The Dynamics of Green Growth: The Role of Economic Growth, Trade, and Renewable Energy

Abstract

The acceleration of globalization in the 1980s, along with increasing competition and industrialization, significantly boosted production demand and energy consumption. While these developments have had positive effects on economic growth, they have also made the negative externalities they cause more apparent. This process has led to strengthening the idea of need for sustainable economic growth by enhancing the global visibility of environmental issues. One of the prominent concepts within sustainable economic growth is green growth. The concept of green growth, which aims to reconcile environmental sustainability with economic growth, has emerged as a concept that has attracted the attention of both economists and political decision-makers in recent years. In this sense, it is very important to understand how green growth is shaped by different factors in order to increase the effectiveness of local and global environmental policies implemented by countries. This study aims to examine the factors affecting green growth in 35 OECD countries between 1996 and 2022 using dynamic panel data analysis. In the model of this study, the determinants of green growth are analysed by using the system GMM estimator and considering economic growth, internationalization, energy consumption, and institutional factors. Additionally, the urbanization variable is incorporated into the model as a control variable. The findings of the study reveal that trade openness, economic growth, urbanization and renewable energy consumption have statistically significant effects on green growth. In this respect, it has been confirmed that economic growth and urbanization have a reducing effect on green growth, while trade openness and renewable energy consumption have an enhancing effect.

Keywords

• Sustainable Growth
• Green Growth
• Trade Openness
• Renewable Energy Consumption

Yeşil Büyümenin Dinamikleri: Ekonomik Büyüme, Ticaret ve Yenilenebilir Enerjinin Rolü

Öz

1980’li yıllarda hızlanan küreselleşme, artan rekabet ve sanayileşme süreçleri, üretim ihtiyacını ve enerji tüketimini önemli ölçüde artırmıştır. Bu gelişmeler, ekonomik büyümenin olumlu etkilerinin yanı sıra, sebep olduğu olumsuz dışsallıkları da belirgin hale getirmiştir. Söz konusu süreç, çevresel sorunların küresel ölçekte daha görünür olmasına yol açarak, sürdürülebilir ekonomik büyümenin gerekliliği düşüncesinin güçlenmesine neden olmuştur. Sürdürülebilir ekonomik büyüme kapsamında öne çıkan kavramlardan biri yeşil büyümedir. Çevresel sürdürülebilirliği ekonomik büyüme ile uyumlu hale getirmeyi hedefleyen yeşil büyüme kavramı, son yıllarda hem ekonomistler hem de politik karar alıcılar tarafından tartışılmakta ve ilgi görmektedir. Bu bağlamda, ülkelerin ulusal ve küresel çevre politikalarının etkinliğini artırabilmesi için yeşil büyümenin çeşitli faktörler tarafından nasıl şekillendirildiğini anlamak büyük önem taşımaktadır. Bu çalışma, 1996-2022 yılları arasında 35 OECD ülkesinde yeşil büyümeyi etkileyen faktörleri dinamik panel veri analizi yöntemiyle incelemeyi amaçlamaktadır. Çalışmanın modelinde, ekonomik büyüme, uluslararasılaşma, enerji tüketimi ve kurumsal faktörler dikkate alınarak yeşil büyümenin belirleyicileri, sistem GMM tahmincisi kullanılarak analiz edilmektedir. Ayrıca, kontrol değişken olarak kentleşme değişkeni de modele dahil edilmiştir. Çalışmanın bulguları, ticari açıklık, ekonomik büyüme, kentleşme ve yenilenebilir enerji tüketiminin yeşil büyüme üzerinde istatistiki olarak anlamlı etkileri olduğunu ortaya koymaktadır. Bu bağlamda, ekonomik büyüme ve kentleşmenin yeşil büyümeyi azaltıcı, ticari açıklık ve yenilenebilir enerji tüketiminin ise yeşil büyümeyi artırıcı etkisi olduğu saptanmıştır.

Anahtar Kelimeler

• Sürdürülebilir Büyüme
• Yeşil Büyüme
• Ticari Açıklık
• Yenilenebilir Enerji Tüketimi

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