Exploring the Relationship between Clean Energy Indices and Oil Prices: a Ten-Day Window approach
- Title
- Exploring the Relationship between Clean Energy Indices and Oil Prices: a Ten-Day Window approach
- Creator
- Dias R.; Galv R.; Cruz S.; Irfan M.; Teixeira N.; Gonlves S.
- Description
- This paper aims to assess the comovements between clean energy indices, namely the Clean Energy Fuels (CLNE), Nasdaq Clean Edge Green Energy (CELS), S&P Global Clean Energy (SPGTCLEN), TISDALE Clean Energy (TCEC.CN), Wilderhill (ECO), West Texas Intermediate (WTI) stock indices, over the period from 1 January 2018 to 23 November 2023. We used 10-day windows to analyse the duration and nature of the shocks. Granger causality tests revealed that 20 of the 30 possible pairs showed significant movements, with the WTI influencing all the clean energy indices, highlighting its global importance. CELS also showed a robust influence on all pairs, while SPGTCLEN had a significant but less far-reaching influence. The CLNE and ECO indices showed limited influences, suggesting the potential for diversification, the TCEC.CN proved to be independent and a determining factor for portfolio diversification. The Impulse Response Functions (IRF) confirmed significant movements between CELS, SPGTCLEN and WTI, reflecting the market's response to policies and adjustments in expectations. Fluctuations in oil prices substantially affect clean energy indices, highlighting the interconnectedness and volatility of these markets. In conclusion, these results indicate that despite the growth of clean energy, the sector is still influenced by fluctuations in the fossil fuel market. 2024, Creative Publishing House. All rights reserved.
- Source
- Journal of Ecohumanism, Vol-3, No. 4, pp. 1462-1472.
- Date
- 2024-01-01
- Publisher
- Creative Publishing House
- Subject
- Clean Energy Indices; WTI; Comovements; Portfolio Diversification
- Coverage
- Dias R., Instituto Politnico de Setal, Escola Superior de Cicias Empresariais, Setal, Portugal, ESCAD-Instituto Politnico da Lusofonia, Lisboa, Portugal; Galv R., Instituto Politnico de Setal, Escola Superior de Cicias Empresariais, Setal, Portugal; Cruz S., ESCAD-Instituto Politnico da Lusofonia, Lisboa, Portugal, CEFAGE-University of Algarve, Campus de Gambelas, Faro, 8005-189, Portugal; Irfan M., Christ University, Christ University, Bengaluru, India; Teixeira N., Instituto Politnico de Setal, Escola Superior de Cicias Empresariais, Setal, Portugal; Gonlves S., Instituto Politnico de Setal, Escola Superior de Cicias Empresariais, Setal, Portugal
- Rights
- All Open Access; Hybrid Gold Open Access
- Relation
- ISSN: 27526798
- Format
- Online
- Language
- English
- Type
- Article
Collection
Citation
Dias R.; Galv R.; Cruz S.; Irfan M.; Teixeira N.; Gonlves S., “Exploring the Relationship between Clean Energy Indices and Oil Prices: a Ten-Day Window approach,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 25, 2025, https://archives.christuniversity.in/items/show/12942.