Güneş Enerjisi Üretimi ve Ekonomik Büyüme: AB Üyesi Ülkeler İçin Bir İnceleme

Year 2024, , 95 - 109, 28.04.2024

Meryem Filiz Baştürk

https://doi.org/10.17233/sosyoekonomi.2024.02.05

Abstract

Temiz bir enerji kaynağı olarak güneş enerjisinin kullanımı ve güneş enerjisinin ekonomiler üzerindeki etkisi gün geçtikçe artmaktadır. Bu artışı belirleyen temel faktör ise son yıllarda gelişen teknoloji ile birlikte güneş enerjisinin maliyetlerinde gerçekleşen belirgin düşüştür. Güneş enerjisinin Avrupa Yeşil Mutabakatında açıklanan yeni büyüme stratejisine katkı sağlayıp sağlamayacağı politika yapıcıların cevap bulmaya çalıştığı soruların başında gelmektedir. Bu bağlamda çalışmada AB üyesi ülkelerde güneş enerjisi üretiminin ekonomik büyüme üzerindeki etkisi incelenmiştir. 2018-2021 döneminin iki-yönlü sabit etkiler modeli ve Driscoll-Kraay standart hataları ile ele alındığı çalışmada, güneş enerjisi üretiminin ekonomik büyüme üzerinde pozitif ve istatiksel olarak anlamlı bir etkisi olduğu sonucuna ulaşılmıştır.

Keywords

Güneş Enerjisi, Ekonomik Büyüme, AB Ekonomileri, Yeşil Ekonomi, Avrupa Yeşil Mutabakatı

Solar Energy Production and Economic Growth: An Analysis for EU Countries

Abstract

Producing and consuming solar energy as a clean energy resource in economies has gained importance. The importance of solar energy is based on reducing costs due to technological developments. Responsive to whether the contribution of investing in solar energy to reach proclaimed new development strategies in the EU Green Deal has been one of the critical indicators for policymakers nowadays. In this context, this paper analysed the impacts of solar energy production on the economic growth of EU member countries. After the analysis, using a two-way fixed effects model and Driscoll-Kraay standard errors 2018-2021, solar energy production’s positive and statistically significant effects on economic growth were found.

