Yenilenebilir Enerji Üretimini Etkileyen Faktörlerin Analizi: Türkiye Örneği

Year 2023, , 182 - 201, 29.10.2023

Güntülü Özlem Yüksel , Muharrem Afşar

https://doi.org/10.25204/iktisad.1347654

Abstract

Yaşanan iklim değişikliği sorunu, temiz enerji ve enerji verimliliğinin küresel düzeyde önemini arttırmıştır. Bu nedenle politika yapıcılar, bugün dünya için büyük bir tehdit oluşturan sera gazı salınımı sorunuyla mücadele etmek için yenilenebilir enerji uygulamasını ve üretimini geliştirmeyi kritik bir konu haline getirdiler. Bu çalışmada, 1990’dan 2021’e kadar Türkiye’de yenilenebilir enerji üretimini etkileyen faktörleri incelemek için Otoregresif Dağıtılmış Gecikme (ARDL) Modeli kullanılmaktadır. Çalışmanın güvenilirliği için ayrıca Tam Modifiye Edilmiş Sıradan En Küçük Kare (FMOLS), Dinamik Sıradan En Küçük Kare (DOLS) ve Kanonik Eşbütünleşik Regresyon (CCR) tahmincileri ve göstergeler arasındaki nedensellik ilişkisini görmek için Toda-Yamamoto nedensellik yöntemi kullanılmıştır. Çalışmanın bulguları, ekonomik büyüme ile yenilenebilir enerji üretimi arasında pozitif bir korelasyon olduğunu göstermektedir. Ayrıca, araştırma ve geliştirme faaliyetlerindeki artışın ve finansal gelişmişliğin yenilenebilir enerjiye geçiş üzerinde olumlu bir etkisi olduğu tespit edilmiştir. Son olarak çalışmada, doğrudan yabancı yatırım girişlerinin Türkiye’deki yenilenebilir enerjinin potansiyelini engellediği sonucuna ulaşılmıştır.

Keywords

Ekonomik Büyüme, Doğrudan Yabancı Yatırım, Finansal Gelişme, Ar-Ge, Yenilenebilir enerji üretimi

Determinants of Renewable Energy Production: The Case of Turkey

Abstract

The problem of climate change has increased the importance of clean energy and energy efficiency at the global level. Therefore, policymakers have made it a critical issue to improve renewable energy implementation and generation to combat the problem of greenhouse gas emissions, which pose a major threat to the world today. In this study, Autoregressive Distributed Lag (ARDL) Model is used to examine the factors affecting renewable energy generation in Turkey from 1990 to 2021. Fully Modified Ordinary Least Square (FMOLS), Dynamic Ordinary Least Square (DOLS) and Canonical Co-integration Regression (CCR) estimators are also used for the robustness of the study and Toda-Yamamoto causality method is used to see the causal relationship between the indicators. The findings of the study show that there is a positive correlation between economic growth and renewable energy production. Moreover, the increase in research and development activities and financial development are found to have a positive impact on the transition to renewable energy. Finally, the study finds that foreign direct investment inflows hinder the potential of Turkey’s renewable energy sector.

Keywords

Economic Growth, Foreign Direct Investment, Research and Development, Financial Development, Renewable Energy

