Extreme spillovers among green finance, energy, and energy metals markets in China: Evidence under the dilemma of energy transition

Boqiang Lin () and Zongyou Zhang

Renewable Energy, 2025, vol. 241, issue C

Abstract: The international energy market has been frequently impacted by extreme events over the years, leading to significant fluctuations in energy-related markets. This has posed great challenges for China's transition towards green energy. Previous literature has extensively explored various aspects of energy markets and their associated risks, yet the specific investigation into the extreme spillover among China's green finance, energy, and energy metals markets under different market conditions remains an area that demands further examination. Using daily data from January 2016 to December 2023, the study adopts a QVAR-based connectedness method to investigate the extreme spillover among China's green finance, energy, and energy metals markets. The findings reveal that: (1) Total spillovers vary over time and extreme market conditions exhibit higher total spillovers than normal market conditions. (2) The clean energy market consistently serves as a transmitter while the green finance and coal markets act as receivers. (3) During transitions from normal to extreme market conditions, energy metals shift from being risk takers to risk transmitters. These study results have important implications for policymakers seeking a holistic comprehension of risk contagion across energy and energy-related markets during China's energy transition.

Keywords: Clean energy; Coal; Green finance; Energy metals; Extreme spillover (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:241:y:2025:i:c:s0960148125000655

DOI: 10.1016/j.renene.2025.122403

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