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The world has reached a unique moment. In my 40-plus years in business, I’ve never seen a time quite like the one we’re living through now.
This is a period marked by uncertainty. Households, the private sector and governments around the globe face an energy security crisis and climate change, food shortages, high inflation, ongoing supply chain challenges, volatility in financial markets and a host of geopolitical risks.
In this first issue of Look Forward, our economists, analysts, researchers and data experts survey the current state of affairs and connect the dots to explain what it all means in an era of instability. The purpose of Look Forward is to help decision-makers in asset managers, asset owners, companies, multilateral institutions, nonprofit organizations and governments look beyond the near term and explore the trends that will shape our future.
Readers will benefit from the smart analysis of our cross-divisional Research Council at S&P Global, which produced this journal. The Council has identified six interconnected themes with the greatest potential for large-scale disruption well into the future.
The Council’s critical work, as you will read, is focused on energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks. We have unique datasets and insights in all these areas, and we see the Research Council as a way to make sure that our insights deliver maximum impact to our customers and the markets.
In this age of turbulence and change, the following articles are designed to help navigate the path ahead.
S&P Global
S&P Global
Senior Advisor, Former President & Chief Executive Officer, S&P Global
Mr. Peterson serves as a senior advisor to S&P Global. He was President and Chief Executive Officer from 2013 until November 1, 2024, and served on the board from July 2013 to May 2025. In May 2025, Mr. Peterson joined the Morgan Stanley Board of Directors.
Through a mix of organic investments and strategic transactions, including the successful integration of IHS Markit in 2022, Mr. Peterson transformed S&P Global to realize its vision of “Powering Global Markets” with data, analytics, and benchmarks. His dedication to the company's people, customers, and partners, combined with his emphasis on international expansion, innovative technology, early adoption of AI, and leading sustainability services, forms the foundation of the company's strategy today. Under his leadership, S&P Global returned over $30 billion to shareholders, and the company’s market capitalization increased from $16 billion to over $150 billion.
Mr. Peterson is a leading voice on sustainability and energy transition. He serves on the Board of the UN Global Compact, is leading a World Bank working group to develop an emerging markets fixed income asset class of large infrastructure projects, and in 2021 he led a workstream of the G7’s Impact Taskforce to mobilize private capital through consistent global standards to measure, value, and account for sustainability.
Before joining S&P Global, Mr. Peterson was the Chief Operating Officer of Citibank. Over his 26 years at Citigroup, he served as CEO of Citigroup Japan, Citigroup’s Chief Auditor, and in leadership roles in Latin America, always delivering growth through exceptional performance.
Mr. Peterson serves on the Boards of the Japan Society, the National Bureau of Economic Research and Claremont McKenna College. He is a member of the Council on Foreign Relations.
Born and raised in New Mexico, Mr. Peterson received an MBA from the Wharton School at the University of Pennsylvania and an undergraduate degree from Claremont McKenna College.
S&P Global Commodity Insights
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Ratings
Global Head of Research and Development
S&P Global
S&P Global
President & CEO, S&P Global
Martina L. Cheung is President, CEO, and a member of the Board of Directors of S&P Global.
Previously, Ms. Cheung was President of S&P Global Ratings and served as the Executive Lead of S&P Global Sustainable1. Earlier, she was President of S&P Global Market Intelligence.
Ms. Cheung joined the Company in 2010 as Vice President of Operations for S&P Global Ratings and went on to serve as S&P Global’s Chief Strategy Officer. She also was Head of Risk Services for S&P Global Market Intelligence.
Prior to joining S&P Global, Ms. Cheung worked for Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting.
Barron’s recognized Ms. Cheung as one of the 100 Most Influential Women in U.S. Finance in 2025. Ms. Cheung was named one of the Most Powerful Women in Finance by American Banker and included on the list of Influential Women in Institutional Investing by Pensions & Investments in 2024. Also in 2024, INvolve named her to its 100 Empower Executives list for the second consecutive year. Ms. Cheung received the Merit Award from The Women's Bond Club in 2022.
Ms. Cheung is a member of the Council on Foreign Relations and the Economic Club of New York.
