The impact of ESG clean energy policies on key macroeconomic factors

Martin M. Bojaj and David Y. Aharon

Applied Economics Letters, 2025, vol. 32, issue 17, 2442-2452

Abstract: This study analyzes the effect of environmental, social, and governance (ESG) policies on key macroeconomic factors in Montenegro, using dynamic volatility spillover and network connectedness. Contrary to common assumptions, the emission of greenhouse gases (GHG) has very high costs. It upends investors’ expectations, disrupts markets, and destabilizes key macroeconomic factors. Our findings indicate that sustainable growth policies should not be based exclusively on traditional treatment assumptions about energy and identify the key gaps in the existing ESG policies by macroprudential authorities.

Date: 2025
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DOI: 10.1080/13504851.2024.2333993

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