www.spglobal.com
Open in
urlscan Pro
2a02:26f0:480:d::210:f15f
Public Scan
Submitted URL: http://markit.com/
Effective URL: https://www.spglobal.com/en
Submission: On December 18 via api from GB — Scanned from GB
Effective URL: https://www.spglobal.com/en
Submission: On December 18 via api from GB — Scanned from GB
Form analysis 0 forms found in the DOM
Text Content
___ Skip to Content Skip to Menu Skip to Footer Explore S&P Global Search EN * 中文 (Chinese) Support TRENDING TOPICS * Look Forward: Multidimensional Transition * Look Forward: Supply Chain 2024 * AI in Banking: AI Will Be An Incremental Game Changer * The Return of Energy Security * The AI Governance Challenge * India's Future: The Quest for High and Stable Growth OFFERINGS BY DIVISION * S&P Global Market Intelligence * S&P Global Ratings * S&P Global Commodity Insights * S&P Dow Jones Indices * S&P Global Mobility * S&P Global Sustainable1 * S&P Global Offerings -------------------------------------------------------------------------------- * Featured Topics -------------------------------------------------------------------------------- * Featured Products -------------------------------------------------------------------------------- * Events -------------------------------------------------------------------------------- * Careers -------------------------------------------------------------------------------- S&P GLOBAL OFFERINGS -------------------------------------------------------------------------------- MARKET INTELLIGENCE RATINGS COMMODITY INSIGHTS S&P DOW JONES INDICES MOBILITY SUSTAINABLE1 FEATURED TOPICS -------------------------------------------------------------------------------- Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI FEATURED PRODUCTS -------------------------------------------------------------------------------- S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA (opens in a new tab) EVENTS -------------------------------------------------------------------------------- Featured S&P Global Events Webinar Replays CERAWeek S&P Global Market Intelligence S&P Global Ratings S&P Dow Jones Indices S&P Global Mobility S&P Global Commodity Insights S&P Global Sustainable1 CAREERS -------------------------------------------------------------------------------- Overview Our Culture Our Commitment Our Work Search for a Job * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * S&P Global Offerings * Featured Topics * Featured Products * Events * Careers S&P Global Offerings MARKET INTELLIGENCE RATINGS COMMODITY INSIGHTS S&P DOW JONES INDICES MOBILITY SUSTAINABLE1 Featured Topics Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI Featured Products S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA (opens in a new tab) Events Featured S&P Global Events Webinar Replays CERAWeek S&P Global Market Intelligence S&P Global Ratings S&P Dow Jones Indices S&P Global Mobility S&P Global Commodity Insights S&P Global Sustainable1 Careers Overview Our Culture Our Commitment Our Work Search for a Job Find Products Research & Insights Who We Are Contact Us(opens in a new tab) * Featured Products -------------------------------------------------------------------------------- * Data & Analytics -------------------------------------------------------------------------------- * Research & Insights -------------------------------------------------------------------------------- * Ratings & Benchmarks -------------------------------------------------------------------------------- * Indices (opens in a new tab) -------------------------------------------------------------------------------- * Technology Solutions -------------------------------------------------------------------------------- * By Topic -------------------------------------------------------------------------------- * See all S&P Global Products & Solutions (opens in a new tab) -------------------------------------------------------------------------------- FEATURED PRODUCTS -------------------------------------------------------------------------------- S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RATINGS & BENCHMARKS -------------------------------------------------------------------------------- OVERVIEW FIND A RATING -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BY TOPIC -------------------------------------------------------------------------------- Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI -------------------------------------------------------------------------------- * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * Featured Products * Data & Analytics * Research & Insights * Ratings & Benchmarks * Indices (opens in a new tab) * Technology Solutions * By Topic * See all S&P Global Products & Solutions (opens in a new tab) Featured Products S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA Ratings & Benchmarks OVERVIEW FIND A RATING By Topic Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI * Market Insights -------------------------------------------------------------------------------- * Special Reports -------------------------------------------------------------------------------- * Events -------------------------------------------------------------------------------- * Experts -------------------------------------------------------------------------------- * Podcasts -------------------------------------------------------------------------------- MARKET INSIGHTS -------------------------------------------------------------------------------- SUSTAINABILITY ECONOMY CAPITAL MARKETS GLOBAL TRADE ENERGY & COMMODITIES TECHNOLOGY & INNOVATION GEOPOLITICAL RISK ARTIFICIAL INTELLIGENCE -------------------------------------------------------------------------------- EVENTS -------------------------------------------------------------------------------- FEATURED S&P GLOBAL EVENTS WEBINAR REPLAYS CERAWEEK -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * Market Insights * Special Reports * Events * Experts * Podcasts Market Insights SUSTAINABILITY ECONOMY CAPITAL MARKETS GLOBAL TRADE ENERGY & COMMODITIES TECHNOLOGY & INNOVATION GEOPOLITICAL RISK ARTIFICIAL INTELLIGENCE Events FEATURED S&P GLOBAL EVENTS WEBINAR REPLAYS CERAWEEK * About S&P Global -------------------------------------------------------------------------------- * Corporate Responsibility -------------------------------------------------------------------------------- * Diversity, Equity, & Inclusion -------------------------------------------------------------------------------- * Investor Relations -------------------------------------------------------------------------------- ABOUT S&P GLOBAL -------------------------------------------------------------------------------- Our Purpose & Values Our Leadership Our History Capabilities CORPORATE RESPONSIBILITY -------------------------------------------------------------------------------- Overview Reports & Policies Gender Data Matters ESG S&P Global Foundation DIVERSITY, EQUITY, & INCLUSION -------------------------------------------------------------------------------- Overview People Resource Groups Our Stories Supplier Diversity Search for a Job INVESTOR RELATIONS -------------------------------------------------------------------------------- Overview (opens in a new tab) Presentations (opens in a new tab) Investor Fact Book (opens in a new tab) News Releases (opens in a new tab) Quarterly Earnings (opens in a new tab) SEC Filings & Reports (opens in a new tab) Executive Committee (opens in a new tab) Governance (opens in a new tab) Merger Information (opens in a new tab) Stocks & Dividends (opens in a new tab) Shareholder Services (opens in a new tab) Contact (opens in a new tab) * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * About S&P Global * Corporate Responsibility * Diversity, Equity, & Inclusion * Investor Relations About S&P Global Our Purpose & Values Our Leadership Our History Capabilities Corporate Responsibility Overview Reports & Policies Gender Data Matters ESG S&P Global Foundation Diversity, Equity, & Inclusion Overview People Resource Groups Our Stories Supplier Diversity Search for a Job Investor Relations Overview (opens in a new tab) Presentations (opens in a new tab) Investor Fact Book (opens in a new tab) News Releases (opens in a new tab) Quarterly Earnings (opens in a new tab) SEC Filings & Reports (opens in a new tab) Executive Committee (opens in a new tab) Governance (opens in a new tab) Merger Information (opens in a new tab) Stocks & Dividends (opens in a new tab) Shareholder Services (opens in a new tab) Contact (opens in a new tab) Back S&P Global * Find Products * Research & Insights * Who We Are * Explore S&P Global * Featured Products -------------------------------------------------------------------------------- * Data & Analytics -------------------------------------------------------------------------------- * Research & Insights -------------------------------------------------------------------------------- * Ratings & Benchmarks -------------------------------------------------------------------------------- * Indices (opens in a new tab) -------------------------------------------------------------------------------- * Technology Solutions -------------------------------------------------------------------------------- * By