Go Your Own Way: Energy Security Splits Markets, Systems Lead

C-MACC Weekly Sustainability and Energy Transition Report

Go Your Own Way: Energy Security Splits Markets, Systems Lead

• 1st Topic of the Week: Capital is consolidating decisively around systems that either monetize energy scarcity or eliminate exposure to it, directing deployment decisions and returns across global markets.
• 2nd Topic of the Week: Hydrogen remains the ambition, but ammonia is emerging as the economic reality, with Middle Eastern disruptions accelerating China and the Americas toward entrenched leadership.
• Otherwise, energy and supply chain security are reshaping markets, forcing fuel switching, redirecting capital, and determining which regions sustain industrial output amid intensifying cost pressures.

Exhibit 1: China transition equities outperform as Sinopec and the Shanghai Composite lag amid rising oil prices.

Source: Bloomberg, C-MACC Analysis, March 2026