Green finance is critical to promoting carbon neutralisation and is an essential part of the carbon emission reduction policy framework. This paper applies quantile connectedness to analyze the overall situation and dynamic evolution of information spillover in the green and grey financial markets system and the financial roles in coordinating clean and traditional fossil fuels. The results show that fossil fuel is the primary source of risk in the information network, and their fluctuations have intensified the risk spillover effects in the system. The spillover level is more prominent in extreme cases, which means the information linkage in the system is integrated. The spillover effects of each variable fluctuate with time. In addition, green assets can be treated as a risk diversifier against fossil fuel investment shocks due to the weak connectedness in the average market. The risk infection path can provide a reference for governments to prevent the risk of infection in financial markets and guide the sustainability of the green investment.

New energy vehicles (NEVs) are considered to ease energy and environmental pressures. China actively formulates the implementation of NEVs development plans to promote sustainable development of the automotive industry. In view of the diversity of vehicle pollutants, NEV may show controversial environmental results. Therefore, this paper uses the quantile-on-quantile method to explore the relationship between NEVs and skewed patterns of pollutants distribution, aimed to comprehensively evaluate the role of new energy in the automotive industry in the environment improvement. The results show almost invisible environmental-friendly benefits from the current new energisation development. The main reason is that the industry is still growing, and technology and service have to be improved. Traditional and new energy power in the automotive market coexist. Hence, the final air pollution brought by the automotive is also changeable due to the scale of new energy vehicles, which the energy-environment model supports. In particular, the results evidence that the performance of battery electric vehicles (BEVs) is better than plug-in hybrid electric vehicles. As the total amount of BEVs increased, air pollution has effectively alleviated. This also confirms that NEVs play an indispensable role in exhaust emissions pollution prevention, although their effect remains to be displayed more obviously.

This paper explores how fear sentiment affects the price of Bitcoin by employing the rolling-window Granger causality tests. The analysis reveals negative influences from the volatility index (VIX) to Bitcoin price (BTC), which ascertains that Bitcoin can not be considered a haven in fear sentiment. Due to the liquidity in economic downside risks, BTC may decrease with high VIX to hedge losses, increasing during low VIX periods. The empirical results conflict with the intertemporal capital asset pricing model, which underlines that the increasing VIX can promote the price of Bitcoin. In turn, BTC positively impacts VIX, which shows that Bitcoin price can be treated as the main indicator for a more comprehensive analysis of the fear index. Under severe global uncertainty and changeable fluctuation of market sentiment, investors can optimize investment decisions based on market fear sentiment. The government can also consider VIX to grasp the trend of BTC to participate in cryptocurrency speculation effectively.

The economic situation of the post-epidemic is facing huge downward risks, and the government actively introduces stimulus measures to improve the current economic situation. In this crisis, the president's role in asset price gradually deepened. Hence, we utilise a wavelet-based quantile-on-quantile approach to uncover the complex and unstable relationships between presidential popularity and the currency performance of asset price. We find the significant negative impact of the government popularity on the stock market and oil prices, especially in the medium quantile. This suggests that political stalemates will not always be suitable for financial markets. Instead, this will hinder the investment because it expresses the uncertainty of the direction. On the contrary, the U.S. dollar presents a highly positive relationship with the government popularity. Investors can avoid the trust risk of the president through the adjustment of the asset portfolio. The result is consistent with the asset pricing model, suggesting that investor sentiments significantly influence the performance of assets. Meanwhile, the duration of impacts caused by short-term shock will eventually be repaired for a long time. The approval ratings will harm the investor sentiment in the short term, but the market will digest this over time.

On the issue of promoting energy structure transformation and response to climate changes, the development of clean energy has also received more attention. Under the insufficient dilemma of high oil prices and clean energy supply, the increasing proposition of crude oil supply brings concerns about the climate policy. This study analyses the energy transformation under climate policy using a technique from the time and frequency domains. We find the spillover effect of climate policy and energy structure is significant, and the risk transmission mainly occurs in the short term. From the frequency domain, spillover-level fluctuations in a short time are more violent in most markets. The connectedness is dynamic, and the energy revolution, climate policy and significant events will enhance the linkage between renewable energy and other sources and improve their spillover levels. In addition, climate policy mainly accepts the spillover of renewable energy production and consumption in the short and long terms. The climate policy's influence is still limited, and there is still a long way to take on the road to energy transformation.

This research examines dynamic causality between trade surplus (TS) and exchange rate exposure (ERE), utilizing the bootstrap sub-sample rolling window test. The empirical findings indicate that there is the time-varying bidirectional causality in TS and ERE within certain sub-periods. Specifically, ERE manifests both positive and negative influences on TS. In turn, TS has a positive effect on ERE which proves the export-oriented model proposed by Bodnar et al. (2002). Furthermore, due to the complex changes in Sino-US trade policies during the trade war, ERE is still stimulated under the overall downward trend of TS. This means that the widening TS can inevitably increase ERE, which may cause more trade frictions with the US. By studying the time-varying relation between these two variables, investors can reasonably allocate assets according to the changes of TS and avoid losses caused by market panic. Policy-makers could restrict the abnormal flow of international capital and promote multilateral trade cooperation, especially in times of structural economic change, to reduce trade friction and maintain a relatively stable ERE level.

