International Energy Agency Executive Director Birol Says Subsidies Are Major Incentive To Increase Fossil Fuel Use, Eliminating Them Is An Absolute Must
Portfolio Pulse from Benzinga Newsdesk
International Energy Agency (IEA) Executive Director Birol stated that subsidies are a major incentive to increase fossil fuel use and eliminating them is crucial. This statement could impact the fossil fuel industry and related ETFs.
October 02, 2023 | 3:58 pm
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NEGATIVE IMPACT
The SPY ETF, which has exposure to the energy sector, could be impacted by changes in fossil fuel subsidies.
The SPY ETF has exposure to the energy sector, including fossil fuel companies. If subsidies are eliminated, these companies could face financial strain, potentially negatively impacting the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The UNG ETF, which tracks natural gas futures, could be impacted by changes in fossil fuel subsidies.
The UNG ETF tracks natural gas futures. If subsidies are eliminated, natural gas companies could face financial strain, potentially negatively impacting the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
The USO ETF, which tracks oil futures, could be impacted by changes in fossil fuel subsidies.
The USO ETF tracks oil futures. If subsidies are eliminated, oil companies could face financial strain, potentially negatively impacting the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70