Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development

Mohammad Nadimur Rahman; Cüneyt Dumrul

doi:10.52642/susbed.1777331

EN TR

Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development

Öz

The current study examines the effects of economic growth, bio-renewable energy consumption and bank-based financial development on CO2 emissions in twelve top high-income European Union (EU) countries (EU-12) and in eleven top high-income European Union (EU) countries (EU-11) for the year between 1993-2020. For economic growth, the study investigates the environmental Kuznets curve (EKC) hypothesis to observe whether there exists the inverted U-shaped relationship between economic growth and CO2 emissions. In addition, the study examines the indirect effect of bank-based financial development on CO2 emissions by moderating bio-renewable energy consumption. The study applies Driscoll & Kraay (D&K) panel error estimation technique for the empirical analyses. While the EKC hypothesis is insignificant in EU-12 countries, the study indicates that the EKC hypothesis is significant in EU-11 countries where the country Luxembourg is excluded from the second panel group. However, both bank-based financial development and bio-renewable consumption reduce CO2 emissions where the study reveals that bio-renewable energy consumption is the most efficient variable in reducing CO2 emissions in both country panel groups. Moreover, the study observes that bank-based financial development can indirectly reduce CO2 emissions by moderating bio-renewable energy consumption in both country panel groups.

Anahtar Kelimeler

Bank-Based Financial Development, Bio-Renewable Energy Consumption, CO2 Emissions, Environmental Kuznets Curve (EKC) Hypothesis, Low-Carbon Economic Growth

Destekleyen Kurum

Erciyes University Scientific Research Projects Unit

Proje Numarası

SDK-2021-10693

Etik Beyan

Subject: Regarding the article titled "Low-Carbon Economic Growth, Bio-Renewable Energy Efficiency, and the Role of Bank-Based Financial Development: Evidence from Top High-Income European Union (EU) Countries," which did not require ethics committee approval, we would like to clarify that due to the scope and nature of our study, we did not require ethics committee approval for our article titled "Low-Carbon Economic Growth, Bio-Renewable Energy Efficiency, and the Role of Bank-Based Financial Development: Evidence from Top High-Income European Union (EU) Countries," which we submitted to the Selçuk University Journal of the Institute of Social Sciences. Our study was exempt from ethics committee review for the following reasons: • Retrospective Data Analysis: Our study is a retrospective analysis of previously collected data. • Literature Review/Compilation: Our study is a systematic review of existing literature. • Analysis of Published Data: Our study includes a secondary analysis of previously published data. In light of this information, we would like to inform you that no ethics committee approval was required during the evaluation process of our article. Sincerely, Assistant Professor Dr. Mohammad Nadimur RAHMAN Professor Dr. Cüneyt DUMRUL

Teşekkür

Wishing to having a good work

Avrupa Birliği (AB)’nin En Yüksek Gelirli Ülkelerinde Düşük Karbonlu Ekonomik Büyüme ve Biyo-Yenilenebilir Enerji Verimliliği: Banka Temelli Finansal Gelişmenin Rolü

Öz

Bu çalışma, 1993-2020 yılları arasında on iki en yüksek gelirli Avrupa Birliği (AB) ülkesinde (AB-12) ve on bir en yüksek gelirli Avrupa Birliği (AB) ülkesinde (AB-11) ekonomik büyümenin, biyo-yenilenebilir enerji tüketiminin ve banka temelli finansal gelişmenin CO2 emisyonları üzerindeki etkilerini incelemektedir. Ekonomik büyüme için çalışma, ekonomik büyüme ile CO2 emisyonları arasında ters U şeklinde bir ilişkinin olup olmadığını gözlemlemek için çevresel Kuznets eğrisi (ÇKE) hipotezini araştırmaktadır. Ek olarak, bu çalışma, biyo-yenilenebilir enerji tüketimini yumuşatarak banka temelli finansal gelişmenin CO2 emisyonları üzerindeki dolaylı etkisini incelemektedir. Bu çalışma, ampirik analizler için Driscoll & Kraay (D&K) panel hata tahmin tekniğini uygulamaktadır. ÇKE hipotezi AB-12 ülkelerinde önemsizken, çalışma, Lüksemburg ülkesinin ikinci panel grubundan çıkarıldığı AB-11 ülkelerinde ÇKE hipotezinin anlamlı olduğunu göstermektedir. Bununla birlikte hem banka tabanlı finansal gelişme hem de biyo-yenilenebilir enerji tüketimi CO2 emisyonlarını azaltırken, çalışma biyo-yenilenebilir enerji tüketiminin her iki ülke panel grubunda da CO2 emisyonlarını azaltmada en etkili değişken olduğunu ortaya koymaktadır. Ayrıca, çalışma banka tabanlı finansal kalkınmanın her iki ülke panel grubunda da biyo-yenilenebilir enerji tüketimini azaltarak dolaylı olarak CO2 emisyonlarını azaltabileceğini gözlemlemektedir.