Topic -------------------------------------------------------------------------------- * See all S&P Global Products & Solutions (opens in a new tab) -------------------------------------------------------------------------------- FEATURED PRODUCTS -------------------------------------------------------------------------------- S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RATINGS & BENCHMARKS -------------------------------------------------------------------------------- OVERVIEW FIND A RATING -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BY TOPIC -------------------------------------------------------------------------------- Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI -------------------------------------------------------------------------------- * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * Featured Products * Data & Analytics * Research & Insights * Ratings & Benchmarks * Indices (opens in a new tab) * Technology Solutions * By Topic * See all S&P Global Products & Solutions (opens in a new tab) Featured Products S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA Ratings & Benchmarks OVERVIEW FIND A RATING By Topic Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI * Market Insights -------------------------------------------------------------------------------- * Special Reports -------------------------------------------------------------------------------- * Events -------------------------------------------------------------------------------- * Experts -------------------------------------------------------------------------------- * Podcasts -------------------------------------------------------------------------------- MARKET INSIGHTS -------------------------------------------------------------------------------- SUSTAINABILITY ECONOMY CAPITAL MARKETS GLOBAL TRADE ENERGY & COMMODITIES TECHNOLOGY & INNOVATION GEOPOLITICAL RISK ARTIFICIAL INTELLIGENCE -------------------------------------------------------------------------------- EVENTS -------------------------------------------------------------------------------- FEATURED S&P GLOBAL EVENTS WEBINAR REPLAYS CERAWEEK -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * Market Insights * Special Reports * Events * Experts * Podcasts Market Insights SUSTAINABILITY ECONOMY CAPITAL MARKETS GLOBAL TRADE ENERGY & COMMODITIES TECHNOLOGY & INNOVATION GEOPOLITICAL RISK ARTIFICIAL INTELLIGENCE Events FEATURED S&P GLOBAL EVENTS WEBINAR REPLAYS CERAWEEK * About S&P Global -------------------------------------------------------------------------------- * Corporate Responsibility -------------------------------------------------------------------------------- * Diversity, Equity, & Inclusion -------------------------------------------------------------------------------- * Investor Relations -------------------------------------------------------------------------------- ABOUT S&P GLOBAL -------------------------------------------------------------------------------- Our Purpose & Values Our Leadership Our History Capabilities CORPORATE RESPONSIBILITY -------------------------------------------------------------------------------- Overview Reports & Policies Gender Data Matters ESG S&P Global Foundation DIVERSITY, EQUITY, & INCLUSION -------------------------------------------------------------------------------- Overview People Resource Groups Our Stories Supplier Diversity Search for a Job INVESTOR RELATIONS -------------------------------------------------------------------------------- Overview (opens in a new tab) Presentations (opens in a new tab) Investor Fact Book (opens in a new tab) News Releases (opens in a new tab) Quarterly Earnings (opens in a new tab) SEC Filings & Reports (opens in a new tab) Executive Committee (opens in a new tab) Governance (opens in a new tab) Merger Information (opens in a new tab) Stocks & Dividends (opens in a new tab) Shareholder Services (opens in a new tab) Contact (opens in a new tab) * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * About S&P Global * Corporate Responsibility * Diversity, Equity, & Inclusion * Investor Relations About S&P Global Our Purpose & Values Our Leadership Our History Capabilities Corporate Responsibility Overview Reports & Policies Gender Data Matters ESG S&P Global Foundation Diversity, Equity, & Inclusion Overview People Resource Groups Our Stories Supplier Diversity Search for a Job Investor Relations Overview (opens in a new tab) Presentations (opens in a new tab) Investor Fact Book (opens in a new tab) News Releases (opens in a new tab) Quarterly Earnings (opens in a new tab) SEC Filings & Reports (opens in a new tab) Executive Committee (opens in a new tab) Governance (opens in a new tab) Merger Information (opens in a new tab) Stocks & Dividends (opens in a new tab) Shareholder Services (opens in a new tab) Contact (opens in a new tab) * S&P Global Offerings -------------------------------------------------------------------------------- * Featured Topics -------------------------------------------------------------------------------- * Featured Products -------------------------------------------------------------------------------- * Events -------------------------------------------------------------------------------- * Careers -------------------------------------------------------------------------------- S&P GLOBAL OFFERINGS -------------------------------------------------------------------------------- MARKET INTELLIGENCE RATINGS COMMODITY INSIGHTS S&P DOW JONES INDICES MOBILITY SUSTAINABLE1 FEATURED TOPICS -------------------------------------------------------------------------------- Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI FEATURED PRODUCTS -------------------------------------------------------------------------------- S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA (opens in a new tab) EVENTS -------------------------------------------------------------------------------- Featured S&P Global Events Webinar Replays CERAWeek S&P Global Market Intelligence S&P Global Ratings S&P Dow Jones Indices S&P Global Mobility S&P Global Commodity Insights S&P Global Sustainable1 CAREERS -------------------------------------------------------------------------------- Overview Our Culture Our Commitment Our Work Search for a Job * S&P Global Home * Market Intelligence * Ratings * Commodity Insights * S&P Dow Jones Indices * Mobility * Sustainable1 * S&P Global Offerings * Featured Topics * Featured Products * Events * Careers S&P Global Offerings MARKET INTELLIGENCE RATINGS COMMODITY INSIGHTS S&P DOW JONES INDICES MOBILITY SUSTAINABLE1 Featured Topics Sustainability Private Markets Energy Transition Credit & Risk Fixed Income Supply Chain Technology & AI Featured Products S&P CAPITAL IQ PRO PLATTS CONNECT S&P GLOBAL ESG SCORES AUTOCREDITINSIGHT RATINGS360 SPICE: THE INDEX SOURCE FOR ESG DATA (opens in a new tab) Events Featured S&P Global Events Webinar Replays CERAWeek S&P Global Market Intelligence S&P Global Ratings S&P Dow Jones Indices S&P Global Mobility S&P Global Commodity Insights S&P Global Sustainable1 Careers Overview Our Culture Our Commitment Our Work Search for a Job Language * 中文 (Chinese) Trending Topics Look Forward: Multidimensional Transition Look Forward: Supply Chain 2024 AI in Banking: AI Will Be An Incremental Game Changer The Return of Energy Security The AI Governance Challenge India's Future: The Quest for High and Stable Growth -------------------------------------------------------------------------------- Offerings by Division S&P Global Market Intelligence S&P Global Ratings S&P Global Commodity Insights S&P Dow Jones Indices S&P Global Mobility S&P Global Sustainable1 Search EN Support Contact Us (opens in a new tab) Contact Us (opens in a new tab) -------------------------------------------------------------------------------- DISCLAIMER © 2024 S&P Dow Jones Indices. All rights reserved. S&P, S&P 500, SPX, SPY, The 500, US500 , US 30, S&P 100, S&P COMPOSITE 1500, S&P 400, S&P MIDCAP 400, S&P 600, S&P SMALLCAP 600, S&P GIVI, GLOBAL TITANS, DIVIDEND ARISTOCRATS, Select Sector, S&P MAESTRO, S&P PRISM, S&P STRIDE, GICS, SPIVA, SPDR, INDEXOLOGY, iTraxx, iBoxx, ABX, ADBI, CDX, CMBX, MBX, MCDX, PRIMEX, HHPI and SOVX are trademarks of S&P Global, Inc. (“S&P Global”) or its affiliates. DOW JONES, DJIA, THE DOW and DOW JONES INDUSTRIAL AVERAGE are trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks together with others have been licensed to S&P Dow Jones Indices LLC. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices LLC, S&P Global, Dow Jones or their respective affiliates (collectively “S&P Dow Jones Indices”) do not have the necessary licenses. Except for certain custom index calculation services, all information provided by S&P Dow Jones Indices is impersonal and not tailored to the needs of any person, entity or group of persons. