This study investigates the time- and frequency-domain spillover dynamics between climate-risk indices, namely the Transition Risk Index (TRI), Physical Risk Index (PRI), Global Climate Policy Uncertainty (GCPU))and major energy futures markets, including ICE Europe Brent crude oil futures (continuation), the global crude benchmark (Brent), ICE Europe Low Sulphur Gasoil futures, a European middle-distillate benchmark (Gasoil), Intercontinental Exchange (ICE) Abu Dhabi Murban crude oil futures (continuation), a Middle Eastern light-sweet benchmark (Murban), Shanghai Crude, New York Harbor Ultra-Low Sulphur Diesel futures (NYMEX) continuation (ULSD), and West Texas Intermediate crude oil futures (NYMEX Light Sweet Crude Oil futures continuation) (WTI). Employing a flexible econometric framework based on TVP-VAR and quantile connectedness, the analysis uncovers non-linear, asymmetric, and time-varying spillovers, with markedly stronger linkages during extreme market conditions and in the short term. Energy commodities, particularly Gasoil and WTI, emerge as significant net transmitters of transition risks, amplifying volatility during periods of stress, while long-term spillovers remain relatively weak, reflecting gradual decarbonization trends. The unique contribution of this paper lies in extending the Arbitrage Pricing Theory (APT) by integrating climate risks as dynamic, state-dependent, and non-diversifiable factors, thereby demonstrating how energy asset sensitivities fluctuate across regimes and quantiles. This approach advances the asset pricing and climate finance literature beyond static models by embedding dynamic connectedness into risk transmission analysis. The findings highlight the systemic nature of climate risks and underscore the importance of adaptive financial regulation, forward-looking climate policy, and flexible risk management practices to mitigate volatility and support the global energy transition. These insights provide actionable guidance for policymakers, regulators, and investors navigating the evolving interplay between climate risks and energy markets.

India's rapid rise as a global renewable energy producer is occurring alongside a significant economic transformation. The present study explores the relationship between renewable energy production (REN) and key economic drivers, namely, Gross Domestic Product (GDP), foreign direct investment (FDI), trade openness, patents, oil production, and public-private participation in energy over the period from 1990 to 2021. Using a Bayesian Vector Autoregression (BVAR) framework, we uncover nonlinear and time-varying effects: patents stimulate renewable output but with diminishing returns, FDI consistently suppresses growth in renewables, GDP exhibits an inverted U-shaped relationship, and trade openness follows a U-shaped trajectory. Oil production initially supports but later crowds out renewable generation, while private investment shows delayed positive effects after an initial drag. Variance decomposition highlights a shift from self-driven dynamics in the short run toward macroeconomic and structural determinants in the long run, with GDP, FDI, and R&D increasingly explaining variation in REN over time. The findings posit that renewable energy in India is both a driver and a product of wider economic shifts, calling for policies that synchronise innovation, trade, finance, and energy governance to ensure a resilient low-carbon transition.