Through observational analysis utilizing key financial indicators, it becomes apparent that companies exclusively involved in the clean-tech industry, known as pure players, generally outperform those that have less focus in this area, referred to as non-pure players in terms of financial performance [50]. The transition towards a sustainable energy system is greatly facilitated by comprehensive policies and regulations. For instance, in the United States, the Inflation Reduction Act (IRA) and in Europe, the Net-Zero Industry Act (NZIA) play significant roles in shaping the dynamics of asset valuation. These regulatory frameworks contribute to the valuation dynamics and help drive the growth of clean-tech investments [26]. Additionally, the physical and transitional climate risk exert a substantial influence on the valuation of net-zero assets. To gain a deeper understanding of the drivers behind clean technologies and their causal relationships, our study employs a specific branch of Bayesian probabilistic approach introduced by Judea Pearl, the Ladder of Causation, explained in The Book of Why. This approach enables us to model the dependency structure among these influential factors and evaluate their direct and indirect impacts on cleantech stock returns by manipulating the explanatory variables. 

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