Research Article
BibTex RIS Cite

Yeşil Ekonomide Ulusal Varlık Fonlarının Rolü

Year 2024, Volume: 9 Issue: 3, 627 - 652
https://doi.org/10.25229/beta.1522373

Abstract

Dünya ekonomisi iktisadi bunalımlar ile mücadele ederken diğer yandan iklim değişikliği, doğal kaynakların tükenmesi ve çevresel tahribat sorunlarıyla karşı karşıya kalmaktadır. Hem iktisadi hem de çevresel sorunlara müşterek bir çözüm üretme gayesinde olan yeşil ekonomi, son dönemlerde giderek artan düzeyde ön plana çıkmaktadır. Çevresel konuların ekonomideki karar alma süreçlerine entegresini öngören yeşil ekonomi, döngüsel, düşük karbonlu ve kaynak açısından verimli bir ekonomiye doğru bir rota çizerek, ekonomik büyüme ile çevresel tahribat arasındaki tarihsel bağı kırmaya çalışmaktadır. Diğer yandan da devletin önemli yatırım araçları olarak ortaya çıkan ulusal varlık fonları, yapacağı yatırımlarla yeşil ekonomiyle sinerji oluşturabilecek bir potansiyele sahiptir. Bu çalışmada, yeşil ekonomi ile ulusal varlık fonları arasındaki dinamik etkileşim ve ulusal varlık fonlarının sürece dahil olarak sürdürülebilir ekonomik büyümeyi nasıl teşvik edebilecekleri araştırılmaktadır.

