a part of S&P Global Market Intelligence.

 

Fundraising continues to be dominated by managers with established track records. In 2025, fund managers established before the 2008 financial crisis accounted for 75% of the $240 billion raised for private credit, while managers incorporated in the past five years accounted for less than 1% of the total at $2.2 billion. For direct lending in particular, scale is vital, making it challenging for new firms to compete effectively. However, given recent market volatility and the surge in allocator interest in asset-based finance, startup managers running niche strategies are growing in demand.

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