Abstract
The recent worldwide pandemic of 2020 and Russia’s invasion of Ukraine in 2022 have sparked interest in understanding the links between clean and dirty energy markets. This research investigates the co-movements of clean energy and dirty energy stock indexes before and during the 2020 and 2022 events. The study focuses on the Brent Crude Spot, Euro Stoxx Oil & Gas, NASDAQ Clean Edge Green Energy, WilderHill Clean Energy, and Clean Energy Fuels stock indexes from May 3, 2018, to May 2, 2023. The goal is to determine if the events of 2020 and 2022 have increased co-movements between clean and dirty energy stock indexes, potentially challenging portfolio diversification. The results show that co-movements have increased, but portfolio diversification was no longer efficient during the tranquil period in international markets. These findings hold relevance for investors, policymakers, and other players in the energy financial market.
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