Ms. Cheung serves on the Board of Trustees for Catholic Charities New York and was a member of the Board of CRISIL, a global analytics company and India’s leading credit ratings agency.
She holds a bachelor’s degree in commerce and a master’s degree in business studies from National University of Ireland, Galway.
S&P Global Ratings
S&P Global Ratings
Head of Climate Economics & European Economist
Marion Amiot is Head of Climate Economics & European Economist at S&P Global Ratings, based in London. In this position, she develops the Eurozone economic forecasts, provides insight into the economic outlook and conducts in-depth research on key macroeconomic developments and policies.
S&P Global Mobility
Senior Vice President, Planning Solutions
Tim Armstrong heads Automotive Planning Solutions at S&P Global Mobility.
Tim is responsible for the automotive research and analysis of 250 analysts, who help OEMs, suppliers and other automotive stakeholders make better planning decisions. His research interests cover automotive demand especially in emerging markets and new mobility and compliance trends. Recent research topics in the group include new mobility and its impact on the automotive and energy sectors, emissions compliance, and new technology trends.
Tim has twenty-five years of experience in the automotive industry. He holds a Master of Economics degree from the University of Western Australia, and Bachelor's degrees in economics and finance. Languages include English and French.
S&P Global Ratings
S&P Global Ratings
Global Head of Credit Research & Insights
Alexandre Birry is the Global Head of Credit Research & Insights for S&P Global Ratings. His team looks after the regional and global Credit Conditions Committees and Credit Market Research. He is also part of a working group assessing how megatrends may impact creditworthiness. His prior role (until April 2024) was as Chief Analytical Officer for Financial Institutions ratings, where his responsibilities included coordinating S&P Global Ratings’ efforts to drive analytical consistency and ratings quality for banks and non-bank financial institutions, and the contribution to and coordination of sector research publications. Alexandre also co-created and co-chaired a cross-divisional research lab on digital assets. Previously acting as sector lead for EMEA Financial Institutions, he also chaired an internal taskforce analyzing the potential impact of regulatory developments on bank ratings, in addition to being an active participant in rating committees globally. Alexandre joined S&P Global Ratings in November 2009, covering over time a large number of banks across Europe.
His previous working experience includes five years in Fitch Ratings' Financial Institutions team, covering banks in Northern Europe, and two years at UBS, within the corporate finance Financial Institutions Group.
Alexandre recently relocated to Paris after 20+ years in London. He holds a Master in Management, with a major in finance, from HEC Paris, as well as a CEMS (Community of European Management Schools) Master in International Management.
S&P Global Ratings
Senior Director
S&P Global Sustainable1
S&P Global Sustainable1
Managing Director, Global Head of Research and Methodology
Steve leads the Research and Methodology Team at S&P Global Sustainable1 developing the methodologies that underpin S&P Global’s suite of sustainability-related datasets and analytical solutions that power the transition to a more sustainable future.
This includes the S&P Global ESG Scores based on data collected via the S&P Global Corporate Sustainability Assessment (CSA) and S&P Global’s range of environmental, climate and nature, and regulatory and reporting capabilities.
As Global Head of Research and Methodology, Steve has successfully overseen the development of numerous groundbreaking sustainability-related products, including datasets focused on climate transition and physical risk, nature risk and biodiversity, and regulatory reporting such as the EU Taxonomy and SFDR.
With over 15 years’ of industry experience, Steve is a regular speaker and commentator on sustainable finance issues globally.
S&P Global Ratings
Senior Writer
S&P Global Ratings
Managing Director and Senior Research Fellow, Credit Research & Insights
S&P Global Ratings
Senior Data Scientist
S&P Global Mobility
Global Transport & Mobility Practice Leader
Tom De Vleesschauwer leads the Transport and Mobility Practice within the Automotive Group at S&P Global Mobility.
Tom has been involved in the international automotive industry for nearly two decades and is currently responsible for both long-term market research and business consulting projects for the Automotive Group. He has contributed to special projects assessing technical, business, regulatory and societal trends to help senior management improve decision-making. He has assisted automotive manufacturers, global suppliers, NGOs and government agencies, including European Commission and Parliament. Recently, his work encompassed areas such as biofuels market potential, CO2 forecasting evaluations and future mobility outlooks.