References

  • Bahgat, G. (2010). Sovereign wealth funds: An assessment. Global Policy, 1(2), 162–171.
  • Bithas, K. (2011). Sustainability and externalities: Is the internalization of externalities a sufficient condition for sustainability? Ecological Economics, 70(10), 1703-1706.
  • Bongaerts, D., & Schoenmaker, D. (2019). The next step in green bond financing. Available at SSRN 3389762.
  • Bortolotti, B., Fotak, V., & Megginson, W. L. (2015). The rise of sovereign wealth funds: definition, organization, and governance. In Public-Private Partnerships for Infrastructure and Business Development: Principles, Practices, and Perspectives (pp. 295-318). New York: Palgrave Macmillan US.
  • Bortolotti, B., Loss, G., & van Zwieten, R. W. (2023). Are the times they a-changin'? Tracking sovereign wealth funds' sustainable investing. Journal of International Business Policy, 6(3), 276-305.
  • Bose, S., Dong, G. & Simpson, A. (2019). Financing clean technology innovation and the transition to renewable energy. The Financial Ecosystem: The Role of Finance in Achieving Sustainability, 339–368.
  • Busch, T., Bauer, R., & Orlitzky, M. (2016). Sustainable development and financial markets: Old paths and new avenues. Business & Society, 55(3), 303-329.
  • Capapé, J., & Rose, P. (2020). Technology, venture capital, and SWFs: The role of the government in forging innovation and change. Venture Capital, and SWFs: The Role of the Government in Forging Innovation and Change (April 1, 2020). IE Sovereign Wealth Lab–2019 Annual Report.
  • Castelli, M., & Scacciavillani, F. (2015). UVFs and State investments: A preliminary general overview. Research handbook on sovereign wealth funds and international investment law, 9-38.
  • Das, D. K. (2009). Sovereign-wealth funds: The institutional dimension. International review of economics, 56, 85–104.
  • Deribew, H. N. (2017). Risks and returns of Green Bonds (Master's thesis, Norwegian University of Life Sciences, Ås).
  • Ebrahim, T. Y. (2020). Clean and sustainable technology innovation. Current Opinion in Environmental Sustainability, 45, 113-117.
  • Eidelwein, F., Collatto, D. C., Rodrigues, L. H., Lacerda, D. P., & Piran, F. S. (2018). Internalization of environmental externalities: Development of a method for elaborating economic and environmental results statement. Journal of Cleaner Production, 170, 1316-1327.
  • Eldredge, C. D. (2019). Capability and need: A framework for understanding why states create sovereign wealth funds. The World Economy, 42(5), 1495–1519.
  • El-Sholkamy, M. M., & Rahman, M. H. (2022). Harnessing Sovereign Wealth Funds in Emerging Economies Toward Sustainable Development. Cambridge University Press.
  • Fanelli, J. (2019). Aspects of Institutional Finance in Sustainable Development. Theses - Graduate Programs in Economic Theory and Policy. 19. https://digitalcommons.bard.edu/levy_ms/19
  • Gelb, A., Tordo, S., Halland, H., Arfaa, N., & Smith, G. (2014). Sovereign wealth funds and long-term development finance: risks and opportunities. World Bank Policy Research Working Paper, (6776).
  • Griffith-Jones, S., & Ocampo, J. A. (2009). Sovereign Wealth Funds: A Developing Country Perspective. Revue d’économie financière Special Issue, 241–254.
  • Guesnerie, R. (2011). The Rise of Carbon-Free Technology. In Sovereign Wealth Funds and Long-Term Investing (pp. 166-168). Columbia University Press.
  • Jeremić, V., & Sachs, J. D. (2014). The United Nations in the age of sustainable development. The economic and social review, 45(2), 161-188.
  • Jeucken, M. (2010). Sustainable finance and banking: The financial sector and the planet's future. Routledge.
  • Kaminker, C. and F. Stewart (2012), The role of institutional investors in financing clean energy, OECD Working Papers on Finance, Insurance and Private Pensions, No. 23, OECD Publishing, Paris, https://doi.org/10.1787/5k9312v21l6f-en.