Keywords

Solar Energy, Economic Growth, EU Economies, Green Economy, European Green Deal

References

• Al-Shetwi, A.Q. (2022), “Sustainable development of renewable energy integrated power sector: Trends, environmental impacts, and recent challenges”, Science of the Total Environment, 822, 153645.
• Apergis, N. & J.E. Payne (2010), “Renewable energy consumption and economic growth: Evidence from a panel of OECD countries”, Energy Policy, 38(1), 656-660.
• Apergis, N. & J.E. Payne (2011a), “Renewable and non-renewable electricity consumption-growth nexus: Evidence from emerging market economies”, Applied Energy, 88(12), 5226-5230.
• Apergis, N. & Payne, J.E. (2011b), “On the causal dynamics between renewable and non-renewable energy consumption and economic growth in developed and developing countries”, Energy Systems, 2, 299-312.
• Armeanu, D.Ş. et al. (2017), “Does renewable energy drive sustainable economic growth? Multivariate panel data evidence for EU-28 countries”, Energies, 10(3), 381.
• Azam, A. et al. (2021), “Renewable electricity generation and economic growth nexus in developing countries: An ARDL approach”, Economic Research-Ekonomska Istraživanja, 34(1), 2423-2446.
• Baltagi, B.H. (2013), Econometric analysis of panel data, Fifth Edition, England: John Wiley& Sons, Ltd.
• Behera, J. & A.K. Mishra (2020), “Renewable and non-renewable energy consumption and economic growth in G7 countries: evidence from panel autoregressive distributed lag (P-ARDL) model”, International Economics and Economic Policy, 17, 241-258.
• Borawski, P. et al. (2022), “Development of renewable energy sources in the European Union in the context of sustainable development policy”, Energies, 15, 1545.
• BP British Petroleum (2022), Statistical Review of World Energy, All-Data 1965-2021, <https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/power-by-fuel.html>, 20.11.2022.
• Bulut, U. & A. Menegaki (2020), “Solar energy-economic growth nexus in top 10 countries with the highest installed capacity”, Energy Sources, Part B: Economics, Planning, and Policy, 15(5), 297-310.
• Bulut, U. & N. Apergis (2021), “A new methodological perspective on the impact of energy consumption on economic growth: Time series evidence based on the Fourier approximation for solar energy in the USA”, GeoJournal, 86, 1969-1980.
• Busu, M. (2020), “Analyzing the impact of the renewable energy sources on economic growth at the EU level using an ARDL model”, Mathematics, 8(8), 1367.
• Chang, T. et al. (2015), “Renewable energy and growth: Evidence from heterogeneous panel of G7 countries using Granger causality”, Renewable and Sustainable Energy Reviews, 52, 1405-1412.
• Croutzet, A. & A. Dabbous (2021), “Do FinTech trigger renewable energy use? Evidence from OECD countries”, Renewable Energy, 179, 1608-1617.
• Dabbous, A. & A. Tarhini (2021), “Does sharing economy promote sustainable economic development and energy efficiency? Evidence from OECD countries”, Journal of Innovation & Knowledge, 6, 58-68.
• Driscoll, J.C. & A.C. Kraay (1998), “Consistent covariance matrix estimation with spatially dependent panel data”, Review of Economics and Statistics, 80(4), 549-559.
• European Commission (2019), “The European Green Deal”. Communication from the Commission COM(2019) 640 Final, Brussels, <https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1596443911913&uri=CELEX:52019DC0640#document2>, 25.06.2020.
• European Commission (2020), “Renewable Energy Progress Report”, Communication from the Commission COM(2020) 952 Final, Brussels, <https://data.consilium.europa.eu/doc/document/ST-11866-2020-INIT/en/pdf>, 23.06.2021.
• European Commission (2021), “'Fit for 55': delivering the EU's 2030 climate target on the way to climate neutrality”, Communication from the Commission COM(2021) 550 Final, Brussels, <https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52021DC0550&from=EN>,12.06.2022.
• European Commission (2022), EU Energy in figures, <https://op.europa.eu/en/publication-detail/-/publication/7d9ae428-3ae8-11ed-9c68-01aa75ed71a1/language-en>, 25.01.2023.
• Filiz-Baştürk, M. (2021), “G-7 Ülkelerinde yenilenebilir enerji ile büyüme arasındaki ilişki: Panel veri analizi”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 20(42), 1086-1101.
• Filiz-Baştürk, M. (2022), “Yükselen piyasa ekonomilerinde yenilenebilir enerji tüketimi-iktisadi büyüme ilişkisi”, Finans Politik & Ekonomik Yorumlar, 660, 9-23.
• Greene, W.H. (2002), Econometric Analysis, Fifth Edition, Upper Saddle River, New Jersey 07458. Prentice Hall.
• Hausman, J.A. (1978), “Specification tests in econometrics”, Econometrica, 46(6), 1251-1271.
• Hoechle, D. (2007), “Robust standard errors for panel regressions with cross-sectional dependence”, Stata Journal, 7(3), 281-312.