Tom regularly contributes to several company publications and is frequently quoted in the media. Previously, he was with the Automotive Group of Standard & Poor's DRI, and Euromoney Financial Publications. During his formative academic years, he was a marketing trainee at Citroen Belux and Land Rover North America.
Tom holds a Bachelor of Business Administration from Northwood University in Midland, Michigan, US, a Masters of Business Administration from Cardiff Business School, UK, and an IVA-A HBO (Honors) from IVA in Driebergen, Netherlands.
S&P Global Market Intelligence
S&P Global Market Intelligence
Senior Associate, Markets & Deals
S&P Global Commodity Insights
Co-President
Dave Ernsberger is co-President of S&P Global Commodity Insights and a member of S&P Global’s Executive Leadership Team.
Most recently, Mr. Ernsberger was Head of Market Reporting and Trading Solutions at S&P Global Commodity Insights. In that role, he was responsible for managing Platts commodity price benchmarks worldwide, including market reporting, news coverage and exchange relationships, from well-established markets like oil and gas through to emerging market environments like new Energy Transition commodities and recycled materials.
Prior to that, Mr. Ernsberger served in a variety of roles at Platts, including Head of Oil Content; Editorial Director for Asia (based in Singapore), and Houston Bureau Chief. He joined Platts in 1996 as a metals reporter in London, and launched coverage of Europe’s then-deregulating gas and electricity markets in 1999.
A native of Boston, Massachusetts, Mr. Ernsberger holds a bachelor's degree in philosophy and politics from Warwick University, England, and a master's degree in international relations from Southampton University, England.
S&P Global Ratings
S&P Global Ratings
Global Chief Economist
Paul Gruenwald is the Global Chief Economist at S&P Global Ratings based in New York. He leads the economic research agenda and serves as the primary spokesperson on macro-economic matters for the company.
Before joining S&P Global Ratings in 2013, Paul spent almost five years at the Australia and New Zealand Banking Group (ANZ) as the Asia Pacific Chief Economist, where he was responsible for helping set and direct ANZ’s Asian and global economic research agenda, as well as building the bank’s economic research efforts and profile in the region. Previously, Paul worked at the International MonetaryFund(IMF) for nearly 16 years, where he led the team producing the IMF’s Asian regional outlook reports. He was also the IMF Resident Representative to Hong Kong and Korea, the Deputy Chief of the China Division, and did considerable work on both public (Paris Club) and private (London Club) debt restructuring issues.
Paul has a Ph.D. in Economics from Columbia University and a bachelor’s degree in Economics/Mathematics from the University of Texas.
S&P Global Sustainable1
S&P Global Sustainable1
Global Head of Thought Leadership
Lindsey Hall is Head of ESG Thought Leadership at S&P Global Sustainable1, where she co-hosts the ESG Insider podcast and is a steering member of S&P Global's Diversity Research Lab.
She got her start in financial journalism writing for various Financial Times publications in London before joining SNL Financial in 2010, where she spent a decade covering financial news and regulation as a reporter and editor.
Lindsey holds a Masters from the London School of Economics.
S&P Global Ratings
Senior Director, DeFi
S&P Global Commodity Insights
S&P Global Commodity Insights
Head of Climate Markets and Policy Analytics
S&P Global
Head of EssentialTech COE and Innovation, S&P Global
S&P Global Ratings
S&P Global Ratings
Chief Analytical Officer, Corporate Ratings
Gregg Lemos-Stein is a Managing Director and Chief Analytical Officer for Corporate Ratings at S&P Global Ratings.
Gregg Lemos-Stein is a Managing Director and Chief Analytical Officer for Corporate Ratings at S&P Global Ratings. He is also co-chair of the Global Credit Conditions Committee, a cross-asset class group of senior analysts and economists. In his Chief Analytical Officer role, Gregg is responsible for analytical excellence and ratings consistency, the quality and timeliness of credit publications, and the creation and coordination of cross-sector and thematic research.