  • Kiker, G.A., Bridges, T.S., Varghese, A., Seager, T.P. & Linkov, I. (2005). Application of multicriteria decision analysis in environmental decision making. Integr Environ Assess Manag, 1, 95–108. https://doi.org/10.1897/IEAM_2004a-015.1
  • Mady, K., Battour, M., Aboelmaged, M., & Abdelkareem, R. S. (2023). Linking internal environmental capabilities to sustainable competitive advantage in manufacturing SMEs: The mediating role of eco-innovation. Journal of Cleaner Production, 417, 137928.
  • Maltais, A., & Nykvist, B. (2020). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment, 1-20.
  • Megginson, W. L., Malik, A. I., & Zhou, X. Y. (2023). Sovereign wealth funds in the post-pandemic era. Journal of International Business Policy, 6(3), 253–275.
  • Moldavska, A., & Welo, T. (2019). A Holistic approach to corporate sustainability assessment: Incorporating sustainable development goals into sustainable manufacturing performance evaluation. Journal of Manufacturing Systems, 50, 53-68.
  • Munari, F. (2015). UVFs and environmental protection. In Research Handbook on Sovereign Wealth Funds and International Investment Law (pp. 333–370). Edward Elgar Publishing.
  • Murphy, S. A. (2012). Leviathan's double bottom line: Sovereign wealth funds as tools of strategic statecraft by Shannon A. Murphy (Doctoral dissertation, Massachusetts Institute of Technology).
  • Nowacki, C. E., Monk, A., & Decoster, B. (2021). Who do sovereign wealth funds say they are? Using structural topic modeling to delineate variegated capitalism in their official reports. Environment and Planning A: Economy and Space, 53(4), 828-857.
  • Raskin, P. D., Electris, C., & Rosen, R. A. (2010). The century ahead: searching for sustainability. Sustainability, 2(8), 2626–2651.
  • Rose, P., & Capapé, J. (2020). The Sustainable Development Goals and the Market for Sustainable Sovereign Investments. IE Sovereign Wealth-Lab–2019 Annual Report.
  • Rozanov, A. (2005). Who holds the wealth of nations? Central Banking Journal, 15(4), 52–57. Statista, https://www.statista.com/statistics/1267515/establishment-of-UVFs-per-decade/
  • Schena, P. J., Braunstein, J., & Ali, A. (2018). The case for economic development through sovereign investment: a paradox of scarcity? Global policy, 9(3), 365-376.
  • Summers, J. K., & Smith, L. M. (2014). The role of social and intergenerational equity in making changes in human well-being sustainable. Ambio, 43, 718–728.
  • Tsani, S., Ahmadov, I., & Aslanli, K. (2011). Governance, transparency and accountability in sovereign wealth funds: remarks on the assessment, rankings and benchmarks to date in sovereign wealth funds: New challenges for the caspian countries. Public Finance Monitoring Centre, Azerbaijan and Revenue Watch Institute, USA.
  • Tsani, S., Overland, I., Leal Filho, W., Azul, A., Brandli, L., Ozuyar, P., & Wall, T. (2020). Sovereign wealth funds and public financing for climate action. Climate Action.
  • Uzsoki, D. (2020). Sustainable investing. International Institute for Sustainable Development.
  • Van der Zee, E. (2016). In between two societal actors: The social and environmental responsibilities of sovereign wealth funds. ICCLJ, 12(1), 35-84.
  • Wanner, T. (2015). The new 'passive revolution of the green economy and growth discourse: Maintaining neoliberal capitalism's sustainable development. New Political Economy, 20(1), 21–41.
  • Wurster, S., & Schlosser, S. J. (2021). Sovereign wealth funds as sustainability instruments? Disclosure of sustainability criteria in worldwide comparison. Sustainability, 13(10), 55-65.
  • Yin, W. (2017). Sovereign wealth fund investments and the need to undertake socially responsible investment. International Review of Law, 2017(1), 9.
  • Zimon, D., Tyan, J., & Sroufe, R. (2020). Drivers of sustainable supply chain management: Practices to alignment with unsustainable development goals. International Journal for Quality Research, 14(1).

