Green Finance, Renewable Energy and Global Warming Relationship: Evidence From G20 Countries

Year 2026, Issue: 102, 132 - 146, 07.01.2026

Emine Polat , Erkan Alsu

Abstract

This study examines the relationship between green finance, renewable energy, and global warming. In this context, countries' carbon emission levels were selected as global warming indicators. The study included gross national product, renewable energy consumption, green investment level, and energy consumption as independent variables in the model. Using a panel data set covering the period 2009–2023, long-term relationships were analyzed using Panel FMOLS (Fully Modified Ordinary Least Squares) and Panel DOLS (Dynamic Ordinary Least Squares) techniques. The study found significant relationships among carbon emissions and green finance, energy consumption, renewable energy use, and gross national product. This study offers important policy recommendations for policymakers and stakeholders working in the field of environmental sustainability to combat climate change.

Keywords

Green finance , Renewable energy , Carbon emissions , Panel FMOLS - DOLS tests

Ethical Statement

During the writing process of the study “Green Fınance, Renewable Energy and Global Warmıng Relatıonshıp: Evıdence From G20 Countrıes ” scientific rules, ethical and citation rules were followed. No falsification was made on the collected data and this study was not sent to any other academic publication medium for evaluation.

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