The Green Paradox? Exploring the Impact of Climate Policy Uncertainty on Clean Energy Performance for Sustainable Development
グリーンパラドックス？持続可能な発展のための気候政策の不確実性がクリーンエネルギー業績に与える影響の探求 (AI 翻訳)
Chi Wei Su, Zihan Zhou, Ran Tao, Santiago Budría
🤖 gxceed AI 要約
日本語
本論文は、世界的な気候政策の不確実性（GCPU）がクリーンエネルギー市場のパフォーマンス（CE）に与える影響を、ブートストラップ完全標本および部分標本ローリングウィンドウのGranger因果検定を用いて分析。結果は、GCPUとCEの因果関係が時間とともに変化し、政策の明確なシグナルがクリーンエネルギー市場にプラスに働く一方、不確実性の高まりが市場の発展を制約することを示す。また、クリーンエネルギー市場の拡大が政策期待を安定化させる可能性も示唆。
English
This paper examines the impact of global climate policy uncertainty (GCPU) on clean energy market performance (CE) using bootstrap full-sample and sub-sample rolling-window Granger causality tests. Results show a time-varying bidirectional causal relationship: in some periods, higher GCPU boosts clean energy markets when policies signal clear low-carbon support; in others, it hinders performance. Conversely, clean energy expansion may reduce policy uncertainty. The findings highlight dynamic interactions relevant for sustainable energy transition finance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、エネルギー基本計画やGX実現に向けた政策の不確実性が、クリーンエネルギー投資に影響を与える可能性がある。本論文の実証結果は、日本の政策立案者や投資家が、政策の安定性がいかにクリーンエネルギー市場の発展に寄与するかを理解する上で示唆に富む。
In the global GX context
This paper provides empirical evidence on how climate policy uncertainty affects clean energy markets, a key consideration for global transition finance and risk assessment under TCFD/ISSB frameworks. It underscores the importance of policy stability for fostering clean energy investment, relevant for regulators and investors navigating the energy transition.
👥 読者別の含意
🔬研究者:A methodologically robust analysis of time-varying causality between climate policy uncertainty and clean energy performance, offering insights for further research on policy-finance dynamics.
🏢実務担当者:Investors can use the findings to time clean energy investments based on policy signal clarity and anticipate market responses to uncertainty shifts.
🏛政策担当者:Demonstrates that stable, clear climate policies enhance clean energy market performance, supporting the case for consistent policy design and communication.
📄 Abstract（原文）
ABSTRACT This paper explores whether global climate policy uncertainty (GCPU) impacts clean energy market performance (CE). The bootstrap full‐sample and sub‐sample rolling‐window Granger causality tests are applied to examine the bidirectional time‐varying causal relationship between the two. The results indicate that the impact of GCPU on CE changes over time. In certain periods, higher GCPU is associated with positive responses in the clean energy market, especially when the policies convey clear signals of support for the transition to a low‐carbon economy. In certain other periods, the increase in policy uncertainty is linked to poor clean energy market performance, indicating that policy instability may constrain market development. Conversely, the negative impact of CE on GCPU suggests that the expansion of the clean energy market may help stabilize policy expectations and reduce climate policy uncertainty. In addition, within an extended CAPM perspective, climate policy uncertainty is treated as a potential transition‐related systematic risk for clean energy assets. The results highlight the dynamic interaction between climate policy uncertainty and clean energy markets and provide insights into the financial dynamics of the sustainable energy transition.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/sd.71164first seen 2026-05-17 07:22:36 · last seen 2026-05-20 05:16:26
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