ABD’de Yeşil Yatırımlara Yönelik Yatırımcı İlgisinin, Yeşil Tahvillerin, ESG Sürdürülebilirliğinin ve Finansal Teknolojinin Karbon Nötrlüğü Üzerindeki Etkisi

Öz

Çalışma, ABD'de Ocak 2019- Temmuz 2024 dönemine ait aylık verileri kullanarak, yeşil tahvillerin, ESG (Çevresel, Sosyal ve Yönetişim) sürdürülebilirliğinin, finansal teknolojilerin ve yatırımcı ilgisinin CO₂ emisyonları üzerindeki etkisini ARDL sınır testi yöntemiyle incelemektedir. Ayrıca, ekonomik büyüme ve COVID-19 salgını kontrol değişkenleri olarak modele dahil edilmiştir. Bulgular, uzun vadede yeşil tahvillerin, ESG sürdürülebilirliğinin, finansal teknolojilerin, yatırımcı ilgisinin ve COVID-19’un CO₂ emisyonlarını azalttığını, ancak ekonomik büyümenin emisyonları artırdığını göstermektedir. Kısa vadede ise yeşil tahviller, ekonomik büyüme ve yatırımcı ilgisi CO₂ emisyonlarını azaltırken, ESG sürdürülebilirliği emisyonları artırmaktadır. Öte yandan, finansal teknolojiler ve COVID-19’un kısa vadede CO₂ emisyonları üzerinde anlamlı bir etkisi tespit edilmemiştir. Ayrıca, CO₂ emisyonlarını en fazla etkileyen değişkenlerin ekonomik büyüme ve yeşil tahviller olduğu görülmektedir. Çalışmanın bulguları, ABD’nin karbon nötrlüğü hedeflerine ulaşabilmesi için yeşil tahvillerin etkin kullanımını teşvik etmesi, finansal teknolojileri sürdürülebilir yatırımlara yönlendirmesi ve ESG sürdürülebilirliğine geçiş sürecini dikkatle yönetmesi gerektiğini ortaya koymaktadır. Bunun yanı sıra, yatırımcıların yeşil yatırımlara olan ilgisini artıracak politikaların geliştirilmesi ve şirketlerin çevresel performanslarını şeffaf bir şekilde açıklamalarının teşvik edilmesi büyük önem taşımaktadır.

Anahtar Kelimeler

• ESG
• yeşil tahvil
• finansal teknoloji
• yatırımcı ilgisi
• karbon nötrlüğü

The Effect of Investor Attention to Green Investments, Green Bonds, ESG Sustainability, and Financial Technology on Carbon Neutrality in the US

Öz

The study investigates the impact of green bonds, ESG sustainability, financial technologies, and investors' environmental interests on carbon dioxide emissions using monthly data from January 2019 - July 2024 in the US, employing the ARDL bounds test method. In addition, economic growth and the COVID-19 pandemic are included as control variables in the model. According to the findings, in the long run, green bonds, ESG (Environmental, Social, and Governance) sustainability, financial technologies, investors' interest in green investments, and COVID-19 reduce CO₂ emissions, while economic growth increases emissions. Green bonds, economic growth, and investor interest reduce CO₂ emissions in the short run, but ESG sustainability increases emissions. On the other hand, financial technologies and COVID-19 have no significant impact on CO₂ emissions in the short run. Moreover, it is observed that the variables that affect CO₂ emissions the most are economic growth and green bonds. The study's findings suggest that the US should encourage the effective use of green bonds, direct financial technologies toward sustainable investments, and carefully manage the transition to ESG to achieve carbon-neutrality targets. Developing policies to increase investor interest in green investments and encouraging companies to disclose their environmental performance transparently are also crucial.