Anahtar Kelimeler

Banka Tabanlı Finansal Gelişme, Biyo-Yenilenebilir Enerji Tüketimi, CO2 Emisyonları, Çevresel Kuznets Eğrisi (ÇKE) Hipotezi, Düşük Karbonlu Ekonomik Büyüme

Destekleyen Kurum

Erciyes Üniversitesi Bilimsel Araştırma Projeleri Birimi

Proje Numarası

SDK-2021-10693

Etik Beyan

Konu: “Low-Carbon Economic Growth, Bio-Renewable Energy Efficiency and The Role of Bank-Based Financial Development: Evidence from Top High-Income European Union (EU) Countries" başlıklı makale için etik kurul onayı gerekmediği hakkında. Değerli Editör, Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi'ne sunmuş olduğumuz "Low-Carbon Economic Growth, Bio-Renewable Energy Efficiency and The Role of Bank-Based Financial Development: Evidence from Top High-Income European Union (EU) Countries" başlıklı makalemizle ilgili olarak, çalışmamızın kapsamı ve niteliği gereği etik kurul onayı almamızın gerekmediğini belirtmek isteriz. Çalışmamız aşağıdaki nedenlerden dolayı etik kurul incelemesinden muaf tutulmuştur: • Geriye Dönük Veri Analizi: Çalışmamız, daha önce toplanmış geriye dönük bir veri analizidir. • Literatür Taraması/Derleme: Çalışmamız, mevcut literatürün sistematik bir derlemesidir. • Yayınlanmış Verilerin Analizi: Çalışmamız, daha önce yayımlanmış verilerin ikincil analizini içermektedir. Bu bilgiler ışığında, makalemizin değerlendirme sürecinde herhangi bir etik kurul onayı belgesine ihtiyaç duyulmadığını bilgilerinize arz ederiz. Saygılarımızla, Dr. Öğretim Üyesi Mohammad Nadimur Rahman Profesör Dr. Cüneyt DUMRUL

Teşekkür

İyi çalışmalar diliyorum

Kaynakça

Abbasian Hamedani, E., & Talebi, S. (2025). Modeling and long-term forecasting of CO2 emissions in Asia: An optimized Artificial Neural Network approach with consideration of renewable energy scenarios. Energy Conversion and Management: X, 26. https://doi.org/10.1016/j.ecmx.2025.101030
Abid, M. (2016). Impact of economic, financial, and institutional factors on CO2 emissions: Evidence from Sub-Saharan Africa economies. Utilities Policy, 41, 85–94. https://doi.org/10.1016/j.jup.2016.06.009
Acheampong, A. O. (2019). Modelling for insight: Does financial development improve environmental quality? Energy Economics, 83, 156–179. https://doi.org/10.1016/j.eneco.2019.06.025
Ahmad, M., Ahmed, Z., Yang, X., Hussain, N., & Sinha, A. (2022). Financial development and environmental degradation: Do human capital and institutional quality make a difference? Gondwana Research, 105, 299–310. https://doi.org/10.1016/j.gr.2021.09.012
Alakbarov, N., Gündüz, M., & Şaşmaz, M. Ü. (2025). Exploring the link between economic growth, energy consumption, and environmental pollution in G20. Natural Resources Forum, 49(2), 1445–1461. https://doi.org/10.1111/1477-8947.12440
Ali, M., & Evans, S. (2025). The impact of best practice on energy efficiency in industrial decarbonization policy. Energy Policy, 204. https://doi.org/10.1016/j.enpol.2025.114632
Al-Mulali, U., & Binti Che Sab, C. N. (2012). The impact of energy consumption and CO 2 emission on the economic and financial development in 19 selected countries. In Renewable and Sustainable Energy Reviews (Vol. 16, Issue 7, pp. 4365–4369). https://doi.org/10.1016/j.rser.2012.05.017
Al-Mulali, U., Ozturk, I., & Solarin, S. A. (2016). Investigating the environmental Kuznets curve hypothesis in seven regions: The role of renewable energy. Ecological Indicators, 67, 267–282. https://doi.org/10.1016/j.ecolind.2016.02.059
Al-Mulali, U., Tang, C. F., & Ozturk, I. (2015). Estimating the Environment Kuznets Curve hypothesis: Evidence from Latin America and the Caribbean countries. In Renewable and Sustainable Energy Reviews (Vol. 50, pp. 918–924). Elsevier Ltd. https://doi.org/10.1016/j.rser.2015.05.017
Al-Mulali, U., Weng-Wai, C., Sheau-Ting, L., & Mohammed, A. H. (2015). Investigating the environmental Kuznets curve (EKC) hypothesis by utilizing the ecological footprint as an indicator of environmental degradation. Ecological Indicators, 48, 315–323. https://doi.org/10.1016/j.ecolind.2014.08.029

