S&p Global Inc. · NYSE:SPGI
S&p Global — Corporate Update (2025)
34 slides from S&p Global's corporate update, 2025
Slide 1: Sustainable1 Investor Client Council H1 2025
S&P Global Qy Sustainable1 S&P Global Sustainable’ Investor Client Council H1 2025 + Session 1: The Multidimensional Energy Transition: Balancing Risks and Opportunities + Session 2: Navigating the Energy Surge: Al, Datacenters and the Path to Net-Zero
Slide 2: Council Meeting Agenda
S&P Global Qy Sustainable1 Council Meeting Agenda 13.30 -14.00: Registration & Networking 14.00—-14.05: Welcoming Remarks 14.05 — 14.15: Guidelines & Introductions 14.15 — 15.30: Topic 1- The Multidimensional Energy Transition: Balancing Risks and Opportunities 15.30 —15.45: Break 15.45 — 16.55: Top
Slide 3: Competition law guidelines: topics to discuss and avoid
S&P Global Qy Sustainable Discuss public or non-commercial matters: 0 market trends; 9 perspectives on ESG regulation; . industry studies 9 best practices 9 high-level product development evolution thought processes and concepts S&P Product launches or expansions, including standardized models and a
Slide 4: The Multidimensional Energy Transition: Balancing Risks and Opportunities
The Multidimensional Energy Transition: Balancing Risks and Opportunities
Slide 5: Cleantech and T&D investment primed to overtake traditional fuels
Cleantech1 and T&D investment primed to overtake traditional fuels in OECD and China as other countries prioritize access and affordability Global Cumulative Capex by Investment Type Annual Cleantech CAPEX Investment Trillions USD Real 2022 Trillions USD 40 4 Traditional Power T&D OECD 35 Cleantech
Slide 6: Emerging Market Developing Economies' Access to Capital
Emerging Market Developing Economies’ Access to Capital What work is needed to help EMDEs access capital for the energy transition? Higher income countries’ currencies still dominate But lower income countries’ local currency issuance is sustainable bond markets growing 100% 3% 3% 6% 7% 5% $8,000 90
Slide 7: COP29's Climate finance goal leaves more work for the private sector
COP29’s Climate finance goal leaves more work for the private sector Bridging the gap by turning investment needs into investment opportunities Climate Finance Needs by Source in 2035 • Estimated $3.2 trillion per annum needed by 2035 for EMDCs excluding China with $1.3 trillion coming from outside
Slide 8: Innovation continues to drive down the cost of clean energy technologies
Innovation, experience and new technologies continue to drive down the cost of clean energy technologies Historic capex Solar PV Energy storage Onshore wind Offshore wind Electrolysis4 Carbon capture and storage Capex change 2010-20 -80% -80% -35% -30% N/A N/A Capex change 2020-24 -35% -25%1 -10% -1
Slide 9: Clean technology led by solar PV is edging out upstream capex
Clean technology—led by solar PV— is edging out upstream spend on capex. Nearly 5 TW of additional cleantech capacity will come online by 2030 Clean energy tech spend surges ahead China and solar lead the dance More spark for your spend Energy supply-side spending, US$ billion (real 2023) Cleantech
Slide 10: Renewables competitive with fossil fuel power, but intermittency needs investment
Cost reductions and technology advances have made renewables ‘competitive’ with fossil fuel power, though intermittency will require huge transmission and battery storage investment Global Weighted Average Renewable LCOE vs. CCGT and Coal, Global Weighted Average Renewable Energy Capacity Factor, 20
Slide 11: Global divide in pace and trajectory of the ongoing transition
The result is a global divide in terms of the pace and trajectory of the ongoing transition US OECD (Ex US) China Non-OECD (ex China) Primary Energy Demand Primary Energy Demand Primary Energy Demand Primary Energy Demand Bboe (left) and BtCO2e (right) Bboe (left) and BtCO2e (right) Bboe (left) and
Slide 12: High carbon prices needed to trigger industrial sector abatement
Beyond power, high carbon prices are needed to trigger industrial sector abatement: EU examples Abatement costs in steel, cement and hydrogen are far higher than options in the power sector Abatement costs in steel, cement and hydrogen production (real • Power sector has been leading the charge in 2
Slide 13: Long-term outlooks show wide divergence in energy and climate outcomes
Our long-term outlooks show a wide divergence in energy and climate outcomes S&P Global Commodity Insights Energy and Climate Scenarios: Key metrics Global GDP 2050 TPED 2050 Fossil fuel % GHG emissions (change Global temperature (CAGR 2023–50) (change vs 2023) of TPED vs. 2023) (change by 2100) Inf
Slide 14: The size of the prize is tremendous as cleantech and T&D lead
The size of the prize is tremendous as cleantech and T&D lead the way, but investments in traditional energies continue to be significant Key Technology Cumulative Investment Required as per Inflections (2023-2050) Real 2022 US$ Trillion 60 $56 Trillion 1 2 Up to 2X or more cleantech and T&D investm
Slide 15: Extreme heat and water stress drive largest financial impacts
Extreme heat and water stress drive largest financial impacts across sectors and geographies under a medium-high scenario 500,000 100% Landslide 450,000 90% CoastalFlood 400,000 80% 350,000 PluvialFlood 70% 300,000 Wildfire 60% 250,000 50% WaterStress 200,000 40% 150,000 FluvialFlood 30% 100,000 Tro
Slide 16: Corporate capex impacts largest driver of physical climate financial impact
