The image presents a grid of nine network diagrams arranged in three columns and three rows, where the columns represent the pre-Covid pandemic period, the COVID-19 pandemic period, and the Russia-Ukraine war period, and the rows correspond to quantile levels zero point zero five, zero point five, and zero point nine five. Each diagram shows six interconnected nodes labelled Natural Gas, Renewable Energy, Crude Oil, C O 2, Circular Economy Sustainability, and Green Bonds. Curved connecting lines illustrate directional relationships between the nodes, with variations in line thickness indicating differences in relationship strength, and arrowheads showing the direction of influence among the indicators. The node positions remain consistent across all panels to support comparison, allowing observation of how relationships among energy markets, emissions, sustainability, and green finance evolve across different time periods and quantile levels.Net pairwise connectedness network between carbon emissions, renewable and nonrenewable energy markets and sustainable finance instruments
Note(s):Figure 4 net pairwise connectedness network between global carbon emissions indices, the WilderHill Clean Energy Index (ECO) representing renewable energy, crude oil and natural gas as proxies for nonrenewable energy and sustainable finance instruments including the Global X Global Sustainability Leaders Index ETF and the Green Bond Index. The blue nodes represent net spillover transmitters, while the yellow nodes indicate net spillover receivers. The size of the node radius reflects the intensity of the spillover effect. The arrows between nodes indicates the intensity of the directional spillover
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