Anahtar Kelimeler

• ESG
• green bond
• financial technology
• investor attention
• carbon neutrality

Kaynakça

1. Aliano, M., Galloppo, G., and Paimanova, V. (2023). People and investor attention to climate change. The European Journal of Finance, 29(18), 2107-2127. https://doi.org/10.1080/1351847X.2023.2216754
2. Alsedrah, I. T. (2024). Fintech and green finance revolutionizing carbon emission reduction through green energy projects in mineral-rich countries. Resources Policy, 94, 105064. https://doi.org/10.1016/j.resourpol.2024.105064
3. Arshad, A., Parveen, S., and Mir, F. N. (2024). The role of green bonds in reducing CO2 emissions: a case of developing countries. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-09-2023-0242
4. Baratta, A., Cimino, A., Longo, F., Solina, V., and Verteramo, S. (2023). The impact of ESG practices in industry with a focus on carbon emissions: Insights and future perspectives. Sustainability, 15(8), 6685. https://doi.org/10.3390/su15086685
5. Barber, B. M., and Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The review of financial studies, 21(2), 785-818. https://doi.org/10.1093/rfs/hhm079
6. Bouteska, A., Bhuiyan, F., Sharif, T., and Abedin, M. Z. (2024). Contagion between investor sentiment and green bonds in China during the global uncertainties. International Review of Economics & Finance, 93, 469-484. https://doi.org/10.1016/j.iref.2024.03.045
7. Broadstock, D. C., Chatziantoniou, I., and Gabauer, D. (2022). Minimum connectedness portfolios and the market for green bonds: Advocating socially responsible investment (SRI) activity. In Applications in energy finance: The energy sector, economic activity, financial markets and the environment (pp. 217-253). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-92957-2_9
8. Broccardo, E., Hart, O., & Zingales, L. (2022). Exit versus voice. Journal of Political Economy, 130(12), 3101-3145. https://doi.org/10.1086/720516

