Table A1 Hedging role of clean energy...

Table A1

Hedging role of clean energy assets against temperature anomaly

	Global	Europe	US	Asia	Solar	Wind
$α^{c l m}$	5.0216***	4.2175**	−2.1038***	3.3167***	2.3219**	4.2501
$α^{c l m}$	(0.4430)	(1.8169)	(0.3395)	(0.0891)	(1.0308)	(2.6122)
$β *^{c l m}$	−4.2793***	−4.2177**	4.6775***	−3.2976***	0.5319	−4.2796
$β *^{c l m}$	(0.6975)	(1.9095)	(0.5248)	(0.1609)	(1.1828)	(2.9614)
Hedging role?	No hedge	No hedge	Hedge	No hedge	No hedge	No hedge

	Global	Europe	US	Asia	Solar	Wind
$α^{c l m}$	5.0216***	4.2175**	−2.1038***	3.3167***	2.3219**	4.2501
$α^{c l m}$	(0.4430)	(1.8169)	(0.3395)	(0.0891)	(1.0308)	(2.6122)
$β *^{c l m}$	−4.2793***	−4.2177**	4.6775***	−3.2976***	0.5319	−4.2796
$β *^{c l m}$	(0.6975)	(1.9095)	(0.5248)	(0.1609)	(1.1828)	(2.9614)
Hedging role?	No hedge	No hedge	Hedge	No hedge	No hedge	No hedge

Note(s): The table presents the predictability results that indicate the hedging effectiveness of disaggregated clean energy assets against climate risk measured with risk associated with climate change (temperature anomaly). $α^{o i l}$ and $β *^{o i l}$ are the constant and Beta-adjusted coefficient of the models with temperature anomaly as the predictor. The hedging role is informed by the Beta-adjusted coefficients. $β * \leq 0$ indicates ‘no hedge’, $β * > 0$ indicates ‘hedge’. “**” and “***” indicates statistical significance at 5% and 1% significance levels

Source(s): Table by authors

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