Financing the Clean Energy Projects in Turkey: The Roles of Domestic and Foreign Capital

Abstract

In this study, it is aimed to investigate the effects of domestic and foreign capital on the financing of clean energy projects towards with the sustainable development targets of Turkey. In addition, the effects of the increasing domestic and foreign capital on environmental pollution are also compared in the study. For these purposes, the effects of stock market capitalization which is used as an indicator of domestic capital and foreign direct investment that is used as an indicator of foreign capital on clean energy use (alternative and nuclear energy) and carbon dioxide emissions are examined using with ARDL bound test for the period from 1992 to 2015. The obtained findings from the study show that increasing foreign capital increases clean energy consumption while domestic capital has no significant effect on clean energy usage. Moreover, it is found that increasing foreign capital reduces environmental pollution while increasing domestic capital has positive influence on environmental pollution.

Keywords

• Sustainable Development,Clean Energy,Foreign Direct Investments,Capitalization

Türkiye’de Temiz Enerji Projelerinin Finansmanı: Yerli ve Yabancı Sermayenin Rolü

Abstract

Bu çalışmada, Türkiye’nin sürdürülebilir kalkınma hedeflerine yönelik olarak geliştirilen temiz enerji projelerinin finansmanında yerli ve yabancı sermayenin etkilerinin incelenmesi amaçlanmaktadır. Ayrıca, çalışmada yerli ve yabancı sermaye artışının çevre kirliliği üzerindeki etkileri de kıyaslanmaktadır. Bu amaçlar doğrultusunda, yerli sermayeyi temsilen kullanılan piyasa kapitalizasyonunun ve yabancı sermayeyi temsilen kullanılan doğrudan yabancı yatırımların sırasıyla temiz enerji kullanımı (alternatif ve nükleer enerji) ve karbondioksit emisyonu üzerindeki etkileri 1992-2015 dönemi için ARDL sınır testi aracılığıyla incelenmiştir. Çalışmada elde edilen bulgular, yabancı sermayedeki artışın temiz enerji tüketimini arttırdığını; yerli sermayedeki artışın ise temiz enerji tüketimi üzerinde anlamlı bir etkiye sahip olmadığını göstermektedir. Ayrıca, yabancı sermayedeki artışın çevre kirliliğini uzun dönemde azalttığı; yerli sermayedeki artışın ise çevre kirliliğini arttırdığı yönünde bulgulara ulaşılmıştır.

Keywords

• Sürdürülebilir Kalkınma,Temiz Enerji,Doğrudan Yabancı Yatırımlar,Kapitalizasyon

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