The Impact of Natural Gas Prices on the Green Bond Market: A Quantile-on-Quantile Analysis Within the Sustainable Development Framework
天然ガス価格がグリーンボンド市場に与える影響：持続可能な開発フレームワーク内での分位点対分位点分析 (AI 翻訳)
Jiawen Wu, Jingping Li, Xiaofei Jin, Chi-Wei Su
🤖 gxceed AI 要約
日本語
本研究は、天然ガス価格（NGP）とグリーンボンド市場の関係を分位点対分位点（QQ）アプローチで分析。短期的にはNGP上昇がグリーンボンドに負の影響を与えるが、長期的にはグリーンボンド市場の発展がNGPを構造的に低下させる。一方、グリーンボンドの増加は短・中期でNGPを押し上げ、天然ガスの移行燃料としての役割を示す。両市場の非線形かつ時間依存的な相互作用を明らかにした。
English
This study examines the dynamic relationship between natural gas prices (NGP) and the green bond market using a Quantile-on-Quantile (QQ) approach. Results show that NGP increases negatively impact green bond performance in the short run, while green bond development structurally reduces NGP in the long run. Conversely, green bond growth positively affects NGP in the short-to-medium term, highlighting natural gas's role as a transition fuel. The relationship is nonlinear and time-varying.
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
日本はLNG輸入に依存しており、天然ガス価格変動がグリーンボンド市場へ与える影響を理解することは、移行期の金融戦略策定に有用。本分析は、持続可能な開発目標と整合した投資判断の示唆を与える。
In the global GX context
This paper contributes to the global discussion on transition finance by showing how green bond markets interact with fossil fuel prices. It provides evidence for policymakers and investors on the role of natural gas as a transitional energy source and the nonlinear effects of green finance on fossil fuel dependence.
👥 読者別の含意
🔬研究者:The QQ method is novel for studying nonlinear interactions between green bonds and energy prices, offering a template for similar analyses.
🏢実務担当者:For green bond investors, the findings suggest timing considerations: natural gas price spikes may temporarily depress green bond returns, but long-term trends favor green bonds over fossil fuels.
🏛政策担当者:The paper underscores that natural gas remains a transition fuel, so policies should account for short-term interdependence between green finance and fossil fuel markets.
📄 Abstract（原文）
This paper explores the dynamic and distributional association between natural gas prices (NGPs) and the green bond market in a sustainable development context. The analysis employs a Quantile-on-Quantile (QQ) approach on monthly data between 2013 and 2025 to capture nonlinear and asymmetric interactions as well as state-dependent interactions between the two markets under varying market conditions. The findings indicate a bilateral intricate relationship. In the short run, NGP rises are likely to have a negative impact on green bond performance, indicating cost impacts and macro-financial risk in traditional energy markets. In the long run, the development of NGP becomes progressively shaped by the rise of sustainable finance together with the stepwise transformation of energy systems toward low-carbon configurations, ultimately bringing about a structural decline in fossil fuel dependence. In contrast, it is observed that the increase in the green bond market has a short-to-medium-term positive impact on NGP, which highlights the significance of natural gas as a transitional fuel in the energy transition. On the whole, the results indicate that, although green bonds are important in supporting sustainable development goals, their interplay with transitional energy markets like natural gas is nonlinear and changes over time. These findings provide key indications on how financial strategies can be realigned to accord with long-term sustainability goals.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.3390/su18052277first seen 2026-05-14 21:42:49
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