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties and providing custom calculation services. Past performance of an index is not an indication or guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments based on that index. S&P Dow Jones Indices does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. S&P Dow Jones Indices makes no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor, and S&P Dow Jones Indices makes no representation regarding the advisability of investing in any such investment fund or other investment vehicle. A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any of the statements set forth in this document. S&P Dow Jones Indices is not an investment adviser, commodity trading advisor, commodity pool operator, broker dealer, fiduciary, promoter” (as defined in the Investment Company Act of 1940, as amended), “expert” as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice. Closing prices for S&P Dow Jones Indices’ US benchmark indices are calculated by S&P Dow Jones Indices based on the closing price of the individual constituents of the index as set by their primary exchange. Closing prices are received by S&P Dow Jones Indices from one of its third party vendors and verified by comparing them with prices from an alternative vendor. The vendors receive the closing price from the primary exchanges. Real-time intraday prices are calculated similarly without a second verification. These materials have been prepared solely for informational purposes based upon information generally available to the public and from sources believed to be reliable. No content contained in these materials (including index data, ratings, credit-related analyses and data, research, valuations, model, software or other application or output therefrom) or any part thereof (“Content”) may be modified, reverse-engineered, reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of S&P Dow Jones Indices. The Content shall not be used for any unlawful or unauthorized purposes. S&P Dow Jones Indices and its third-party data providers and licensors (collectively “S&P Dow Jones Indices Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Dow Jones Indices Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON AN “AS IS” BASIS. S&P DOW JONES INDICES PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Dow Jones Indices Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related information and other analyses, including ratings, research and valuations are generally provided by licensors and/or affiliates of S&P Dow Jones Indices, including but not limited to S&P Global’s other divisions such as S&P Global Market Intelligence.] Any credit-related information and other related analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. Any opinion, analyses and rating acknowledgement decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Dow Jones Indices does not assume any obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Dow Jones Indices LLC does not act as a fiduciary or an investment advisor. While S&P Dow Jones Indices has obtained information from sources they believe to be reliable, S&P Dow Jones Indices does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P Global Ratings reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Dow Jones Indices, including S&P Global Ratings, disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgement as well as any liability for any damage alleged to have been suffered on account thereof.] Affiliates of S&P Dow Jones Indices LLC, including S&P Global Ratings, may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. Such affiliates of S&P Dow Jones Indices LLC, including S&P Global Ratings, reserve the right to disseminate its opinions and analyses. Public ratings and analyses from S&P Global Ratings are made available on its Web sites, www.spglobal.com/ratings/en/ (free of charge), and www.spglobal.com/marketintelligence/en/solutions/ratingsdirect (subscription), and may be distributed through other means, including via S&P Global Ratings publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. S&P Global keeps certain activities of its various divisions and business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions and business units of S&P Global may have information that is not available to other business units. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. In addition, S&P Dow Jones Indices provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address. The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a trademark of S&P and MSCI. Neither MSCI, S&P nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. ASX, ALL ORDINARIES are trademarks of ASX Operations Pty Ltd. and have been licensed for use by S&P Dow Jones Indices. B3 is a trademark of B3 S.A. - Brasil, Bolsa, Balcão and has been licensed for use by S&P Dow Jones Indices. CLX, IGPA, IPSA, BOLSA DE SANTIAGO, BOLSA DE COMERCIO DE SANTIAGO, BOLSA DE COMERCIO DE SANTIAGO BOLSA ELECTRONICA, BOLSA DE COMERCIO SANTIAGO-CHILE, BOLSA DE VALORES DE SANTIAGO, BOLSA NACIONAL DE COMERCIO, BOLSA OFF SHORE, BOLSA DE COMERCIO DE SANTIAGO, BOLSA DE VALORES, SANTIAGO STOCK EXCHANGE are trademarks of Bolsa de Comercio de Santiago and have been licensed for use by S&P Dow Jones Indices. BMV is a trademark of Bolsa Mexicana de Valores, S.A.B. de C.V. and has been licensed for use by S&P Dow Jones Indices. BNY Mellon is a trademark of The Bank of New York Mellon Corporation and has been licensed for use by S&P Dow Jones Indices. Brookfield Redding, Inc. and/or its affiliates (including but not limited to Brookfield Asset Management Inc., collectively “Co-Publisher”) own certain intellectual property rights with respect to the Dow Jones Brookfield Infrastructure Indexes, which rights have been licensed to S&P for use. BVL is a trademark of Bolsa de Valores de Lima S.A. and has been licensed for use by S&P Dow Jones Indices. BYMA is a trademark of Bolsas y Mercados Argentinos S.A. and has been licensed for use by S&P Dow Jones Indices. CASE-SHILLER is a registered trademark of CoreLogic Case-Shiller, LLC and has been licensed for use by S&P Dow Jones Indices. CSE is a trademark of Colombo Stock Exchange and has been licensed for use by S&P Dow Jones Indices. Dow Jones®, Dow Jones Industrial Average®, DJIA® and The Dow® are trademarks of Dow Jones Trademark Holdings LLC and have been licensed for use by S&P Dow Jones Indices. DRUCKER INSTITUTE is a trademark of Claremont Graduate University and has been licensed for use by S&P Dow Jones Indices. EGX is a trademark of The Egyptian Exchange and has been licensed for use by S&P Dow Jones Indices. FMDQ is a trademark of FMDQ OTC Securities Exchange and has been licensed for use by S&P Dow Jones Indices. GSCI is a registered trademark of The Goldman Sachs Group, Inc. (“Goldman”) and has been licensed for use by S&P Dow Jones Indices. The S&P GSCI index is not created, owned, endorsed, sponsored, sold or promoted by Goldman or its affiliates and Goldman bears no liability with respect to such index or data related thereto. Goldman provides no guarantee as to the accuracy and/or the completeness of the S&P GSCI index or any data related thereto. HAREL is a trademark of Harel Insurance Investments and Financial Services Ltd. and has been licensed for use by S&P Dow Jones Indices. HAWKAMAH is a trademark of Hawkamah LLC and has been licensed for use by S&P Dow Jones Indices. HKEx is a trademark of HKEx Information Services Limited and has been licensed for use by S&P Dow Jones Indices. IFCI and IFCG are trademarks of International Finance Corporation and have been licensed for use by S&P Dow Jones Indices. JPX is a trademark of Japan Exchange Group, Inc. and has been licensed for use by S&P Dow Jones Indices. KENSHO is a trademark of Kensho Technologies, LLC and has been licensed for use by S&P Dow Jones Indices. KRX, KOSPI and KOSDAQ are trademarks of The Korea Exchange and have been licensed for use by S&P Dow Jones Indices. MARKETAXXESS is a trademark of MarketAxxess Corporation and has been licensed for use by S&P Dow Jones Indices. MERVAL is a trademark of Bolsas y Mercados Argentinos S.A. and has been licensed for use by S&P Dow Jones Indices. In countries within the global territory other than Chile, MILA is a trademark of Balsa de Valores de Colombia, S.A, Balsa de Valores de Lima and Bolsa de Comercio de Santiago. In Chile, MILA is a trademark of Bolsa de Comercio de Santiago and Deposito Central de Valores. This mark has been licensed for use by S&P Dow Jones Indices. NZX is a trademark of NZX Limited and have been licensed for use by S&P Dow Jones Indices. S&P Global, provides the data that powers the globally recognized Dow Jones Sustainability Indices, S&P 500 ESG Index, and others in the S&P ESG Index Series. Each year, S&P Global conducts the Corporate Sustainability Assessment, an ESG analysis of over 7,300 companies. The CSA has produced one of the world’s most comprehensive databases of financially material sustainability information, and serves as the basis for the scores that govern S&P DJI ESG indices. TAIFEX is a trademark of Taiwan Futures Exchange and has been licensed for use by S&P Dow Jones Indices. TOPIX is a trademark of Tokyo Stock Exchange and has been licensed for use by S&P Dow Jones Indices. TSX is a trademark of TSX, Inc. and has been licensed for use by S&P Dow Jones Indices. VALMER is a trademark of Valuacion Operativa y Referencias de Mercado S.A. de C.V. and has been licensed for use by S&P Dow Jones Indices VIX and Cboe are registered trademarks of Cboe Exchange, Inc. and have been licensed for use by S&P Dow Jones Indices. Close Indices Disclaimer S&P Europe 350 