The link and spillovers between clean energy and fossil fuels market: a systematic literature review

Abstract

PurposeThe global transition into clean energy demands a re-examination of the link between fossil fuels and clean energy markets. This paper aims to identify the key research areas about clean energy and fossil fuels and outlines emerging themes for future research.Design/methodology/approachThis paper uses bibliographic mapping to identify the most influential publications among 500 articles published between 1991 and 2022 (as of March 2022). The first step is the identification of literature for inclusion and data cleaning. Next is producing a citation map using Bibliometrix for analysis and synthesis.FindingsThe research on clean energy and fossil fuels has developed into three areas by examining their dynamic causality, return/risk spillovers, and volatility spillovers. However, pr evious studies focus on the oil and clean energy market, and limited studies examine the market linkage. As a result, market linkage presents a challenge in front of energy transition into a green economy.Originality/valueThis paper makes a clear contribution to the literature by identifying the important existing and emerging research areas on the clean energy and fossil fuels market.