FİNANSAL YENİLİĞİN ÇEVRESEL KALİTE, YEŞİL TEKNOLOJİK YENİLİK VE YENİLENEBİLİR ENERJİ ÜRETİMİNE ETKİSİ: OECD ÜLKELERİNDEN KANITLAR

Year 2025, Volume: 10 Issue: 4, 1579 - 1602, 31.12.2025

Çiğdem Kurt Cihangir

https://doi.org/10.30784/epfad.1782573

Abstract

Bu çalışma, finansal yeniliğin çevresel sürdürülebilirlik, yeşil teknoloji alanındaki gelişmeler ve yenilenebilir enerji üretimi üzerindeki etkisini incelemektedir. 2009–2021 dönemini kapsayan ve 18 OECD ülkesine ait yıllık verilerin kullanıldığı analizde, Panel Düzeltmeli Standart Hatalar (PCSE), Westerlund-Edgerton LM Bootstrap eşbütünleşme testleri ve Dumitrescu-Hurlin panel nedensellik testlerinden yararlanılmıştır. Elde edilen bulgular, finansal yeniliğin çevresel kaliteyi anlamlı düzeyde artırdığını ortaya koymaktadır. Ayrıca, finansal yeniliğin yeşil teknolojik gelişmeleri teşvik ederek çevre dostu teknolojilerin gelişimini desteklediği gözlemlenmiştir. Bununla birlikte, finansal yeniliğin yenilenebilir enerji üretimini artırmada da kritik bir rol oynadığı belirlenmiştir. Bu sonuçlar, çevresel sürdürülebilirliğin geliştirilmesi ve yeşil yatırımların teşvik edilmesi yönünde politika geliştirmeyi amaçlayan karar alıcılar için önemli çıkarımlar sunmaktadır. Çalışma, finansal yeniliğin yeşil teknoloji ve yenilenebilir enerji sektörlerindeki büyümeyi hızlandırarak hem çevresel hem de ekonomik ilerlemeyi destekleme potansiyeline sahip olduğunu vurgulamaktadır.

Keywords

Finansal Yenilik , Karbon Emisyonları , Yeşil Teknolojik Yenilik , Yenilenebilir Enerji Üretimi

The Impact of Financial Innovation on Environmental Quality, Green Technological Innovation and Renewable Energy Production: Evidence from OECD Countries

Abstract

This study investigates the influence of financial innovation on environmental sustainability, advancements in green technology, and the generation of renewable energy. Utilizing annual data from 18 OECD countries spanning 2009 to 2021, the analysis employs Panel-Corrected Standard Errors (PCSE), Westerlund-Edgerton LM Bootstrap Cointegration tests, and Dumitrescu-Hurlin panel causality tests. The findings reveal that financial innovation significantly enhances environmental quality. Moreover, it is observed that financial innovation stimulates green technological advancements, fostering the development of eco-friendly technologies. Additionally, financial innovation plays a pivotal role in boosting renewable energy production. These results offer valuable insights for policymakers aiming to advance environmental sustainability and promote green investments. The study highlights the potential of financial innovation to drive both environmental and economic progress by accelerating growth in green technology and renewable energy sectors

Keywords

Financial Innovation , Carbon Emissions , Green Technological Innovation , Renewable Energy Production