Alvarado, R., Ortiz, C., Jiménez, N., Ochoa-Jiménez, D., & Tillaguango, B. (2021). Ecological footprint, air quality and research and development: The role of agriculture and international trade. Journal of Cleaner Production, 288. https://doi.org/10.1016/j.jclepro.2020.125589
Andreoni, V., & Galmarini, S. (2016). Drivers in CO2 emissions variation: A decomposition analysis for 33 world countries. Energy, 103, 27–37. https://doi.org/10.1016/j.energy.2016.02.096
Anselmino, A., Piedra-Jimenez, F., Rodriguez, M. A., Dondo, R. G., & Cóccola, M. E. (2025). Strategic optimization of short-rotation woody crops for bioenergy production. Biomass and Bioenergy, 195. https://doi.org/10.1016/j.biombioe.2025.107686
Anton, S. G., & Afloarei Nucu, A. E. (2020). The effect of financial development on renewable energy consumption. A panel data approach. Renewable Energy, 147, 330–338. https://doi.org/10.1016/j.renene.2019.09.005
Anwar, M. A., Zhang, Q., Asmi, F., Hussain, N., Plantinga, A., Zafar, M. W., & Sinha, A. (2022). Global perspectives on environmental kuznets curve: A bibliometric review. Gondwana Research, 103, 135–145. https://doi.org/10.1016/j.gr.2021.11.010
Apeaning, R. W., & Labaran, M. (2025). Does financial development moderate the impact of climate mitigation innovation on CO2 emissions? Evidence from emerging economics. Innovation and Green Development, 4(2). https://doi.org/10.1016/j.igd.2025.100211
Apeaning, R. W., Labaran, M., Simbi, C. H., & Ennin, E. (2025). How effective are climate policy measures in reducing CO2 emissions? Evidence from emerging economies. Journal of Cleaner Production, 507. https://doi.org/10.1016/j.jclepro.2025.145395
Assi, A. F., Zhakanova Isiksal, A., & Tursoy, T. (2020). Highlighting the connection between financial development and consumption of energy in countries with the highest economic freedom. Energy Policy, 147. https://doi.org/10.1016/j.enpol.2020.111897
Awan, A. M., & Azam, M. (2022). Evaluating the impact of GDP per capita on environmental degradation for G-20 economies: Does N-shaped environmental Kuznets curve exist? Environment, Development and Sustainability, 24(9), 11103–11126. https://doi.org/10.1007/s10668-021-01899-8
Azam Khan, M., Nawab, S., & Gohar, A. (2024). The role of financial inclusion, technology innovation, energy and environmental degradation in determining sustainable growth in Asia. International Social Science Journal, 74(254), 1213–1230. https://doi.org/10.1111/issj.12503
Azam Khan, M., Sarwar, G., Hafeez, M. H., Khan, H., & Ur Rahman, H. (2024). The nexus of research and development investment, financial development, energy use, and environmental degradation in Asian economies. Natural Resources Forum, 48(4), 1278–1298. https://doi.org/10.1111/1477-8947.12364
Azam, M., Rehman, Z. U., Khan, H., & Haouas, I. (2024). Empirical testing of the environmental Kuznets curve: evidence from 182 countries of the world. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-024-04890-1
Azomahou, T., Laisney, F., & Nguyen Van, P. (2006). Economic development and CO2 emissions: A nonparametric panel approach. Journal of Public Economics, 90(6–7), 1347–1363. https://doi.org/10.1016/j.jpubeco.2005.09.005
Baltagi, B. H., Feng, Q., & Kao, C. (2012). A Lagrange Multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of Econometrics, 170(1), 164–177. https://doi.org/10.1016/j.jeconom.2012.04.004
Basheer, M. F., Sabir, S. A., & Hassan, S. G. (2024). Financial development, globalization, energy consumption, and environmental quality: Does control of corruption matter in South Asian countries? Economic Change and Restructuring, 57(3). https://doi.org/10.1007/s10644-024-09699-6
Berglund, T., & Mäkinen, M. (2019). Do banks learn from financial crisis? The experience of Nordic banks. Research in International Business and Finance, 47, 428–440. https://doi.org/10.1016/j.ribaf.2018.09.004
Berk, I., Kasman, A., & Kılınç, D. (2020). Towards a common renewable future: The System-GMM approach to assess the convergence in renewable energy consumption of EU countries. Energy Economics, 87. https://doi.org/10.1016/j.eneco.2018.02.013
Bigerna, S., Bollino, C. A., & Polinori, P. (2021). Convergence in renewable energy sources diffusion worldwide. Journal of Environmental Management, 292. https://doi.org/10.1016/j.jenvman.2021.112784
Brůha, J., & Kočenda, E. (2018). Financial stability in Europe: Banking and sovereign risk. Journal of Financial Stability, 36, 305–321. https://doi.org/10.1016/j.jfs.2018.03.001
Çakar, N. D., Gedikli, A., Erdoğan, S., & Yıldırım, D. Ç. (2021). Exploring the nexus between human capital and environmental degradation: The case of EU countries. Journal of Environmental Management, 295. https://doi.org/10.1016/j.jenvman.2021.113057
Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
Chaudhary, A., Rathour, R. K., Solanki, P., Mehta Kakkar, P., Pathania, S., Walia, A., Baadhe, R. R., & Bhatia, R. K. (2025). Recent technological advancements in biomass conversion to biofuels and bioenergy for circular economy roadmap. In Renewable Energy (Vol. 244). Elsevier Ltd. https://doi.org/10.1016/j.renene.2025.122714