References

• Abbasi, F ve Riaz, K. (2016). CO2 emissions and financial development in an emerging economy: an augmented VAR approach. Energy Policy, (90), 102–114. https:// doi.org/ 10. 1016/j. enpol. 2015.12.017
• Adedoyin, F. F., Ozturk, I., Agboola, M. O., Agboola, P. O. ve Bekun, F. V. (2021). The implications of renewable and non-renewable energy generating in Sub-Saharan Africa: the role of economic policy uncertainties. Energy Policy, 150, 112115. https://doi.org/10.1016/j.enpol.2020.112115
• Adedoyin, F.F., Bekun, F.V. ve Alola, A.A. (2020). Growth impact of transition from non-renewable to renewable energy in the EU: The role of research and development expenditure. Renew. Energy, 159, 1139–1145. https://doi.org/10.1016/j.renene.2020.06.015
• Ankrah, I. ve Lin, B. (2020). Renewable energy development in Ghana: Beyond potentials and commitment. Energy, 198, 117356. https://doi.org/10.1016/j.energy.2020.117356
• Belaid, F., Elsayed, A. H. ve Omri, A. (2021). Key drivers of renewable energy deployment in the MENA region: empirical evidence using panel quantile regression. Structural Change and Economic Dynamics, (57), 225–238. https://doi.org/10.1016/j.strueco.2021.03.011.
• Best, R. (2017). Switching towards coal or renewable energy? The effects of financial capital on energy transitions. Energy Econ, (63),75–83.https:// doi.org/10.1016/j.eneco.2017.01.019.
• Bhujabal, P., Sethi, N. ve Padhan, P.C. (2021). ICT, foreign direct investment and environmental pollution in major Asia Pacific countries. Environmental Science and Pollution Research, 28,42649- 42669. https://doi.org/10.1007/s11356-021-13619-w
• British Petroleum (BP). (2022). Statistical review of world energy. London: British Petroleum.
• Chien, T. ve Hu, J. L. (2007). Renewable energy and macroeconomic efficiency of OECD and non-OECD economies. Energy Policy, 35(7) 3606-3615. https://doi.org/10.1016/j.enpol.2006.12.033.
• Çomuk, P., Akkaya, B., Ercoşkun, S. ve Apostu, S. (2023). The foreign direct investments, economic growth, renewable energy and carbon (CO2) emissions nexus: an empirical analysis for Turkey and European Union Countries. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-023-03382-y
• Doğan, E. ve Doğan, B. Ö. (2021). Finansal gelişme ve inovasyon, Türkiye’de yenilenebilir enerji üretimini artırıyor mu?. Turkish Studies-Economics, Finance, Politics, 16(2), 783-797. https://doi.org/10.47644/TurkishStudies.47359
• Engle, R. F. ve Granger, C. W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 55, 251–276.
• Ergun, S. J., Owusu, P. A. ve Rivas, M. F. (2019). Determinants of renewable energy consumption in Africa. Environmental Science and Pollution Research, 26,15390-15405. https://doi.org/10.2307/1913236.
• Gökmenoğlu, K. K., Taşpınar, N. ve Rahman, M.M. (2021). Military expenditure, financial development and environmental degradation in Turkey: a comparison of CO2 emissions and ecological footprint. Int J Finance Econ (26), 986–997.https:// doi.org/10.1002/ijfe.1831
• Grossman, G. M. ve Krueger, A. B. (1995). Economic growth and the environment. The Quarterly Journal of Economics, 110(2), 353–377. http://dx.doi.org/10.2307/2118443
• Hansen, B.E. ve Phillips, P.C. (1990). Estimation and inference in models of cointegration: A simulation study. Advances in Econometrics, 8, 225–248.
• Iqbal, S., Wang, Y., Ali, S., Haider, M. M. ve Amin, N. (2023). Shifting to a green economy: Asymetric macroeconomic determinants of renewable energy production in Pakistan. Renewable Energy, 202, 234-241. https://doi.org/10.1016/j.renene.2022.11.071
• IRENA. (2023). Renewable energy statistics 2023. Abu Dhabi.: International Renewable Energy Agency. https://www.irena.org/Publications/2023/Jul/Renewable-energy-statistics-2023