References

• Acemoglu, D., Aghion, P., Bursztyn, L. and Hemous, D. (2012). The environment and directed technical change. American Economic Review, 102, 131–166. https://doi.org/10.1257/aer.102.1.131
• Ainou, F.Z., Ali, M. and Sadiq, M. (2023). Green energy security assessment in Morocco: green finance as a step toward sustainable energy transition, Environmental Science and Pollution Research, 30, 61411–61429. https://doi.org/10.1007/s11356-022-19153-7.
• An, N., Zagorscak, R., Wang, F., Cai, W., Mutailipu, M., Widya, Yudha, S., Tjahjono, B. and Longhurst P. (2022). Sustainable transition from fossil fuel to geothermal energy: A multi-level perspective approach. Energies, 15, 7435. https://doi.org/10.3390/EN15197435.
• Appiah-Otoo, I., Chen, X. and Ampah, J.D. (2023). Does financial structure affect renewable energy consumption? Evidence from G20 countries. Energy, 272, 127130. https://doi.org/10.1016/j.energy.2023.127130
• Assi, A.F., Zhakanova Isiksal, A. and Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN + 3 group: evidence from (P-ARDL) model. Renewable Energy, 165, 689-700. https://doi.org/10.1016/j.renene.2020.11.052
• Baltagi, B.H. (2008). Forecasting with panel data. Journal of Forecasting, 27(2), 153-173. https://doi.org/10.1002/for.1047
• Beck, N. and Katz, J.N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647. https://doi.org/10.2307/2082979
• Beck, T., Chen, T., Lin, C. and Song, F.M. (2016). Financial innovation: The bright and the dark sides. Journal of Banking & Finance, 72, 28-51, https://doi.org/10.1016/j.jbankfin.2016.06.012
• Berg, T., Fuster, A. and Puri, M. (2022) Fintech lending. Annual Review of Financial Economics, 14, 187-207. https://doi.org/10.1146/annurev-financial-101521-112042
• Bernier, M. and Plouffe, M. (2019). Financial innovation, economic growth, and the consequences of macroprudential policies. Research in Economics, 73(2), 162-173, https://doi.org/10.1016/j.rie.2019.04.003
• Bhutta, U.S., Tariq, A., Farrukh, M., Raza, A. and Iqbal, M.K. (2022). Green bonds for sustainable development: review of literature on development and impact of green bonds. Technological Forecasting and Social Change, 175. https://doi.org/10.1016/j.techfore.2021.121378
• Blomquist, J. and Westerlund, J. (2013). Testing slope homogeneity in large panels with serial correlation. Economics Letters, 121, 374–378. https://doi.org/10.1016/j.econlet.2013.09.012
• Borah, P.S., Dogbe, C.S.K., Pomegbe, W.W.K., Bamfo, B.A. and Hornuvo, L.K. (2023). Green market orientation, green innovation capability, green knowledge acquisition and green brand positioning as determinants of new product success. European Journal of Innovation Management, 26(2), 364–385. https://doi.org/10.1108/EJIM-09-2020-0345
• Braun, E. and Wield, D. (1994). Regulation as a means for the social control of technology. Technology Analysis & Strategic Management, 6(3), 259–272. https://doi.org/10.1080/09537329408524171
• Breusch, T.S. and Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239. https://doi.org/10.2307/2297111
• Cao, S., Nie, L., Sun, H., Sun, W. and Taghizadeh-Hesary, F. (2021). Digital finance, green technological innovation and energy-environmental performance: Evidence from China's regional economies. Journal of Cleaner Production, 327, 129458. https://doi.org/10.1016/j.jclepro.2021.129458
• Cetin, M., Ozturk, I., Sumerli Sarigul, S., Murshed, M. and Kilavuz, E. (2025). Nexus between technological innovation and environmental pollution in selected OECD countries. Natural Resources Forum, 49(1), 841–862. https://doi.org/10.1111/1477-8947.12458
• Chaithanapat, P., Punnakitikashem, P., Oo, N.C.K.K. and Rakthin, S. (2022). Relationships among knowledge-oriented leadership, customer knowledge management, innovation quality and firm performance in SMEs. Journal of Innovation & Knowledge, 7(1). https://doi.org/10.1016/j.jik.2022.100162
• Chen, X. and Chen, Z. (2021). Can green finance development reduce carbon emissions? Empirical evidence from 30 Chinese provinces. Sustainability, 13, 12137. https://doi.org/10.3390/su132112137
• Chen, X., Lu, M., Shan, Y. and Zhang, Y. (2021). Australian evidence on analysts' cash flow forecasts: Issuance, accuracy and usefulness. Accounting & Finance, 61(1), 3–50. https://doi.org/10.1111/acfi.12552