9. Brown, R.L., Durbin, J. and Evans, J.M. (1975). Techniques for testing the constancy of regression relations overtime, Journal of the Royal Statistical Society, 37(13), 149-163. https://doi.org/10.1111/j.2517-6161.1975.tb01532.x
10. Chatziantoniou, I., Abakah, E. J. A., Gabauer, D., and Tiwari, A. K. (2022). Quantile time–frequency price connectedness between green bond, green equity, sustainable investments and clean energy markets. Journal of Cleaner Production, 361, 132088. https://doi.org/10.1016/j.jclepro.2022.132088
11. Cheng, L. T., Sharma, P., and Broadstock, D. C. (2023). Interactive effects of brand reputation and ESG on green bond issues: A sustainable development perspective. Business strategy and the environment, 32(1), 570-586. https://doi.org/10.1002/bse.3161
12. Chopra, S. S., Senadheera, S. S., Dissanayake, P. D., Withana, P. A., Chib, R., Rhee, J. H., and Ok, Y. S. (2024). Navigating the challenges of environmental, social, and governance (ESG) reporting: The path to broader sustainable development. Sustainability, 16(2), 606. https://doi.org/10.3390/su16020606
13. Coffie, C. P. K., Yeboah, F. K., Emuron, A. S. O., and Ahiabenu, K. (2025). FinTech and CO2 emission: evidence from (top 7) mobile money economies in Africa. Journal of Financial Regulation and Compliance, 33(1), 87-108. https://doi.org/10.1108/JFRC-05-2024-0089
14. Costantiello, A., and Leogrande, A. (2023). The Determinants of CO2 Emissions in the Context of ESG Models at World Level. MPRA paper. https://mpra.ub.uni-muenchen.de/id/eprint/117110
15. Dabbous, A., Horn, M., and Croutzet, A. (2023). Measuring environmental awareness: An analysis using google search data. Journal of Environmental Management, 346, 118984. https://doi.org/10.1016/j.jenvman.2023.118984
16. Deng, J., Liu, Y., Zhuang, Z., Gu, X., and Xing, X. (2024). Do China and USA differ in the interrelationship between green bond and ESG markets?. International Review of Economics & Finance, 93, 919-934. https://doi.org/10.1016/j.iref.2024.03.035
17. Dhasmana, S., Ghosh, S., and Kanjilal, K. (2023). Does investor sentiment influence ESG stock performance? Evidence from India. Journal of Behavioral and Experimental Finance, 37, 100789. https://doi.org/10.1016/j.jbef.2023.100789
18. El Khoury, R., Nasrallah, N., Hussainey, K., and Assaf, R. (2023). Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence. Journal of International Financial Management and Accounting, 34(2), 279-317. https://doi.org/10.1111/jifm.12179
19. Elhaj, M., Mabrouk, F., & Alotaibi, L. (2025). Financing the Green Transition: How Green Finance and Renewable Energy Drive CO2 Mitigation. Energies, 18(21), 5563. https://doi.org/10.3390/en18215563
20. Galeone, G., Ranaldo, S., and Fusco, A. (2024). ESG and FinTech: Are they connected?. Research in International Business and Finance, 69, 102225. https://doi.org/10.1016/j.ribaf.2024.102225
21. Gao, Y., Li, Y., and Wang, Y. (2023). The dynamic interaction between investor attention and green security market: an empirical study based on Baidu index. China Finance Review International, 13(1), 79-101. https://doi.org/10.1108/CFRI-06-2021-0136
22. Gholipour, H. F., Arjomandi, A., and Yam, S. (2022). Green property finance and CO2 emissions in the building industry. Global Finance Journal, 51, 100696. https://doi.org/10.1016/j.gfj.2021.100696
23. Guo, Q., and Yin, C. (2024). Fintech, green imports, technology, and FDI inflow: their role in CO2 emissions reduction and the path to COP26: a comparative analysis of China. Environmental Science and Pollution Research, 31(7), 10508-10520. https://doi.org/10.1007/s11356-023-31732-w
24. Hong, N. D., Nguyen, V. P., Hong, Q. L., Duc, M. N. N., Hien, H. N. P., Yen, N. H., and Mai, V. T. (2025). Impact of COP26 and COP27 Events on Investor Attention and Investor Yield to Green Bonds. Sustainability, 17(4), 1574. https://doi.org/10.3390/su17041574
25. Hunjra, A. I., Azam, M., Verhoeven, P., Taskin, D., and Dai, J. (2024). The impact of geopolitical risk, institutional governance and green finance on attaining net-zero carbon emission. Journal of Environmental Management, 359, 120927. https://doi.org/10.1016/j.jenvman.2024.120927
26. Kahn, M. E., Matsusaka, J., and Shu, C. (2023). Divestment and engagement: The effect of green investors on corporate carbon emissions (No. w31791). National Bureau of Economic Research. DOI 10.3386/w31791
27. Liu, Y. (2025). Whether fintech, natural resources, green finance and environmental tax affect CO2 emissions in China? A step towards green initiatives. Energy, 135181. https://doi.org/10.1016/j.energy.2025.135181
28. Marín-Rodríguez, N. J., González-Ruiz, J. D., & Valencia-Arias, A. (2023). Incorporating green bonds into portfolio investments: Recent trends and further research. Sustainability, 15(20), 14897. . https://doi.org/10.3390/su152014897
29. Meo, M. S., and Abd Karim, M. Z. (2022). The role of green finance in reducing CO2 emissions: An empirical analysis. Borsa Istanbul Review, 22(1), 169-178. https://doi.org/10.1016/j.bir.2021.03.002
30. Pesaran, M. H., Shin, Y. and Smith, R. (2001). Bounds testing approaches to the analysis of level relationships, Journal of Applied Econometrics, 16, 289–326. https://doi.org/10.1002/jae.616
