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From brown investment to green investment: Will the Russia–Ukraine war present opportunities or threats?

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  • Zhang, Hongwei
  • Fang, Beixin
  • Shao, Liuguo

Abstract

This study investigates how public attention to the Russia-Ukraine War influences spillover effects between green and brown energy investments, employing TVP-VAR to capture their dynamic connectedness and applying a NARDL model to quantify the asymmetric long- and short-term impacts of public attention on energy market linkages. Results indicate that heightened public attention amplifies spillovers, positioning brown energy as net receivers and green investments as net transmitters of market dynamics. While public attention negatively impacts green investments in the short term, it fosters a long-term shift toward renewables. These findings provide insights for investors and policymakers navigating geopolitical energy market transitions.

Suggested Citation

  • Zhang, Hongwei & Fang, Beixin & Shao, Liuguo, 2025. "From brown investment to green investment: Will the Russia–Ukraine war present opportunities or threats?," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325012887
    DOI: 10.1016/j.frl.2025.108030
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