The adverse effects of the high-power energy consumption by cryptocurrencies on the environment and sustainability have raised the interest of a large body of policymakers and market participants. We apply a network approach to investigate the dependency across clean energy, green markets, and cryptocurrencies from 1 January 2018 to 30 November 2021. Our results indicate that sustainable investments, particularly DJSI and ESGL, play a pivotal role in the network system during the COVID-19 crisis. We find that green bonds are the least integrated with the other financial markets, suggesting their significant role in providing diversification benefits to investors. Rolling windows estimation shows that the dependency across the examined marked increased sharply during the COVID-19 crisis, especially between March 2020 and March 2021, after which it faded and became weak and stable until the end of the sample period. Results of the centrality network are consistent with the dependency network analysis.

加密货币的高功率能源消耗对环境和可持续性的不利影响引起了大量政策制定者和市场参与者的兴趣。我们采用网络方法调查 2018 年 1 月 1 日至 2021 年 11 月 30 日期间清洁能源、绿色市场和加密货币之间的依赖关系。我们的结果表明，可持续投资，特别是 DJSI 和 ESGL，在 COVID 期间在网络系统中发挥着关键作用-19危机。我们发现，绿色债券与其他金融市场的整合度最低，这表明它们在为投资者提供多元化收益方面发挥着重要作用。滚动窗口估计表明，在 COVID-19 危机期间，尤其是在 2020 年 3 月至 2021 年 3 月期间，对被检查标记的依赖性急剧增加，之后它消退并变得微弱和稳定，直到样本期结束。中心网络的结果与依赖网络分析一致。