Knowledge and risk sources in the U.S. natural gas market: ESG uncertainty and climate-related factors
米国天然ガス市場における知識とリスク源泉：ESG不確実性と気候関連要因 (AI 翻訳)
Yina Qiao, Yi Sun, Zhonglu Chen
🤖 gxceed AI 要約
日本語
本論文は、米国天然ガス市場においてESG不確実性指標と気候関連指標がスポットリターンに与える影響を線形・非線形テストで分析。ESG-GEWとESG-GGWは線形効果を持ち、全ての要因（気候物理リスクを除く）は非線形条件付き効果を示す。市場参加者のリスク選好が極端な市場状態で変化することを示唆。
English
This paper analyzes the effects of ESG uncertainty indices and climate-related indicators on U.S. natural gas spot returns using linear and nonlinear tests. ESG-GEW and ESG-GGW show linear effects, while all factors except physical climate risk exhibit significant nonlinear conditional effects across return quantiles, reflecting varying risk preferences in extreme market states.
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
米国市場を対象とするが、ESG・気候要因がエネルギー価格に与える影響を非線形に分析した手法は、日本のエネルギー事業者や政策担当者がESG投資や気候リスク管理を検討する上で参考になる。
In the global GX context
This paper contributes to global understanding of how ESG uncertainty and climate concerns asymmetrically affect energy commodity markets, providing empirical evidence for integrating non-financial factors into energy price risk assessment and financial regulation.
👥 読者別の含意
🔬研究者:Provides evidence on how ESG and climate factors nonlinearly affect natural gas returns, useful for further studies on energy market dynamics under sustainability transition.
🏢実務担当者:Findings help energy traders and risk managers incorporate ESG uncertainty and climate risk into investment decisions and hedging strategies.
🏛政策担当者:Insights support designing energy financial regulations that account for non-financial factors and their varying impacts during different market conditions.
📄 Abstract（原文）
Given the shift in global financial governance towards sustainability, exploring the effects of nonfinancial factors on energy markets is vital for climate action and energy sector sustainability. This paper examines the U.S. natural gas market and identifies ESG-related uncertainty indices (ESG-GEW, ESG-GGW, and ESG-US) and climate-related indicators (Transition Concern, Transition Risk, Physical Concern, and Physical Risk) as potential influencing factors. Using linear and nonlinear tests, we empirically analyse the effects of these two types of factors on natural gas spot returns. First, the SupWald test results show that only ESG-GEW and ESG-GGW have a significant linear effect on U.S. natural gas, whereas ESG-US and climate-related factors have no significant linear effects. This finding indicates that ESG-GEW and ESG-GGW are more likely to influence the natural gas market linearly by altering market expectations about the long-term sustainability of the energy industry. Furthermore, the quantile-based test reveals that the effects of these factors on U.S. natural gas returns exhibit notable nonlinearity. All factors except climate-related physical risk demonstrate significant conditional effects across different quantiles of returns. This finding reflects that risk preferences of market participants vary across extreme market-movement states. This research not only provides empirical evidence that can help U.S. natural gas market participants to optimize their investment decisions and assist policymakers to improve energy financial risk regulation but also validates the role of SDG-driven sustainable development practices in the energy finance sector.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.jik.2026.101062first seen 2026-05-19 05:03:45 · last seen 2026-05-20 05:16:36
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