YÜKSELEN EKONOMİLERDE YEŞİL EKONOMİK BÜYÜME PERFORMANSININ BELİRLEYİCİLERİNİN ANALİZİ: YENİLENEBİLİR ENERJİ TÜKETİMİNİN ROLÜ

Year 2022, , 1 - 14, 31.03.2022

Sedat Alataş

https://doi.org/10.17130/ijmeb.866734

Abstract

Bu çalışma yenilenebilir enerji tüketimi ile yeşil ekonomik büyüme arasındaki ilişkiyi 1993-2015 dönemi ve 21 yükselen ülke için ticari açıklığın, teknolojik gelişmenin ve kentleşmenin etkisini kontrol ederek incelemektedir. Ampirik inceleme heterojenlik ve yatay-kesit bağımlılığına karşı sağlam sonuçlar üreten eşbütünleşme testlerine ve ortalama grup tahmincilerine dayanmaktadır. Elde edilen sonuçlar yenilenebilir enerji tüketiminin yeşil ekonomik büyüme üzerindeki etkisinin yükselen ekonomiler için istatistiki olarak anlamlı ve negatif olduğunu göstermektedir. Bu bağlamda, yenilenebilir enerji tüketiminin bu ülkelerde sürdürülebilir ekonomik büyüme teşvik etmekten uzaktır. Çalışmadan elde edilen bulgular, yükselen ekonomilerde yeşil ekonomik büyümeye ulaşmak için önemli politika önerileri ortaya koymaktadır.

Keywords

Yeşil Ekonomik Büyüme, Yenilenebilir Enerji, Panel Veri, Yükselen Ekonomiler

GREEN ECONOMIC GROWTH AND RENEWABLE ENERGY CONSUMPTION: EMPIRICAL EVIDENCE FROM EMERGING COUNTRIES

Abstract

This paper examines the relationship between energy consumption and green economic growth for 21 emerging countries over the period 1993-2015 by controlling the impact of trade openness, technological development, and urbanization. The empirical evidence is based on the cointegration tests and mean group estimators, which address the issue of heterogeneity and cross-sectional dependence. We obtain that the impact of renewable energy consumption on green economic growth is statistically significant and negative in emerging countries. It means that the use of renewable energy is far from stimulating sustainable economic growth in these countries. The findings reveal important policy implications for achieving green economic growth in emerging economies.