The Role of Sovereign Wealth Funds in the Green Economy

Year 2024, Volume: 9 Issue: 3, 627 - 652
https://doi.org/10.25229/beta.1522373

Abstract

While the world economy is struggling with economic crises, it is also faced with climate change, depletion of natural resources and environmental damage. The green economy, which aims to produce a solution to both economic and environmental problems, has been increasingly prominent in recent years. The green economy, which envisages the integration of environmental issues into decision-making processes in the economy, tries to break the historical link between economic growth and environmental damage by drawing a route towards a circular, low-carbon and resource-efficient economy. On the other hand, sovereign wealth funds, which have emerged as important investment instruments of the state, have the potential to create synergy with the green economy through their investments. This study investigates the dynamic interaction between green economy and sovereign wealth funds and how sovereign wealth funds can promote sustainable economic growth by engaging in the process.

References

  • Bahgat, G. (2010). Sovereign wealth funds: An assessment. Global Policy, 1(2), 162–171.
  • Bithas, K. (2011). Sustainability and externalities: Is the internalization of externalities a sufficient condition for sustainability? Ecological Economics, 70(10), 1703-1706.
  • Bongaerts, D., & Schoenmaker, D. (2019). The next step in green bond financing. Available at SSRN 3389762.
  • Bortolotti, B., Fotak, V., & Megginson, W. L. (2015). The rise of sovereign wealth funds: definition, organization, and governance. In Public-Private Partnerships for Infrastructure and Business Development: Principles, Practices, and Perspectives (pp. 295-318). New York: Palgrave Macmillan US.
  • Bortolotti, B., Loss, G., & van Zwieten, R. W. (2023). Are the times they a-changin'? Tracking sovereign wealth funds' sustainable investing. Journal of International Business Policy, 6(3), 276-305.
  • Bose, S., Dong, G. & Simpson, A. (2019). Financing clean technology innovation and the transition to renewable energy. The Financial Ecosystem: The Role of Finance in Achieving Sustainability, 339–368.
  • Busch, T., Bauer, R., & Orlitzky, M. (2016). Sustainable development and financial markets: Old paths and new avenues. Business & Society, 55(3), 303-329.
  • Capapé, J., & Rose, P. (2020). Technology, venture capital, and SWFs: The role of the government in forging innovation and change. Venture Capital, and SWFs: The Role of the Government in Forging Innovation and Change (April 1, 2020). IE Sovereign Wealth Lab–2019 Annual Report.
  • Castelli, M., & Scacciavillani, F. (2015). UVFs and State investments: A preliminary general overview. Research handbook on sovereign wealth funds and international investment law, 9-38.
  • Das, D. K. (2009). Sovereign-wealth funds: The institutional dimension. International review of economics, 56, 85–104.
  • Deribew, H. N. (2017). Risks and returns of Green Bonds (Master's thesis, Norwegian University of Life Sciences, Ås).
  • Ebrahim, T. Y. (2020). Clean and sustainable technology innovation. Current Opinion in Environmental Sustainability, 45, 113-117.
  • Eidelwein, F., Collatto, D. C., Rodrigues, L. H., Lacerda, D. P., & Piran, F. S. (2018). Internalization of environmental externalities: Development of a method for elaborating economic and environmental results statement. Journal of Cleaner Production, 170, 1316-1327.
  • Eldredge, C. D. (2019). Capability and need: A framework for understanding why states create sovereign wealth funds. The World Economy, 42(5), 1495–1519.
  • El-Sholkamy, M. M., & Rahman, M. H. (2022). Harnessing Sovereign Wealth Funds in Emerging Economies Toward Sustainable Development. Cambridge University Press.
  • Fanelli, J. (2019). Aspects of Institutional Finance in Sustainable Development. Theses - Graduate Programs in Economic Theory and Policy. 19. https://digitalcommons.bard.edu/levy_ms/19
  • Gelb, A., Tordo, S., Halland, H., Arfaa, N., & Smith, G. (2014). Sovereign wealth funds and long-term development finance: risks and opportunities. World Bank Policy Research Working Paper, (6776).
  • Griffith-Jones, S., & Ocampo, J. A. (2009). Sovereign Wealth Funds: A Developing Country Perspective. Revue d’économie financière Special Issue, 241–254.
  • Guesnerie, R. (2011). The Rise of Carbon-Free Technology. In Sovereign Wealth Funds and Long-Term Investing (pp. 166-168). Columbia University Press.
  • Jeremić, V., & Sachs, J. D. (2014). The United Nations in the age of sustainable development. The economic and social review, 45(2), 161-188.
  • Jeucken, M. (2010). Sustainable finance and banking: The financial sector and the planet's future. Routledge.
