The link comparatively outweighs any effect oil prices could have on green tech.
Abiodun Moses Adetokunbo 24, Department of Economics from Augustine University; Afe Success Mevhare, Department of Economics from Augustine University, 1/19/2024, "The interconnectivity between green stocks, oil prices, and uncertainty surrounding economic policy: indications from the United States," SN Business & Economics, Volume 4, Number 22,
According to the results of the study, there are interconnected relationships and influences between economic policy uncertainty, environmentally friendly stocks, and petroleum prices in the United States. There is a higher spillover effect from green stocks on oil prices than from oil prices on green stocks. Uncertainty causes more shocks to the stock performance of green stock companies. The influence of fluctuations in oil prices on the level of uncertainty in economic policy carries greater weight than the impact of economic policy uncertainty on the price of oil. When considering external economic factors such as Brent oil prices and uncertainty in global economic policies, the interconnectivity of the system becomes more profound. US oil price-green stock connectedness can also be explained by other economic variables that are outside the economic sphere of the US. Research has discovered that the existence of uncertainty in economic policies intensifies the correlation between the values of green stocks and oil prices, irrespective of the inclusion of Brent crude prices and worldwide economic policy uncertainty. To put it differently, Increased uncertainty in economic policies serves to exacerbate the connection between the two markets.