2,089.01 -0.32% S&P 500 6,050.61 -0.39% DJIA 43,449.9 -0.61% S&P/TSX 60 1,508.59 -0.03% S&P/TOPIX 150 2,400.66 -0.14% S&P/ASX 200 8,305 -0.1% S&P Global BMI 415.77 0.01% S&P/BMV IPC 50,421.61 -0.84% S&P Latin America 40 2,280.58 0.16% S&P Asia 50 5,473.19 0.36% S&P China 500 2,546.6 0.61% S&P 500 Bond 511.3 -0.03% S&P 500 VIX Short-Term Futures 12,385.73 -0.3% S&P Europe 350 2,089.01 -0.32% S&P 500 6,050.61 -0.39% DJIA 43,449.9 -0.61% S&P/TSX 60 1,508.59 -0.03% S&P/TOPIX 150 2,400.66 -0.14% S&P/ASX 200 8,305 -0.1% S&P Global BMI 415.77 0.01% S&P/BMV IPC 50,421.61 -0.84% S&P Latin America 40 2,280.58 0.16% S&P Asia 50 5,473.19 0.36% S&P China 500 2,546.6 0.61% S&P 500 Bond 511.3 -0.03% S&P 500 VIX Short-Term Futures 12,385.73 -0.3% Volume 8 – 4 December 2024 LOOK FORWARD: ARTIFICIAL INTELLIGENCE In today’s rapidly evolving landscape, AI is a transformative force revolutionizing business, the economy and society. In the eighth edition of Look Forward, S&P Global offers a balanced look at AI complexity by highlighting the opportunities and risks in three parts: AI and labor, AI and energy, and AI and society. Read the Full Journal Read the Full Journal Look Forward: Artificial Intelligence 4 Dec 2024 AI AND LABOR: CHANGE IS INEVITABLE, BUT HUMAN CAPABILITIES REMAIN ESSENTIAL While AI will transform labor markets through enhanced productivity and efficiency, human capabilities will remain indispensable for tasks requiring emotional intelligence, creativity and complex decision-making. Look Forward: Artificial Intelligence 4 Dec 2024 AI AND SOCIETY: IMPLICATIONS FOR GLOBAL EQUALITY AND QUALITY OF LIFE AI has profound implications for society, with potential to alter industries from healthcare to education to agriculture — but the quality of its influence depends on key institutions steering AI toward responsible, secure and equitable implementations. Look Forward: Artificial Intelligence 4 Dec 2024 AI AND ENERGY: THE BIG PICTURE Growth in AI and cloud services is driving up US electricity demand, outpacing power infrastructure and creating a supply-demand imbalance that could increase fossil fuel reliance. Addressing this will require grid technology innovations, a balance between datacenter expansion and power infrastructure, and a coordinated effort among utilities, government and tech companies to mitigate environmental impacts. GEOPOLITICAL RISK IS INTERCONNECTED. YOUR INTELLIGENCE SHOULD BE TOO. Explore Risks and Impacts S&P GLOBAL DAILY UPDATE Subscribe CHALLENGES AND OPPORTUNITIES FOR DATACENTERS 17 December 2024 CHINA’S EV EXPANSION ACCELERATES GLOBAL AUTO MARKET GROWTH 16 December 2024 TRADE UNCERTAINTY COMPLICATES THE OUTLOOK FOR EMERGING MARKETS 13 December 2024 EUROPEAN ECONOMIC AND CREDIT OUTLOOK APPEARS MOSTLY STABLE 11 December 2024 S&P Global Ratings GLOBAL CREDIT OUTLOOK 2025: PROMISE AND PERIL Global credit conditions are likely to remain supportive in 2025—against a backdrop of region- and country-specific divergence and geopolitical uncertainty that threatens to reignite risk-aversion among investors and affect capital flows. Read the Research SPECIAL REPORTS Read All Special Reports Economy 12 Dec 2024 2025 OUTLOOKS From artificial intelligence capabilities, global credit conditions and energy transition to corporate debt issuance, supply-demand dynamics, geopolitics and policy shifts, stay up to date on the latest 2025 outlooks from S&P Global. Artificial Intelligence 12 Dec 2024 AI'S SHIFT FROM PROMISE TO PRACTICE AI's development remains nascent, as does its meaningful application at most entities and in most people's lives, but adoption is very much underway, and progress on new technologies, including multimodal AI, edge AI, causal AI, and agentic AI, promises to deepen AI's impact in unprecedented ways. Energy Transition 27 Nov 2024 IS EUROPE READY FOR A NUCLEAR RENAISSANCE? Any nuclear new build will take years to become operational and connect to the grid, creating ongoing tensions on projected economics and future power market dynamics. Managing these will be key to attract investors while protecting consumers. -------------------------------------------------------------------------------- MARKET INSIGHTS SUSTAINABILITY ECONOMY CAPITAL MARKETS GLOBAL TRADE ENERGY & COMMODITIES TECHNOLOGY & INNOVATION GEOPOLITICAL RISK ARTIFICIAL INTELLIGENCE -------------------------------------------------------------------------------- ARTIFICIAL INTELLIGENCE INSIGHTS The artificial intelligence landscape is ever-changing. These technological advancements are equally important to economic development as other major trends like globalization, social inclusion, and climate and energy transition. S&P Global aims to provide this information in three parts: AI Fundamentals, AI Applications, and AI Governance and Regulation. Explore more Artifical Intelligence Insights Special Reports Dec 12, 2024 AI'S SHIFT FROM PROMISE TO PRACTICE 12 December 2024 AI's shift from promise to practice By Miriam Fernández, CFA, Sudeep Kesh, and Paul Whitfield This is a thought leadership report issued by S&P Global. This report does not constitute a rating action, neither was it discussed by a rating committee. Highlights AI's development remains nascent, as does its meaningful application at most entities and in most people's lives, but adoption is very much underway, and progress on new technologies, including multimodal AI, edge AI, causal AI, and agentic AI, promises to deepen AI's impact in unprecedented ways. Investment trends and human talent will be central to the course of that development, to increased applications of new technologies, and to the management of existing, potential, and yet-to-be-recognized risks and opportunities. Our library of research and podcasts offers extensive analysis by AI and industry experts and will continue to build over 2025 with early identification and assessment of important trends and forward-looking analysis of events as they unfold. History may yet record 2024 as the year that AI began to make the shift from promising technology to ubiquitous tool. In the public sphere, large language models (LLMs) and, more broadly, generative AI increasingly transitioned from curiosity to a functional aid (at least for a significant minority of the developed world), taking a role in everything from mundane report writing to the creation of personalized bedtime stories for kids. Across many sectors, previously speculative investment in the technology increasingly offered regular and tangible benefits as organizations deployed AI-powered initiatives (see AI In Pharmaceuticals Promises Innovation, Speed, And Savings, Oct. 1, 2024, and AI In Real Estate: What To Watch As Adoption Accelerates, May 28, 2024). There is no doubt that AI still has a long and uncertain road ahead. Yet we share a conviction with many other market participants that increased application and the increasing capabilities of AI will have profound, and accelerating, effects across all sectors of the economy, all organizations (both directly and often indirectly), on labor markets, on energy usage, and in society--for good and bad (see The Rise of AI-Powered Smart Cities, May 18, 2024; and Look Forward Journal Artificial Intelligence, Dec. 4, 2024). That conviction demands our ongoing attention. Over the past year, we have explored and regularly published analysis on the fundamentals of AI technology and its development (see Language Modeling: The Fundamentals, Jan. 23, 2024). And we have looked at its deployment, its impact, and its potential--including due to the paradigm shift in computational power that will arrive when AI is combined with quantum computing (see Artificial Intelligence and Quantum Computing: The Fundamentals, Sept. 10, 2024). Such analysis is necessarily a complex task. Partly, that is because the application of AI and the discovery of its boundaries remain uncertain, evolving, and will be dictated by investment trends and the development of human talent (see Investment And Talent Are The Keys To Unlocking AI's Potential, July 9, 2024). But it also reflects the reality that AI is not a single, monolithic technology, but myriad different processes, developments, and projects. Each of those has a combination of strengths and limitations that dictate their potential and are, in turn, dictated by the particularities of their underlying technologies, applications, the environments in which they operate, and their governance requirements (see Podcast: Artificial Intelligence Insights, Episode 2: Governance Considerations for AI, June 13, 2024). Furthermore, developments in AI are often non-linear, meaning that they often don't simply extend the uses of existing technologies. Rather, developments can lead to sudden breakthroughs and inspire the development of new technologies and applications targeting entirely new problems and multidisciplinary fields, such as synthetic biology (see Artificial Intelligence Powering Synthetic Biology: The Fundamentals, June 25, 2024). Furthermore, a combination of breakthroughs can lead to non-linear outcomes that could deliver exponential advancement in AI's capabilities. The indirect effects of AI Our coverage of AI necessarily extends beyond the direct application of the technology to encompass the wider impact of its adoption. Indirect