Akdeniz'de Yeşil Dönüşümün Finansmanı: Yeşil Finansman Araçlarının Etki ve Çeşitliliğinin Değerlendirilmesi

Yıl 2025, Cilt: 10 Sayı: Özel Sayı, 1 - 29, 31.10.2025

Sevil Acar , Constantin Tsakas

https://doi.org/10.30784/epfad.1812998

Öz

Financing the Green Transition in the Mediterranean: Assessing the Impact and Diversity of Green Finance Tools

Öz

This study examines the effects of environmentally related taxes and feed-in tariffs (FiTs) on greenhouse gas (GHG) emissions in Mediterranean countries, while also exploring the role of broader green finance instruments in the region. The study highlights several key findings. First, environmentally related taxes and climate taxes, while not significantly reducing per capita GHG emissions when applied alone, appear to become more effective when combined with stringent environmental policies. Specifically, a 1 percentage point increase in these taxes leads to a 0.01-0.02% decrease in GHG emissions per capita, with more stringent policies amplifying their impact. Similarly, the presence of FiTs does not consistently reduce emissions unless tariffs are increased for specific energy sources such as hydro, waste, or marine energy, leading to a more pronounced decline in emissions. Green finance mechanisms are necessary but not sufficient on their own; their success depends on alignment with complementary fiscal and regulatory policies. A comprehensive policy mix—phasing out fossil fuel subsidies, implementing carbon pricing, and reinforcing environmental regulation—is crucial for enabling a credible transition to a low-carbon economy in the Mediterranean.

Anahtar Kelimeler

Climate Change , Climate Finance , Environmental Taxes , Feed-In Tariffs , GHG Emissions , Green Finance

