Media Coverage of Climate Change Risks and the Performance of Clean Versus Dirty Energy Markets

Leila Hedhili Zaier, Khaled Medini, Sami Ben Jabeur () and Robert Frederic Scherer
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Sami Ben Jabeur: UR CONFLUENCE : Sciences et Humanités (EA 1598) - UCLy - UCLy (Lyon Catholic University), ESDES - ESDES, Lyon Business School - UCLy - UCLy - UCLy (Lyon Catholic University)

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Abstract: This study examines the impact of public discourse on climate change on the returns of clean energy and polluting energy stocks, using new measures of climate risk from various sources, including newspapers, radio and television. Applying the innovative quantile-on-quantile connectivity approach, the results reveal significant bidirectional interactions between climate change discourse and energy markets. Clean energy stocks are generally more sensitive to media coverage than dirty energy stocks, particularly during periods of strong market performance. A high level of media attention tends to increase the connectivity between media narratives and energy markets, with clean energy stocks acting as transmitters of positive shocks in favourable market conditions. Conversely, dirty energy markets tend to be more responsive to external shocks during periods of weak market performance, reflecting their vulnerability to negative media coverage. The overall connectivity index fluctuates over time: clean energy markets exhibit higher direct connectivity during periods of high media coverage, while dirty energy stocks exhibit stronger inverse connectivity during periods of economic stress. Global crises such as COVID-19 and the Russia-Ukraine war amplify these dynamics, contributing to increased market volatility. These findings highlight the importance of considering media narratives in investment strategies and energy market policy-making.

Keywords: Climate Change; Quantile-on-Quantile Connectedness; Media Discourse; Clean; Energy Stocks; Dirty Energy Stocks.; actions dans le secteur des énergies polluantes.; actions dans le secteur des énergies propres; discours médiatique; connectivité quantile-quantile; Changement climatique (search for similar items in EconPapers)
Date: 2025-12
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Published in Journal of Commodity Markets, 2025, 40, pp.100523. ⟨10.1016/j.jcomm.2025.100523⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05496112

DOI: 10.1016/j.jcomm.2025.100523

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