Can the green bond market enter a new era under the fluctuation of oil price?

This paper investigates how oil price (OP) influences the prospects of green bonds by utilising quantile-onquantile (QQ) method and researching interactions between OP bond index (GBI) from 2011:M1 to 2021:M11. We find that impacts on GBI are positive in short run. The effects indicate high can promote development market, indicating be considered an asset avoid shocks. However, medium long term, there is a negative impact due oversupply market increase energy industry profits. These results identical supply demand-based correlation model price, which underlines specific effect GBI. consistently across all quantiles. It indicates cannot efficient measures alleviate crisis instability Middle East COVID-19 small scale bonds. issuers make decisions based OP. Understanding relationship also beneficial for investors.