FEEM - Wildfires smoke and air quality bring up the climate ETF discussion
2023-06-08 06:28:51 ET
Smoke from hundreds of wildfires blazing across the now Great Orange North is blanketing the eastern United States with smoky air, as high winds take the plumes over the border. At the current pace, government officials have said that Canada is on track to experience the worst wildfire season in its recorded history, with 9.4M acres already burned (or around 15x the 10-year average). Critical infrastructure like telecommunication and high voltage power lines are on watch, while authorities have warned that everyone, especially vulnerable people, should stay inside as much as possible.
Atlantic seaboard: Wildfires out in Canada's western provinces usually impact oil and gas production , but the blazes in the East have forced mining firms like Wallbridge, Osisko and Patriot Battery Metals to suspend operations . It's also derailing activity down the U.S. East Coast, in areas such as New York, which recorded the worst air quality of any city in the world on Wednesday. The polluted haze even halted flights at La Gauardia , postponed MLB games and Broadway shows, altered school schedules, and prompted companies like Google to issue work-from-home orders.
"We have already deployed over 600 U.S. firefighters and personnel, as well as equipment like water bombers to help Canada battle the fires," Press Secretary Karine Jean-Pierre said at a briefing. "We encourage everyone in the impacted areas listen to their state and local officials. Check in on your neighbors, check in on your friends and your family. Take precautions, especially if you have health conditions."
Outlook: The situation may put a spotlight on climate investing, though others say the bigger problem has to do with forest management. "In 2022, global investment in energy-transition products and services, such as renewable energy, electric vehicles, energy efficiency, and hydrogen, reached a record $1.1T, a 31% increase from the prior year," AllianceBernstein wrote in SA article Homing In On Quality In Climate Investing Strategies . With regards to the current wildfire situation, smoke and unhealthy air quality is expected to be present in the Northeast through the weekend - until the wind patterns shift or the weather changes.
Climate-related ETFs: NYSEARCA: BECO , NASDAQ: CCSO , NYSEARCA: EATV , NYSEARCA: ETHO , EMCR , FEDM , FEEM , FEHY , FEIG , FEUS , HEAT , NETZ , NZAC , NZRO , NZUS , PABU , TEMP , USCA , VEGN
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Wildfires, smoke and air quality bring up the climate ETF discussion