Kaynakça

• Acar, S. (2024). Addressing the link between fossil fuel subsidies and climate change in the Mediterranean Region. In R. Degron and C. Tsakas (Eds.), Unraveling the Impact of environmentally harmful subsidies in the Mediterranean (pp. 76-107). Marseille: Plan Bleu.
• Acar, S. (2025). Financing the green transition: A synthesis and analysis of green finance tools employed in the Mediterranean region. In R. Degron and C. Tsakas (Eds.), Environmentally friendly economic tools and finances: A pathway towards sustainability in the Mediterranean (pp. 89-120). Marseille: Plan Bleu.
• Akkaya, Ş. and Hepsag, A. (2021). Does fuel tax decrease carbon dioxide emissions in Turkey? Evidence from an asymmetric nonlinear cointegration test and error correction model. Environmental Science and Pollution Research, 28, 35094-35101. https://doi.org/10.1007/s11356-021-12907-9
• Alatzas, S., Moustakas, K., Malamis, D. and Vakalis, S. (2019). Biomass potential from agricultural waste for energetic utilization in Greece. Energies, 12(6), 1095. https://doi.org/10.3390/en12061095
• American Chamber of Commerce in Egypt. (2023). Industry insight: Sustainable finance. Retrieved from https://www.amcham.org.eg/publications/industry-insight/issues/147/Sustainable-Finance-Industry-April-2023
• Bitsadze, R. (2024). EBRD to support climate finance and private sector mobilisation at COP29. Retrieved from https://www.ebrd.com/news/2024/ebrd-to-support-climate-finance-and-private-sector-mobilisation-at-cop29.html
• Bos, J. and Thwaites, J. (2021). A breakdown of developed countries’ public climate finance contributions towards the $100 billion goal. Retrieved from https://www.wri.org/research/breakdown-developed-countries-public-climate-finance-contributions-towards-100-billion
• CBI. (2022). Interactive data platform. Retrieved from https://www.climatebonds.net/market/data/
• Chen, P., Rao, M., Vasa, L., Xu, Y. and Zhao, X. (2023). Spatial effects and heterogeneity analysis of the impact of environmental taxes on carbon emissions in China. Heliyon, 9(11), e21393. Retrieved from https://www.cell.com/
• Crippa M., Guizzardi D., Pagani F., Banja M., Muntean M., Schaaf E., … Vignati, E. (2023). GHG emissions of all world countries. Retrieved from https://edgar.jrc.ec.europa.eu/report_2023
• Del Río, P. and Linares, P. (2014). Back to the future? Rethinking auctions for renewable electricity support. Renewable and Sustainable Energy Reviews, 35, 42-56. https://doi.org/10.1016/j.rser.2014.03.039
• Deng, Y., You, D. and Wang, J. (2022). Research on the nonlinear mechanism underlying the effect of tax competition on green technology innovation—an analysis based on the dynamic spatial Durbin model and the threshold panel model. Resources Policy, 76, 102545. https://doi.org/10.1016/j.resourpol.2021.102545
• EBRD. (n.d.). Türkiye overview. Retrieved from https://www.ebrd.com/where-we-are/t%C3%BCrkiye/overview.html
• EEA. (2023). Use of auctioning revenues generated under the EU emissions trading system. Retrieved from https://www.eea.europa.eu/en/analysis/indicators/use-of-auctioning-revenues-generated
• EEA. (n.d.). EU emissions trading system (ETS) data viewer. Retrieved from https://www.eea.europa.eu/data-and-maps/dashboards/emissions-trading-viewer-1
• EIA. (2021). Annual Energy Outlook 2021. Retrieved from https://www.eia.gov/outlooks/ieo/tables_side_xls.php
• Ember. (n.d.). Climate carbon price viewer. Retrieved from https://ember-climate.org/data/carbon-price-viewer/ Accessed on 1.2.2022
• EPİAŞ. (2025). Elektrik piyasası duyuruları. Retrieved from https://www.epias.com.tr/tum-duyurular/01-07-2021-tarihinden-31-12-2025-tarihine-kadar-isletmeye-girecek-yek-belgeli-yenilenebilir-enerji-kaynaklarina-dayali-elektrik-uretim-tesisleri-icin-uygulanacak-guncellenmis-fiyatlar-hk-3/
• ERCST. (2021). 2021 State of the EU ETS report. Retrieved from https://ercst.org/2021-state-of-the-eu-ets-report/
• Fosse, J., Petrick, K., Fiorucci, F., Moulet, M., Albarracín, J. and Relea, M. (2017). Green Finance in the Mediterranean. Retrieved from https://www.iemed.org/publication/green-finance-in-the-mediterranean/#section-multilateral-development-banks-k1Ho6
• Hao, L-N., Umar, M., Khan, Z. and Ali, W. (2021). Green growth and low carbon emission in G7 countries: How critical the network of environmental taxes, renewable energy and human capital is? Science of The Total Environment, 752, 141853. https://doi.org/10.1016/j.scitotenv.2020.141853
• Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. https://doi.org/10.2307/1913827
• He, P., Zhang, S., Wang, L. and Nin, J. (2023). Will environmental taxes help to mitigate climate change? A comparative study based on OECD countries. Economic Analysis and Policy, 78, 1440-1464. https://doi.org/10.1016/j.eap.2023.04.032
• Hussain, F.I. (2020). Green loans: Financing the transition to a low-carbon economy. Development and a changing climate. Retrieved from https://blogs.worldbank.org/climatechange/green-loans-financing-transition-low-carbon-economy
• Hussain, F.I. (2022). Egypt: The first sovereign green bond in the Middle East and North Africa. World Bank. Retrieved from https://thedocs.worldbank.org/en/doc/931e017a795e984d79cfcaccadac563f-0340012022/original/16341-WB-Egypt-Case-Study-WEB.pdf
• ICAP. (2021). International carbon action partnership ETS map. Retrieved from https://icapcarbonaction.com/en/ets-map
• IEA-EDGAR. (2023). A component of the emissions database for global atmospheric research (EDGAR) community ghg database version 8.0 including or based on data from IEA (2022) greenhouse gas emissions from energy. Retrieved from www.iea.org/statistics
• IFC. (2021). What you need to know about green loans. Retrieved from https://www.worldbank.org/en/news/feature/2021/10/04/what-you-need-to-know-about-green-loans