Chauhan, S., Solanki, P., Putatunda, C., Walia, A., Keprate, A., Kumar Bhatt, A., Kumar Thakur, V., & Kant Bhatia, R. (2025). Recent advancements in biomass to bioenergy management and carbon capture through artificial intelligence integrated technologies to achieve carbon neutrality. Sustainable Energy Technologies and Assessments, 73. https://doi.org/10.1016/j.seta.2024.104123
Chen, H. C., Chou, R. K., Lin, C. Y., & Lu, C. L. (2022). Bank loans during the 2008 quantitative easing. Journal of Financial Stability, 59. https://doi.org/10.1016/j.jfs.2022.100974
Chiaramonte, L., Dreassi, A., Goodell, J. W., Paltrinieri, A., & Piserà, S. (2024). Banks’ environmental policies and banks’ financial stability. Journal of International Financial Markets, Institutions and Money, 91. https://doi.org/10.1016/j.intfin.2023.101927
Chien, F., Anwar, A., Hsu, C. C., Sharif, A., Razzaq, A., & Sinha, A. (2021). The role of information and communication technology in encountering environmental degradation: Proposing an SDG framework for the BRICS countries. Technology in Society, 65. https://doi.org/10.1016/j.techsoc.2021.101587
Churchill, S. A., Inekwe, J., Ivanovski, K., & Smyth, R. (2018). The Environmental Kuznets Curve in the OECD: 1870–2014. Energy Economics, 75, 389–399. https://doi.org/10.1016/j.eneco.2018.09.004
Cornelia, P. G. (2014). True Cost Economics: Ecological Footprint. Procedia Economics and Finance, 8, 550–555. https://doi.org/10.1016/s2212-5671(14)00127-0
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
Demirtas, C., Tiwari, A. K., Soyu Yıldırım, E., & Shahbaz, M. (2025). Does financial development support renewable energy consumption: Evidence from the UK. Renewable Energy, 243. https://doi.org/10.1016/j.renene.2025.122480
Destek, M. A., & Sarkodie, S. A. (2019). Investigation of environmental Kuznets curve for ecological footprint: The role of energy and financial development. Science of the Total Environment, 650, 2483–2489. https://doi.org/10.1016/j.scitotenv.2018.10.017
Diluiso, F., Annicchiarico, B., Kalkuhl, M., & Minx, J. C. (2021). Climate actions and macro-financial stability: The role of central banks. Journal of Environmental Economics and Management, 110. https://doi.org/10.1016/j.jeem.2021.102548
Dinda, S. (2004). Environmental Kuznets Curve hypothesis: A survey. Ecological Economics, 49(4), 431–455. https://doi.org/10.1016/j.ecolecon.2004.02.011
Dogan, E., & Seker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. In Renewable and Sustainable Energy Reviews (Vol. 60, pp. 1074–1085). Elsevier Ltd. https://doi.org/10.1016/j.rser.2016.02.006
Dridi, D., Hasni, R., & KahiA, M. (2024). Environmental Degradation and Financial Development Nexus in BRICS PLUS Countries: Do Financial Development Drivers Make a Difference? Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-024-02266-4
Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data (Vol. 80, Issue 4).
Dybowski, T. P., & Kempa, B. (2020). The European Central Bank’s monetary pillar after the financial crisis. Journal of Banking and Finance, 121. https://doi.org/10.1016/j.jbankfin.2020.105965
Elheddad, M., Benjasak, C., Deljavan, R., Alharthi, M., & Almabrok, J. M. (2021). The effect of the Fourth Industrial Revolution on the environment: The relationship between electronic finance and pollution in OECD countries. Technological Forecasting and Social Change, 163. https://doi.org/10.1016/j.techfore.2020.120485
EL-Karimi, M., & El-houjjaji, H. (2022). Economic growth and renewable energy consumption nexus in G7 countries: Symmetric and asymmetric causality analysis in frequency domain. Journal of Cleaner Production, 342. https://doi.org/10.1016/j.jclepro.2022.130618
Fan, L., Usman, M., Haseeb, M., & Kamal, M. (2025). The impact of financial development and energy consumption on ecological footprint in economic complexity-based EKC framework: New evidence from BRICS-T region. Natural Resources Forum, 49(2), 1536–1559. https://doi.org/10.1111/1477-8947.12448
Ganda, F., & Ruza, C. (2025). Unveiling the non-linear dynamics: quantile regression of financial development’s impact on environmental degradation in BRICS and G7 nations. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-00792-y
Guo, X., & Shahbaz, M. (2024). The existence of environmental Kuznets curve: Critical look and future implications for environmental management. In Journal of Environmental Management (Vol. 351). Academic Press. https://doi.org/10.1016/j.jenvman.2023.119648
Halliru, A. M., Loganathan, N., Golam Hassan, A. A., Mardani, A., & Kamyab, H. (2020). Re-examining the environmental kuznets curve hypothesis in the economic community of West African states: A panel quantile regression approach. Journal of Cleaner Production, 276. https://doi.org/10.1016/j.jclepro.2020.124247
Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
Hodu Ngangnchi, F., Ajong Aquilas, N., & Emmanuel Mbella, M. (2024). Natural resource use, industrialization and climate change in Africa: Blueprints for sustainable regional development. Research in Globalization, 9. https://doi.org/10.1016/j.resglo.2024.100245
Hodžić, S., Šikić, T. F., & Dogan, E. (2023). Green environment in the EU countries: The role of financial inclusion, natural resources and energy intensity. Resources Policy, 82. https://doi.org/10.1016/j.resourpol.2023.103476