Keywords

Green Economic Growth, Renewable Energy, Panel Data, Emerging Countries

References

• Adedoyin, F. F., Nathaniel, S., & Adeleye, N. (2020). An investigation into the anthropogenic nexus among consumption of energy, tourism, and economic growth: do economic policy uncertainties matter? Environmental Science and Pollution Research. https://doi.org/10.1007/s11356-020-10638-x
• Alper, A., & Oguz, O. (2016). The role of renewable energy consumption in economic growth: Evidence from asymmetric causality. Renewable and Sustainable Energy Reviews, 60, 953–959. https://doi.org/10.1016/j.rser.2016.01.123
• Apergis, N., & Payne, J. E. (2010). Energy consumption and growth in South America: Evidence from a panel error correction model. Energy Economics, 32(6), 1421–1426. https://doi.org/10.1016/j.eneco.2010.04.006
• Apergis, N., & Payne, J. E. (2012). Renewable and non-renewable energy consumption-growth nexus: Evidence from a panel error correction model. Energy Economics, 34(3), 733–738. https://doi.org/10.1016/j.eneco.2011.04.007
• Apergis, N., & Tang, C. F. (2013). Is the energy-led growth hypothesis valid? New evidence from a sample of 85 countries. Energy Economics, 38, 24–31. https://doi.org/10.1016/j.eneco.2013.02.007
• Aslan, A., Altinoz, B., & Özsolak, B. (2020). The nexus between economic growth, tourism development, energy consumption, and CO2 emissions in Mediterranean countries. Environmental Science and Pollution Research, (2008). https://doi.org/10.1007/s11356-020-10667-6
• Asongu, S. A., & Odhiambo, N. M. (2020). The green economy and inequality in Sub-Saharan Africa : Avoidable thresholds and thresholds for complementary policies. Energy Exploration & Exploitation, 0(0), 1–15. https://doi.org/10.1177/0144598720984226
• Aydin, M. (2019). Renewable and non-renewable electricity consumption–economic growth nexus: Evidence from OECD countries. Renewable Energy, 136, 599–606. https://doi.org/10.1016/j.renene.2019.01.008
• Bannerjee, A., Dolado, J., & Mestre, R. (1998). Error-Correction Mechanism Tests for Cointegration in a Single-Equation Framework Wadham College and Institute of Economics and Statistics , University of Oxford , Universidad Carlos III de Madrid and Research Department , Bank of Spain First version rece. Journal of Time Series Analysis, 19(1995), 1–17.
• Bhattacharya, M., Paramati, S. R., Ozturk, I., & Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733–741. https://doi.org/10.1016/j.apenergy.2015.10.104
• Bourcet, C. (2020). Empirical determinants of renewable energy deployment: A systematic literature review. Energy Economics, 85, 104563. https://doi.org/10.1016/j.eneco.2019.104563
• British Petroleum. (2020). Statistical Review of World Energy, 2020 | 69th Edition. In Bp (Vol. 69). Retrieved from https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2020-full-report.pdf
• Dai, H., Xie, X., Xie, Y., Liu, J., & Masui, T. (2016). Green growth: The economic impacts of large-scale renewable energy development in China. Applied Energy, 162, 435–449. https://doi.org/10.1016/j.apenergy.2015.10.049
• Danish, & Ulucak, R. (2020). How do environmental technologies affect green growth? Evidence from BRICS economies. Science of the Total Environment, 712, 136504. https://doi.org/10.1016/j.scitotenv.2020.136504
• De Hoyos, R. E., & Sarafidis, V. (2006). Testing for cross-sectional dependence in panel-data models. Stata Journal, 6(4), 482–496. https://doi.org/10.1177/1536867x0600600403
• Dogan, E., Altinoz, B., Madaleno, M., & Taskin, D. (2020). The impact of renewable energy consumption to economic growth: A replication and extension of Inglesi-Lotz (2016). Energy Economics, 90, 104866. https://doi.org/10.1016/j.eneco.2020.104866
• Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. Stata Journal, 12(1), 61–71. https://doi.org/10.1177/1536867x1201200105
• Eberhardt, M., & Teal, F. (2010). Department of Economics Discussion Paper Series Productivity Analysis in Global Manufacturing Production Productivity Analysis in. Working Paper, (515), 1–32.
• Inglesi-Lotz, R. (2016). The impact of renewable energy consumption to economic growth: A panel data application. Energy Economics, 53, 58–63. https://doi.org/10.1016/j.eneco.2015.01.003
• Koçak, E., & Şarkgüneşi, A. (2017). The renewable energy and economic growth nexus in black sea and Balkan Countries. Energy Policy, 100(October 2016), 51–57. https://doi.org/10.1016/j.enpol.2016.10.007
• McCoskey, S., & 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
