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Exploring the nexus between green finance, innovation, clean energy and oil

Author

Listed:
  • Sana Ghorbal
  • Fateh Belaïd

    (UCL FGES - Université Catholique de Lille - Faculté de gestion, économie et sciences - ICL - Institut Catholique de Lille - UCL - Université catholique de Lille)

Abstract

This paper aims to explore the relationship between green bonds, innovation, clean energy, and oil. It uses indices spanning from July 2014 to June 2021. Autoregressive distributed lag (ARDL) and Vector Error Correction Model (VECM) approaches were employed. Long–run elasticity estimates reveal that innovation and clean energy act positively on green bonds. At the same time, the increase of oil leads to reduce green bonds. There are long-run bidirectional causalities between green bonds, clean energy, and oil. Results of the short-run Granger causality show a bidirectional causality between green bonds and innovation, uni-directional causalities running from oil to all other variables, and a uni-directional causality running from green bonds to clean energy. Green finance policies are crucial to enhance green development. So, governments should enact policies that encourage green innovation and provide funding for it. Also, emissions-based energy sources need to be substituted with renewable sources to limit environmental deterioration.

Suggested Citation

  • Sana Ghorbal & Fateh Belaïd, 2021. "Exploring the nexus between green finance, innovation, clean energy and oil," Post-Print hal-04542628, HAL.
    • Handle: RePEc:hal:journl:hal-04542628
    DOI: 10.3917/qdm.216.0059
    as

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