Houfi, M. A., & Farhat, C. (2025). Aligning financial development and banking sustainability for environmental sustainability: empirical insights from emerging economies. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-025-06337-7
Huang, R., Kale, S., Paramati, S. R., & Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1–15. https://doi.org/10.1016/j.eap.2020.10.007
Hussain, M., Rehman, R. U., & Bashir, U. (2024). Environmental pollution, innovation, and financial development: an empirical investigation in selected industrialized countries using the panel ARDL approach. Environment, Development and Sustainability, 26(11), 29217–29248. https://doi.org/10.1007/s10668-023-03860-3
Jalil, A., & Rauf, A. (2024). Financial development and the environment: evidence from heterogenous panel methods. International Economics and Economic Policy, 21(4), 787–816. https://doi.org/10.1007/s10368-024-00619-7
Jeon, J. Q., & Lim, K. K. (2013). Bank competition and financial stability: A comparison of commercial banks and mutual savings banks in Korea. Pacific Basin Finance Journal, 25, 253–272. https://doi.org/10.1016/j.pacfin.2013.10.003
Jiang, Q., Rahman, Z. U., Zhang, X., Guo, Z., & Xie, Q. (2022). An assessment of the impact of natural resources, energy, institutional quality, and financial development on CO2 emissions: Evidence from the B&R nations. Resources Policy, 76. https://doi.org/10.1016/j.resourpol.2022.102716
Jiang, X., & Guan, D. (2016). Determinants of global CO2 emissions growth. Applied Energy, 184, 1132–1141. https://doi.org/10.1016/j.apenergy.2016.06.142
Kaika, D., & Zervas, E. (2013). The Environmental Kuznets Curve (EKC) theory-Part A: Concept, causes and the CO2 emissions case. Energy Policy, 62, 1392–1402. https://doi.org/10.1016/j.enpol.2013.07.131
Khan, K., Yan, X., Zhang, J., Ullah, S., & Li, C. (2024). Financial inclusion, environmental degradation, and the moderating role of ICT: a global perspective. Environmental Science and Pollution Research International, 31(1), 445–457. https://doi.org/10.1007/s11356-023-31216-x
Khezri, M., Heshmati, A., & Khodaei, M. (2021). The role of R&D in the effectiveness of renewable energy determinants: A spatial econometric analysis. Energy Economics, 99. https://doi.org/10.1016/j.eneco.2021.105287
Khezri, M., Karimi, M. S., Khan, Y. A., & Abbas, S. Z. (2021). The spillover of financial development on CO2 emission: A spatial econometric analysis of Asia-Pacific countries. Renewable and Sustainable Energy Reviews, 145. https://doi.org/10.1016/j.rser.2021.111110
Kim, J., & Park, K. (2016). Financial development and deployment of renewable energy technologies. Energy Economics, 59, 238–250. https://doi.org/10.1016/j.eneco.2016.08.012
Kirikkaleli, D., & Sofuoğlu, E. (2023). Does financial stability matter for environmental degradation? Geological Journal, 58(9), 3268–3277. https://doi.org/10.1002/gj.4707
Kuznets, S. (1955). Economic Growth and Income Inequality (Vol. 45, Issue 1).
Le, T. H., Nguyen, C. P., & Park, D. (2020). Financing renewable energy development: Insights from 55 countries. In Energy Research and Social Science (Vol. 68). Elsevier Ltd. https://doi.org/10.1016/j.erss.2020.101537
Leal, P. H., & Marques, A. C. (2022). The evolution of the environmental Kuznets curve hypothesis assessment: A literature review under a critical analysis perspective. In Heliyon (Vol. 8, Issue 11). Elsevier Ltd. https://doi.org/10.1016/j.heliyon.2022.e11521
Li, H., Mu, W., Huang, W., Torvanger, A., & Chen, T. (2025). Bioenergy utilization and greenhouse gas emission reduction: A global impact assessment. Renewable Energy, 250. https://doi.org/10.1016/j.renene.2025.123115
Liu, C., Niu, H., Hayyat, M., & Hao, V. (2025). Understanding the relationship between ecological footprints and renewable energy in BRICS nations: An economic perspective. International Journal of Hydrogen Energy, 118, 46–57. https://doi.org/10.1016/j.ijhydene.2025.03.141
Liu, D., Guo, X., & Xiao, B. (2019). What causes growth of global greenhouse gas emissions? Evidence from 40 countries. Science of the Total Environment, 661, 750–766. https://doi.org/10.1016/j.scitotenv.2019.01.197
Lv, Z., & Li, S. S. (2021). How financial development affects CO2 emissions: A spatial econometric analysis. Journal of Environmental Management, 277. https://doi.org/10.1016/j.jenvman.2020.111397
Magazzino, C., Gattone, T., & Madaleno, M. (2025). The impact of socio-economic factors on the ecological footprint in Turkey: A comprehensive analysis using machine learning approaches. Journal of Environmental Management, 387. https://doi.org/10.1016/j.jenvman.2025.125861
Marra, A., & Colantonio, E. (2021). The path to renewable energy consumption in the European Union through drivers and barriers: A panel vector autoregressive approach. Socio-Economic Planning Sciences, 76. https://doi.org/10.1016/j.seps.2020.100958
Mehmood, S., & Kaewsaeng-on, R. (2025). Sustainability at the crossroads: what roles do renewable energy and financial development play in environmental degradation through the EKC framework? Environment, Development and Sustainability. https://doi.org/10.1007/s10668-025-06264-7
