Biodiversity and energy markets: How do spillover effects across stock indices differ between the US and Europe?
生物多様性とエネルギー市場：米欧の株価指数間のスピルオーバー効果の違い (AI 翻訳)
Stuart Hyde, Renata Karkowska, Szczepan Urjasz
🤖 gxceed AI 要約
日本語
本研究は、米国と欧州における生物多様性指数と伝統的エネルギー資産、石油・ガス価格の間の動的なスピルオーバー効果をTVP-VARモデルで分析。両地域で生物多様性とエネルギー指数の有意な相互連関を発見し、生物多様性指数がエネルギー市場リスクに対するヘッジ手段として機能することを示した。投資家のリスク管理と政策立案に示唆を与える。
English
This study analyzes dynamic spillover effects among biodiversity indices, traditional energy assets, and oil/gas prices in the US and Europe using a TVP-VAR model. It finds significant interconnections and shows biodiversity indices can serve as effective hedging tools against energy market risks, offering insights for investors and policymakers.
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
日本では生物多様性関連の情報開示が進む中、本研究成果は投資家のリスク管理やポートフォリオ構築に有用。また、自然関連財務情報開示タスクフォース（TNFD）の動きとも整合的で、日本企業の開示実務や投資家対応に示唆を与える。
In the global GX context
This paper contributes to the growing global discourse on biodiversity and finance, aligning with TNFD and ISSB initiatives. It provides empirical evidence on biodiversity as a hedging tool, relevant for investors and policymakers integrating nature-related risks into financial systems.
👥 読者別の含意
🔬研究者:Provides empirical evidence on biodiversity-energy spillovers, useful for further research on nature-related financial risks.
🏢実務担当者:Offers insights for portfolio diversification and hedging strategies using biodiversity indices.
🏛政策担当者:Highlights the role of biodiversity in financial stability, supporting policies that promote nature-based solutions.
📄 Abstract（原文）
The volatility of fossil fuel prices remains a persistent challenge for financial and energy markets, driven by geopolitical tensions, supply-side uncertainties, and the ongoing transition toward low-carbon economies. Moreover, the escalating climate crisis has increased interest in biodiversity conservation as a nature-based solution that may enhance economic and financial system resilience. Against this backdrop, this study examines whether biodiversity, understood as biological diversity reflected in market-based biodiversity indices, interacts with traditional energy markets and contributes to energy risk mitigation. This paper investigates the dynamic spillover effects among biodiversity indices, traditional energy assets, and oil and gas prices in the United States and Europe. Using a time-varying parameter vector autoregressive (TVP-VAR) model, the study uncovers significant interconnections between biodiversity and traditional energy indices across both regions. The results further reveal that biodiversity indices can serve as effective hedging tools, offering portfolio diversification benefits against risks in the energy, oil, and gas markets. By providing new evidence on the role of biodiversity in stabilizing energy-related investments, this study delivers actionable insights for investors seeking risk mitigation strategies and for policymakers aiming to design more resilient and sustainable energy and financial systems.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1186/s40854-026-00957-2first seen 2026-08-15 04:47:13
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