Daily Update: Hydrogen Uncertainties in Australia; Private Investments in Insurance; and Tariffs on Vietnamese Cement

Today is Wednesday, August 6, 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

AEMO slashes renewable hydrogen development outlook amid commercial uncertainty

The Australian Energy Market Operator (AEMO) substantially scaled back its renewable hydrogen development outlook, citing mounting commercial uncertainties and reduced investor confidence, according to the organization’s “2025 Inputs, Assumptions and Scenarios Report.”

The report outlined varying trajectories for renewable hydrogen development across three transition scenarios, with domestic hydrogen consumption reaching just 9 TWh in the Slower Growth scenario by 2040. Under the Step Change scenario — reflecting current government policy commitments — domestic hydrogen consumption is projected to reach 15 TWh by 2040. Under the Accelerated Transition scenario — the most aggressive decarbonization pathway — consumption could reach 33 TWh by 2040.

Private Markets

2025 US Insurance Investments Market Report: The power of the private markets

With more than $8 trillion in cash and investable assets, the property and casualty sector and life general accounts represent fertile ground for alternative asset managers seeking to grow their assets under management. At the same time, and particularly in the annuity market, insurance carriers have become increasingly reliant on outsize investment returns to enhance their competitiveness.

This confluence of supply and demand has propagated business models ranging from full balance sheet integration to long-term third-party asset management mandates involving some of the biggest names in the alternatives sector, including Apollo Global Management, KKR, The Carlyle Group, Ares Management and Blackstone.

Global Trade

US increases tariffs on Vietnamese cement imports to 20%, sparking cost concerns

The US doubled its tariffs on Vietnamese cement to 20%, effective Aug. 1, in a move expected to significantly alter trade flows, according to industry participants and a July 31 White House statement. Vietnam is the second-largest supplier to the US behind Turkey. 

The tariff hike could reshape the cost structure of US cement imports. While importers had absorbed the earlier rate, the increased costs are expected to be passed to end users, one trader said.

In case you missed it

• The number of Americans actively looking for work nearly matched the number of US job openings in June as hiring slowed and companies assessed the impact of changes in US policy.

• The rapid growth of datacenters in Europe will result in a near doubling of the sector's electricity needs by 2030.

Upcoming events

• Tariffs, Trade & Turbulence | August 12 (Webinar)

• Breakfast Briefing: Unlocking the Future of Sustainability in Mexico | August 14 (Mexico City)

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