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Crude oil, carbon dioxide emissions and Bitcoin are prevalent issues that have significant impacts on the global economy as well as the environment and also attracted extensive interest from market participants, policymakers and researchers [1,2], among many others. These issues are complicated interlinkages in terms of profound implications for economy and environmental policy including extreme weather phenomena. Undoubtedly, engagement in crypto mining is regarded as highly energy-intensive with significant carbon emissions [3]. Accordingly, spillover and linkage between crypto and energy markets is of major concern. Regarding this issue, the returns of Bitcoin fluctuation are essentially linked to carbon and energy investments in nature. Thus, the considerable number of studies have documented to examine the volatility transmission mechanism between Bitcoin and energy markets, inclusive of technology firms and fossil fuel prices e.g., [4,5,6]. These research findings suggest the time-varying spillovers between Bitcoin and oil assets and conclude the potential role of Bitcoin as a hedger and diversifier for conventional energy assets. Nevertheless, the existing studies highlight the spillover of cryptocurrencies, environmentally sustainable assets, with other assets e.g., [1,7,8,9]. There exists a scant article on the linkage between sustainable assets and Bitcoin that incorporates carbon futures into portfolios and may attract new investors to carbon markets for double goals of risk diversification. After mid-November 2021, the total market cap of the cryptocurrencies has also dropped considerably (as depicted in Figure 1a). The public cryptocurrency environmental attention in the market could be attributed to these price fluctuations, which might have spillover effects on other markets, where environmental aspects of cryptocurrency mining