31. Pham, L., and Cepni, O. (2022). Extreme directional spillovers between investor attention and green bond markets. International Review of Economics and Finance, 80, 186-210. https://doi.org/10.1016/j.iref.2022.02.069
32. Piñeiro-Chousa, J., López-Cabarcos, M. Á., and Šević, A. (2022). Green bond market and Sentiment: Is there a switching Behaviour?. Journal of Business Research, 141, 520-527. https://doi.org/10.1016/j.jbusres.2021.11.048
33. Qian, Y., and Liu, Y. (2024). Improve carbon emission efficiency: What role does the ESG initiatives play?. Journal of Environmental Management, 367, 122016. https://doi.org/10.1016/j.jenvman.2024.122016
34. Razzaq, A., Shaheen, W. A., Salam, A., and Afzal, K. (2024). FinTech’s Double-Edged Sword: Economic Growth and CO2 Emissions–A Panel Data Analysis. Journal of Social & Organizational Matters, 3(2), 68-91. https://doi.org/10.56976/jsom.v3i2.69
35. Sadiq, M., Ngo, T. Q., Pantamee, A. A., Khudoykulov, K., Ngan, T. T., and Tan, L. P. (2023). The role of environmental social and governance in achieving sustainable development goals: evidence from ASEAN countries. Economic research-Ekonomska istraživanja, 36(1), 170-190. https://doi.org/10.1080/1331677X.2022.2072357
36. Saha, R., and Maji, S. G. (2023). Do green bonds reduce CO2 emissions? Evidence from developed and developing nations. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-05-2023-0765
37. Sapiri, M., and Putra, A. H. P. K. (2023). Causality of bank financial performance, green bond, CSR, green financing portfolio and CO2 emissions in transportation: Evidence from Indonesia. International Journal of Energy Economics and Policy, 13(6), 511-522.
38. Shah, S. S., Murodova, G., and Khan, A. (2024). Achieving zero emission targets: The influence of green bonds on clean energy investment and environmental quality. Journal of Environmental Management, 364, 121485. https://doi.org/10.1016/j.jenvman.2024.121485
39. Sun, X., and Rasool, Z. (2024). Unlocking the green vault: A comparative analysis on the impact of green financing initiatives in mitigating ecological footprint in Europe. Borsa Istanbul Review, 24(1), 95-105. https://doi.org/10.1016/j.bir.2023.10.014
40. Sun, Y., Li, T., and Mehmood, U. (2025). Balancing acts: Assessing the roles of renewable energy, economic complexity, Fintech, green finance, green growth, and economic performance in G-20 countries amidst sustainability efforts. Applied Energy, 378, 124846. https://doi.org/10.1016/j.apenergy.2024.124846
41. Tao, R., Su, C. W., Naqvi, B., and Rizvi, S. K. A. (2022). Can Fintech development pave the way for a transition towards low-carbon economy: A global perspective. Technological Forecasting and Social Change, 174, 121278. https://doi.org/10.1016/j.techfore.2021.121278
42. Topaloğlu, E. E. (2018). Finansal riskler ile firma değeri arasındaki ilişkinin belirlenmesi: Borsa İstanbul firmaları üzerine bir uygulama. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 5(2), 287-301. DOI: 10.30798/makuiibf.412559
43. Udeagha, M. C., and Muchapondwa, E. (2023). Green finance, fintech, and environmental sustainability: fresh policy insights from the BRICS nations. International Journal of Sustainable Development and World Ecology, 30(6), 633-649. https://doi.org/10.1080/13504509.2023.2183526
44. Wang, C., Zheng, C., Chen, B., and Wang, L. (2024). Mineral wealth to green growth: Navigating FinTech and green finance to reduce ecological footprints in mineral rich developing economies. Resources Policy, 94, 105116. https://doi.org/10.1016/j.resourpol.2024.105116
45. Wang, S., and Wang, D. (2022). Exploring the relationship between ESG performance and green bond issuance. Frontiers in public health, 10, 897577. https://doi.org/10.3389/fpubh.2022.897577
46. Wu, Y., Yun, P., Ma, M., Yang, X., and Wang, D. (2024). Does investor attention matter for carbon market? New insights from a multi-scale quantile causality analysis. IEEE Access. DOI: 10.1109/ACCESS.2024.3443606
47. Xia, A., and Liu, Q. (2024). Modelling the asymmetric impact of fintech, natural resources, and environmental regulations on ecological footprint in G7 countries. Resources Policy, 89, 104552. https://doi.org/10.1016/j.resourpol.2023.104552
48. Yousaf, I., Bejaoui, A., Ali, S., and Li, Y. (2024). Demystifying the dynamic relationship between news sentiment index and ESG stocks: Evidence from time-frequency wavelet analysis. International Review of Financial Analysis, 96, 103698. https://doi.org/10.1016/j.irfa.2024.103698
49. Zhao, F., Liu, M., and Deng, W. (2023). Exceptional and long-time economic development: CO2 emission reduction and adoption of green marketing in China. Environmental Science and Pollution Research, 30(37), 86830-86845. https://doi.org/10.1016/j.irfa.2024.103698
50. Zheng, J., Jiang, Y., Cui, Y., and Shen, Y. (2023). Green bond issuance and corporate ESG performance: Steps toward green and low-carbon development. Research in International Business and Finance, 66, 102007. https://doi.org/10.1016/j.ribaf.2023.102007
51. Zivot, E. and Andrews, D. W. K. (1992). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10(3), 251-270. https://doi.org/10.1198/073500102753410372