Renewable infrastructure as a safe-haven for equity markets across regimes
再生可能エネルギーインフラ：市場レジームにおける株式の安全資産としての役割 (AI 翻訳)
Jan Muckenhaupt
🤖 gxceed AI 要約
日本語
本研究は、未上場の再生可能エネルギーインフラ（太陽光、風力、水力）が市場レジーム間で株式に対して安全資産として機能するかを初めて分析。2010～2025年のデータを用い、マルコフ・スイッチング回帰により、平時には低い正の相関が、欧州および世界のストレス期にはゼロ近くに低下することを発見。機関投資家のポートフォリオ強化に資する。
English
This study provides the first regime-switching analysis of private unlisted renewable infrastructure, using the infraGreen Index. It finds that during calm markets renewable infrastructure shows low positive correlation with equities, but during stress periods this correlation declines to near zero, indicating safe-haven behavior. The results support portfolio resilience for institutional investors and highlight renewables' role in the energy transition.
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、年金基金や機関投資家がGX推進の一環として再生可能エネルギーへの投資を拡大している。本研究は、未上場インフラがストレス時に安全資産として機能することを示し、日本の投資家がポートフォリオに再生可能エネルギーを組み入れる根拠を提供する。
In the global GX context
The paper provides novel evidence that private renewable infrastructure can serve as a safe haven in stressed markets, reinforcing its role in sustainable finance. For global investors navigating TCFD and ISSB disclosures, it supports the inclusion of unlisted renewables as both a climate-aligned investment and a source of portfolio stability.
👥 読者別の含意
🔬研究者:Useful for scholars studying sustainable finance, regime-switching modeling, and the financial behavior of real assets in energy transitions.
🏢実務担当者:Asset managers can leverage these findings to advocate for private renewable infrastructure as a defensive allocation in multi-asset portfolios.
📄 Abstract（原文）
Purpose This study provides the first regime-switching analysis of private, unlisted renewable infrastructure. Unlike green bonds, green buildings, or listed renewable equities, private infrastructure exhibits distinct liquidity, risk, and valuation characteristics. The paper examines whether renewable energy infrastructure offers stability across market regimes and whether it functions as a hedge, diversifier, or safe haven relative to equities. Design/methodology/approach Using the infraGreen Index—a global benchmark for unlisted solar, wind, and hydro assets—we apply a Markov-switching regression framework to analyse the dynamic relationship between renewable-infrastructure returns and major financial variables (equities, government bonds, gold, volatility indices and exchange rates) as well as key macroeconomic indicators (inflation and unemployment) over 2010–2025. Findings The results reveal regime-dependent correlation patterns. In calm markets, renewable infrastructure shows a low positive correlation with equities. During periods of stress in Europe and globally, this relationship sharply declines and often approaches zero, indicating safe-haven behaviour. Practical implications Renewable infrastructure can enhance institutional portfolio resilience by mitigating equity-market shocks while supporting long-term investment objectives. For asset managers, the findings highlight its role as both a sustainable investment and a source of defensive stability. Originality/value The study provides novel empirical evidence on the financial behaviour of private renewable infrastructure and demonstrates its capacity to act as a safe haven in stressed markets, contributing to sustainable-finance research and informing asset-allocation decisions in the energy transition.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/jpif-09-2025-0121first seen 2026-05-14 21:53:15
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