• Chen, Z., Li, Y., Wu, Y. and Luo, J. (2017). The transition from traditional banking to mobile internet finance: an organizational innovation perspective-a comparative study of Citibank and ICBC. Financial Innovation, 3(1), 1–16. https://doi.org/10.1186/s40854-017-0062-0
• Cheng, X., Yao, D., Qian, Y., Wang, B. and Zhang, D. (2023). How does fintech influence carbon emissions: Evidence from China’s prefecture-level cities. International Review of Financial Analysis, 87, 102655. https://doi.org/10.1016/j.irfa.2023.102655
• Chipangamate, N.S. and Nwaila, G.T. (2024). Assessment of challenges and strategies for driving energy transitions in emerging markets: A socio-technological systems perspective. Energy Geoscience, 5(2), 100257. https://doi.org/10.1016/j.engeos.2023.100257
• Croutzet, A. and Dabbous, A. (2021). Do FinTech trigger renewable energy use? Evidence from OECD countries. Renewable Energy, 179, 1608–1617. https://doi.org/10.1016/J.RENENE.2021.07.144
• Cuerva, M.C., Triguero-Cano, Á. and Córcoles, D. (2014). Drivers of green and non-green innovation: Empirical evidence in Low-Tech SMEs. Journal of Cleaner Production, 68, 104-113. https://doi.org/10.1016/j.jclepro.2013.10.049
• Çetin, M., Aslan, A. and Sarıgül, S.S. (2022). Analysis of the dynamics of environmental degradation for 18 upper middle-income countries: the role of financial development. Environmental Science and Pollution Research, 29, 64647–64664. https://doi.org/10.1007/s11356-022-20290-2
• Çetin, M., Sarıgül, S.S. and Topcu, B.A. (2023). Does globalization mitigate environmental degradation in selected emerging economies? Assessment of the role of financial development, economic growth, renewable energy consumption and urbanization. Environmental Science and Pollution Research, 30, 100340–100359. https://doi.org/10.1007/s11356-023-29467-9
• Çoban, S. and Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88, https://doi.org/10.1016/j.eneco.2013.04.001
• Deloitte. (2023). Financing the green energy transition. Retrieved from https://www.deloitte.com/global/en/issues/climate/financing-the-green-energy-transition.html
• Ding, Q., Huang, J. and Chen, J. (2023). Does digital finance matter for corporate green investment? Evidence from heavily polluting industries in China. Energy Economics, 117, 106476. https://doi.org/10.1016/j.eneco.2022.106476
• Dogan, E., Tzeremes, P. and Altinoz, B. (2020). Revisiting the nexus among carbon emissions, energy consumption and total factor productivity in African countries: New evidence from nonparametric quantile causality approach. Heliyon, 6(3), e03566. https://doi.org/10.1016/j.heliyon.2020.e03566
• Dong, F., Zhu, J., Li, Y., Chen, Y., Gao, Y., Hu, M., Qin, C. and Sun, J. (2022). How green technology innovation affects carbon emission efficiency: Evidence from developed countries proposing carbon neutrality targets. Environmental Science and Pollution Research, 29, 35780–35799. https://doi.org/10.1007/s11356-022-18581-9
• Dumitrescu, E.-I. and Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
• Elheddad, M., Benjasak, C., Deljavan, R., Alharthi, M. and Almabrok J.M. (2021). The effect of the fourth industrial revolution on the environment: the relationship between electronic finance and pollution in OECD countries. Technological Forecasting and Social Change, 163, 120485. https://doi.org/10.1016/J.TECHFORE.2020.120485
• Fang, Y. and Shao, Z. (2022). Whether green finance can effectively moderate the green technology innovation effect of heterogeneous environmental regulation. International Journal of Environmental Research and Public Health, 19, 3646. https://doi.org/10.3390/ijerph19063646
• Feng, S., Chong, Y., Yu, H., Ye, X. and Li, G. (2022a). Digital financial development and ecological footprint: Evidence from green-biased technology innovation and environmental inclusion. Journal of Cleaner Production, 380, 135069. https://doi.org/10.1016/j.jclepro.2022.135069
• Feng, S., Zhang, R. and Li, G. (2022b). Environmental decentralization, digital finance and green technology innovation. Structural Change and Economic Dynamics, 61, 70–83. https://doi.org/10.1016/j.strueco.2022.02.008