• IRENA and CPI (2023), Global landscape of renewable energy finance, International Renewable Energy Agency, Abu Dhabi, <https://www.irena.org/Publications/2023/Feb/Global-landscape-of-renewable-energy-finance-2023>, 1.03.2023.
• Jaraite, J. et al. (2017), “Policy-induced expansion of solar and wind power capacity: Economic growth and employment in EU countries”, The Energy Journal, 38(5), 197-222.
• Kabir, E. et al. (2018), “Solar energy: Potential and future prospects”, Renewable and Sustainable Energy Reviews, 82, 894-900.
• Koç, Ü. (2021), “Güneş enerjisi ve ekonomik büyüme”, Ekonomi, Politika & Finans Araştırmaları Dergisi, 6(2), 515-533.
• Kougias, I. et al. (2021), “The role of photovoltaics for the European Green Deal and the recovery plan”, Renewable and Sustainable Energy Reviews, 144, 111017.
• Lin, B. & M. Moubarak (2014), “Renewable energy consumption-economic growth nexus for China”, Renewable and Sustainable Energy Reviews, 40, 111-117.
• Lutkepohl, H. (1982), “Non-causality due to omitted variables”, Journal of Econometrics, 19, 367-378.
• Marques, A.C. & J.A. Fuinhas (2012), “Is renewable energy effective in promoting growth?”, Energy Policy, 46, 434-442.
• Menegaki, A.N. (2011), “Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis”, Energy Economics, 33, 257-263.
• Ocal, O. & A. Aslan (2013), “Renewable energy consumption-economic growth nexus in Turkey”, Renewable and Sustainable Energy Reviews, 28, 494-499.
• Ohler, A. & I. Fetters (2014), “The causal relationship between renewable electricity generation and GDP growth: A study of energy sources”, Energy Economics, 43, 125-139.
• Ozcan, B. & I. Ozturk (2019), “Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test”, Renewable and Sustainable Energy Reviews, 104, 30-37.
• Ozturk, I. (2010), “A literature survey on energy-growth nexus”, Energy Policy, 38(1), 340-349.
• Pao, H.T. & H.C. Fu (2013), “Renewable energy, non-renewable energy and economic growth in Brazil”, Renewable and Sustainable Energy Reviews, 25, 381-392.
• Payne, J.E. (2009), “On the dynamics of energy consumption and output in the US”, Applied Energy, 86(4), 575-577.
• Payne, J.E. (2010), “A survey of the electricity consumption-growth literature”, Applied Energy, 87, 723-731.
• Pesaran, M.H. (2015), “Testing weak cross-sectional dependence in large panels”, Econometric Reviews, 34(6-10), 1089-1117.
• Polat, B. (2021), “The impact of renewable and nonrenewable energy consumption on economic growth: a dynamic panel data approach”, Asia-Pacific Journal of Accounting & Economics, 28(5), 592-603.
• Rafindadi, A.A. & I. Ozturk (2017), “Impacts of renewable energy consumption on the German economic growth: Evidence from combined cointegration test”, Renewable and Sustainable Energy Reviews, 75, 1130-1141.
• REN21 (2022), Renewables 2022: Global Status Report, (Paris: REN21 Secretariat), <https://www.ren21.net/wp-content/uploads/2019/05/GSR2022_Full_Report.pdf>, 20.01.2023.
• Sadorsky, P. (2009), “Renewable energy consumption and income in emerging economies”, Energy Policy, 37(10), 4021-4028.
• Singh, N. et al. (2019), “Renewable energy development as a driver of economic growth: Evidence from multivariate panel data analysis”, Sustainability, 11, 2418.
• Smolovic, J.C. et al. (2020), “How does renewable energy consumption affect economic growth in the traditional and new member states of the European Union?”, Energy Reports, 6, 505-513.
• Topcu, B.A. & M. Dogan (2022), “The effect of solar energy production on financial development and economic growth: Evidence from 11 selected countries”, Energy Sources, Part B: Economics, Planning, and Policy, 17(1), 2141377.
• Torres-Reyna, O. (2007), Panel data analysis fixed and random effect using Stata (v.6.0), <https://www.princeton.edu/~otorres/Panel101.pdf>, 5.06.2022.
• Tugcu, C.T. et al. (2012), “Renewable and non-renewable energy consumption and economic growth relationship revisited: Evidence from G7 Countries”, Energy Economics, 34(6), 1942-1950.
• Wolniak, R. & B. Skotnicka-Zasadzien (2022), “Development of photovoltaic energy in EU countries as an alternative to fossil fuels”, Energies, 15(2), 662.
• Wooldridge, J.M. (2002), Econometric analysis of cross-section and panel data, Cambridge, MA: MIT Press.
• World Bank (2022), World Bank Development Indicators, <https://databank.worldbank.org/source/world-development-indicators>, 10.11.2022.
• Yang, M. & J. Kim (2020), “Revisiting the relation between renewable electricity and economic growth: A renewable-growth hypothesis”, Sustainability, 12, 3121.
• Yerdelen-Tatoğlu, F. (2018), Panel veri ekonometrisi: Stata uygulamalı, Dördüncü Baskı, İstanbul: Beta Yayınları.