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Yeşil Tahviller ve Yenilenebilir Enerji Üretimi İlişkisi: AB Örneği

Year 2024, , 325 - 336, 22.07.2024
https://doi.org/10.51551/verimlilik.1443364

Abstract

Amaç: Küresel iklim değişikliğini önlemek için birçok ekonomi yeşil projelere yapılan yatırımlara yönelmiştir. Bunlar içerisinde özellikle yenilenebilir enerji kaynaklarına yapılan yatırımlar ağırlıklı payı oluşturmaktadır. Ancak bu projeleri hayat geçirmede en temel problem finansman sağlama noktasında ortaya çıkmaktadır. Finansman sorununu gidermek için geliştirilen yenilikçi araçlardan biri yeşil tahvillerdir. Bu bağlamda çalışmanın amacı, yeşil tahvillerin yenilenebilir enerji üretimine etkisinin araştırılmasıdır.
Yöntem: Yeşil tahvillerin yenilenebilir enerji üretimi üzerindeki etkisi sabit etkiler modeli, rassal etkiler modeli ve Driscoll-Kraay standart hataları ile araştırılmıştır.
Bulgular: 19 AB üyesi ülke için 2016-2021 döneminde yeşil tahvillerin yenilenebilir enerji üretimi üzerinde pozitif ve istatiksel olarak anlamlı bir etkisi olduğu sonucuna ulaşılmıştır.
Özgünlük: Yeşil tahvillerin yenilenebilir enerji üretimi üzerindeki etkisini inceleyen çalışmalar literatürde oldukça kısıtlıdır. Bu çalışma yeşil tahvillerin yenilenebilir enerji üretimi üzerindeki etkisini ampirik olarak ortaya koymaktadır. Aynı zamanda ilgili alandaki kısıtlı literatüre katkı sağlamaktadır.