• IPCC. (2013). Climate change 2013: The physical science basis. Retrieved from https://www.ipcc.ch/report/ar5/wg1/
• IRENA. (2024). Renewable power generation costs in 2023. Retrieved from https://www.irena.org/Publications/2024/Sep/Renewable-Power-Generation-Costs-in-2023
• Khan, I., Zakari, A., Ahmad, M., Irfan, M. and Hou, F. (2022). Linking energy transitions, energy consumption, and environmental sustainability in OECD countries. Gondwana Research, 103, 445-457. https://doi.org/10.1016/j.gr.2021.10.026
• Kruse, T., Dechezleprêtre, A., Saffar, R. and Robert, L. (2022). Measuring environmental policy stringency in OECD countries: An update of the OECD composite EPS indicator (OECD Economics Department Working Papers No. 1703). https://doi.org/10.1787/90ab82e8-en.
• Li, M., Zaidan, A.M., Ageli, M.M., Wahab, S. and Khan, Z. (2023). Natural resources, environmental policies and renewable energy resources for production-based emissions: OECD economies evidence. Resources Policy, 86, Part A, 104096. https://doi.org/10.1016/j.resourpol.2023.104096
• Lin, B. and Xie, Y. (2024). How feed-in-tariff subsidies affect renewable energy investments in China? New evidence from firm-level data. Energy, 294, 130853. https://doi.org/10.1016/j.energy.2024.130853
• Lindenberg, N. (2014). Definition of green finance (German Development Institute Paper No. 2014). Retrieved from https://ssrn.com/abstract=2446496
• Lv, X. and Wu, Z. (2024). The green effect of digital transformation: The impact of digital transformation in fiscal and taxation on regional green development. Economic Analysis and Policy, 81, 787-80. https://doi.org/10.1016/j.eap.2023.12.025
• Ma, Z., Zhao, J. and Ni, J. (2018). Green Tax Legislation for sustainable development in China. The Singapore Economic Review, 63(04), 1059-1083. https://doi.org/10.1142/S0217590817420103
• Mardones, C. (2024). Contribution of the carbon tax, phase-out of thermoelectric power plants, and renewable energy subsidies for the decarbonization of Chile − A CGE model and microsimulations approach. Journal of Environmental Management, 352, 120017. https://doi.org/10.1016/j.jenvman.2024.120017
• Martin, R., Muuls, M. and Wagner, U.J. (2016). The impact of the European Union emissions trading scheme on regulated firms: What is the evidence after ten years? Review of Environmental Economics and Policy, 10(1), 129–148. https://doi.org/10.1093/reep/rev016
• Mathieu, E. and Valenzuela, J.M. (2024). The governance of renewable energy auctions: A multidimensional comparative policy analysis. Journal of Comparative Policy Analysis: Research and Practice, 27(1), 1–23. https://doi.org/10.1080/13876988.2024.2405589
• Moliner, C., Arato, E. and Marchelli, F. (2021). Current status of energy production from solid biomass in Southern Italy. Energies, 14(9), 2576. https://doi.org/10.3390/en14092576
• Nordhaus, W. (2014). Estimates of the social cost of carbon: Concepts and results from the DICE-2013R model and alternative approaches. Journal of the Association of Environmental and Resource Economists, 1(1/2), 273–312 (2014) doi.org/10.1086/676035
• Obobisa, E.S. and Ahakwa, I. (2024). Stimulating the adoption of green technology innovation, clean energy resources, green finance, and environmental taxes: The way to achieve net zero CO2 emissions in Europe? Technological Forecasting and Social Change, 205, 123489. https://doi.org/10.1016/j.techfore.2024.123489
• Ocak, S. and Acar, S. (2021). Biofuels from wastes in Marmara Region, Turkey: Potentials and constraints. Environmental Science and Pollution Research, 28, 66026–66042. https://doi.org/10.1007/s11356-021-15464-3
• OECD. (2022). Environmental policy: Renewable energy feed-in tariffs (2021 ed.). https://doi.org/10.1787/4b3ab1e9-en
• OECD. (2023). Methodological guidelines for environmentally related tax revenue accounts. https://doi.org/10.1787/d752d120-en
• Pellerin-Carlin, T. and Vangenechten, D. (2022). No more free lunch. Ending free allowances in the EU ETS to the benefit of innovation. Retrieved from https://institutdelors.eu/en/publications/no-more-free-lunch-ending-free-allowances-in-the-eu-ets-to-the-benefit-of-innovation-2/
• Qi, L., Lin, X., Shi, X., Zhang, Y., Pan, H. and Sharp, B. (2023). Feed-in tariffs and the carbon emission trading scheme under China's peak emission target: a dynamic CGE analysis for the development of renewable electricity. Journal of Environmental Management, 335, 117535. https://doi.org/10.1016/j.jenvman.2023.117535
• Rajwanshi, Y. (2019). Are green bonds as good as they sound? Retrieved from https://econreview.studentorg.berkeley.edu/are-green-bonds-as-good-as-they-sound/
• Sarigul, S.S. and Topcu, B.A. (2021). The impact of environmental taxes on carbon dioxide emissions in Turkey. International Journal of Business and Economic Studies, 3(1), 43-54. Retrieved from https://dergipark.org.tr/en/pub/uiecd
• Tietenberg, T. and Lewis, L. (2018). Environmental & natural resource economics (11th ed.). New York: Routledge.
• TSKB. (2017). IFR award for the TSKB green bond issuance. Retrieved from https://www.tskb.com.tr/en/about-us/about-us/news/ifr-award-for-the-tskb-green-bond-issuance
• World Bank. (2021). What you need to know about green loans. Retrieved from https://www.worldbank.org/en/news/feature/2021/10/04/what-you-need-to-know-about-green-loans
• Xie, P. and Jamaani, F. (2022). Does green innovation, energy productivity and environmental taxes limit carbon emissions in developed economies: Implications for sustainable development, Structural Change and Economic Dynamics, 63, 66-78. https://doi.org/10.1016/j.strueco.2022.09.002
• Zhu, Y., Taylor, D. and Wang, Z. (2023). The role of environmental taxes on carbon emissions in countries aiming for net-zero carbon emissions: Does renewable energy consumption matter? Renewable Energy, 218, 119239. https://doi.org/10.1016/j.renene.2023.119239