Gregg joined S&P Global Ratings in 2002 and has had a wide range of analytical and managerial roles in New York and London. Prior to his current position, Gregg was head of Analytics & Research for Corporate Ratings. He was previously Analytical Manager for the EMEA real estate sector and also led a team of analysts covering diversified sectors in Israel. Prior to that, he was analytical manager for the U.S. telecom and cable ratings team. He was a senior analyst in the U.S. autos and auto suppliers team from 2006 to 2010.
Before joining S&P Global Ratings, Gregg worked for The Dreyfus Corporation and its parent Mellon Financial Corp. Gregg was also a business reporter for The Associated Press for several years.
Gregg holds a Masters of Business Administration from Columbia University in New York and a bachelor of arts from The University of Chicago. He is a Chartered Financial Analyst.
S&P Global Ratings
S&P Global Ratings
Global Head of Sustainability Research
S&P Global
The Climate Service, now a part of S&P Global
CEO, The Climate Service
James McMahon founded The Climate Service with the vision that every economic decision on Earth should incorporate climate change. The company’s risk analytics software as a service gives investors and corporate managers the financial information they need to incorporate climate-related risk into their decisions.
S&P Global Commodity Insights
Director, Energy
Jeff Meyer is a director at S&P Global Commodity Insights with the Mobility and Energy team.
Jeff is a director at S&P Global Commodity Insights with the Mobility and Energy team. His research focuses on automotive market and policy trends and their implications for energy demand. Jeff has been the primary author of a number of Strategic Reports on mobility developments, including "ZEV Watch: ICE in the crosshairs"; "Getting to Norway: How the global leader in electric vehicle adoption has moved nearly halfway to 100% new light ZEV sales"; "Will Houston become more like Oslo: A perspective on city vehicle regulations"; "If you build it: Will more electric vehicle models spur rising sales?"; and "From 'carrot' to 'stick': How China's EV policy support is evolving." Before joining the Mobility and Energy team, he focused on the global oil market and industry trends. Jeff joined S&P Global in 2010 as a research assistant to Vice Chairman Daniel Yergin for his book "The Quest: Energy, Security, and the Remaking of the Modern World."
He holds a Bachelor of Arts from Haverford College, United States, and master's degrees from Johns Hopkins University School of Advanced International Studies and New York University, United States.
S&P Global Market Intelligence
Product Management Associate Director, Maritime, Trade & Supply Chain
Turloch Mooney leads S&P Global Market Intelligence Port Analytics team and is an expert in port infrastructure and investment.
Turloch is a product management associate director with more than two decades of experience in maritime and air cargo supply chains and international trade policy and processes. He leads S&P Global Market Intelligence's Port Analytics team and is an expert in port infrastructure and investment, including national and international development programs such as Belt and Road, and container port performance and efficiency. He is an expert in the international container supply chain and logistics sector and international trade policy and processes.
Over the course of his career. Turloch worked on major consulting projects with Accenture, Boston Consulting and a variety of global multinational corporations and financial institutions. He is regularly invited as an expert speaker at global industry conferences and in 2019 addressed the Box Club meeting of the CEOs of the world's largest global shipping lines in Shanghai. He is regularly quoted in global media and industry journals.
He worked previously for the Geneva-based International Air Transport Association (IATA) as secretary of the industry Global Compliance User Group focused on global air cargo rules and regulations and as a journalist with Lloyd's of London Press in Hong Kong in the late 1990s.
Turloch holds a Bachelor's degree and Graduate Diploma in Communications, and an Master's degree with specialization in International Law and Economics.
Université Paris Panthéon-Assas
Master 2 International Human Resources Management, Paris, Université Paris Panthéon-Assas
S&P Global Ratings
Chief DeFi Officer
S&P Global Sustainable1
S&P Global Ratings
Global Climate Adaptation & Resilience Specialist
Paul Munday is a Director, Global Climate Adaptation & Resilience Specialist at S&P Global Ratings, where he leads and coordinates S&P Global Ratings’ research and application of climate adaptation and resilience analytics. He works at the interface between data and research, leveraging his expertise to help improve clarity of the credit impacts from climate risks.
