Russia, China, Saudi Arabia Oppose Plan To Triple G20 Renewable Energy Capacity
Portfolio Pulse from Happy Mohamed
Major fossil fuel producers, including Saudi Arabia and Russia, have opposed a proposal to triple G20 countries' renewable energy capacity by 2030, according to three sources.
July 21, 2023 | 2:25 pm
News sentiment analysis
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NEGATIVE IMPACT
China's opposition to the G20 renewable energy plan may impact the iShares China Large-Cap ETF (FXI).
China's opposition to the renewable energy plan could potentially slow down the transition to renewable energy in the country, which could impact companies in the FXI ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The opposition to the G20 renewable energy plan by major fossil fuel producers could impact the SPDR S&P 500 ETF (SPY).
The opposition to the renewable energy plan could potentially slow down the global transition to renewable energy, which could impact companies in the SPY ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Russia's opposition to the G20 renewable energy plan may impact the Vanguard FTSE Europe ETF (VGK).
Russia's opposition to the renewable energy plan could potentially slow down the transition to renewable energy in Europe, which could impact companies in the VGK ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Saudi Arabia's opposition to the G20 renewable energy plan may impact the United States Oil Fund (USO).
Saudi Arabia's opposition to the renewable energy plan could potentially slow down the transition to renewable energy globally, which could benefit oil producers and therefore the USO ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80