On the pursuit of energy security: evidence from the nexus between clean energy stock price and energy security elements

Concerns for fossil fuel price volatility, environmental pollution and energy inefficiency drive the formulation of policies aimed at attaining security. We use a theoretical framework which integrates key elements security into context natural capital theory to investigate causal relationship between Nasdaq clean stock range variables including oil price, gas prices, carbon efficiency. Our autoregressive distributed lag (ARDL) results reveal that is jointly individually explained by representing some Carbon efficiency emerged as most important driving on-going transition from conventional sources. Consequently, governments should take sustainability very seriously when formulating in pursuit way they stimulate substitutions sources hydrocarbons.