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Oil price shocks and green bond spreads: Evidence from China

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  • Li, Jingxin
  • Lan, Qiujun
  • Wang, Xiangjin
  • Ge, Linnan

Abstract

This study is to ascertain the implications of oil price shocks for Chinese green bond spreads. Green and non-green bonds of the same firm are matched in our analysis to clarify the link between oil shocks and green bonds is associated with their greenness. We find robust evidence that the green bond spreads widen compared to non-green bond spreads during oil demand shocks, whereas no significant performance difference is observed between green and non-green bonds during oil supply shocks. Further cross-sectional analysis reveals that the consequences of oil shocks on green bond yield spreads differ significantly among industries based on their oil use intensity and firms based on their greenness. Collectively, these findings offer new insights into the implications of oil shocks triggered by changes in demand and supply on green bond spreads.

Suggested Citation

  • Li, Jingxin & Lan, Qiujun & Wang, Xiangjin & Ge, Linnan, 2025. "Oil price shocks and green bond spreads: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 178-190.
    • Handle: RePEc:eee:ecanpo:v:87:y:2025:i:c:p:178-190
    DOI: 10.1016/j.eap.2025.06.007
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