effects of the growth in AI are already being felt across a host of sectors--notably those with exposure to the surge in demand for data center capacity, including real estate companies, the power and utilities sector, and midstream gas suppliers (see Data Centers: Rapid Growth Creates Opportunities And Issues, Oct. 30, 2024). AI's increasing applications will also entangle the systems in which it operates, with the potential for effects to reach far beyond the immediate users. That possibility is perhaps most evident in the financial sector, where the adoption of AI exacerbates the risk of operational disruption leading to systemic instability that could have wide-ranging implications (see Your Three Minutes In AI: Financial Systems Will Face New Systemic Risks, Oct. 4, 2024). Those risks could be mitigated through effective governance, regulation, and decentralization (see section on "edge AI," below). Yet the pace of development in AI and its expanding use exposes such efforts to the challenges of containing not only existing and potential risks but also to uncovering unrecognized risks (a variation on the "Rumsfeld matrix" of known knowns, known unknowns, and unknown unknowns). Predicting risk is core to our efforts to understand the evolution of AI's effects on organizational credit quality and will continue to drive our research (see Crypto and AI: Shaping The Future Of The Internet, Oct. 1, 2024). What we will be watching in 2025 Over 80% of organizations forecast their AI workflows will increase in the next two years, while about two-thirds expect pressure to upgrade IT infrastructure (see Generative AI: From Hype To Value, Nov. 25, 2024). The breadth and nuance of AI's development, its effects (and potential), are evident in the slate of subjects that we have tasked ourselves to explore over 2025. They include: Multimodal AI, which facilitates more human-like applications of generative AI models by enabling the integration and processing of diverse inputs such as images, audio, text, and video. The technology has gained traction in 2024 after OpenAI included the functionality in its models, Meta released a multimodal version of its LLaMA model, and NVIDIA launched an open-source multimodal foundation model (NVLM 1.0). We expect this technology will gradually gain relevance in industrial applications, particularly for companies that are already integrating language models into their businesses. Multimodal AI is notably being developed or is already in use in sectors including: Healthcare: where medical imaging can be combined with patient history and lab results to improve diagnosis and treatment, for example, by systems developed by Merative (formerly part of IBM Watson Health) and Bayer (see AI In Healthcare: A Path To Long-Term Immunity? June 25, 2024) Automotive: where inputs, including from cameras, GPS, and LiDAR, are being combined to improve autonomous driving, emergency response, and navigation systems at companies including Waymo and Li Auto. Finance: where multimodal AI is being applied to analyze customers' phone queries to support contact center employees' response and resolution activities. Retailing: where the combination of visual images, product reviews, product information, customer interaction data, and warehouse data is used to optimize marketing campaigns, inventory management, and minimize packaging and shipping costs. Amazon, for example, uses its "Just Walk Out" multimodal AI to enable checkout-less shopping at its physical stores. Edge AI, which moves AI computation to end users' machines. Though not a new concept, we expect that the increasing use of small language models (SLMs) by companies will support the scalability of edge AI. That shift offers numerous advantages, including, notably, a reduced risk of mass outages associated with failures at major infrastructure or technology providers--known as centralization risk. The combination of SLMs with crypto technologies should further mitigate centralization risk, paving the way for more secure and decentralized computing and data storage (see AI & DeFi: Can Crypto Innovations Offset Artificial Intelligence Concentration Risks, Dec. 4, 2025). And because SLMs at the edge require less computational power, they will also offer energy efficiency advantages compared to data and resource-hungry LLMs (see Can AI become net positive for net-zero? Nov. 14, 2024). However, meaningful application of scalable edge AI will have to overcome the sizable challenge of ensuring that nascent technologies make their way from the lab to the field and are deployed in sufficient numbers to be impactful. Causal AI, which can reason and make choices like humans do, uses causal inference to fundamentally understand why processes and decisions are made. This goes beyond the pattern recognition and correlation that underpins much of the current ability of AI (particularly discriminative AI and generative AI). We expect that capability will become increasingly important with increased AI adoption and the corresponding demand for data (both real and synthetic), as a means to identify true causality from spurious correlations. It should also enable AI models to deliver more reliable query responses, make more informed decisions, and potentially aid in the discovery of underlying causes--which could prove a powerful tool across sectors including healthcare and finance. Causal AI is generally regarded as one of the missing links to create artificial general intelligence (which matches or outperforms human cognitive abilities across any task). By nature, casual inferencing reduces complexity in decision-making, meaning it requires less data and power to deliver typically better performance. Active use cases are still relatively limited and tend to center on manufacturing, life sciences, decision sciences, and the study of human cognition and behavior. Agentic AI, which describes the development of increasingly autonomous "AI agents" that make decisions and execute tasks based on a set of provided instructions (see Podcast: Artificial Intelligence Insights, Episode 4: Agentic AI, Oct. 30, 2024). This advancement opens the door for AI to shift from meeting a problem by providing relevant data to formulating and enacting solutions. As Microsoft put it, when it launched its generalist agentic system Magentic-One: the difference is "between generative AI recommending dinner options… (and an) agentic assistant that can autonomously place your order and arrange delivery." Agentic AI promises to reduce the complexity inherent in many systems, enabling better human decision-making and a focus on higher-value activities like creativity, leadership, and communication and clarification of decisions. Cognitive AI, which refers to AI being able to mimic human cognitive functions such as reasoning, learning, and problem-solving--including by using cognitive computing structures known as neuro-symbolic architecture that simulate human patterns of learning, reasoning, and understanding. We expect cognitive AI will follow the widespread adoption of agentic AI to become the next step in the technology's evolution. Recent multimodal virtual chatbots, such as ChatGPT-4o and its latest model o1 (designed to think more deeply before responding), have some features that qualify as cognitive AI (i.e., the use of multimodal AI to provide reasoned responses and understand complex queries, and showcasing of adaptive learning in human interactions). Yet the models are not fully autonomous, meaning they require human inputs to achieve goals (unlike agentic AI), and do not yet integrate sensory information (from Internet-of-Things (IoT) devices, for example), telematics, or other sources of augmented real-time data needed for decision-making. Stepping into the unknown It is inevitable that other subjects will demand analysis over the course of 2025, not least because 12 months is a long time in AI. Our intention is to remain both proactive, through early identification and analysis of important (and high-potential) new trends and technological developments, and reactive, with forward-looking analysis of events as they unfold. As always, that analysis, including insights from our AI and sector specialists, will be available across S&P Global's platforms and collated at our dedicated site: Artificial Intelligence Insights. Contributors Editorial, Design & Publishing Cat VanVliet Associate Director, Data Visualization Special Reports Dec 04, 2024 AI AND LABOR: CHANGE IS INEVITABLE, BUT HUMAN CAPABILITIES REMAIN ESSENTIAL Look Forward — 4 December 2024 AI and labor: Change is inevitable, but human capabilities remain essential While AI will transform labor markets through enhanced productivity and efficiency, human capabilities will remain indispensable for tasks requiring emotional intelligence, creativity and complex decision-making. By Sudeep Kesh, Nathan Hunt, and Xu Han This article is intended to promote discourse regarding the interplay between AI and labor markets. The time frames referenced are meant to provide an illustrative scaffold, and certain concepts, including issues of distribution and governance, and nuances between capital, material, labor and total factor productivity, remain unaddressed here to maximize the reach of this discourse. Those