Paul Munday is a Director, Global Climate Adaptation & Resilience Specialist at S&P Global Ratings, where he leads and coordinates S&P Global Ratings’ research and application of climate adaptation and resilience analytics. He works at the interface between data and research, leveraging his expertise to help improve clarity of the credit impacts from climate risks.
Paul has over 10 years of experience in both the UK and abroad, providing advice to private and public sector clients across multiple sectors to help mainstream consideration of climate resilience into projects and programmes. Prior to joining S&P Global Ratings, Paul worked in climate risk consultancy.
He is a Chartered Scientist, Chartered Water and Environment Manager and certified expert in climate adaptation finance by the Frankfurt School of Finance & Management.
S&P Global Market Intelligence
S&P Global Market Intelligence
Head of Geopolitical Thought Leadership, Economics & Country Risk
In this role, Dr. Newman is primarily focused on geopolitical thought leadership and global trend forecasting, building on her decades-long experience in the political risk space. Her areas of expertise include US domestic and foreign policy developments as well as electoral violence, democratic institutions and election integrity. Prior to rejoining IHS Markit in 2021, she was a Senior Research Fellow in the US and Americas Programme at Chatham House, leading on their US2020 election project as well as political implications of the COVID-19 pandemic. Dr. Newman's PhD research at New York University investigated the risks and economic consequences of political instability with a particular emphasis on electoral violence. She also received a Juris Doctor from New York University School of Law, and worked as a capital markets lawyer for White & Case LLP in New York, advising companies and financial institutions on capital raising activities in the debt and equity markets. Dr. Newman has published across a range of academic and media outlets including The Independent and the World Today. She is also a frequent contributor in television media including BBC, Bloomberg, CNBC.
S&P Global Ratings
S&P Global Ratings
Chief Analytical Officer, Infrastructure Ratings
Karl Nietvelt is Chief Analytical Officer for Global Infrastructure Ratings, overseeing analytical consistency and research across Infrastructure, Utilities and Project finance ratings. He also leads S&P Global Ratings’ credit research on the Energy Transition. Recently Karl was responsible for the roll-out of ESG Credit Indicators across Corporates and Infrastructure ratings.
Over his 20 years at S&P Global Ratings, Karl was Analytical Manager for the EMEA Commodities and subsequently, the EMEA Utilities teams. Prior to that he was sector expert for the oil & gas and chemical sectors. Karl started his career at S&P in the field of project finance and infrastructure.
Before joining S&P Global Ratings, Karl worked in London banking covering Structured Trade and Commodity Finance. He is based in Paris and has a Masters-in-Finance from ESSEC Business School and an Electro-Mechanical Engineering degree from Leuven University (Belgium).
S&P Global Ratings
S&P Global Ratings
Leader I, Credit Analysis
S&P Global Ratings
S&P Global Ratings
Director of Credit Research and Insights
Nicole Serino is a director in the Credit Markets and Insights team for S&P Global Ratings, which is responsible for delivering forward-looking, actionable insights on market-moving trends and their effects on credit.
Nicole Serino is a director in the Credit Markets and Insights team for S&P Global Ratings, which is responsible for delivering forward-looking, actionable insights on market-moving trends and their effects on credit. Nicole has over seven years of experience at S&P Global covering global credit –and is the lead author on several high-profile publications including the Investment-Grade Credit Check, Monthly Defaults, Risky Credits, U.S. Default and Transition Studies and numerous thought leadership pieces.
During her tenure, Nicole has regularly presented on webinars and podcasts, focusing on rating performance trends and key risks facing financial markets. She has been quoted in several publications by the national press, including The Wall Street Journal, Reuters, The Financial Times, The Economist. Nicole holds a Bachelor of Science degree from Stevens Institute of Technology as well as a master’s in finance from Carey School of Business at Johns Hopkins University.
