The Energy Crisis as a Game Changer for Sustainable Investing?

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Bibliographic information

Cover of Volume: Swiss Journal of Business Volume 79 (2025), Issue 4
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Swiss Journal of Business

Volume 79 (2025), Issue 4

Authors:
Publisher
Nomos, Baden-Baden
Copyright Year
2025
ISSN-Online
2944-3741
ISSN-Print
2944-3741

Chapter information

Open Access Full access

Volume 79 (2025), Issue 4

The Energy Crisis as a Game Changer for Sustainable Investing?

Authors:
ISSN-Print
2944-3741
ISSN-Online
2944-3741
Preview:

This paper examines the financial outcomes of investments in stocks with varying degrees of ESG-rated sustainability before and after the energy crisis that began to unfold in 2021. It was analysed whether the energy crisis has caused improvements or deteriorations in the performance of more-sustainable compared to less-sustainable stock investments. The paper addresses an apparent gap in the existing literature, where interdependencies among the risk–return profiles of stocks and the ESG ratings of their issuers have so far garnered little attention in the context of the energy crisis. The results suggest that the energy crisis has triggered significant changes in the risk-return profile of securities issued by companies deemed sustainable versus those classified as less sustainable. Compared to previous crises with other economic backgrounds, more-sustainable stocks showed similar behavior relative to less-sustainable ones. The findings carry implications for asset managers and economic policymakers in terms of their decision-making with regard to the configuration of subsidies.

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