• Menegaki, A. N. (2011). Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis. Energy Economics, 33(2), 257–263. https://doi.org/10.1016/j.eneco.2010.10.004
• MSCI. (2020). MSCI Global Market Accessibility Review. In Msci. Retrieved from https://www.msci.com/documents/1296102/1330218/MSCI_2020_Global_Market_Accessibility_Country_Comparison_Report.pdf/846bacde-48e5-dfa5-e1fb-83ba6b13ba6e
• Munir, Q., Lean, H. H., & Smyth, R. (2020). CO2 emissions, energy consumption and economic growth in the ASEAN-5 countries: A cross-sectional dependence approach. Energy Economics, 85, 104571. https://doi.org/10.1016/j.eneco.2019.104571
• Ocal, O., & Aslan, A. (2013). Renewable energy consumption-economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494–499. https://doi.org/10.1016/j.rser.2013.08.036
• OECD. (2009). Declaration on Green Growth Adopted at the Meeting of the Council at Ministerial Level on 25 June 2009. Retrieved from https://www.oecd.org/env/44077822.pdf
• OECD. (2011). Towards green growth: A summary for policy makers. https://doi.org/10.1787/9789264268203-10-en
• Ozcan, B., & Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104(August 2018), 30–37. https://doi.org/10.1016/j.rser.2019.01.020
• Ozturk, I., & Acaravci, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable Energy Reviews, 14(9), 3220–3225. https://doi.org/10.1016/j.rser.2010.07.005
• Pahle, M., Pachauri, S., & Steinbacher, K. (2016). Can the Green Economy deliver it all? Experiences of renewable energy policies with socio-economic objectives. Applied Energy, 179, 1331–1341. https://doi.org/10.1016/j.apenergy.2016.06.073
• Payne, J. E. (2009). On the dynamics of energy consumption and output in the US. Applied Energy, 86(4), 575–577. https://doi.org/10.1016/j.apenergy.2008.07.003
• Pesaran, M. H. (2004). General diagnostic tests for cross-sectional dependence in panels. In Empirical Economics. https://doi.org/10.1007/s00181-020-01875-7
• Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
• Pesaran, M. H. (2007). Journal of Applied Econometrics. 21(August 2012), 1–21. https://doi.org/10.1002/jae
• Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. In Journal of Econometrics (Vol. 68). https://doi.org/10.1016/0304-4076(94)01644-F
• Sadorsky, P. (2009). Renewable energy consumption, CO2 emissions and oil prices in the G7 countries. Energy Economics, 31(3), 456–462. https://doi.org/10.1016/j.eneco.2008.12.010
• Shahbaz, M., Loganathan, N., Zeshan, M., & Zaman, K. (2015). Does renewable energy consumption add in economic growth? An application of auto-regressive distributed lag model in Pakistan. Renewable and Sustainable Energy Reviews, 44, 576–585. https://doi.org/10.1016/j.rser.2015.01.017
• Sohag, K., Taşkın, F. D., & Malik, M. N. (2019). Green economic growth, cleaner energy and militarization: Evidence from Turkey. Resources Policy, 63(December 2018), 101407. https://doi.org/10.1016/j.resourpol.2019.101407
• Taşkın, D., Vardar, G., & Okan, B. (2020). Does renewable energy promote green economic growth in OECD countries? Sustainability Accounting, Management and Policy Journal, 11(4), 771–798. https://doi.org/10.1108/SAMPJ-04-2019-0192
• UNEP. (2011). Towards a Green EconomyPathways to Sustainable Development and Poverty Eradication - A Synthesis for Policy Makers. In Towards a GREEN economy. Retrieved from https://sustainabledevelopment.un.org/content/documents/126GER_synthesis_en.pdf
• Wang, X., & Shao, Q. (2019). Non-linear effects of heterogeneous environmental regulations on green growth in G20 countries: Evidence from panel threshold regression. Science of the Total Environment, 660, 1346–1354. https://doi.org/10.1016/j.scitotenv.2019.01.094
• Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
• Westerlund, J., & 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
• World Bank. (2020). World Bank Development Indicators. Retrieved June 1, 2020, from https://databank.worldbank.org/reports.aspx?source=world-development-indicators
• Yildirim, E., Saraç, Ş., & Aslan, A. (2012). Energy consumption and economic growth in the USA: Evidence from renewable energy. Renewable and Sustainable Energy Reviews, 16(9), 6770–6774. https://doi.org/10.1016/j.rser.2012.09.004
• Zaman, K., Abdullah, A. Bin, Khan, A., Nasir, M. R. B. M., Hamzah, T. A. A. T., & Hussain, S. (2016). Dynamic linkages among energy consumption, environment, health and wealth in BRICS countries: Green growth key to sustainable development. Renewable and Sustainable Energy Reviews, 56, 1263–1271. https://doi.org/10.1016/j.rser.2015.12.010