• Jammazi, R. ve Aloui, C. (2015). On the interplay between energy consumption, economic growth and CO2 emission nexus in the GCC countries: a comparative analysis through wavelet approaches. Renew. Sustain. Energy Rev. https://doi.org/10.1016j.rser.2015.0
• Ji, Q. ve Zhang, D. (2019). How much does financial development contribute to renewable energy growth and upgrading of energy structure in China? Energy Policy, 128, 114-124. https://doi.org/10.1016/j.enpol.2018.12.047.
• Khan, A., Yang, C.H., Hussain, J. ve Kui, Z. (2021). Impact of technological innovation, financial development and foreign direct investment on renewable energy, non-renewable energy and the environment in belt & Road Initiative countries. Renewable Energy, 171, 479-491. https://doi.org/10.1016/j.renene.2021.02.075
• Khan, S., Khan, M. K. ve Muhammad, B. (2021). Impact of financial development and energy consumption on environmental degradation in 184 countries using a dynamic panel model. Environ Sci Pollut Res 28, 9542-9557. https://doi.org/10.1007/s11356- 020-11239-4
• Khoshnevis Yazdi, S. ve Shakouri, B. (2017). Renewable energy, nonrenewable energy consumption, and economic growth. Energy Sources B Energy Econ. Plann., 12(12), 1038-1045. https://doi.org/10.1080/15567249.2017.1316795
• Kilicarslan, Z. (2019). The Relationship between Foreign Direct Investment and Renewable Energy Production: Evidence from Brazil, Russia, India, China, South Africa and Turkey. International Journal of Energy Economics and Policy, 9(4), 291-297. https://doi.org/10.32479/ijeep.7879
• Kim,J ve Park, K. (2016). Financial development and deployment of renewable energy technologies. Energy Econ 59, 238-250. https:// doi.org/ 10.1016/j.eneco.2016.08.012.
• Kirikkaleli, D. ve Adebayo, T.S. (2020). Do renewable energy consumption and financial development matter for environmental sustainability? New global evidence. Sustainable Development, 29(4), 583-594. https://doi.org/10.1002/sd.2159
• Kutan, A.M., Paramati, S.R., Ummalla, M. ve Zakari, A. (2018). Financing Renewable Energy Projects in Major Emerging Market Economies: Evidence in the Perspective of Sustainable Economic Development. Emerging Markets Finance and Trade, 54, 1761-1777. https://doi.org/10.1080/1540496X.2017.1363036
• Le, T. H., Nguyen, C. P. ve Park, D. (2020). Financing renewable energy development: insights from 55 countries. Energy Research & Social Science, 68,101537. https://doi.org/10.1016/j.erss.2020.10153.
• Lee, K. ve Hwang, S. (2014). Regional heterogeneity and location choice of FDI in Korea via agglomeration and linkage relationships. Journal of the Asia Pacific Economy, 19, 464- 487. https://doi.org/10.1080/13547860.2014.908535
• Liang, J. ve Fiorino, D.J. (2013). The implications of policy stability for renewable energy innovation in the United States. PolicyStud. J. 41, 97–118. https://doi.org/10.1111/psj.12004
• Lin, B., Omoju, O.E. ve Okonkwo, J.U. (2016). Factors influencing renewable electricity consumptionin China.RenewSust Energ Rev (55),687–696. https:// doi.org/10.1016/j.rser.2015.11.003.
• Liu, Y. ve Hao, Y. (2018). The dynamic links between CO2 emissions, energy consumption and economic development in the countries along “the Belt and Road". Sci. Total Environ. 645, 674–683. https://doi.org/10.1016/j.scitotenv.2018.07.062.
• Ma, R., Cai, H., Ji, Q. ve Zhai, P. (2021). The impact of feed-in tariff degression on R&D investment in renewable energy: the case of the solar PV industry. Energy Pol. 151112209, 1-12. https://doi.org/10.1016/j.enpol.2021.112209
• Mezghani, I. ve Ben Haddad, H. (2017). Energy consumption and economic growth: an empirical study of the electricity consumption in Saudi Arabia. Renew. Sustain. Energy Rev. https://doi.org/10.1016/j.rser.2016.10.058.