Mngumi, F., Huang, L., Xiuli, G., & Ayub, B. (2024). Financial efficiency and CO2 emission in BRICS. Dose digital economy development matter? Heliyon, 10(2). https://doi.org/10.1016/j.heliyon.2024.e24321
Mohamed, E. F., Abdullah, A., Jaaffar, A. H., & Osabohien, R. (2024). Reinvestigating the EKC hypothesis: Does renewable energy in power generation reduce carbon emissions and ecological footprint? Energy Strategy Reviews, 53. https://doi.org/10.1016/j.esr.2024.101387
Mohammed, S., Gill, A. R., Ghosal, K., Al-Dalahmeh, M., Alsafadi, K., Szabó, S., Oláh, J., Alkerdi, A., Ocwa, A., & Harsanyi, E. (2024). Assessment of the environmental kuznets curve within EU-27: Steps toward environmental sustainability (1990–2019). Environmental Science and Ecotechnology, 18. https://doi.org/10.1016/j.ese.2023.100312
Mohmmed, A., Li, Z., Olushola Arowolo, A., Su, H., Deng, X., Najmuddin, O., & Zhang, Y. (2019). Driving factors of CO2 emissions and nexus with economic growth, development and human health in the Top Ten emitting countries. Resources, Conservation and Recycling, 148, 157–169. https://doi.org/10.1016/j.resconrec.2019.03.048
Naqvi, S. A. A., Hussain, B., & Ali, S. (2023). Evaluating the influence of biofuel and waste energy production on environmental degradation in APEC: Role of natural resources and financial development. Journal of Cleaner Production, 386. https://doi.org/10.1016/j.jclepro.2022.135790
Odei, S. A., Dunyo, S. K., & Anderson, H. J. (2025). Research and development, economic growth, CO2 emissions and environmental Kuznets curve. Sustainable Futures, 9. https://doi.org/10.1016/j.sftr.2025.100541
Pablo-Romero, M. P., Sánchez-Braza, A., & Gil-Pérez, J. (2023). Is deforestation needed for growth? Testing the EKC hypothesis for Latin America. Forest Policy and Economics, 148. https://doi.org/10.1016/j.forpol.2023.102915
Papież, M., Śmiech, S., & Frodyma, K. (2018). Determinants of renewable energy development in the EU countries. A 20-year perspective. In Renewable and Sustainable Energy Reviews (Vol. 91, pp. 918–934). Elsevier Ltd. https://doi.org/10.1016/j.rser.2018.04.075
Pascucci, S., Grandori, A., Borrello, M., & Cembalo, L. (2025). Designing contracts for the bioenergy industry: The role of swift relational contracting. Ecological Economics, 235. https://doi.org/10.1016/j.ecolecon.2025.108660
Prempeh, K. B., Yeboah, S. A., Danso, F. K., & Frimpong, J. M. (2023). Banking sector development and environmental degradation in the Economic Community of West African States: do technology effects matter? Future Business Journal, 9(1). https://doi.org/10.1186/s43093-023-00286-1
Rahman, M. M., & Sultana, N. (2022). Impacts of institutional quality, economic growth, and exports on renewable energy: Emerging countries perspective. Renewable Energy, 189, 938–951. https://doi.org/10.1016/j.renene.2022.03.034
Ramlall, I. (2017). Internalizing CO2 emissions via central banks’ financials: Evidence from the world. In Renewable and Sustainable Energy Reviews (Vol. 72, pp. 549–559). Elsevier Ltd. https://doi.org/10.1016/j.rser.2017.01.083
Rashid Gill, A., Viswanathan, K. K., & Hassan, S. (2018). The Environmental Kuznets Curve (EKC) and the environmental problem of the day. In Renewable and Sustainable Energy Reviews (Vol. 81, pp. 1636–1642). Elsevier Ltd. https://doi.org/10.1016/j.rser.2017.05.247
Ridwan, M., Urbee, A. J., Voumik, L. C., Das, M. K., Rashid, M., & Esquivias, M. A. (2024). Investigating the environmental Kuznets curve hypothesis with urbanization, industrialization, and service sector for six South Asian Countries: Fresh evidence from Driscoll Kraay standard error. Research in Globalization, 8. https://doi.org/10.1016/j.resglo.2024.100223
Romano, A. A., Scandurra, G., Carfora, A., & Fodor, M. (2017). Renewable investments: The impact of green policies in developing and developed countries. In Renewable and Sustainable Energy Reviews (Vol. 68, pp. 738–747). Elsevier Ltd. https://doi.org/10.1016/j.rser.2016.10.024
Rossi, A. (2025). IEA Bioenergy: Update 77. Biomass and Bioenergy, 200. https://doi.org/10.1016/j.biombioe.2025.107917
Sahu, A. K., & Mahalik, M. K. (2025). From policy to practice: The mediating role of innovation in renewable energy adoption in OECD nations. Innovation and Green Development, 4(3). https://doi.org/10.1016/j.igd.2025.100250
Shah, M. H., Hassan, S. T., Ullah, I., Wang, Y., & Shah, A. A. (2025). Sustainable water management practice in South Asian Countries: The importance of water resources, temperature, and bioenergy on ecological footprint. Gondwana Research, 144, 109–122. https://doi.org/10.1016/j.gr.2025.04.004
Shahbaz, M., Sinha, A., Raghutla, C., & Vo, X. V. (2022). Decomposing scale and technique effects of financial development and foreign direct investment on renewable energy consumption. Energy, 238. https://doi.org/10.1016/j.energy.2021.121758
Shaheen, R. (2023). Financial sector development and testing the environmental Kuznets curve (EKC) hypothesis through a PCHVAR specification for the Middle Eastern region. Environmental Science and Pollution Research, 30(38), 89153–89164. https://doi.org/10.1007/s11356-023-28518-5
Simionescu, M. (2021). The nexus between economic developmentand pollution in the European Union new member states. The role of renewable energy consumption. Renewable Energy, 179, 1767–1780. https://doi.org/10.1016/j.renene.2021.07.142
