Daily Update: Green Hydrogen Demand; Tariff Takeaways; and Financing for Frontier Markets

Today is Thursday, July 17, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

Energy Transition & Sustainability

Topsoe sees growing demand for solid oxide hydrogen production

Energy technology company Topsoe, which produces high-efficiency solid oxide electrolyzers and other technologies such as ammonia and ethanol plants, is targeting increased demand for electrolyzers used in green hydrogen and ammonia production as it secures major contracts, Chief Commercial Officer Sundus Ramli told Platts in a recent interview.

Ramli said the company is commissioning its 500 MW/year solid oxide electrolyzer cell factory in Herning, Denmark. Commercial operations are expected to begin at the end of the year, with full capacity anticipated in 2026. The company is targeting initial orders in the range of 50-100 MW, but is also in the running for a 700-MW order from Hive Energy’s planned Coega green hydrogen and ammonia plant in South Africa.

Learn more with S&P Global Commodity Insights’ Hydrogen Solutions.

Global Trade

Listen: Takeaways on Tariffs Following July 9 Developments

In this episode of “The Decisive” podcast, host Kristen Hallam and S&P Global Market Intelligence experts Chris Rogers and John Raines unpacked the latest developments in US tariffs and trade policy. The experts assessed the US administration's approach to leveraging tariffs as a negotiation tool, recent agreements with countries such as Vietnam, the UK and China, and the complexities surrounding ongoing negotiations. 

The team also examined the implications of transshipment practices, particularly in Southeast Asia, and the legal challenges facing tariff implementations as the Trump administration aims to revitalize US manufacturing. This episode provides critical insights into the future of trade relations and the potential economic impacts on US and global markets.

Economy

CreditWeek: How Can Frontier Markets Secure Financing For Economic Development?

Stakeholders, including finance ministers, senior government officials and business leaders, called for coordinated and enhanced liquidity and debt management support to developing countries at the UN’s fourth International Conference on Financing for Development. 

At this forum, S&P Global Ratings highlighted the challenges that frontier markets face in refinancing foreign currency debt redemptions, particularly against a global backdrop of rising real interest rates. Discussions focused on how governments and multilateral institutions are partnering to improve frontier borrowers' debt profiles and access to financing through market instruments. Participants also discussed how to enable greater private capital mobilization to deliver sustainable development goals.

In case you missed it

• Analysts expect that the S&P 500's energy sector will post the largest year-over-year drop in cumulative earnings per share at 26.5%, as 15 of the sector's 23 stocks are poised for declines.
• US President Donald Trump said he would impose 100% secondary sanctions on any country that buys Russian exports if Russia does not reach a peace agreement with Ukraine in the next 50 days.
• Energy products such as gasoline, diesel and jet fuel are expected to remain exempt from a slew of new tariffs announced by Trump as negotiations continue with US trade partners. The tariffs will take effect Aug. 1.

Upcoming events

• Talk to the Specialists - Analyzing U.S. datacenter and energy requirements in fast-growing markets | July 22 (Webinar)
• Factoring Climate Risk into Decarbonization | July 23 (Webinar)
• Look Forward: The Future of Capital Markets | Webinar Replay