When taking into account the general terms on which the global green and low-carbon transition takes place, it can be affirmed that the use of clean and renewable energy, including wind, hydro, solar, etc., is an alternative to the traditional energy sources. The renewable energy industry possesses considerable potential, and has recently become the centre of the global energy landscape. Therefore, this article refers to the rolling-window Granger causality test, in order to explore the role of renewable energy (RE) in reducing the greenhouse gas emissions. By studying the interactions that take place between RE consumption and carbon dioxide (CO2) emissions, we find that the negative impact of RE on CO2 indicates that the replacement role of RE has become increasingly prominent, for it to effectively contribute towards the realization of carbon emission reduction. The results in this regard are consistent with the energy-environment model, suggesting that RE has an excellent performance in achieving carbon neutrality. In fact, CO2 usually exhibits a negative effect on RE, which indicates towards the predictability of environmental quality to the development potential of renewable energy. Carbon emission reduction has become a game of interest among the countries around the world. And hence, in relation to these turn of events in the last few decades, RE is now expected to usher in the required acceleration. While eventually it is believed that the green energy competition will reshape the geopolitics of the world.

The latest era of the industrial revolution is the culmination of an accelerating pace of evolution and digital transformation, one that has had a profound impact on the labor market dynamics. The bootstrap rolling-window causality test has been referred to analyze this, in further detail. This approach has been undertaken to start triggering a discourse on the employment benefits of technological innovation and actively respond to the challenges associated with technological progress in the labor market. By studying the interactions between the number of patents (PIs) and the new employment (NE) opportunities during 2013:M01-2021:M8, we have found that the interaction mechanism between innovation and employment is complicated. In this regard, the positive impact can confirm that technological innovation has given a boost to the labor market. However, this view can also be refuted by the negative influences surrounding the concept, primarily because the substitution effect of employment tends to be greater than the creation effect. Therefore, the NE negatively impacts the PIs, indicating that the labor market can be a leading indicator for innovation and development. It should be noted that Chinese society has been in a period of digital transformation for some time now, and the impact of short-term employment also contains new impetus.

With the control of the cryptocurrency market in environmental protection, investors pay attention to the risk conduction mechanism between energy consumption and the Bitcoin market. This paper applies quantile connectedness to analyse the overall situation and dynamic evolution of information spillover in the system of the Bitcoin market. The results show that the hashrate and electricity demand are the primary sources of risk in the information network, and their fluctuations have intensified the risk spillover effects in the system. In addition, the spillover level is more prominent in extreme cases, which means the information linkage in the system is integrated. The spillover effect of each variable fluctuates and is uncertain with time. This helps in the sustainable development of Bitcoin and guides the government's policy development and supervision of cryp-tocurrencies. The risk infection path helps prevent the risk of infection in the Bitcoin market and improves the sustainability of the encrypted market.

The new energy technology brought by the fourth industrial revolution has stimulated the enthusiasm for energy transformation. However, unstable renewable energy brought by energy gaps stimulates the rise in the supply of traditional energy sources. While the energy supply situation is very complex in the epidemic and geopolitical conflicts, the road under energy transformation is facing security issues. We apply the quantile connectedness to uncover the price linkage between energy markets, further investigating energy prices' vulnerability to the global shocks in the ordinary and extreme markets. The size of the system spillover shock from (or to) energy markets is increased mainly in the extreme markets compared to the normal market. Under extreme fluctuations, oil-related energy sources become transmitters from the receivers, increasing the energy market's spillover risk. The risk spillover in the energy system is mainly concentrated on petroleum products. In the long run, the stability of the oil market is essential for energy security during the transformation process. Given the transmission of shocks across energy prices, especially in the highly favourable situation, has been highlighted that can spread to other energy markets, the government should increase the diversification of the energy supply.

In the reforms pertaining to the energy structure in the automotive industry, new energy vehicles (NEVs) have long been the focus of government attention, as an effective means to reduce air pollution. Therefore, this paper employs the rolling-window Granger causality test, in order to discuss the environmental benefits of new energy vehicles, so as to explore the active role of the transportation sector in reducing air pollution. By studying the interactions between NEVs and particulate matter (PM2.5) from the time period spanning from 2013:M1 to 2020:M9, we have found that the positive influences from NEVs to PM2.5 ascertain that NEVs cannot be considered as an efficient measure to mitigate air pollution. Moreover, these results are not supported by the energy and environment interaction model, which essentially indicates that replacing traditional energy with renewable energy is an effective measure for controlling environmental pollution. In fact, PM2.5 tends to have a negative impact on NEVs, which underlines that the air quality index is a leading indicator, particularly when it comes to analyzing the development of the NEVs market. This essentially highlights that in China, NEVs still do not account for a high proportion of car sales, and therefore, its environmental protection effect is not obvious. At the same time, the factor of public awareness regarding environmental protection will thus occupy a considerable proportion in the transmission of NEVs sales. These revelations will help the government to formulate environmental governance policies, and expand the new energy vehicle market to achieve carbon neutrality targets in China.