References

  • Alamgir, M. ve Cheng, M.C. (2023). “Do Green Bonds Play a Role in Achieving Sustainability?”, Sustainability, 15(10177), 1-27.
  • Alharbi, S.S., Mamun, M.A., Boubaker, S. ve Rizvi, S.K.A (2023). “Green Finance and Renewable Energy: A Worldwide Evidence. Energy Economics, 118, 1-19.
  • Apergis, N. ve Payne, J.E. (2010). “Renewable Energy Consumption and Economic Growth: Evidence from a Panel of OECD Countries”, Energy Policy, 38(1), 656–60.
  • Azhgaliyeva, D. (2021). “Green Islamic Bonds”, Asian Development Outlook 2021 Background Note, https://www.adb.org/documents/asian-development-outlook-2021-background-papers, (Erişim Tarihi: 29.09.2022).
  • Baltagi, B. H. (2013). “Econometric Analysis of Panel Data”, Fifth Edition, England: John Wiley& Sons, Ltd.
  • Berrou, R., Ciampoli, N., ve Marini, V. (2019). “Defining Green Finance: Existing Standards and Main Challenges”, The Rise of Green Finance in Europe Opportunities and Challenges for Issuers, Investors and Marketplaces (Editör: Migliorelli, M. ve Dessertine, P.), Switzerland: Palgrave Macmillian, 31-51.
  • Bhutta, U.S., Tariq, A., Farrukh, M., Raza, A. ve Iqbal, M.K. (2022). “Green Bonds for Sustainable Development: Review of Literature on Development and Impact of Green Bonds”, Technological Forecasting & Social Change, 175, 1-16.
  • BP (2022). “Statistical Review of World Energy All-Data”, https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/power-by-fuel.html (Erişim Tarihi: 02.12.2022).
  • Brown, M.B. ve Forsythe, A.B. (1974). “Robust Tests for the Equality of Variances”, Journal of the American Statistical Association, 69(346), 364-367.
  • Chang, L., Taghizadeh – Hesary, F., Chen, H. ve Mohsin, M. (2022). “Do Green Bonds have Environmental Benefits?”, Energy Economics, 115, 1-12.
  • De Silva Lokuwaduge, C.S. ve De Silva, K.M. (2022). “ESG Risk Disclosure and the Risk of Green Washing”, Australasian Accounting, Business and Finance Journal, 16(1), 146-159.
  • Driscoll, J. C. ve Kraay, A.C. (1998). “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549–59.
  • European Commission (2019). “The European Green Deal”, Communication from the Commission COM(2019) 640 Final, 11.12.2019, Brussels, https://eur-lex.europa.eu/legal-content/EN/TXT/? qid=1596443911913&uri=CELEX:52019DC0640#document2 (Erişim Tarihi: 25 Haziran 2020).
  • Fatica, S. ve Panzica, R. (2021). “Green Bonds as a Tool Against Climate Change?”, Business Strategy and the Environment, 30, 2688-2701.
  • Griffith-Jones, S., Ocampo, J.A. ve Spratt, S. (2012). “Financing Renewable Energy in Developing Countries: Mechanisms and Responsibilities”, European Report on Development, http://policydialogue.org/files/publications/Financing_Renewable_Energy_in_Developing_Countries.pdf (Erişim Tarihi: 5 Mart 2018).
  • Hausman, J A. (1978). “Specification Tests in Econometrics”, Econometrica, 46(6), 1251–71.
  • Hoechle, D. (2007). “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, Stata Journal, 7(3), 281–312.
  • Hou, H., Wang, Y. ve Zhang, M. (2023). “Green Finance Drives Renewable Energy Development: Empirical Evidence from 53 Countries Worldwide”, Environmental Science and Pollution Research, 30, 80573-80590.
  • Hsiao, C. (2003). “Analysis of Panel Data”, Second Edition, Cambridge University Press.
  • IRENA (2020). Renewable Energy Finance: Green Bonds, International Renewable Energy Agency, Abu Dhabi, https://www.irena.org/publications/2020/Jan/RE-finance-Green-bonds (Erişim Tarihi: 02.03.2021).