• Mikayilov, J. I., Mukhtarov, S., Dincer, H., Yuksel, S. ve Aydın, R. (2020). Elasticity analysis of fossil energy sources for sustainable economies: A case of gasoline consumption in Turkey. Energies, 13(3), 731. https://doi.org/10.3390/en13030731
• Mingxing, L., Ashraf, M.S., Zhiqiang, M., Ashraf, R.U, Usman, M. ve Khan, I. (2023). Adaptation to globalization in renewable energy sources: Environmental implications of financial development and human capital in China. Envrion. Sci., 1-13. https://doi.org/10.3389/fenvs.2022.1060559.
• Narayan, P. K. ve Smyth, R. (2006). What determines migration flows from low-income to high-income countries? An empirical investigation Fiji-US migration 1972-2001. Contemporary Economic Policy, (24:2), 332-342. https://doi.org/10.1093/cep/byj019
• Park, J. (1992). Canonical cointegrating regressions. Econom. J. Economet. Soc., 60,119–143. https://doi.org/10.2307/2951679
• Pesaran, M. H., Shin, Y. ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
• Przychodzeń, W. ve Przychodzen, J. (2020). Determinants of renewable energy production in transition economies: A panel data approach. Energy, 191, 116583, 1-11. https://doi.org/10.1016/j.energy.2019.116583
• Sekrafi, H. ve Sghaier, A. (2018). Examining the relationship between corruption, economic growth, environmental degradation, and energy consumption: a panel analysis in MENA region. J. Knowl. Econ. 9, 963–979. https://doi.org/10.1007/s13132-016-0384-6.
• Shahbaz,M., Solarin,S.A., Mahmood,H. ve Arouri,M. (2013). Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis. Econ Model 35:145–152., 145-152. https:// doi.org/ 10.1016/j.econmod.2013.06.037.
• Shahzadi, I., Yaseen, M.R., Khan, M.T.I., Makhdum, M.S.A. ve Ali, Q. (2022). The nexus between research and development, renewable energy and environmental quality: Evidence from developed and developing countries. Renew. Energy, 190, 1089–1099. https://doi.org/10.1016/j.renene.2021.10.050
• Toda, H. Y. ve Yamamoto, T. (1995). Statistical inference in Vector Autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225-250. https://doi.org/10.1016/0304-4076(94)01616-8
• Ünlü, U., Yıldırım, F., Kuloğlu, A., Ersoy, E. ve Çetenak, E.H. (2022). Nexus between renewable energy, credit gap risk, financial development and R&D expenditure: Panel ARDL Approach. Sustainability, 14, No:23. https://doi.org/10.3390/su142316232.
• Witskowska, J. (2011). Foreign direct investment and sustainable development in the New EU Member States: Environmental aspects. Comparative Economic Research, Central and Eastern Europe, 14(3), 5–23. https:// doi.org/ 10. 2478/ v10103- 011- 0016-0.
• Xie, F., Liu, Y., Guan, F. ve Wang, N. (2020). How to coordinate the relationship between renewable energy consumption and green economic development: from the perspective of technological advancement. Environ. Sci. Eur. 32 (1), 1-15. https://doi.org/10.1186/s12302-020-00350-5
• Zafar, M.W., Shahbaz, M., Hou, F. ve Sinha, A. (2019). From nonrenewable to renewable energy and its impact on economic growth: The role of research & development expenditures in Asia-Pacific Economic Cooperation countries. J. Clean. Prod.,212, 1166–1178. https://doi.org/10.1016/j.jclepro.2018.12.081
• Zhao, J., Patwary, A. K., Qayyum, A., Alharthi, M., Bashir, F., Mohsin, M. ve Abbas, Q. (2022). The determinants of renewable energy sources for the fueling of green and sustainable economy. Energy, 238, 122029. https://doi.org/10.1016/j.energy.2021.122029
• Zhe, L., Yüksel, S., Dinçer, H., Mukhtarov, S. ve Azizov, M. (2021). The positive influences of renewable energy consumption on financial development and economic growth. Sage Open, 11(3), 21582440211040133. https://doi.org/10.1177/21582440211040133