  • Kaminker, C. and F. Stewart (2012), The role of institutional investors in financing clean energy, OECD Working Papers on Finance, Insurance and Private Pensions, No. 23, OECD Publishing, Paris, https://doi.org/10.1787/5k9312v21l6f-en.
  • Kiker, G.A., Bridges, T.S., Varghese, A., Seager, T.P. & Linkov, I. (2005). Application of multicriteria decision analysis in environmental decision making. Integr Environ Assess Manag, 1, 95–108. https://doi.org/10.1897/IEAM_2004a-015.1
  • Mady, K., Battour, M., Aboelmaged, M., & Abdelkareem, R. S. (2023). Linking internal environmental capabilities to sustainable competitive advantage in manufacturing SMEs: The mediating role of eco-innovation. Journal of Cleaner Production, 417, 137928.
  • Maltais, A., & Nykvist, B. (2020). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment, 1-20.
  • Megginson, W. L., Malik, A. I., & Zhou, X. Y. (2023). Sovereign wealth funds in the post-pandemic era. Journal of International Business Policy, 6(3), 253–275.
  • Moldavska, A., & Welo, T. (2019). A Holistic approach to corporate sustainability assessment: Incorporating sustainable development goals into sustainable manufacturing performance evaluation. Journal of Manufacturing Systems, 50, 53-68.
  • Munari, F. (2015). UVFs and environmental protection. In Research Handbook on Sovereign Wealth Funds and International Investment Law (pp. 333–370). Edward Elgar Publishing.
  • Murphy, S. A. (2012). Leviathan's double bottom line: Sovereign wealth funds as tools of strategic statecraft by Shannon A. Murphy (Doctoral dissertation, Massachusetts Institute of Technology).
  • Nowacki, C. E., Monk, A., & Decoster, B. (2021). Who do sovereign wealth funds say they are? Using structural topic modeling to delineate variegated capitalism in their official reports. Environment and Planning A: Economy and Space, 53(4), 828-857.
  • Raskin, P. D., Electris, C., & Rosen, R. A. (2010). The century ahead: searching for sustainability. Sustainability, 2(8), 2626–2651.
  • Rose, P., & Capapé, J. (2020). The Sustainable Development Goals and the Market for Sustainable Sovereign Investments. IE Sovereign Wealth-Lab–2019 Annual Report.
  • Rozanov, A. (2005). Who holds the wealth of nations? Central Banking Journal, 15(4), 52–57. Statista, https://www.statista.com/statistics/1267515/establishment-of-UVFs-per-decade/
  • Schena, P. J., Braunstein, J., & Ali, A. (2018). The case for economic development through sovereign investment: a paradox of scarcity? Global policy, 9(3), 365-376.
  • Summers, J. K., & Smith, L. M. (2014). The role of social and intergenerational equity in making changes in human well-being sustainable. Ambio, 43, 718–728.
  • Tsani, S., Ahmadov, I., & Aslanli, K. (2011). Governance, transparency and accountability in sovereign wealth funds: remarks on the assessment, rankings and benchmarks to date in sovereign wealth funds: New challenges for the caspian countries. Public Finance Monitoring Centre, Azerbaijan and Revenue Watch Institute, USA.
  • Tsani, S., Overland, I., Leal Filho, W., Azul, A., Brandli, L., Ozuyar, P., & Wall, T. (2020). Sovereign wealth funds and public financing for climate action. Climate Action.
  • Uzsoki, D. (2020). Sustainable investing. International Institute for Sustainable Development.
  • Van der Zee, E. (2016). In between two societal actors: The social and environmental responsibilities of sovereign wealth funds. ICCLJ, 12(1), 35-84.
  • Wanner, T. (2015). The new 'passive revolution of the green economy and growth discourse: Maintaining neoliberal capitalism's sustainable development. New Political Economy, 20(1), 21–41.
  • Wurster, S., & Schlosser, S. J. (2021). Sovereign wealth funds as sustainability instruments? Disclosure of sustainability criteria in worldwide comparison. Sustainability, 13(10), 55-65.
  • Yin, W. (2017). Sovereign wealth fund investments and the need to undertake socially responsible investment. International Review of Law, 2017(1), 9.
  • Zimon, D., Tyan, J., & Sroufe, R. (2020). Drivers of sustainable supply chain management: Practices to alignment with unsustainable development goals. International Journal for Quality Research, 14(1).
There are 43 citations in total.

Details

Primary Language Turkish
Subjects International Economics (Other)
Journal Section Articles
Authors

Orhan Şimşek 0000-0002-1636-9684

Ahmet Arif Eren 0000-0001-6352-7983

Early Pub Date August 24, 2024
Publication Date
Submission Date July 25, 2024
Acceptance Date August 6, 2024
Published in Issue Year 2024 Volume: 9 Issue: 3

Cite

APA Şimşek, O., & Eren, A. A. (2024). Yeşil Ekonomide Ulusal Varlık Fonlarının Rolü. Bulletin of Economic Theory and Analysis, 9(3), 627-652. https://doi.org/10.25229/beta.1522373