Highlighting the unprecedented rise in CO2 emissions from the global energy sector, the paper discusses the significant shift towards renewable energy, which has reshaped financial markets and investment landscapes. Despite the transition, conventional fossil fuel energy remains pivotal to the global economy, influencing renewable energy markets, especially during financial crises. Using advanced methodologies, quantile-on-quantile regression (QQR) and wavelet quantile regression (WQR), this study investigates the interplay between individual fossil fuel stocks and various renewable energy assets, including exchange-traded funds (ETFs) and yieldcos. The findings reveal substantial interdependencies between these markets, with fossil fuel stocks notably negatively impacting renewable energy assets under extreme market conditions. During turbulent periods, renewable energy assets function as safe havens against the volatility of fossil fuel stocks in the short term. Conversely, under normal market conditions, while renewable energy ETFs and yieldcos can hedge against fossil fuel volatility, they can also serve as diversifiers in the long term. The results underscore the importance of understanding these dynamic interactions to develop effective investment strategies and policies. The study's insights are crucial for investors and policymakers in mitigating investment risks and fostering a resilient transition to sustainable energy systems, emphasizing the need for comprehensive frameworks to manage the interconnectedness between fossil fuel and renewable energy markets.

中文翻译：

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可再生能源和化石燃料市场之间的相互作用：来自分位数分位数和小波分位数方法的新证据


本文强调了全球能源部门二氧化碳排放量的空前增长，讨论了向可再生能源的重大转变，这已经重塑了金融市场和投资格局。尽管进行了转型，但传统化石燃料能源仍然对全球经济至关重要，影响着可再生能源市场，尤其是在金融危机期间。本研究使用先进的方法、分位数-分位数回归 （QQR） 和小波分位数回归 （WQR），调查了单个化石燃料股票与各种可再生能源资产（包括交易所交易基金 （ETF） 和收益公司）之间的相互作用。研究结果揭示了这些市场之间巨大的相互依存关系，在极端市场条件下，化石燃料库存对可再生能源资产产生了显著的负面影响。在动荡时期，可再生能源资产在短期内可以作为避风港，抵御化石燃料股票的波动。相反，在正常市场条件下，虽然可再生能源 ETF 和 yieldco 可以对冲化石燃料的波动性，但从长远来看，它们也可以作为多元化工具。研究结果强调了了解这些动态互动对于制定有效的投资策略和政策的重要性。该研究的见解对于投资者和政策制定者降低投资风险和促进向可持续能源系统的弹性过渡至关重要，并强调需要建立全面的框架来管理化石燃料和可再生能源市场之间的相互关联。