further issues will be the subject of robust economic and policy analysis in additional S&P Global research. Highlights Over time, AI’s impact on labor will become increasingly evident across key areas such as efficiency and productivity, creation of new roles, transformative human-AI collaboration, autonomous systems, and labor redistribution and reskilling. Across short-term (one to two years), medium-term (four to six years) and long-term (seven to 10 years) time frames, we expect AI’s integration with labor to progress through distinct phases, each with unique challenges, ethical considerations and risks to balance against the technology’s benefits. Our research suggests that AI’s effects will be uneven across the employment landscape. Roles most likely to be affected will be those focused on information collection and processing, data analysis, and machine or process management. Look Forward Artificial Intelligence Explore More American folk hero John Henry is said to have been “a steel-driving man," a reference to his job hammering a steel bit into rock to make holes for explosives to excavate railway tunnels. A song memorializing John Henry tells of his race against a steam-powered drill, an avatar of the industrial age, which he beats, but at the cost of his life. The tale is one of determination and fortitude, but it is also a warning about the futility of resisting technological advancement. As generative AI expands, it may be tempting to view John Henry's tale as a parable for the future of labor, but this would be a mistake for two major reasons. First, our analysis shows that while large language models will prove effective at many tasks, they will likely have little effect on the market for manual labor. In this sense, the next John Henry is more likely to be a paralegal or a computer systems engineer than a construction worker. Second, industrial-age technological disruptions fall short of the upheaval that generative AI is likely to bring about. Industrial machines replaced workers’ roles within a defined task (like steel driving) but left the process intact. We expect that within seven to 10 years, the use of generative AI will upend and redefine many labor processes themselves. A structured analysis of AI's effects on labor Since the public launch of OpenAI’s ChatGPT in November 2022, conversations about AI and the future of work have polarized, with fear and exuberance in similar proportions. Both extremes reflect emotional responses rather than a practical understanding of how AI will transform the labor landscape. The reality is sure to be more nuanced. To frame our analysis of AI's effects on labor, we use three periods: the short term (one to three years), the medium term (four to six years) and the long term (seven to 10 years). Each phase will present challenges, ethical considerations and risks that must be balanced against the technology’s potential benefits. As we progress along this timeline, the effects of AI on labor and labor markets will become increasingly evident across a range of key elements. Efficiency and productivity Automation of repetitive tasks and improved decision-making across many areas should result in significant gains in labor productivity and efficiency, and in processes as labor is augmented or replaced by AI. Emerging roles New job categories such as AI trainers, explainability experts and AI ethicists will emerge, notably in quality and governance functions, and will themselves be augmented by AI. These roles' defining characteristic will be to do what AI cannot: AI excels at finding answers, while humans excel at asking questions. People who prove talented at asking the right types of questions — open-ended, probing and insightful — will be in high demand. Transformative collaboration Collaborative intelligence, a paradigm in which humans and AI work seamlessly together, will become increasingly mainstream, likely through the maturation of agent-based models (ABMs), which simulate the actions and interactions of autonomous agents. The impact of autonomous systems Improved ABMs will also facilitate increased use of autonomous systems, such as self-driving vehicles and AI-powered agricultural robots. The result should be a marked enhancement of some sectors’ efficiency and sustainability, notably through the synthesis of analytics and fieldwork. Labor redistribution and reskilling The redistribution of labor markets away from roles that are easily replicated by AI will require reskilling and upskilling, with a focus on developing emotional intelligence, critical thinking and interpersonal skills. AI integration will necessitate greater humanity in the workplace. Short term: Picking the low-hanging fruit In the next few years, AI applications will likely focus on enhancing labor efficiency and productivity in existing workflows. This focus will be dictated by employers’ initial limited understanding of AI's potential in the context of current processes and will reflect experimentation as enterprise decision-makers learn about AI’s core competencies, develop integration approaches and refine their strategies. Companies will likely begin leveraging AI to streamline operations, reduce costs and improve decision-making. Stakeholders will need to determine adequate levels of prudence in adoption, change-management and governance. Adoption without sufficient checks could lead to negative consequences, such as job displacement and privacy concerns, and even where care is taken, the ride is likely to be bumpy and include some retrenchment. Adoption and implementation of AI in various job families may add complexity to work, posing both opportunities and risks. A key challenge will be to balance the allocation of work between human strengths and AI capabilities in a way that enables the opportunities and abates the risks. Recent data suggests there is reason for optimism. S&P Global Market Intelligence 451 Research surveyed about 5,000 respondents regarding the impact of AI on jobs and on society at large. Between two waves of the survey in 2022 and 2024, respondent expectations regarding AI's impact on society notably shifted, with a significant increase in the expected degree of impact and a modest bias toward positive expectations. In that period, sentiment regarding AI’s impact on jobs remained stable. Notably, among those who expect AI to significantly impact their career, more than twice as many expect a positive impact on work versus a negative impact. Enhanced automation and productivity AI-driven automation will increase across capacities including manufacturing, logistics, customer service and data management. By combining information, systems and robotics to handle repetitive tasks, these developments should allow human workers to focus on more complex and creative activities or those with social aspects, such as management, coaching and inspiration. Application is likely to involve assessing the division of labor between tasks that require or benefit from human performance and those that are “machine ready.” For instance, AI-powered chatbots and virtual assistants will continue to evolve, in some cases providing more sophisticated support to human customer service agents, and in other cases providing direct customer support without human intervention. Meanwhile, optimization agents will assess operations to reduce human input and maximize AI's potential for productivity gains. While this concept may evoke sci-fi tropes that fuel fears of AI, this assessment is a crucial step to maximizing the effectiveness of a mutualism between AI and humans: parsing the tasks that humans are especially good at versus those at which AI excels and facilitating interoperability between the two. Diving deeper, we see that concerns about AI’s impact on jobs vary across industries, with some showing major concerns while others appear more optimistic. Measures that allay these concerns by abating negative impacts and supporting positive ones may present new opportunities in the work mix for existing positions and may even create new positions to help evolve the workforce toward a future that includes AI. AI capabilities can improve workforce tooling, especially in minimizing administrative burden, reducing overhead and providing objective performance feedback. In another survey, S&P Global Market Intelligence 451 Research asked approximately 450 respondents about their preferences for workforce tooling innovations. The overwhelming majority focused on efficiency gains and reducing administrative overhead, presumably to allow better focus on "value-add" tasks. Other tools, such as digital twins of physical objects and processes, received less priority among respondents, but these innovations are crucial for providing the digital infrastructure whereby AI can operate. Improved decision-making and knowledge Discriminative AI systems, which excel at classification, have proven adept at complex data analysis and assisting decision-making across industries such as automotive, manufacturing and logistics. We expect that the combination of discriminative AI and generative AI will also improve service economy activities by drawing on troves of service-oriented data collected over the past two decades. Financial institutions, for example, could use AI