The carbon and fossil energy markets have been significantly affected by the COVID-19 pandemic. This article examines the nonlinear correlation and the spillover effect between the global fossil energy markets and the European Union carbon market prior to and following COVID-19. The nonlinear correlation is captured by the localized Gaussian correlation approach, and the spillover effect is evaluated using a quantile-based Granger causality analysis method. Empirical evidence demonstrates that COVID-19 strengthens the correlation between the carbon and oil markets. Conversely, the correlation between the carbon and coal markets is weakened by COVID-19. Furthermore, COVID-19 only resulted in the contagion between the carbon and Texas gas markets. Finally, the spillover effect between the European Union carbon market and fossil energy markets changes from unidirectional to bidirectional. This article provides inspiration for investors to adjust their portfolios to reduce investment risks and meaningful information for policymakers to maintain market stability.

Recent disruptions have made supply chain resilience a central concern for firms and policymakers, yet the financial-policy foundations of resilience remain insufficiently understood. This study examines whether policy-driven industry–finance cooperation strengthens corporate supply chain resilience and through which financial channels this effect operates. Using the China Industry–Finance Cooperation (IFC) Pilot Policy as an exogenous policy shock, we analyze Chinese A-share listed manufacturing firms from 2014 to 2023. The SDID estimates show that the IFC Pilot Policy increases firms’ supply chain resilience by 0.061 standard deviations, and this result remains stable across multiple robustness checks. Mechanism tests indicate that the policy improves resilience by reducing debt financing costs, promoting supply chain finance, and enhancing real investment efficiency. Further heterogeneity analysis shows that the effect is stronger among technology-intensive firms and firms located in less favorable business environments. Theoretically, this study links industry–finance cooperation to supply chain resilience through a “funding cost–chain cash flow–capital use” framework. Practically, it shows that better coordination between financial services and industrial needs can help firms strengthen their capacity to withstand supply chain risks.