Impacts on corporate capital expenditure are the largest driver of financial impact from physical climate hazards for all sectors Utilities Health Care Industrials Information Technology Real Estate Energy Financials Consumer Discretionary Materials Consumer Staples Communication Services 0% 10% 20%
Slide 17: Climate Hazard Financial Impact Tends to Correlate with Size
Climate Hazard Financial Impact Tends to Correlate with Size The absolute magnitude $10,000.00 Communication Services of climate physical hazard Consumer Discretionary Cumulative Financial Impact of Climate Hazard costs is broadly $1,000.00 Consumer Staples correlated with company Energy size, but t
Slide 18: Credibility and Integrity in Transition Finance
Credibility and Integrity in Transition Finance What more guidance is needed to help define and scale transition finance? Most Outstanding Sustainable Debt is in Jurisdictions with Taxonomy proliferation: APAC brings in Transition Taxonomies 15% 22% 63% Supranationals Taxonomy No Taxonomy Source: S&
Slide 19: Building Capacity in The Market
Building Capacity in The Market The Role of S&P Global Ratings • Our Climate Finance Website provides free research, easy-access rating transparency, sustainable finance frameworks, and perspectives on market innovations and novel transactions (including blended finance). • We have set up a dedicate
Slide 20: Council Meeting Agenda
S&P Global Qy Sustainable1 Council Meeting Agenda 15.30 —15.45: Break
Slide 21: Navigating the Energy Surge: AI, Datacenters and the Path to Net-Zero
Navigating the Energy Surge: AI, Datacenters and the Path to Net-Zero
Slide 22: Outlooks for data center power demand
Outlooks for data center power demand: Differences across scenarios show that power systems are a key constraint to data center growth Global data center power demand, by scenario (TWh) Global data center power demand, by region (TWh) From the perspective of: North America Europe China Power sector
Slide 23: Wish lists from datacenters and the power sector not always aligned
The wish lists from datacenters and the power sector are not always aligned Data centers Power sector ➢ Want to be close to their customer base ➢ Locating demand close to supply limits Location and to data infrastructure – typically impact of grid constraints and lowers large cities with high concen
Slide 24: Time to market for data centers is faster than power projects
Time to market for data centers is faster than power projects, increasingly requiring creative solutions to source power Indicative time to market for renewables and data center projects Time to Market Data Center Build Time Years Solar PV, utility Onshore wind Offshore wind Energy storage CCGT* Lar
Slide 25: Data Centers have higher willingness to pay premium for low carbon power
That said, Data Centers have a higher willingness to pay a premium for low carbon base load power compared with other industries • Proportionally, a doubling of power Levelised costs of a Data Center Levelised costs of an Aluminum Smelter prices impacts lifecycles costs less in $MM per MW of IT Capa
Slide 26: Nuclear, geothermal and CCUS gaining momentum in clean power procurement
As such, while Solar and wind are the bulk of clean power procurement, nuclear, geothermal and CCUS are gaining momentum Clean Energy Procurement (CEP) Deals in Data centers1 2024 “Others” Deals # Deals / % Others Hybrid Solar PV ▪ ~7 GW of announcements to procure and invest in nuclear made in 2024
Slide 27: AI is enabling investments at GW scale in hard-to-finance projects
AI is enabling investments at GW scale in hard-to-finance projects and new partnerships are emerging Selected examples: Hard to Finance Projects Small Modular Geothermal Hydropower Flaring Reactors (SMR) >8 GW >1 GW up to 0.5 GW ~0.05 GW by 2040 by 2030 by 2030 already installed of planned SMR dedic
Slide 28: Datacenter installations will drive steel, copper and concrete demand
Increased datacenter installations will drive steel, copper and concrete demand growth in many states and countries Annual material requirement for datacenter growth Million metric tonnes White space Shell Shell (Upper Range) Steel (~0.3%) and concrete (0.00007%) Annual datacenters copper demand cou
Slide 29: Partnerships forming to drive low carbon materials in data centers
Partnerships are already forming to drive low carbon materials in the data center supply chain to drive reduction in Scope 3 emissions Selected examples: green data centers strategy & approaches for Scope 3 emissions reduction 1 Using AI to formulate sustainable 2 Investment in H2 Green Steel 3 Test
Slide 30: Electric utility faces 4.6x higher projected financial impact from physical risk
An electric utility faces 4.6x higher projected financial impact from physical risk compared to the average across industries Source: S&P Global 2024
Slide 31: Climate hazards affecting power plants vary by region
The climate hazards causing projected financial impact on power plants vary by region Source: S&P Global 2024
Slide 32: 38% of planned data centers in locations of high ecosystem significance
38% of planned data centers are in locations of high ecosystem significance (compared to 22% for existing) Ecosystem Significance at locations of planned data centers
Slide 33: Concluding Remarks
S&P Global Qy Sustainable1 Council Meeting Agenda Concluding Remarks
Slide 34: Disclaimer
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