• Flores, P.J. and Jansson, J. (2022). SPICe—Determinants of consumer green innovation adoption across domains: a systematic review of marketing journals and suggestions for a research agenda. International Journal of Consumer Studies, 46(5), 1761–1784. https://doi.org/10.1111/ijcs.12810
• García-Quevedo, J., Segarra-Blasco, A. and Teruel, M. (2018). Financial constraints and the failure of innovation projects. Technological Forecasting and Social Change, 127, 127-140. https://doi.org/10.1016/j.techfore.2017.05.029
• Gomber, P., Kauffman, R.J., Parker, C. and Weber, B.W. (2018). On the Fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220-265. https://doi.org/10.1080/07421222.2018.1440766
• Guo, Y., Xingneng, X., Sheng, Z. and Danping, Z. (2018). Environmental regulation, government R&D funding and green technology innovation: evidence from China provincial data. Sustainability, 10(4), 940. https://doi.org/10.3390/su10040940
• Habib, M., Abbas, J. and Noman, R. (2019). Are human capital, intellectual property rights, and research and development expenditures really important for total factor productivity? An empirical analysis. International Journal of Social Economics, 46, 756-774. https://doi.org/10.1108/IJSE-09-2018-0472
• Hou, H., Wang, Y. and Zhang, M. (2023). Green finance drives renewable energy development: Empirical evidence from 53 countries worldwide. Environmental Science and Pollution Research, 30, 80573–80590. https://doi.org/10.1007/s11356-023-28111-w
• Hou, H., Zhu, Y., Wang, J. and Zhang, M. (2022). Will green financial policy help improve China’s environmental quality? The role of digital finance and green technology innovation. Environmental Science and Pollution Research, 30, 10527–10539. https://doi.org/10.1007/s11356-022-22887-z
• Huang, Y., Chen, C., Lei, L. and Zhang, Y. (2022). Impacts of green finance on green innovation: A spatial and nonlinear perspective. Journal of Cleaner Production, 365, 132548. https://doi.org/10.1016/j.jclepro.2022.132548
• Huang, Z., Tao, Y., Luo, X., Ye, Y. and Lei, T. (2023). Regional digital finance and corporate investment efficiency in China. Applied Economics, 55(43), 5115-5134. https://doi.org/10.1080/00036846.2022.2136616
• Hussain, M. and Papastathopoulos, A. (2022). Organizational readiness for digital financial innovation and financial resilience. International Journal of Production Economics, 243, 108326 https://doi.org/10.1016/j.ijpe.2021.108326
• Irfan, M., Razzaq, A., Sharif, A. and Yang, X. (2022). Influence mechanism between green finance and green innovation: Exploring regional policy intervention effects in China. Technological Forecasting and Social Change, 182, 121882. https://doi.org/10.1016/j.techfore.2022.121882
• Jiang, Q. and Ma, X. (2021). Spillovers of environmental regulation on carbon emissions network. Technological Forecasting and Social Change, 169, 120825. https://doi.org/10.1016/j.techfore.2021.120825
• Jóźwik, B., Doğan, M., and Gürsoy, S. (2023). The impact of renewable energy consumption on environmental quality in Central European countries: The mediating role of digitalization and financial development. Energies, 16(20), 7041. https://doi.org/10.3390/en16207041
• Khalil, R.G., Damrah, S., Bajaher, M. and Shawtari, F.A. (2023). Unveiling the relationship of ESG, fintech, green finance, innovation and sustainability: case of Gulf countries. Environmental Science and Pollution Research, 30, 116299–116312. https://doi.org/10.1007/s11356-023-30584-8
• Khan, H., Khan, I. and Binh, T.T. (2020). The heterogeneity of renewable energy consumption, carbon emission and financial development in the globe: A panel quantile regression approach. Energy Reports, 6, 859-867, https://doi.org/10.1016/j.egyr.2020.04.002
• Khan, M., Riaz, H., Ahmed, M. and Saeed, A. (2022). Does green finance really deliver what is expected? An empirical perspective. Borsa Istanbul Review, 22(3), 586-593. https://doi.org/10.1016/j.bir.2021.07.006
• Khraisha, T. and Arthur, K. (2018). Can we have a general theory of financial innovation processes? A conceptual review. Financial Innovation, 4(1), 1–27. https://doi.org/10.1186/s40854-018-0088-y
• Kong, T., Sun, R., Sun, G. and Song, Y. (2022). Effects of digital finance on green innovation considering information asymmetry: An empirical study based on Chinese listed firms. Emerging Markets Finance and Trade, 58(15), 4399–4411. https://doi.org/10.1080/1540496X.2022.2083953
