Daily Update: Energy Transition Elements; Global PE Deal Value; and US Tariff Effect on Refiners

Today is Tuesday, March 11, 2025, 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

Inarguable truths: Searching for predetermined elements of the energy transition

Demographics are pointing to slower energy demand growth, and electricity is bound to be the center of the world’s future energy system. China’s role in driving demand — outsized over the past three decades — is slowing, and no successor country is positioned to dominate commodity markets in the same way. Given the long-standing relationship between demographics and energy, energy demand will inevitably increase, but demand growth will slow in the coming decades.

A fundamental implication of China’s slowing demand growth and pivot to clean technology is a slowdown in global greenhouse gas emissions growth. While GHG emissions are expected to decline, achieving net-zero GHG emissions by 2050 or limiting global warming to below 1.5 degrees C above preindustrial levels is no longer possible.?

Our latest Look Forward journal explores how these and other factors are affecting the global energy transition.

Private Markets

Global private equity deal value up sequentially, down YOY in February

According to S&P Global Market Intelligence data, global private equity and venture capital deal value in February grew more than 26% from the previous month to about $38 billion. Year over year, however, deal value fell 28%.

The technology, media and telecommunications (TMT) sector lead global private equity and venture capital transactions last month. There were 278 TMT deals totaling $13.72 billion in February. Application software continues to be the most invested segment within TMT, recording 143 deals.

Global Trade

Listen: Trump tariffs highlight US refiner dependence on Mexico and Canada

New US tariffs on imports from Canada and Mexico are highlighting the dependence of US refiners and consumers on crude and refined products from both countries. Why is the US Atlantic Coast particularly exposed to the supply and price impacts of the tariffs? Who will take on the costs of tariffs on Canadian crude?

Host Jeff Mower speaks with senior refining editor Janet McGurty and crude pricing editor Jada Johnson of S&P Global Commodity Insights to discuss what options US Gulf Coast refiners have in obtaining heavy crude barrels, considering the 25% tariff on Mexican oil and that imports from Venezuela are no longer stable.

Get real-time access to commodity data and market insights with?Commodity Insights Websocket.

In case you missed it

• Analyzing High Dividend Yield Strategies in Australia: S&P Global Dow Jones Indices examines the Australian dividend market and analyzes the historical performance of the Australian high dividend yield strategy.
• An Overview Of India's Residential Mortgage And RMBS Market: As one of the fastest-growing economies in the world, India's favorable demographics, pace of urbanization, growth in disposable income and government incentives support market growth.
• Indonesia plans 500,000-b/d oil refinery amid energy security push: The planned refinery, which will process domestic and imported crude, would be able to produce up to 531,500 b/d of products and is expected to cost $12.5 billion.
• State Farm homeowners premiums soar, exceed $30B in 2024: The Illinois-based insurer's direct homeowners premiums written rose 16.4% year over year to $31.46 billion in 2024.

Upcoming events

• Australian Banks Fall Under The Political Microscope | March 12 (Webinar)?
• Talk to the Specialists - An AI-fueled resurgence story – US datacenters and nuclear energy outlook | March 18 (Webinar)
• The 2024 Top Banks & Credit Unions Ranking Release Live | March 18 (Webinar)
• Sustainable1 Summit 2025?| April 30 (In-person: London)