The nexus of blue economy, green finance, and energy commodities: A quantile VAR approach

The post-COVID era highlights the need for sustainable, resilient economies. This study investigates the interconnectedness between green finance, blue economy indices, clean energy assets, and energy commodities using a TVP-VAR and quantile VAR model from October 2021 to January 2024. Results show high connectedness (90–100%), with clean energy indices (OCEN, GNR) as key transmitters and oil/gas as net receivers, especially during stress periods. Spillover asymmetries across quantiles confirm non-linear risk transmission. Findings inform investors and policymakers on aligning green finance with energy policy, enhancing risk management tools, and promoting global cooperation for a just transition. This framework supports forward-looking, sustainable financial and energy strategies.