Exploring Interconnectedness Between Climate Change, Renewable Energy, Technological Innovation, and Stock Markets: Evidence from the UK and US
Keywords:
Climate policy uncertainty, Renewable energy, Technological innovation, Stock markets, UK, US, CointegrationAbstract
This study analyzes the relationship between uncertainties in climate policy, consumption
of renewable energy, technological growth, and the stock market in the US and the UK.
This research is quantitative in nature. Secondary data on climate policy uncertainties,
technological innovations, MSCI, and renewable energy consumption were sourced from
the World Bank and from DataStream via EIKON. For the determination of the existence
of short and long-run relationships, descriptive data analysis, correlation analysis, and
DCC-GARCH frameworks, cointegration was employed. The results of the study reveal a
significant degree of cointegration for all the variables, which indicates an intensely
interwoven economic and policy relationship for the US and UK. Specifically, the more
adverse the climate policy, the more renewables are adopted in both economies, while the
relationship with technological innovations, although significant, remains poorly defined
in the long run. This relationship emphasized the urgency of the need to align policy
frameworks that simultaneously address technological, economic, and climate change
stability. This offers considerable incentive to investors, business strategists, and
policymakers during these critical times of economic transition toward a green economy.
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