The dynamic connectedness in the carbon-clean energy-climate policy-green finance-innovation system

Chi-Wei Su (), Yu-Mei Ding () and Kai-Hua Wang ()
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Chi-Wei Su: Qingdao University
Yu-Mei Ding: Qingdao University
Kai-Hua Wang: Qingdao University

Economic Change and Restructuring, 2025, vol. 58, issue 4, No 21, 38 pages

Abstract: Abstract The Paris Agreement urges countries to advance the global sustainable development process, increasing the importance of exploring effective green tools. In this paper, the spillover effects among climate policy uncertainty, green finance, the carbon price, clean energy and green technology innovation (GTI) and sustainable development (SD) with global data, are explored using quantile time-varying parameter vector autoregression. Static analysis reveals that the total connectedness index (TCI) between the variables becomes stronger in both the upper and lower quantiles relative to the median quantile, and the dynamic results reveal that the TCI between variables is affected by significant events and can change over time. Further analysis reveals that GTI exhibited a stronger spillover effect on ESGI from 2021 to 2022 at the lower quantile, whereas EUA and CEI had greater effects on ESGI from 2022 to 2024 at the upper quantile. In this paper, a unified analytical framework is constructed to elaborate the influence mechanisms among variables. The use of green tools should be encouraged, production methods should be changed, and international cooperation should be strengthened to promote SD.

Keywords: QTVP-VAR; Carbon price; Clean energy; Climate policy uncertainty; Green finance; Green technological innovation; Sustainable development (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10644-025-09905-z

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