algorithms to expedite portfolio managers’ analysis of market trends, risks, correlation and other factors. In healthcare, AI could help diagnose diseases and recommend treatment plans based on vast amounts of medical data, potentially enhancing patient outcomes and reducing diagnostic errors. Medium term: Significant advancements Over the next three to five years, AI will significantly reshape labor markets, driven by increased investment in and knowledge of AI systems, and by competitive dynamics that should reduce AI's implementation costs. We expect significant advancements in machine learning, natural language processing and robotics, particularly due to improvements in agent-based systems (in which AI systems make decisions and take actions), inference (applying learning from patterns in data) and orchestration (connecting processes and systems). During this period, it will be crucial to address AI's ethical considerations and privacy concerns as regulatory scrutiny will also increase. Wider deployment of AI will also raise the risk of automating deficiencies, including bias, in downstream processes. Expansion of AI-augmented roles As AI technologies mature, the scope of roles augmented by AI will expand, especially in fields such as marketing and customer analytics. For example, improvements in AI's ability to meaningfully analyze vast amounts of data on consumer behavior and preferences will facilitate highly personalized marketing campaigns (akin to personalized treatment plans in healthcare). In education, AI-driven platforms will offer bespoke learning experiences, including educational content tailored to individual student needs and pacing, and corporate and client training that meets specific demands. Emergence of new job categories An increasing focus on governance, risk mitigation, bias mitigation and other AI-related issues will foster the emergence of new job categories. For example, AI trainers and explainability experts will be needed to ensure that AI systems are fit for purpose, transparent, understandable, and compliant with existing systems and governance frameworks. Skills to address and monitor AI ethics and quality will be crucial for responsible AI deployment, including the safeguarding of fairness and identification of biases. Long term: Transformative changes AI will become increasingly transformative over longer time frames due to the technology’s advancing maturity, humanity’s growing expertise in effective implementation and the regulatory landscape’s increasing clarity. Collaborative intelligence, a framework in which humans and AI work together, should notably increase. In creative industries, AI will assist humans by generating ideas, drafts and prototypes. Architects, for example, could use AI-driven design software to explore innovative building designs that incorporate complex environmental and structural factors, leveraging datasets that encompass architectural history, art, design, materials science and weather patterns. Autonomous systems AI will support autonomous systems that transform industries. Autonomous vehicles will revolutionize transportation and logistics, reducing the need for human drivers and increasing efficiency. In agriculture, AI-powered robots with computer vision and sensors to detect air pressure, moisture, color and light could oversee planting, crop monitoring and harvesting, increasing productivity and sustainability. Challenges will include cost-effectiveness, which must surpass that of human labor to justify adoption. Predictive maintenance Manufacturing and heavy industries will benefit from AI-enabled predictive maintenance. AI will analyze data from sensors embedded in machinery to predict when maintenance is required, preventing costly breakdowns and minimizing downtime. This capability requires AI’s data processing and pattern recognition abilities, coupled with digital telemetry systems to detect acoustic, visual and even olfactory signals. Autonomous data analysis In fields such as finance and research, AI-driven data analysis is already indispensable. AI systems can sift through vast amounts of data, identify trends and generate insights with speed and accuracy far beyond human capacity. This capability will be increasingly crucial for making informed decisions in dynamic environments and will enable a better understanding of the world around us, including risks such as climate change, the energy crisis and geopolitical dynamics. Shifting labor dynamics Advancements in the capabilities of AI systems and the dynamics of their integration with human labor will necessitate broader rethinking to understand the adaptations required of both AI and human work paradigms to improve cooperation. Humans, for instance, outperform machines in relational tasks such as comprehensive (verbal and nonverbal) communication and, at least to date, innovation. Thus, in a framework of human-AI mutualism, we expect the balance of such tasks to fall to humans, while many data analysis and computational tasks will fall to AI. This may require workforce education in interpersonal skills such as emotional intelligence, empathy and clarity of communication. Humans will also need better human-to-AI communication skills, such as prompt engineering, and a deeper understanding of AI operational requirements. Consider a typical customer service scenario: A customer is unsatisfied with the quality of goods received. In a world where AI and humans work together, required skills include understanding the customer’s problem (human), analyzing possible solutions (AI), relaying options with empathy to address the customer’s emotional and social needs (human), and executing a course of action to address functional needs (AI). Leadership and the workplace of choice Leadership in an AI-augmented world will evolve as workers look to their leaders for vision, systems thinking, and the ability to both analyze (extrapolate trends using context, qualitative judgments and data-driven insights) and synthesize (understand the interoperability of moving parts and connection to a greater whole). As leaders will manage humans and AI systems together, the importance of these abilities cannot be overstated. Analytical functions will become more crucial as AI adoption takes hold, requiring leaders to adapt to increasing customization and diversification of product offerings, as well as to the interplay of skilled workers and AI systems required to deliver those products. An understanding of synthesis will be critical as many traditional work functions and systems become intersecting, looping and chained processes in increasingly complex designs. Such complexity will likely change what humans demand of their workplaces. Traditional compensation schemes such as salary and variable pay will likely be augmented by purpose, culture and fit as an increasing proportion of tasks allocated to human workers will require distinctly human capabilities, such as emotional and social engagement. Organizations must recognize that their brand represents not only their product or service offerings or standard of quality to customers but also a workplace of choice for employees. Workplaces will need to earn their employees’ business, especially as employees’ nuanced personalities and skills become features in the workplace itself, as much of the labor characterized by homogeneity becomes the province of AI systems. Looking forward: From steam to silicon The idea of the modern-day John Henry will remain relevant as AI’s remit expands and matures. However, it is equally likely that many mundane, monotonous and undesirable elements of work could become increasingly automated, and that, as a result, humans — particularly those who learn to work in partnership with AI — may find increasing value and standing in the labor force by cultivating and expressing their most fundamentally human qualities. Look Forward: Artificial Intelligence AI and society: Implications for global equality and quality of life Next Article This article was authored by a cross-section of representatives from S&P Global and, in certain circumstances, external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the products and services those entities offer. This research is a publication of S&P Global and does not comment on current or future credit ratings or credit rating methodologies. Contributors S&P Global Ratings Miriam Fernández, CFA Director, AI Research Specialist S&P Global Market Intelligence Sheryl Kingstone Research Director S&P Global Market Intelligence Chris Marsh Research Director S&P Global Matt Tompkins Senior Editor S&P Global Cat VanVliet Associate Director, Data Visualization S&P Global Ratings Paul Whitfield Writer Advancing climate, environmental, and nature research CLIMATE CENTER OF EXCELLENCE The S&P Global Climate Center of Excellence sits within S&P Global Sustainable1’s Research and Methodology Team. The center is home to a group of world-class scientists and strategists dedicated to addressing the frontiers of long-term climate, environmental, and nature research and methodology development Learn More ENERGY TRANSITION Explore the climate crisis as it intensifies calls for the energy sector to transition from fossil fuels like oil, gas, and coal to renewable energy sources. Read