S&P Global Ratings
S&P Global Ratings
Global Head of Sovereign & MLI Ratings
S&P Global Commodity Insights
Head of Energy Transition Program Management
Ashutosh Singh is a director with the financial services team at S&P Global, where he leads global oil supply forecasting and upstream sector fundamentals analysis.
Mr. Singh works closely with the broader S&P Global upstream teams, including the Plays and Basins and Upstream Companies and Transactions capabilities, to provide a comprehensive view of global oil supply and upstream trends. He also manages the EnergyView Oil and Gas service, responsible for providing customized research to help financial sector clients understand key trends in all segments of the oil, gas, and LNG industry and shifts in energy landscape due to energy transition. Mr. Singh previously contributed to numerous consulting projects across the oil and gas value chain. Prior to joining S&P Global, Mr. Singh was a mining engineer with Orica, where he consulted with Fortune 500 mining firms on mine planning and design. He holds a bachelor’s degree in engineering with honors from the Indian Institute of Technology (Indian School of Mines), Dhanbad, India, and a master’s degree from the University of Texas at Austin, United States.
S&P Global Market Intelligence
Vice President, Maritime & Trade
Peter Tirschwell is Vice President for Maritime & Trade at S&P Global Market Intelligence, a leading global provider of maritime data, analysis, consulting and media.
Peter is responsible for all content appearing on JOC.com, The Journal of Commerce magazine and JOC Events, as well as Safety at Sea and Ports & Harbors magazines. Previously, he was executive vice president and chief content officer at JOC Group, as well as a reporter, West Coast Bureau chief, editor in chief and publisher of The Journal of Commerce. Peter is the founder and chairman of the annual TPM conference in Long Beach, California, one of the world's largest shipping events, and led the development of the JOC Port Productivity data, the first global database of container port and marine terminal performance. He is a columnist for The Journal of Commerce and JOC.com covering a range of international logistics topics. He is a sought after speaker for industry events and has been quoted in The Wall Street Journal, Financial Times and The New York Times.
Peter received a Master of Business Administration from Fordham University, Gabelli School of Business in New York and a Bachelor's Degree from the University of Maine, US.
S&P Global Commodity Insights
Senior Director, Energy and Climate Scenarios
Rick Vidal, a director of energy at S&P Global Commodity Insights, is a global energymarkets specialist with expertise in the international electricpower business.
Rick is responsible for coordinating across the energy, economics, chemicals and automotive sectors at S&P Global Commodity Insights to build and continually update the company's long-term energy scenario outlooks, as well as help inform customers of the broad range of dynamics driving the global energy business. He directs research for the S&P Global Commodity Insights Energy and Climate Scenarios service and is a principal thought leader in S&P Global Commodity Insights ongoing scenario analysis and development. Before joining S&P Global Commodity Insights , Rick worked with Sandia National Laboratories, performing comparative studies of international energy policies and technology programs.
Rick holds a Bachelor of Arts from Boston University and an Master of Arts from the Fletcher School of Law and Diplomacy at Tufts University in the United States.
S&P Global Ratings
S&P Global Ratings
Managing Director, Global Head of Ratings Thought Leadership
As Global Head of Private Markets & Thought Leadership, Ruth Yang is responsible for developing and expanding S&P Global Ratings’ coverage of private credit alongside the franchise’s market engagement in both public and private markets through thought leadership outreach.
As Global Head of Private Markets & Thought Leadership, Ruth Yang is responsible for developing and expanding S&P Global Ratings’ coverage of private credit alongside the franchise’s market engagement in both public and private markets through thought leadership outreach. She serves as the Chair of the cross-divisional S&P Global Private Debt Research Lab.
Previously, she led the company’s Credit Research & Insights research team, overseeing the creation and publication of macro-credit and thematic research, risk assessments, rating transition analyses, and credit market forecasts while governing the Credit Conditions Committee (CCC) process. Ruth has more than 25 years of experience in the leveraged finance markets—including with Fitch Solutions as Managing Director for Leveraged Finance Intelligence, where she was responsible for developing their leveraged finance offerings; and with Leveraged Commentary & Data, where she managed leveraged finance content and operations globally for more than 15 years.
Ruth received an A.B. with honors from Harvard University.