Simionescu, M., Strielkowski, W., & Gavurova, B. (2022). Could quality of governance influence pollution? Evidence from the revised Environmental Kuznets Curve in Central and Eastern European countries. Energy Reports, 8, 809–819. https://doi.org/10.1016/j.egyr.2021.12.031
Soufiene, A., Alvarado, R., Abid, M., Tillaguango, B., & Shahbaz, M. (2025). The role of taxation in environmental sustainability in G-20 economies: A double dividend theoretical assessment. Journal of Environmental Management, 374. https://doi.org/10.1016/j.jenvman.2024.123996
Stern, D. I. (2004). The Rise and Fall of the Environmental Kuznets Curve. World Development, 32(8), 1419–1439. https://doi.org/10.1016/j.worlddev.2004.03.004
Sultana, M., & Rahman, M. H. (2024). Investigating the impact of GDP, energy mix, energy intensity, and the service sector on environmental pollution in MENA countries: An application of Driscoll-Kraay standard error approach. Social Sciences and Humanities Open, 10. https://doi.org/10.1016/j.ssaho.2024.101087
Tishchenko, I., Egorova, Y., & Vakulenko, E. (2025). Energy security, environmental policies, and environmental Kuznets Curve for renewable energy development. Renewable Energy, 251. https://doi.org/10.1016/j.renene.2025.123336
Unfccc. (n.d.). ADOPTION OF THE PARIS AGREEMENT - Paris Agreement text English.
Usman, M., Makhdum, M. S. A., & Kousar, R. (2021). Does financial inclusion, renewable and non-renewable energy utilization accelerate ecological footprints and economic growth? Fresh evidence from 15 highest emitting countries. Sustainable Cities and Society, 65. https://doi.org/10.1016/j.scs.2020.102590
Waaje, A., Roshid, M. M., Islam, S., Chandra Bhowmik, R., Rahaman, M. A., & Hassan, M. M. (2025). Tourism, trade, energy, and economic development: Drivers of ecological footprint in the World’s top tourist destinations. Innovation and Green Development, 4(3). https://doi.org/10.1016/j.igd.2025.100249
Wang, Z., Pham, T. L. H., Sun, K., Wang, B., Bui, Q., & Hashemizadeh, A. (2022). The moderating role of financial development in the renewable energy consumption - CO2 emissions linkage: The case study of Next-11 countries. Energy, 254. https://doi.org/10.1016/j.energy.2022.124386
Wang, Z., Y, C., Zhang, B., Ahmed, Z., & Ahmad, M. (2023). Environmental degradation, renewable energy, and economic growth nexus: Assessing the role of financial and political risks? Journal of Environmental Management, 325. https://doi.org/10.1016/j.jenvman.2022.116678
Waqas, M., Farooq, F., Bhat, M. A., Sibt-e-Ali, M., & Batool, K. (2025). Crafting a Sustainable Environment through Green Energy, Financial Development and Agriculture in the BRICS Economies. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-025-02694-w
Wen, B., He, Y., Jing, X., & Haroon, M. (2025). Advancing renewable energy and green finance for economic growth and ecological resilience. Energy Strategy Reviews, 59. https://doi.org/10.1016/j.esr.2025.101747
Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
Xing, X., Wang, Y., & Wang, J. (2011). The problems and strategies of the low carbon economy development. Energy Procedia, 5, 1831–1836. https://doi.org/10.1016/j.egypro.2011.03.312
Xu, D., Sheraz, M., Hassan, A., Sinha, A., & Ullah, S. (2022). Financial development, renewable energy and CO2 emission in G7 countries: New evidence from non-linear and asymmetric analysis. Energy Economics, 109. https://doi.org/10.1016/j.eneco.2022.105994
Xu, X., Huang, S., & An, H. (2021). Identification and causal analysis of the influence channels of financial development on CO2 emissions. Energy Policy, 153. https://doi.org/10.1016/j.enpol.2021.112277
Yang, J., Hao, Y., & Feng, C. (2021). A race between economic growth and carbon emissions: What play important roles towards global low-carbon development? Energy Economics, 100. https://doi.org/10.1016/j.eneco.2021.105327
Yang, L., Zhou, X., & Feng, X. (2022). Renewable energy led Economic Growth Hypothesis: Evidence from novel panel methods for N-11 economies. Renewable Energy, 197, 790–797. https://doi.org/10.1016/j.renene.2022.07.025
Zafar, M. W., Zaidi, S. A. H., Sinha, A., Gedikli, A., & Hou, F. (2019). The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: Insights from G-7 and N-11 countries. Resources Policy, 62, 427–436. https://doi.org/10.1016/j.resourpol.2019.05.003
Zaidi, S. A. H., Zafar, M. W., Shahbaz, M., & Hou, F. (2019). Dynamic linkages between globalization, financial development and carbon emissions: Evidence from Asia Pacific Economic Cooperation countries. Journal of Cleaner Production, 228, 533–543. https://doi.org/10.1016/j.jclepro.2019.04.210
Zhang, C., Wang, Q., & Li, R. (2025). Revisiting the relationship between geopolitical risk and ecological footprint: A comprehensive analysis based on dual machine learning. Journal of Environmental Management, 374. https://doi.org/10.1016/j.jenvman.2025.124125
Zhou, D., Saeed, U. F., Kongkuah, M., & Wiredu, I. (2024). Examining the moderating role of environmental regulations on financial development and ecological footprint in the MENA region. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-024-05430-7

