Do Financial and Technological Innovations Enhance Environmental Quality? Empirical Evidence from the EU Countries

Yıl 2025, Cilt: 33 Sayı: 65, 315 - 334, 17.07.2025

Ahsen Emir Bulut , Mehtap Tunç

https://doi.org/10.17233/sosyoekonomi.2025.03.15

Öz

This paper aims to investigate the long-term effects of financial innovations (FI) and technological innovations (TI) on carbon dioxide emissions (CO2) in the EU from 2001 to 2022. The ratio of the aggregate money supply to narrow money (M3/M1) is used as a proxy for FI, and the total number of patents is used as a measure of technological innovation. The research applies Westerlund cointegration, augmented mean group estimator (AMG), and Dumitrescu-Hurlin causality tests. The empirical results demonstrate that the variables are cointegrated, and FI and TI contribute to reducing CO2 emissions. Additionally, the study finds that an increase in LGDP is associated with higher CO2 emissions. At the same time, the square of LGDP is linked to a reduction in CO2 emissions, supporting the Environmental Kuznets Curve (EKC) hypothesis. According to the Dumitrescu-Hurlin causality results, a unidirectional causality relationship exists between financial and technological innovations and CO2 emissions. These findings stress the importance of increased funding and grants to align with the Union's 2030 targets. Financial incentives should promote investments in the next generation of low-carbon technologies, supporting Europe's shift towards climate neutrality.

Anahtar Kelimeler

Financial Innovation , Technological Innovation , Environmental Quality , EU Countries

Finansal ve Teknolojik İnovasyonlar Çevresel Kaliteyi İyileştirir mi? AB Ülkelerinden Ampirik Kanıtlar

Öz

Bu çalışma, 2001-2022 dönemi için Avrupa Birliği ülkeleri bağlamında finansal yenilikler (FI) ve teknolojik yeniliklerin (TI) karbondioksit (CO2) emisyonları üzerindeki uzun dönem etkilerini Westerlund eşbütünleşmesi, artırılmış ortalama grup tahmincisi (AMG) ve ardından Dumitrescu-Hurlin nedensellik testleri ile araştırmaktadır. Finansal inovasyon vekil değişken olarak geniş para arzının dar para arzına oranı (M3/M1) ve teknolojik inovasyon olarak toplam patent sayısı kullanılmıştır. Ampirik sonuçlar, değişkenlerin etkilerinin eşbütünleşik olduğunu göstermektedir. Finansal ve teknolojik inovasyonlar CO2 emisyonlarını azaltmaktadır. Sonuçlar, LGDP'nin CO₂ emisyonlarındaki artışla ilişkili olduğunu, LGDP'nin karesinin ise CO₂ emisyonlarındaki azalmayla bağlantılı olduğunu göstermektedir. Bu bulgular, Çevresel Kuznets Eğrisi hipotezi ile uyumludur. Ayrıca Dumitrescu-Hurlin nedensellik sonuçlarına göre finansal ve teknolojik inovasyonlardan CO2 emisyonlarına doğru tek yönlü nedensellik ilişkisi tespit edilmiştir. Bu sonuçlar ışığında, Avrupa Birliği’nin 2030 yılı hedefleri doğrultusunda fon ve hibeler artırılmalıdır. Şirketlerin ve kamu otoritelerinin yeni nesil düşük karbonlu teknolojilere yatırım yapmaları ve Avrupa'nın iklim nötrlüğüne geçişini desteklemeleri için finansal teşvikler sağlanmalıdır.

Anahtar Kelimeler

Finansal İnovasyon , Teknolojik İnovasyon , Çevresel Kalite , AB Ülkeleri

Kaynakça

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