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Climate risk andgreen investments:New evidence Anupam DuttaElie BouriTimo Rothovius2022 год

Climate risk and green investments: New evidence
статья из журнала

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Аннотация: The academic literature on green energy equity markets has increased extensively over the last decade due to growing concerns about climate change and the substantial flow of investments into alternative energy markets. This study contributes by investigating the effect of climate risk on the return and volatility of green energy assets. This is one of the first papers to assess such effects using the recently developed climate policy uncertainty index as an indicator of climate risk. In particular, we seek to answer the following research questions. Firstly, does rising climate risk lead to a significant increase in green energy asset returns? Secondly, does climate risk affect the volatility of green energy assets negatively? Employing various models, we provide statistical evidence in favour of our hypotheses. Rising climate risk seems to encourage investment in alternative energy, which leads to an upward demand for green energy, which in turn increases the prices of green energy investments and decreases their volatility levels. Our analysis further shows that when climate risk increases, the correlation between crude oil and green energy returns decreases. Furthermore, green energy assets are more effective than gold for hedging oil market risk, without ignoring the hedging ability of technology stock investment.
Год издания: 2022
Авторы: Anupam Dutta, Elie Bouri, Timo Rothovius, Gazi Salah Uddin
Издательство: Elsevier BV
Источник: Energy
Ключевые слова: Market Dynamics and Volatility, Energy, Environment, Economic Growth, Energy, Environment, and Transportation Policies
Другие ссылки: Energy (HTML)
Osuva (University of Vaasa) (PDF)
Osuva (University of Vaasa) (HTML)
KTH Publication Database DiVA (KTH Royal Institute of Technology) (PDF)
KTH Publication Database DiVA (KTH Royal Institute of Technology) (HTML)