• Kösedağlı, B.Y., Kışla, G.H. and Çatık, A.N. (2021). The time-varying effects of oil prices on oil–gas stock returns of the fragile five countries. Financial Innovation, 7(1), 1-22. https://doi.org/10.1186/s40854-020-00224-y
• Lerner, J. and Tufano, P. (2011). The consequences of financial innovation: A counterfactual research agenda. Annual Review of Financial Economics, 3(1), 41-85. https://doi.org/10.1146/annurev.financial.050808.114326
• Li, J., Dong, X. and Dong, K. (2022b). How much does financial inclusion contribute to renewable energy growth? Ways to realize green finance in China. Renewable Energy, 198, 760–771. https://doi.org/10.1016/j.renene.2022.08.097
• Li, J., Zhang, G., Ned, J.P. and Sui, L. (2023a). How does digital finance affect green technology innovation in the polluting industry? Based on the serial two-mediator model of financing constraints and research and development (R&D) investments. Environmental Science and Pollution Research, 30, 74141–74152. https://doi.org/10.1007/s11356-023-27593-y
• Li, W. Yüksel, S. and Dinçer, H. (2022c). Understanding the financial innovation priorities for renewable energy investors via QFD -based picture fuzzy and rough numbers. Financial Innovation, 8(1), 67. https://doi.org/10.1186/s40854-022-00372-3
• Li, Wu, H., Jiang J. and Zong, Q. (2023b). Digital finance and the low-carbon energy transition (LCET) from the perspective of capital-biased technical progress. Energy Economics, 120, 106623. https://doi.org/10.1016/j.eneco.2023.106623
• Li, X. Shu, Y. and Jin X. (2022a). Environmental regulation, carbon emissions and green total factor productivity: A case study of China. Environment, Development and Sustainability, 24, 2577-2597. https://doi.org/10.1007/s10668-021-01546-2
• Liu, J., Jiang, Y., Gan, S., He, L. and Zhang, Q. (2022). Can digital finance promote corporate green innovation?. Environmental Science and Pollution Research, 29(24), 35828–35840. https://doi.org/10.1007/s11356-022-18667-4
• Liu, Y. and Chen, L. (2022). The impact of digital finance on green innovation: Resource effect and information effect. Environmental Science and Pollution Research, 29(57), 86771-86795. https://doi.org/10.1007/s11356-022-21802-w
• Lund, H. (2007). Renewable energy strategies for sustainable development. Energy, 32(6), 912–919. https://doi.org/10.1016/j.energy.2006.10.017
• Lypiridis, C. and Kuzio, M. (2019). Innovative finance solutions for climate-smart infrastructure new perspectives on results-based blended finance for cities (World Bank Working Paper No. 139566). Retrieved from http://documents.worldbank.org/curated/en/917181563805476705
• Ma, B. and X, Wang. (2023). How does green floating bond and financial sector readiness promote green economic growth evidence from China. Resources Policy, 85. https://doi.org/10.1016/j.resourpol.2023.103971
• McCoskey, S. and Kao, C. (1998). A residual-based test of the null of cointegration in panel data. Econometric Reviews, 17(1), 57-84. https://doi.org/10.1080/07474939808800403
• Meo, M.S. and Karim M.Z.A. (2022). The role of green finance in reducing CO2 emissions: An empirical analysis. Borsa Istanbul Review, 22, 169–178. https://doi.org/10.1016/J.BIR.2021.03.002.
• Muganyi, T., Yan, L. and Sun, H. (2021). Green finance, fintech and environmental protection: Evidence from China. Environmental Science and Ecotechnology, 7, 100107. https://doi.org/10.1016/j.ese.2021.100107
• Muhammad, S., Pan, Y. Magazzino C., Luo, Y. and Waqas, M. (2022). The fourth industrial revolution and environmental efficiency: the role of fintech industry. Journal of Cleaner Production, 381. https://doi.org/10.1016/j.jclepro.2022.135196
• Nguyen, T.T.H., Naeem, M.A., Balli, F., Balli, H.O. and Vo, X.V. (2021). Time-frequency comovement among green bonds, stocks, commodities, clean energy, and conventional bonds. Finance Research Letters, 40, 101739. https://doi.org/10.1016/J.FRL.2020.101739
• OECD. (2020). Developing sustainable finance definitions and taxonomies (Green Finance and Investment Report). https://doi.org/10.1787/134a2dbe-en
• Olabi, A.G. and Abdelkareem, M.A. (2022). Renewable energy and climate change. Renewable and Sustainable Energy Reviews, 158, 112111. https://doi.org/10.1016/j.rser.2022.112111