  • Khan, M.A., Riaz, H., Ahmed, M. ve Saeed, A. (2022). “Does Green Finance Really Deliver What is Expected? An Empirical Perspective”, Borsa İstanbul Review, 22-3, 586-593.
  • Lee, C.C., Wang, F. ve Chang, Y.F. (2023). “Does Green Finance Promote Renewable Energy? Evidence from China”, Resources Policy, 82, 1-13.
  • Levene, H. (1960). “Robust Tests for Equality of Variances”, Contributions to Probability and Statistics, Editörler Olkin, I., Ghurye, S.G., Hoeffding, W., Madow, W.G. ve Mann, H.B., Stanford University Press, California, USA, 278-292.
  • Marques, A.C., Fuinhas, J.A. ve Manso, J.P. (2011). “A Quantile Approach to Identify Factors Promoting Renewable Energy in European Countries”, Environ Resource Econ, 49, 351-366.
  • Mishkin Frederic S. (2004). “The Economics of Money Banking and Financial Markets”, Seventh Edition, Addison Wesley.
  • Pesaran, M.H. (2015). “Testing weak cross-sectional dependence in large panels”, Econometric Reviews, 34(6-10), 1089-1117.
  • Refinitiv Eikon Database (2023). “Green bonds”, https://emea1-apps.platform.refinitiv.com/web/Apps/Green-bonds?appType=GRN (Erişim Tarihi: 01.12.2023).
  • REN-21 (2017). “Renewables – Global Status Report: 2017”, http://www.ren21.net/wp-content/uploads/2017/06/17-8399_GSR_2017_Full_Report_0621_Opt.pdf (Erişim Tarihi: 28 Nisan 2018).
  • REN-21 (2018). “Renewables – Global Status Report: 2018”, http://www.ren21.net/wp-content/uploads/2018/06/17-8652_GSR2018_FullReport_web_final_.pdf (Erişim Tarihi: 28 Eylül 2019).
  • REN-21 (2020). “Renewables – Global Status Report: 2020”, https://www.ren21.net/wp-content/uploads/2019/05/gsr_2020_full_report_en.pdf (Erişim Tarihi: 15 Mart 2022).
  • REN-21 (2021). “Renewables – Global Status Report: 2021”, https://www.ren21.net/wp-content/uploads/2019/05/GSR2021_Full_Report.pdf (Erişim Tarihi: 8 Nisan 2023).
  • Ruiz-Blanco, S., Romero, S. ve Fernandez-Feijoo, B. (2022). “Green, Blue or Black, but Washing-What Company Characteristics Determine Greenwashing?”, Environment, Development and Sustainability, 24: 4024-4045.
  • Sun, Y., Bao, Q. ve Taghizadeh-Hesary, F. (2023). “Green Finance, Renewable Energy Development, and Climate Change: Evidence from Regions of China. Humanities & Social Sciences Communications, 10(107), 1-8.
  • UNEP (2016). “Definitions and concepts”, Background note. Inquiry working paper 16/13. Geneva. https://www.unep.org/resources/report/definitions-and-concepts-background-note-inquiry-working-paper-1613 (Erişim Tarihi: 18.04.2021).
  • Weber, O. ve ElAlfy, A. (2019). “The Development of Green Finance by Sector”, The Rise of Green Finance in Europe Opportunities and Challenges for Issuers, Investors and Marketplaces (Editor: Migliorelli, M. ve Dessertine, P.), Switzerland: Palgrave Macmillian, 53-79.
  • Wooldridge, J.M. (2002). “Econometric Analysis of Cross-Section and Panel Data”, Cambridge, MA: MIT Press.
  • World Bank (2023). “World Development Indicators”, https://databank.worldbank.org/source/world-development-indicators (Erişim Tarihi: 02.12.2023).
  • Xing, C., Zhang, Y. ve Tripe, D. (2021). “Green Credit Policy and Corporate Access to Bank Loans in China: The Role of Environmental Disclosure and Green Innovation”, International Review of Financial Analysis, 77, 1-16
  • Yerdelen Tatoğlu, F. (2018). “Panel Veri Ekonometrisi: Stata Uygulamalı”, Dördüncü Baskı, İstanbul: Beta Yayınları.
  • Zheng, M., Du, Q. ve Wang, Q.J. (2023). “Nexus between Green Finance and Renewable Energy Development in China”, Emerging Markets Finance and Trade, 59(4), 1205-1218.

