Concerns for fossil fuel price volatility, environmental pollution and energy inefficiency drive the formulation of energy policies aimed at attaining energy security. We use a theoretical framework which integrates key elements of energy security into the context of natural capital theory to investigate the causal relationship between Nasdaq clean energy stock price and a range of variables including oil price, natural gas prices, carbon price and energy efficiency. Our autoregressive distributed lag (ARDL) results reveal that clean energy stock price is jointly and individually explained by the variables representing some elements of energy security. Carbon price and energy efficiency emerged as the most important elements of energy security driving the on-going transition from conventional to clean energy sources. Consequently, governments should take environmental sustainability and energy efficiency very seriously when formulating energy policies in the pursuit of energy security and the way they stimulate substitutions between clean energy sources and hydrocarbons.
|Number of pages||22|
|Journal||International Journal of Sustainable Energy|
|Early online date||9 Oct 2021|
|Publication status||Published - 9 Aug 2022|
Bibliographical noteThis is an Accepted Manuscript version of the following article, accepted for publication in [International Journal of Sustainable Energy]. [Hassan, A, Ibrahim, M & Bala, AJ 2022, 'On the pursuit of energy security: evidence from the nexus between clean energy stock price and energy security elements', International Journal of Sustainable Energy, vol. 41, no. 7, pp. 846-867. https://doi.org/10.1080/14786451.2021.1986043].
It is deposited under the terms of the Creative Commons Attribution-NonCommercial License (http://creativecommons.org/licenses/by-nc/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
FunderThe authors are grateful to two anonymous reviewers for their insightful and helpful comments. They also wish to appreciate Dr. Hafez Abdo for his encouragement and well wishes.
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