The Impact of Climate Change on Financial Performance of the Electricity Industry: The Case of Türkiye

Abstract

The world is encountering increasingly frequent and intense extreme weather events, driven by climate change. There is a strong scientific consensus that warns of an existential threat if greenhouse gas (GHG) emissions are not dramatically reduced and global temperatures kept under control soon. In this context, alternative energy technologies have become essential, as they can generate energy without adding to GHG emissions. Türkiye’s electricity energy industry, as a core component of the country’s economic stability and energy security, plays a major role in adapting to climate change. This study specifically focuses on listed electricity energy firms in Türkiye over the period from 2008 to 2022, investigating how climate change impacts their financial performance using panel data methodology. The empirical findings show that climate change has a significant and positive influence on financial outcomes, suggesting that adapting to climate pressures can benefit the industry financially. As a result, it is essential for the electricity power industry to incorporate climate-related strategies into their corporate agendas. However, technological innovations will mean little without large-scale public action, where local and national governments work together with international organizations and nations.

Keywords

• Securities Markets
• Financial Ratios
• Climate Change
• Electricity Industry

İklim Değişikliğinin Elektrik Sektörünün Finansal Performansı Üzerindeki Etkileri: Türkiye Örneği

Abstract

Dünya, iklim değişikliğinin etkisiyle giderek daha sık ve şiddetli ekstrem hava olaylarıyla karşı karşıya kalmaktadır. Sera gazı emisyonlarının ciddi şekilde azaltılmaması ve küresel sıcaklıkların yakında kontrol altına alınmaması durumunda varoluşsal bir tehdit oluşturacağı konusunda güçlü bir bilimsel fikir birliği vardır. Bu bağlamda, sera gazı emisyonlarına yol açmadan enerji üretebilen alternatif enerji teknolojileri hayati önem kazanmıştır. Türkiye’nin ekonomik istikrarı ve enerji güvenliğinin temel bir unsuru olan elektrik enerjisi sektörü, iklim değişikliğine uyum sağlamada büyük bir rol oynamaktadır. Bu çalışma, 2008-2022 döneminde Türkiye'deki halka açık elektrik enerjisi firmalarına odaklanarak iklim değişikliğinin bu firmaların finansal performansını nasıl etkilediğini panel veri metodolojisi ile incelemektedir. Ampirik bulgular, iklim değişikliğinin finansal sonuçlar üzerinde anlamlı ve olumlu bir etkiye sahip olduğunu, iklim baskılarına uyum sağlamanın sektör için finansal olarak fayda sağlayabileceğini göstermektedir. Sonuç olarak, elektrik enerjisi sektörünün iklimle ilgili stratejileri kurumsal gündemlerine dahil etmesi gereklidir. Ancak, teknolojik yenilikler geniş çaplı bir kamu eylemi olmadan yeterli olmayacaktır; bu noktada yerel ve ulusal hükümetlerin uluslararası kuruluşlar ve diğer ülkelerle iş birliği içinde çalışması önemlidir.

Keywords

• Menkul Kıymetler Piyasaları
• Finansal Oranlar
• İklim Değişikliği
• Elektrik Endüstrisi

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