The Relationship between Green Bonds and Renewable Energy Production: The Example of the EU

Year 2024, , 325 - 336, 22.07.2024
https://doi.org/10.51551/verimlilik.1443364

Abstract

Purpose: Many economies have turned to investments in green projects to prevent global climate change. Among these, investments in renewable energy sources make up the dominant share. However, the most fundamental problem in implementing these projects arises at the financing point. One of the innovative tools developed to solve the financing problem is green bonds. The study aims to reveal whether green bonds impact renewable energy production in this context.
Methodology: The impact of green bonds on renewable energy production was investigated using a fixed effects model, a random effects model, and Driscoll-Kraay standard errors.
Findings: It was concluded that green bonds had a positive and statistically significant impact on renewable energy production in the 2016-2021 period for 19 EU member countries.
Originality: Studies examining the impact of green bonds on renewable energy production are quite limited in the literature. This study aims to reveal empirically the impact of green bonds on renewable energy production. It also contributes to the limited literature in the relevant field.

References

  • Alamgir, M. ve Cheng, M.C. (2023). “Do Green Bonds Play a Role in Achieving Sustainability?”, Sustainability, 15(10177), 1-27.
  • Alharbi, S.S., Mamun, M.A., Boubaker, S. ve Rizvi, S.K.A (2023). “Green Finance and Renewable Energy: A Worldwide Evidence. Energy Economics, 118, 1-19.
  • Apergis, N. ve Payne, J.E. (2010). “Renewable Energy Consumption and Economic Growth: Evidence from a Panel of OECD Countries”, Energy Policy, 38(1), 656–60.
  • Azhgaliyeva, D. (2021). “Green Islamic Bonds”, Asian Development Outlook 2021 Background Note, https://www.adb.org/documents/asian-development-outlook-2021-background-papers, (Erişim Tarihi: 29.09.2022).
  • Baltagi, B. H. (2013). “Econometric Analysis of Panel Data”, Fifth Edition, England: John Wiley& Sons, Ltd.
  • Berrou, R., Ciampoli, N., ve Marini, V. (2019). “Defining Green Finance: Existing Standards and Main Challenges”, The Rise of Green Finance in Europe Opportunities and Challenges for Issuers, Investors and Marketplaces (Editör: Migliorelli, M. ve Dessertine, P.), Switzerland: Palgrave Macmillian, 31-51.
  • Bhutta, U.S., Tariq, A., Farrukh, M., Raza, A. ve Iqbal, M.K. (2022). “Green Bonds for Sustainable Development: Review of Literature on Development and Impact of Green Bonds”, Technological Forecasting & Social Change, 175, 1-16.
  • BP (2022). “Statistical Review of World Energy All-Data”, https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/power-by-fuel.html (Erişim Tarihi: 02.12.2022).
  • Brown, M.B. ve Forsythe, A.B. (1974). “Robust Tests for the Equality of Variances”, Journal of the American Statistical Association, 69(346), 364-367.
  • Chang, L., Taghizadeh – Hesary, F., Chen, H. ve Mohsin, M. (2022). “Do Green Bonds have Environmental Benefits?”, Energy Economics, 115, 1-12.
  • De Silva Lokuwaduge, C.S. ve De Silva, K.M. (2022). “ESG Risk Disclosure and the Risk of Green Washing”, Australasian Accounting, Business and Finance Journal, 16(1), 146-159.
  • Driscoll, J. C. ve Kraay, A.C. (1998). “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549–59.
  • European Commission (2019). “The European Green Deal”, Communication from the Commission COM(2019) 640 Final, 11.12.2019, Brussels, https://eur-lex.europa.eu/legal-content/EN/TXT/? qid=1596443911913&uri=CELEX:52019DC0640#document2 (Erişim Tarihi: 25 Haziran 2020).
  • Fatica, S. ve Panzica, R. (2021). “Green Bonds as a Tool Against Climate Change?”, Business Strategy and the Environment, 30, 2688-2701.
  • Griffith-Jones, S., Ocampo, J.A. ve Spratt, S. (2012). “Financing Renewable Energy in Developing Countries: Mechanisms and Responsibilities”, European Report on Development, http://policydialogue.org/files/publications/Financing_Renewable_Energy_in_Developing_Countries.pdf (Erişim Tarihi: 5 Mart 2018).
  • Hausman, J A. (1978). “Specification Tests in Econometrics”, Econometrica, 46(6), 1251–71.
  • Hoechle, D. (2007). “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, Stata Journal, 7(3), 281–312.
  • Hou, H., Wang, Y. ve Zhang, M. (2023). “Green Finance Drives Renewable Energy Development: Empirical Evidence from 53 Countries Worldwide”, Environmental Science and Pollution Research, 30, 80573-80590.
