Exploring the Drivers of Renewable Energy Consumption: The Roles of Innovation, Financial Globalization, and Uncertainty in Next-11 Countries

Abstract

The primary aim of this study is to comprehensively analyze the economic, financial, and technological dynamics shaping renewable energy consumption in the Next-11 countries. In this context, the effects of technological innovation, the financial globalization index, the world uncertainty index, and trade openness variables on renewable energy consumption are examined. Using data covering the period 1990-2021, the analysis was conducted through the Common Correlated Effects (CCE) method. The results indicate that technological innovation and global uncertainty negatively affect renewable energy consumption, whereas financial globalization increases the use of renewable energy. The findings suggest that structural and institutional constraints, limited access to technology, and investment risks arising from uncertainty restrict the renewable energy transition. Conversely, financial integration facilitates international capital flows and supports clean energy investments. The results of this research are significant for policymakers aiming to accelerate the energy transition and for financial institutions seeking to promote sustainable investments.

Keywords

• Renewable Energy
• Technological Innovation
• Financial Globalization
• Uncertainty
• Next-11 Countries

Yenilenebilir Enerji Tüketimini Etkileyen Faktörlerin Analizi: Next-11 Ülkelerinde İnovasyon, Finansal Küreselleşme ve Belirsizliğin Rolleri

Abstract

Bu çalışmanın temel amacı, Next-11 ülkelerinde yenilenebilir enerji tüketimini şekillendiren ekonomik, finansal ve teknolojik dinamikleri kapsamlı biçimde analiz etmektir. Bu doğrultuda, teknolojik inovasyon, finansal küreselleşme endeksi, küresel belirsizlik endeksi ve ticaret açıklığı değişkenlerinin yenilenebilir enerji tüketimi üzerindeki etkileri incelenmiştir. 1990-2021 dönemine ait veriler kullanılarak Common Correlated Effects (CCE) yöntemiyle gerçekleştirilen analizde, teknolojik inovasyon ve küresel belirsizlik değişkenlerinin yenilenebilir enerji tüketimini olumsuz etkilediği; buna karşın finansal küreselleşmenin yenilenebilir enerji kullanımını artırdığı belirlenmiştir. Bulgular, yapısal ve kurumsal sınırlılıkların, teknolojiye erişim zorluklarının ve belirsizlik kaynaklı yatırım risklerinin yenilenebilir enerji dönüşümünü kısıtladığını göstermektedir. Buna karşılık, finansal entegrasyonun uluslararası sermaye akışlarını kolaylaştırarak temiz enerji yatırımlarını desteklediği görülmektedir. Araştırmadan elde edilecek sonuçlar, enerji dönüşümünü hızlandırmayı hedefleyen politika yapıcılar ile sürdürülebilir yatırımlara yönelen finansal kuruluşlar açısından önem taşımaktadır.

Keywords

• Yenilenebilir Enerji
• Teknolojik İnovasyon
• Finansal Küreselleşme
• Belirsizlik
• Next-11 Ülkeleri

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