more on the Energy Transition News Dec 17, 2024 US DOE SECRETARY SAYS LNG STUDY SHOWS NEED FOR CAUTION ON 'UNFETTERED' EXPORT APPROVALS Energy Transition, LNG, Natural Gas, Emissions December 17, 2024 US DOE secretary says LNG study shows need for caution on 'unfettered' export approvals By Corey Paul and Maya Weber Getting your Trinity Audio player ready... HIGHLIGHTS DOE releases report on climate, price impacts Granholm emphasizes higher costs, emissions Trump expected to resume export approvals A business-as-usual approach to authorizing US LNG exports is "neither sustainable nor advisable," US Energy Secretary Jennifer Granholm said on Dec. 17, as the Department of Energy released its long-awaited study on environmental and economic impacts of increased exports of the fossil fuel. The department cast its final report as intended to inform future decisions on whether export applications are in the public interest, but it came as the Biden administration is poised to hand off those authorizations to President-elect Donald Trump, who has promised to end a "pause" on approvals. The DOE announced plans for the study alongside the permitting moratorium in January. "Further increasing exports unconstrained would surely generate more wealth for the LNG industry, but American consumers and communities and our climate would pay the price," Granholm said. In most scenarios the DOE considered, LNG exports already approved by the agency "are more than sufficient to meet global demand for decades to come," Granholm said. But the report did not go as far as drawing broad conclusions about whether additional LNG exports are in or against the public interest. The department released the study as final. DOE officials said the agency did not intend to revise the document but that it would take comments for 60 days to inform future decisions. A leading US LNG trade group criticized the way the Biden officials characterized the study, saying "that much of the narrative from the administration on the need for a pause in LNG export authorizations and their framing of the study results runs counter to the actual findings of the report." "The Department of Energy's US LNG export 'pause' harmed the industry and called into question the role of the United States as a global energy superpower," Charlie Riedl, the executive director of the Washington-based Center for Liquefied Natural Gas, said in a statement. "This study, which served as the justification for the pause, has yet again found that US LNG exports provide benefits that serve the public interest." The report found that "across all scenarios, modeled US domestic natural gas supply is sufficient to meet modeled global demand for US LNG while continuing to meet domestic demand." It also modeled a $410 billion increase in US GDP by 2050 as a result of increasing LNG exports. Granholm's consumer price concerns But among key findings highlighted by the energy secretary was that additional "unfettered exports" would drive up wholesale domestic gas prices by about 31% and cost the average US household up to $122.54 more per year in gas and electricity bills by 2050. That analysis was based on an assumption that the amount of US LNG operating or under construction at the end of 2023, 23.7 Bcf/d, will increase above authorized export levels to about 56.3 Bcf/d in 2050. Under this scenario, the modeled price increase works out to about $0.03/MMBtu for every Bcf/d of export capacity added beyond the December 2023 levels to reach an average $4.62/MMBtu in 2050, up from $3.53/MMBtu. Overall energy costs to the industrial sector would go up $125 billion from 2020 to 2050, Granholm said. The report also weighed in on whether more exports of US LNG would raise or lower greenhouse gas emissions. Granholm said the report showed additional US LNG exports would globally displace more renewables than coal. "Assuming LNG exports were to significantly increase, the report finds that the associated direct emissions would be 1.5 gigatons per year by 2050, not considering the market effects of those exports," Granholm said. "That's roughly a quarter all the emissions the United States generates annually today." In five scenarios examined, Granholm said higher LNG exports would lead to increased global net emissions. The study was more nuanced, finding that "the ultimate global GHG consequences of US LNG exports depend on market effects such as changes in energy demand and the sources used to meet that demand for electricity and other uses of natural gas." In a statement accompanying the report, Granholm also emphasized that LNG facilities tend to be concentrated in communities already facing burdens of pollution and that dramatic increases in exports could worsen pollution in areas where oil and gas are extracted and processed. On energy security considerations, Granholm said that while US LNG has been critical for European allies the past few years, European demand is slated to decline along with efforts to cut greenhouse gas emissions. "China's LNG imports are expected to be the highest of any country through 2050," Granholm said in the statement. The study was welcomed by nongovernmental organizations battling further export approvals. Tyson Slocum, director of Public Citizen's energy program, said the study will provide "needed ammunition" to intervenors in DOE export proceedings so that they can more clearly make the case that the pending export authorization is not consistent with the public interest. "If Trump seeks to quickly and sloppily approve these, we've got standing to sue in federal court, and we've got the facts on our side," Slocum said. Gillian Giannetti, senior attorney at the Natural Resources Defense Council, said that the DOE has put the study in the record of all the pending LNG projects. "They are officially in the docket and are part of the record, which, of course, means that they are evidence that needs to be considered, and failure to do so or to explain why there is a justified reason not to do so is unlawful under both the Natural Gas Act and the Administrative Procedure Act," Giannetti said. Editor: Karla Sanchez * News - Dec 17, 2024 COMMODITIES 2025: FALLING PROFITS TO STRESS-TEST EUROPE'S GREEN REFINING PLANS * News - Dec 17, 2024 CARBON INTENSITY AND PROCESS FUEL KEY DRIVERS OF AMMONIA CRACKER ECONOMICS * News - Dec 17, 2024 INTERVIEW: ITALY'S LNG REGASIFICATION CAPACITY GROWTH CENTRAL TO RUSSIAN GAS DISPLACEMENT: SNAM * News - Dec 16, 2024 US SOLAR TRACKER: SOLAR LEADS US CLEAN ENERGY ADDITIONS IN Q3, ADDING 7.525 GW * News - Dec 16, 2024 US SUPREME COURT TO DECIDE IF FUEL COMPANIES CAN SUE OVER CALIFORNIA EV MANDATE ESSENTIAL INTELLIGENCE FOR A CHANGING WORLD. Seek & Prosper THE ESSENTIAL PODCAST Listen & Subscribe The Essential Podcast 7 Nov 2024 EXAMINING THE NATURE OF CONFLICT: A CONVERSATION WITH RICHARD OVERY The Essential Podcast 24 Oct 2024 A NEW DIGITAL FRONTIER FOR REAL WORLD ASSETS The Essential Podcast 2 August 2024 BETTER FASTER FARTHER: MAGGIE MERTENS AND THE EVOLUTION OF WOMEN'S SPORTS * Follow Us * (opens in a new tab) * (opens in a new tab) * (opens in a new tab) * (opens in a new tab) * (opens in a new tab) * (opens in a new tab) * Our Purpose * Our Values * Our History * Ventures * Press(opens in a new tab) * Investor Relations * Overview(opens in a new tab) * News Releases(opens in a new tab) * Quarterly Earnings(opens in a new tab) * SEC Filings & Reports(opens in a new tab) * Contact Us * Customer Care & Sales * Support by Division * Report an Ethics Concern(opens in a new tab) * Office Locations * Our Organization * Careers * Corporate Responsibility * Leadership * IOSCO ESG Rating & Data Product Statements -------------------------------------------------------------------------------- Customize * Terms of Use * Cookie Notice * Privacy Policy * Client Privacy Portal * Do Not Sell or Share My Personal Information(opens in a new tab) * © 2024 S&P Global YOUR COOKIE CONTROLS: S&P Global uses cookies to improve user experience and site performance, offer tailored advertising and enable social media sharing. By clicking "Accept All", you agree to our use of cookies. By clicking “Reject All”, we will not place cookies on your device unless strictly necessary for website functionality. For details, please refer to ourCookie Notice Customize Reject All Accept All Your Opt Out Preference Signal is Honored PRIVACY PREFERENCE CENTER When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer. More information Allow All MANAGE CONSENT PREFERENCES FUNCTIONAL COOKIES Functional Cookies These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly. Cookies Details TARGETING COOKIES Targeting Cookies These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant advertisements on other sites. Targeting cookies uniquely identify your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising. Cookies Details PERFORMANCE COOKIES Performance Cookies These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. Cookies Details STRICTLY NECESSARY COOKIES Always Active These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. Cookies Details Back Button COOKIE LIST Search Icon Filter Icon Clear checkbox label label Apply Cancel Consent Leg.Interest checkbox label label checkbox label label checkbox label label Save Settings