Mariana Chambino – Polytechnic Institute of Setúbal, ESCE, Estefanilha, 2914-503 Setúbal, Portugal

Rui Dias – Polytechnic Institute of Setúbal, ESCE, Estefanilha, 2914-503 Setúbal, Portugal; Center of Advanced Studies in Management and Economics, University of Évora, 7004-516 Évora, Portugal

Cristina Morais da Palma – Polytechnic Institute of Setúbal, ESCE, Estefanilha, 2914-503 Setúbal, Portugal

Keywords:                     Clean-energy stocks;
Dirty energy markets;
Environmental sustainability;
Sustainable development


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.

9th International Scientific ERAZ Conference – ERAZ 2023 – Selected Papers: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, hybrid – online, virtually and in person, Prague, Czech Republic, June 1, 2023

ERAZ Selected Papers published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2023 Selected Papers: ISBN 978-86-80194-73-8, ISSN 2683-5568, DOI:

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation

Chambino, M., Dias, R., & Morais da Palma, C. (2023). Co-movements between Dirty and Clean Energy: A Time-Frequency Perspective. In V. Bevanda (Ed.), ERAZ Conference – Knowlegde Based Sustainable Development: Vol 9. Selected Papers (pp. 11-21). Association of Economists and Managers of the Balkans.


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