• Olaniyi, C.O., Al-Faryan, M.A.S. and Ogbaro, E.O. (2023). Do institutional quality and its threshold matter in the sensitivity of the renewable energy transition to financial development? New empirical perspectives. International Journal of Finance & Economics, 30(1), 5-43. https://doi.org/10.1002/ijfe.2900
• Paramati, S.R., Mo, D. and Huang, R. (2021). The role of financial deepening and green technology on carbon emissions: Evidence from major OECD economies. Finance Research Letters, 41, 101794. https://doi.org/10.1016/j.frl.2020.101794
• Peimani, H. (2018). Financial barriers to development of renewable and green energy projects in Asia (Asian Development Bank Institute Working Paper No. 862). Retrieved from https://www.econstor.eu/handle/10419/190283
• Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (Discussion Paper No. 1240, 1-42). Retrieved from https://docs.iza.org/dp1240.pdf
• Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951 Pesaran, M.H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
• Qu, K. and Liu, Z. (2022). Green innovations, supply chain integration and green information system: A model of moderation. Journal of Cleaner Production, 339, 130557. https://doi.org/10.1016/j.jclepro.2022.130557
• Ran, C. and Zhang, Y. (2023). The driving force of carbon emissions reduction in China: Does green finance work. Journal of Cleaner Production, 421, 138502. https://doi.org/10.1016/j.jclepro.2023.138502
• Rasoulinezhad E. and Taghizadeh-Hesary F. (2022). Role of green finance in improving energy efficiency and renewable energy development. Energy Efficiency, 15, 14. https://doi.org/10.1007/s12053-022-10021-4
• Raza, S.A., Shah, N., Qureshi, M.A., Qaiser, S., Ali, R. and Ahmed, F. (2020). Non-linear threshold effect of financial development on renewable energy consumption: Evidence from panel smooth transition regression approach. Environmental Science and Pollution Research, 27(25), 32034-32047. https://doi.org/10.1007/s11356-020-09520-7
• Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999-1006. https://doi.org/10.1016/j.enpol.2010.11.034
• Shahbaz, M., Mallick, H., Mahalik, M.K. and Sadorsky, P. (2016). The role of globalization on the recent evolution of energy demand in India: Implications for sustainable development. Energy Economics, 55, 52-68. https://doi.org/10.1016/j.eneco.2016.01.013
• Song, W. and Han, X. (2022). Heterogeneous two-sided effects of different types of environmental regulations on carbon productivity in China. Science of The Total Environment, 841, 156769. https://doi.org/10.1016/j.scitotenv.2022.156769
• Sun, J., Zhai, N., Miao, J., Mu, H. and Li, W. (2023). How do heterogeneous environmental regulations affect the sustainable development of marine green economy? Empirical evidence from China’s coastal areas. Ocean & Coastal Management, 232, 106448. https://doi.org/10.1016/j.ocecoaman.2022.106448
• Tao, H., Zhuang, S., Xue, R., Cao, W., Tian, J. and Shan, Y. (2022b). Environmental finance: An interdisciplinary review. Technological Forecasting and Social Change, 179, 121639. https://doi.org/10.1016/j.techfore.2022.121639
• Tao, R., Su, C.-W., Naqvi, B. and Rizvi, S.K.A. (2022a). Can Fintech development pave the way for a transition towards low-carbon economy: a global perspective. Technological Forecasting and Social Change, 174, 121278. https://doi.org/10.1016/j.techfore.2021.121278
• Tariq, A., Badir, Y.F., Tariq, W. and Bhutta U.S. (2017). Drivers and consequences of green product and process innovation: a systematic review, conceptual framework, and future outlook. Technology in Society, 51, 8-23. https://doi.org/10.1016/j.techsoc.2017.06.002
• The World Economic Forum. (2023) The global risks report 2023. Retrieved from https://www3.weforum.org/docs/WEF_Global_Risks_Report_2023.pdf
• Tseng, M.-L. Wang, R. Chiu, A.S.F. Geng, Y. and Y.H. Lin. (2013). Improving performance of green innovation practices under uncertainty. Journal of Cleaner Production, 40, 71-82. https://doi.org/10.1016/j.jclepro.2011.10.009
• Ullah, A., Dogan, M., Pervaiz, A., Bukhari, A.A.A., Akkus, H.T. and Dogan, H. (2024). The impact of digitalization, technological and financial innovation on environmental quality in OECD countries: Investigation of N-shaped EKC hypothesis. Technology in Society, 77, 102484. https://doi.org/10.1016/j.techsoc.2024.102484
