Does Geopolitical Fragmentation Affect Clean Energy Generation? Panel Evidence from BRICS Countries

Öz

The geopolitical fragmentation has been the center of much attention in the science of empirical economics for a few years. Especially after the 2008 financial crisis, the fragmentation in the world economy has risen significantly due to the various economic and political conflicts in the world. Therefore, the practitioners have started to investigate the impact of geopolitical fragmentation on economic variables. However, its effect on energy variables was surprisingly neglected by researchers. For this purpose, the current study aims to explore the impact of geopolitical fragmentation on clean energy generation for five emerging economies, namely, Brazil, Russia, India, China, and South Africa. This relationship is tested through novel panel data techniques. The empirical results proved that there is a cointegration relationship between clean energy generation, geopolitical fragmentation, per capita income, and financial development for the period 1989-2021. Our results suggest that geopolitical fragmentation leads to a rise in clean energy generation in China, while it has a negative impact on it in South Africa. These results may help policymakers to design better energy policies for the following periods.

Anahtar Kelimeler

• BRICS countries
• clean energy generation
• financial development
• geopolitical fragmentation
• panel data analysis

Jeopolitik Parçalanma Temiz Enerji Üretimini Etkiliyor mu? BRICS Ülkelerinden Panel Veri Bulguları

Öz

Bu çalışma, jeopolitik parçalanmanın BRICS ülkelerinde temiz enerji üretimi üzerindeki etkisini incelemektedir. Büyük Resesyon sonrasında uluslararası ekonomik düzenin parçalı bir yapıya yönelmesi, enerji dönüşümünün belirleyicilerini yeniden tartışmaya açmıştır. Kişi başına gelir ve finansal gelişmenin de modele dahil edildiği analizde, panel veri yöntemleri kullanılarak hem ortak hem de ülkeye özgü katsayılar tahmin edilmekte; yatay kesit bağımlılığı ve eğim heterojenliği dikkate alınmaktadır. Bulgular, kişi başına gelirin Brezilya, Rusya ve Çin’de temiz enerji üretimini artırdığını göstermektedir. Toplam finansal gelişme endeksinin temiz enerji üretimi üzerindeki etkisi Brezilya ve Güney Afrika’da pozitiftir. Jeopolitik parçalanma ise yalnızca Çin’de temiz enerji üretimini artırmaktadır. Bu sonuçlar, söz konusu değişkenlerin temiz enerji üretimi üzerindeki etkisinin BRICS ülkeleri arasında tördeş olmadığını ve politika tasarımında ülkelerin yapısal farklılıklarının dikkate alınması gerektiğini ortaya koymaktadır. Çalışma politika yapıcılar için üç temel çıkarım sunmaktadır: ekonomik büyümeye yönelik politikaların sürdürülmesi, gerekli kamu müdahalesiyle sağlıklı bir finansal sistemin kurulması ve jeopolitik risklerin enerji arz güvenliği açısından gözetilmesi.

Anahtar Kelimeler

• BRICS ülekleri
• temiz enerji üretimi
• finansal gelişme
• jeopolitik parçalanma
• panel veri analizi

Kaynakça

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