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<p>The Paris Agreement urges countries to advance the global sustainable development process, increasing the importance of exploring effective green tools. In this paper, the spillover effects among climate policy uncertainty, green finance, the carbon price, clean energy and green technology innovation (GTI) and sustainable development (SD) with global data, are explored using quantile time-varying parameter vector autoregression. Static analysis reveals that the total connectedness index (TCI) between the variables becomes stronger in both the upper and lower quantiles relative to the median quantile, and the dynamic results reveal that the TCI between variables is affected by significant events and can change over time. Further analysis reveals that GTI exhibited a stronger spillover effect on ESGI from 2021 to 2022 at the lower quantile, whereas EUA and CEI had greater effects on ESGI from 2022 to 2024 at the upper quantile. In this paper, a unified analytical framework is constructed to elaborate the influence mechanisms among variables. The use of green tools should be encouraged, production methods should be changed, and international cooperation should be strengthened to promote SD.</p>

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The dynamic connectedness in the carbon-clean energy-climate policy-green finance-innovation system

  • 期刊论文

  • 发表日期：

    2025年7月26日

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  • Chi-Wei Su,
  • Yu-Mei Ding,
  • Kai-Hua Wang

摘要

The Paris Agreement urges countries to advance the global sustainable development process, increasing the importance of exploring effective green tools. In this paper, the spillover effects among climate policy uncertainty, green finance, the carbon price, clean energy and green technology innovation (GTI) and sustainable development (SD) with global data, are explored using quantile time-varying parameter vector autoregression. Static analysis reveals that the total connectedness index (TCI) between the variables becomes stronger in both the upper and lower quantiles relative to the median quantile, and the dynamic results reveal that the TCI between variables is affected by significant events and can change over time. Further analysis reveals that GTI exhibited a stronger spillover effect on ESGI from 2021 to 2022 at the lower quantile, whereas EUA and CEI had greater effects on ESGI from 2022 to 2024 at the upper quantile. In this paper, a unified analytical framework is constructed to elaborate the influence mechanisms among variables. The use of green tools should be encouraged, production methods should be changed, and international cooperation should be strengthened to promote SD.