• UNFCCC. (2023). Global renewables and energy efficiency pledge. Retrieved from https://www.cop28.com/en/global-renewables-and-energy-efficiency-pledge
• Wang, B., Wang, Y., Cheng, X. and Wang, J. (2023c). Green finance, energy structure, and environmental pollution: evidence from a spatial econometric approach. Environmental Science and Pollution Research, 30, 72867–72883. https://doi.org/10.1007/s11356-023-27427-x
• Wang, J., Tian, J., Kang, Y. and Guo, K. (2023a). Can green finance development abate carbon emissions: Evidence from China. International Review of Economics, Finance, 88, 73–91 https://doi.org/10.1016/j.iref.2023.06.011
• Wang, J., Zhang, S. and Zhang, Q. (2021). The relationship of renewable energy consumption to financial development and economic growth in China. Renewable Energy, 170, 897-904. https://doi.org/10.1016/j.renene.2021.02.038
• Wang, Q.-J., Wang, H.-J. and Chang, C.-P. (2022). Environmental performance, green finance and green innovation: what's the long-run relationships among variables?. Energy Economics, 110. https://doi.org/10.1016/j.eneco.2022.106004
• Wang, X., Chen, G., Afshan, S., Awosusi, A. A. and Abbas, S. (2023b). Transition towards sustainable energy: The role of economic complexity, financial liberalization and natural resources management in China. Resources Policy, 83, 103631. https://doi.org/10.1016/j.resourpol.2023.103631
• Wang, Y. and Zhi, Q. (2016). The role of green finance in environmental protection: two aspects of market mechanism and policies. Energy Procedia, 104, 311–316. https://doi.org/10.1016/j.egypro.2016.12.053
• Westerlund, J. and Edgerton, D.L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190. https://doi.org/10.1016/j.econlet.2007.03.003
• WWF Turkiye. (2012). Küresel ayak izi ağı, Türkiye’nin ekolojik ayak izi raporu. Retrieved from http://awsassets.wwftr.panda.org/downloads/turkiyenin_ekolojik_ayak_izi_raporu.pdf
• Yan, K., Zhang, Z., Yang, L., Cao, Y. and Shan, Y. (2024) Capital generates green: Evidence from China's national innovation system policy. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103033
• Yan, X., Yang, C. and Zhang, R. (2023). How does green finance derive the resource efficiency and decarbonization of the economy?. Resources Policy, 85, 103934. https://doi.org/10.1016/j.resourpol.2023.103934
• Yousaf, Z. (2021). Go for green: green innovation through green dynamic capabilities: Accessing the mediating role of green practices and green value co-creation. Environmental Science and Pollution Research, 28(39), 54863–54875. https://doi.org/10.1007/s11356-021-14343-1
• Yu, M. and Yan, A. (2022). Can digital finance accelerate the digital transformation of companies? From the perspective of M&A. Sustainability, 14(21), 14281. https://doi.org/10.3390/su142114281
• Zameer, H. and Yasmeen, H. (2022). Green innovation and environmental awareness driven green purchase intentions. Marketing Intelligence & Planning, 40, 624-638. https://doi.org/10.1108/MIP-12-2021-0457
• Zeng, S., Fu, Q., Haleem, F., Shen, Y. and Zhang, J. (2023). Carbon-reduction, green finance, and high-quality economic development: A case of China. Sustainability, 15(18), 13999. https://doi.org/10.3390/su151813999
• Zeng, Y., Wang, F. and Wu, J. (2022). The impact of green finance on urban haze pollution in China: A technological innovation perspective. Energies, 15, 801. https://doi.org/10.3390/en15030801
• Zhang, D., Du, W., Zhuge, L., Tong, Z. and Freeman, R.B. (2019) Do financial constraints curb firms’ efforts to control pollution? Evidence from Chinese manufacturing firms. Journal of Cleaner Production, 215, 1052-1058. https://doi.org/10.1016/j.jclepro.2019.01.112
• Zheng, M, Feng, G.F. and Chang, C.P. (2023). Is green finance capable of promoting renewable energy technology? Empirical investigation for 64 economies worldwide. Oeconomia Copernic, 14, 483-510. https://doi.org/10.24136/oc.2023.013
• Zhou, X., Tang, X. and Zhang, R. (2020). Impact of green finance on economic development and environmental quality: a study based on provincial panel data from China. Environmental Science and Pollution Research, 27(16), 19915-19932, https://doi.org/10.1007/s11356-020-08383-2