Ayrıntılar

Birincil Dil

İngilizce

Konular

Ekonomik Modeller ve Öngörü, Karşılaştırmalı Ekonomik Sistemler, Ekonometri (Diğer), Ekolojik İktisat, Çevre Ekonomisi, Avrupa Birliği Ekonomisi, Sürdürülebilir Kalkınma, Yeşil Ekonomi

Bölüm

Araştırma Makalesi

Yazarlar

Mohammad Nadimur Rahman ^*
0000-0001-5301-1107
Türkiye

Cüneyt Dumrul
0000-0002-6787-2001
Türkiye

Yayımlanma Tarihi

30 Ağustos 2026

Gönderilme Tarihi

3 Eylül 2025

Kabul Tarihi

17 Haziran 2026

Yayımlandığı Sayı

Yıl 2026 Sayı: 60

DOI

https://doi.org/10.52642/susbed.1777331

IZ

https://izlik.org/JA82KU66XE

APA

Rahman, M. N., & Dumrul, C. (2026). Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 60, 66-87. https://doi.org/10.52642/susbed.1777331

AMA

1.Rahman MN, Dumrul C. Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development. SUSBED. 2026;(60):66-87. doi:10.52642/susbed.1777331

Chicago

Rahman, Mohammad Nadimur, ve Cüneyt Dumrul. 2026. “Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development”. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, sy 60: 66-87. https://doi.org/10.52642/susbed.1777331.

EndNote

Rahman MN, Dumrul C (01 Ağustos 2026) Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 60 66–87.

IEEE

[1]M. N. Rahman ve C. Dumrul, “Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development”, SUSBED, sy 60, ss. 66–87, Ağu. 2026, doi: 10.52642/susbed.1777331.

ISNAD

Rahman, Mohammad Nadimur - Dumrul, Cüneyt. “Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development”. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 60 (01 Ağustos 2026): 66-87. https://doi.org/10.52642/susbed.1777331.

JAMA

1.Rahman MN, Dumrul C. Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development. SUSBED. 2026;:66–87.

MLA

Rahman, Mohammad Nadimur, ve Cüneyt Dumrul. “Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development”. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, sy 60, Ağustos 2026, ss. 66-87, doi:10.52642/susbed.1777331.

Vancouver

1.Mohammad Nadimur Rahman, Cüneyt Dumrul. Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development. SUSBED. 01 Ağustos 2026;(60):66-87. doi:10.52642/susbed.1777331

24108 28027

Bu eser Creative Commons Attribution-NonCommercial 4.0 International Lisansı ile lisanslanmıştır.

Low-Carbon Economic Growth and Bio-Renewable Energy Efficiency in Top High-Income European Union (EU) Countries: Role of Bank-Based Financial Development

Öz

Anahtar Kelimeler

Destekleyen Kurum

Proje Numarası

Etik Beyan

Teşekkür

Avrupa Birliği (AB)’nin En Yüksek Gelirli Ülkelerinde Düşük Karbonlu Ekonomik Büyüme ve Biyo-Yenilenebilir Enerji Verimliliği: Banka Temelli Finansal Gelişmenin Rolü

Öz

Anahtar Kelimeler

Destekleyen Kurum

Proje Numarası

Etik Beyan

Teşekkür

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster