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We consider MAC global solar energy index (RMGS) and ISE global wind energy index (RIGW) as proxies of the energy market and use bitcoin and the European energy exchange carbon index (REEX) for the cryptocurrency and carbon market. Employing the Diebold and Yilmaz (2012), Barun\u00edk and Krehl\u00edk (2018), and wavelet coherence econometric techniques, we find that the energy market (RMGS) has the highest connectedness derived from other asset classes, and bitcoin (RBTC) has the least connectedness. Concurrently, we find that the risk transmission is heterogeneous in different scales as the short period has less connectedness than the medium and long run. We conclude that the overall diversification opportunity among green bonds, energy stock, bitcoin, and the carbon market is more in the short-run than in the medium and long-run. In summary, our findings on the green bond market will provide investors, portfolio managers, and policymakers with critical insight into ensuring a sustainable financial market.<\/jats:p>","DOI":"10.1007\/s11356-022-22492-0","type":"journal-article","created":{"date-parts":[[2022,8,31]],"date-time":"2022-08-31T06:04:44Z","timestamp":1661925884000},"page":"7625-7639","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":41,"title":["Do green bonds offer a diversification opportunity during COVID-19?\u2014an empirical evidence from energy, crypto, and carbon markets"],"prefix":"10.1007","volume":"30","author":[{"given":"Miklesh Prasad","family":"Yadav","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5200-1476","authenticated-orcid":false,"given":"Satish","family":"Kumar","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Deepraj","family":"Mukherjee","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Purnima","family":"Rao","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2022,8,31]]},"reference":[{"key":"22492_CR1","doi-asserted-by":"crossref","unstructured":"Abakah E J A, Addo E Jr, Gil-Alana L A, & Tiwari A K (2021) Re-examination of international bond market dependence: evidence from a pair copula approach. 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