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<p>As climate change accelerates the global transition towards decarbonization, green minerals have become essential for clean energy technologies, playing a vital role in moving toward a low-carbon economy. This study examines the evolving relationships between seven green minerals and a mix of clean, fossil energy assets using a time–frequency connectedness framework from September 2018 to April 2025. The findings highlight that return connectedness is time- and frequency-domain dependent, being strongest in the short-term due to speculation and policy volatility, but diminishing over longer horizons where fundamentals prevail. Among the green minerals, Copper, Cobalt, Lithium, and Nickel stand out as significant transmitters of return shocks, highlighting their critical importance in industrial applications and market connections. Conversely, Graphite, Vanadium, and Manganese tend to absorb shocks from other assets, suggesting a more passive role in market dynamics. The analysis of investment portfolios reveals that green minerals provide significant diversification benefits when combined with fossil energy in the short-term. Conversely, pairing wind energy with minerals such as lithium, cobalt, and nickel proves to be an effective hedge in the medium and long terms. These insights are valuable for investors looking to build climate-resilient portfolios and for policymakers focused on the critical role of essential minerals in an increasingly financialized energy transition.</p>

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Green minerals and energy markets in the low-carbon transition: time–frequency connectedness and portfolio implications

  • 期刊论文

  • 发表日期：

    2026年2月2日

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  • Shahzeb Khurshid,
  • Asma Rehman Ullah,
  • Alishba Rahman Ullah,
  • Elie Bouri

摘要

As climate change accelerates the global transition towards decarbonization, green minerals have become essential for clean energy technologies, playing a vital role in moving toward a low-carbon economy. This study examines the evolving relationships between seven green minerals and a mix of clean, fossil energy assets using a time–frequency connectedness framework from September 2018 to April 2025. The findings highlight that return connectedness is time- and frequency-domain dependent, being strongest in the short-term due to speculation and policy volatility, but diminishing over longer horizons where fundamentals prevail. Among the green minerals, Copper, Cobalt, Lithium, and Nickel stand out as significant transmitters of return shocks, highlighting their critical importance in industrial applications and market connections. Conversely, Graphite, Vanadium, and Manganese tend to absorb shocks from other assets, suggesting a more passive role in market dynamics. The analysis of investment portfolios reveals that green minerals provide significant diversification benefits when combined with fossil energy in the short-term. Conversely, pairing wind energy with minerals such as lithium, cobalt, and nickel proves to be an effective hedge in the medium and long terms. These insights are valuable for investors looking to build climate-resilient portfolios and for policymakers focused on the critical role of essential minerals in an increasingly financialized energy transition.