  • Hsiao, C. (2003). “Analysis of Panel Data”, Second Edition, Cambridge University Press.
  • IRENA (2020). Renewable Energy Finance: Green Bonds, International Renewable Energy Agency, Abu Dhabi, https://www.irena.org/publications/2020/Jan/RE-finance-Green-bonds (Erişim Tarihi: 02.03.2021).
  • Khan, M.A., Riaz, H., Ahmed, M. ve Saeed, A. (2022). “Does Green Finance Really Deliver What is Expected? An Empirical Perspective”, Borsa İstanbul Review, 22-3, 586-593.
  • Lee, C.C., Wang, F. ve Chang, Y.F. (2023). “Does Green Finance Promote Renewable Energy? Evidence from China”, Resources Policy, 82, 1-13.
  • Levene, H. (1960). “Robust Tests for Equality of Variances”, Contributions to Probability and Statistics, Editörler Olkin, I., Ghurye, S.G., Hoeffding, W., Madow, W.G. ve Mann, H.B., Stanford University Press, California, USA, 278-292.
  • Marques, A.C., Fuinhas, J.A. ve Manso, J.P. (2011). “A Quantile Approach to Identify Factors Promoting Renewable Energy in European Countries”, Environ Resource Econ, 49, 351-366.
  • Mishkin Frederic S. (2004). “The Economics of Money Banking and Financial Markets”, Seventh Edition, Addison Wesley.
  • Pesaran, M.H. (2015). “Testing weak cross-sectional dependence in large panels”, Econometric Reviews, 34(6-10), 1089-1117.
  • Refinitiv Eikon Database (2023). “Green bonds”, https://emea1-apps.platform.refinitiv.com/web/Apps/Green-bonds?appType=GRN (Erişim Tarihi: 01.12.2023).
  • REN-21 (2017). “Renewables – Global Status Report: 2017”, http://www.ren21.net/wp-content/uploads/2017/06/17-8399_GSR_2017_Full_Report_0621_Opt.pdf (Erişim Tarihi: 28 Nisan 2018).
  • REN-21 (2018). “Renewables – Global Status Report: 2018”, http://www.ren21.net/wp-content/uploads/2018/06/17-8652_GSR2018_FullReport_web_final_.pdf (Erişim Tarihi: 28 Eylül 2019).
  • REN-21 (2020). “Renewables – Global Status Report: 2020”, https://www.ren21.net/wp-content/uploads/2019/05/gsr_2020_full_report_en.pdf (Erişim Tarihi: 15 Mart 2022).
  • REN-21 (2021). “Renewables – Global Status Report: 2021”, https://www.ren21.net/wp-content/uploads/2019/05/GSR2021_Full_Report.pdf (Erişim Tarihi: 8 Nisan 2023).
  • Ruiz-Blanco, S., Romero, S. ve Fernandez-Feijoo, B. (2022). “Green, Blue or Black, but Washing-What Company Characteristics Determine Greenwashing?”, Environment, Development and Sustainability, 24: 4024-4045.
  • Sun, Y., Bao, Q. ve Taghizadeh-Hesary, F. (2023). “Green Finance, Renewable Energy Development, and Climate Change: Evidence from Regions of China. Humanities & Social Sciences Communications, 10(107), 1-8.
  • UNEP (2016). “Definitions and concepts”, Background note. Inquiry working paper 16/13. Geneva. https://www.unep.org/resources/report/definitions-and-concepts-background-note-inquiry-working-paper-1613 (Erişim Tarihi: 18.04.2021).
  • Weber, O. ve ElAlfy, A. (2019). “The Development of Green Finance by Sector”, The Rise of Green Finance in Europe Opportunities and Challenges for Issuers, Investors and Marketplaces (Editor: Migliorelli, M. ve Dessertine, P.), Switzerland: Palgrave Macmillian, 53-79.
  • Wooldridge, J.M. (2002). “Econometric Analysis of Cross-Section and Panel Data”, Cambridge, MA: MIT Press.
  • World Bank (2023). “World Development Indicators”, https://databank.worldbank.org/source/world-development-indicators (Erişim Tarihi: 02.12.2023).
  • Xing, C., Zhang, Y. ve Tripe, D. (2021). “Green Credit Policy and Corporate Access to Bank Loans in China: The Role of Environmental Disclosure and Green Innovation”, International Review of Financial Analysis, 77, 1-16
  • Yerdelen Tatoğlu, F. (2018). “Panel Veri Ekonometrisi: Stata Uygulamalı”, Dördüncü Baskı, İstanbul: Beta Yayınları.
  • Zheng, M., Du, Q. ve Wang, Q.J. (2023). “Nexus between Green Finance and Renewable Energy Development in China”, Emerging Markets Finance and Trade, 59(4), 1205-1218.
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Green Economy
Journal Section Araştırma Makalesi
Authors

Meryem Filiz Baştürk 0000-0002-9085-2295

Publication Date July 22, 2024
Submission Date February 27, 2024
Acceptance Date May 16, 2024
Published in Issue Year 2024

Cite

APA Filiz Baştürk, M. (2024). Yeşil Tahviller ve Yenilenebilir Enerji Üretimi İlişkisi: AB Örneği. Verimlilik Dergisi, 58(3), 325-336. https://doi.org/10.51551/verimlilik.1443364

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