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

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  • Summer Xia

Abstract

Purpose - The 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/approach - This 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. Findings - The 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/value - This 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.

Suggested Citation

  • Summer Xia, 2022. "The link and spillovers between clean energy and fossil fuels market: a systematic literature review," Journal of Accounting Literature, Emerald Group Publishing Limited, vol. 44(2/3), pages 177-191, October.
    • Handle: RePEc:eme:jalpps:jal-08-2022-0087
    DOI: 10.1108/JAL-08-2022-0087
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    Citations

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    Cited by:

    1. Mehmet Balcilar & Busra Agan, 2024. "Identifying the Key Drivers in Energy Technology Fields: The Role of Spillovers and Public Policies," Sustainability, MDPI, vol. 16(20), pages 1-28, October.
    2. Razi, Ummara & Karim, Sitara & Cheong, Calvin W.H., 2024. "From turbulence to resilience: A bibliometric insight into the complex interactions between energy price volatility and green finance," Energy, Elsevier, vol. 304(C).
    3. Xia, Qinqin, 2025. "Market perspective on climate actions and clean energy transition," Energy Policy, Elsevier, vol. 198(C).
    4. Iqbal, Najaf & Umar, Zaghum & Shaoyong, Zhang & Sokolova, Tatiana, 2025. "Higher moments interaction between the US treasury yields, energy assets, and green cryptos: Dynamic analysis with portfolio implications," Energy Economics, Elsevier, vol. 141(C).
    5. Cynthia Weiyi Cai & Rui Xue & Bi Zhou, 2023. "Cryptocurrency puzzles: a comprehensive review and re-introduction," Journal of Accounting Literature, Emerald Group Publishing Limited, vol. 46(1), pages 26-50, June.
    6. Ali, Shoaib & Naveed, Muhammad & Youssef, Manel & Yousaf, Imran, 2024. "FinTech-powered integration: Navigating the static and dynamic connectedness between GCC equity markets and renewable energy cryptocurrencies," Resources Policy, Elsevier, vol. 89(C).
    7. Zhu, Yongguang & Gong, Yuna & Yang, Lanyong & Xu, Deyi, 2025. "The rise of clean energy markets: Evidence from frequency-domain spillover effects between critical metals and energy markets," Energy Economics, Elsevier, vol. 141(C).
    8. Ozcelebi, Oguzhan & El Khoury, Rim & Yoon, Seong-Min, 2024. "Interplay between renewable energy and fossil fuel markets: Fresh evidence from quantile-on-quantile and wavelet quantile approaches," Energy Economics, Elsevier, vol. 140(C).
    9. Ijaz, Muhammad Shahzad & Lucey, Brian M. & Rahman, Alishba & Khan, Mushtaq Hussain, 2025. "Unraveling nuclear connections in energy market dynamics," Finance Research Letters, Elsevier, vol. 74(C).
    10. Ali, Shoaib & Umar, Muhammad & Naveed, Muhammad & Shan, Shan, 2024. "Assessing the impact of renewable energy tokens on BRICS stock markets: A new diversification approach," Energy Economics, Elsevier, vol. 134(C).

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