Avrupa Birliği'nin Çevresel ve Mali Sürdürülebilirlik Stratejisi: Yeşil Bütçeleme Uygulamaları ve Yeşil Tahviller

Yıl 2025, Cilt: 32 Sayı: 4, 723 - 745, 13.12.2025

Merve Yolal

https://doi.org/10.18657/yonveek.1708208

Öz

Bu çalışma, Avrupa Birliği’nin (AB) çevresel ve mali sürdürülebilirlik stratejisini, yeşil bütçeleme uygulamaları ve sürdürülebilir ekonomiye yönelik finansal yatırımlar çerçevesinde incelemektedir. Çalışma AB’de yeşil bütçeleme çerçevesini oluşturan kurumsal yapıyı ayrıntılı olarak açıklarken, aynı zamanda AB uygulamalarına ilişkin kanıtlar da sunarak, ülkelerin yeşil bütçeleme stratejilerine dair bir perspektif geliştirilmesine katkı sağlamayı amaçlamaktadır. Çalışmada nitel ve nicel araştırma yöntemleri benimsenerek, yeşil bütçelemenin hem teorik hem de pratik boyutları bir araya getirilmekte ve çevresel sürdürülebilirliği destekleyen mali araçlar kategorisinde olan yeşil tahvillerin önemi vurgulanmaktadır. Elde edilen bulgular, AB’nin yeşil bütçeleme sürecini yapısal biçimde kurumsallaştırdığını, mali kaynakları iklim hedefleri doğrultusunda yönlendirdiğini ve çevre dostu yatırımlar için sermaye piyasalarını etkin biçimde kullandığını ortaya koymaktadır. AB’nin bu stratejisi yeşil finansman uygulamasının yeşil dönüşüm için bir katalizör görevi gördüğünü ortaya koymaktadır.
Anahtar Kelimeler: Yeşil Bütçeleme, Yeşil Politikalar, Sürdürülebilir Finans, Yeşil Tahviller
Jel Sınıflandırması: H61, Q58, G18

Anahtar Kelimeler

Yeşil Bütçeleme , Yeşil Politikalar , Sürdürülebilir Finans , Yeşil Tahviller

The European Union's Environmental and Financial Sustainability Strategy: Green Budgeting Practices and Green Bonds

Öz

This study examines the European Union's (EU) environmental and fiscal sustainability strategy within the framework of green budgeting practices and financial investments aimed at fostering a sustainable economy. The research not only elaborates on the institutional structure that forms the basis of green budgeting in the EU but also provides evidence from EU practices, contributing to the development of a perspective on green budgeting strategies for other nations. By employing both qualitative and quantitative research methods, this study integrates the theoretical and practical dimensions of green budgeting while emphasizing the importance of green bonds as financial instruments that support environmental sustainability. The findings reveal that the EU has systematically institutionalized the green budgeting process, directing financial resources in alignment with climate objectives and effectively leveraging capital markets to fund environmentally friendly investments. The EU's strategy underscores how green finance practices serve as a catalyst for green transformation, highlighting their critical role in driving progress toward environmental and economic sustainability.
Keywords: Green Budgeting, Green Policies, Sustainable Finance, Green Bonds
Jel Codes: H61, Q58, G18

Anahtar Kelimeler

Green Budgeting , Green Policies , Sustainable Finance , Green Bonds

Kaynakça

• Aktaş, E. E. (2023). Green Budgeting and Long-Term Fiscal Sustainability. (Edited by Şevket Alper Koç, Abidin Çevik). Issues on Sustainability, Economics & History Global Studies. London: IJOPEC Publication, 31-50.
• Bova, E. (2021). How Green is Your Budget? Green Budgeting Practices in the EU. SUERF Policy Brief, No 140. https://www.suerf.org/wp-content/uploads/2023/12/f_8dff643d6e9e550131a9422aab8b28fd_29373_suerf.pdf Erişim Tarihi: 17.03.2025
• Bova, E. and Pojar, S. (2021). Implementation of Green Budgeting in EU Countries. IMF PFM BLOG, 08.09.2021. https://blog-pfm.imf.org/en/pfmblog/2021/09/implementation-of-green-budgeting-in-eu-countries Erişim Tarihi: 17.03.2025
• Council of the European Union (2025). European Green Deal. https://www.consilium.europa.eu/en/policies/european-green-deal/#:~:text=of%20the%20GDP.-,Key%20goals%20of%20the%20Green%20Deal,balance%20in%20nature%20and%20ecosystems Erişim Tarihi: 20.03.2025
• Eckert, E. and Kovalevska, O. (2021). Sustainability in the European Union: Analyzing the Discourse of the European Green Deal. Journal of Risk and Financial Management, Volume 14, Issue 2, 1-22, https://doi.org/10.3390/jrfm14020080
• Environmental Finance (2025). EU Green Bonds: Navigating a New Market. https://www.environmental-finance.com/content/the-green-bond-hub/eu-green-bonds-navigating-a-new-market.html Erişim Tarihi: 24.03.2025
• European Commission (2019). The European Green Deal, Brussels COM(2019) 640 Final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52019DC0640 Erişim Tarihi: 24.03.2025
• European Commission (2020a). The European Green Deal Investment Plan and Just Transition Mechanism Explained. https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_24 Erişim Tarihi: 20.03.2025
• European Commission (2020b). Communicatıon From the Commission to the European Parliament, The Council, The European Economic and Social Committee and The Commıttee of the Regions Sustainable Europe
• Investment Plan, Brussels COM (2020) 21 Final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0021 Erişim Tarihi: 25.03.2025
• European Commission (2021). NextGenerationEU: European Commission Prepares to Issue €250 Billion NextGenerationEU Green Bonds. Newspaper Article. https://cyprus.representation.ec.europa.eu/news/nextgenerationeu-european-commission-gearing-issuing-eu250-billion-nextgenerationeu-green-bonds-2021-09-07_tr Erişim Tarihi: 26.03.2025
• European Commission (2023a). Green Budgeting in the EU Key Insights from the 2023 European Commission Survey of Green Budgeting Practices. https://economy-finance.ec.europa.eu/document/download/40851e31-78eb-43fe-8e6d-a08fa4105638_en?filename=2023%20Green%20Budgeting%20survey%20key%20findings.pdf Erişim Tarihi: 20.03.2025
• European Commission (2023b). European Union Green Budgeting Reference Framework. https://economy-finance.ec.europa.eu/system/files/2023-05/European%20Union%20Green%20Budgeting%20Reference%20Framework.pdf Erişim: 10.03.2025
• European Commission (2024). NextGenerationEU Green Bonds Allocation and Impact Report 2024, 275 final, PART ½. Luxembourg: Publications Office of The European Union.
• European Commission (2025a). Paris Agreement on Climate Change. https://www.consilium.europa.eu/en/policies/paris-agreement-climate/ Erişim Tarihi: 03.03.2025
• European Commission (2025b). Green Budgeting. https://commission.europa.eu/strategy-and-policy/eu-budget/performance-and-reporting/horizontal-priorities/green-budgeting_en Erişim Tarihi: 20.03.2025
• European Commission (2025c). Overview of Sustainable Finance. https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-finance_en Erişim Tarihi: 25.03.2025
• European Commission (2025d). NextGenerationEU Green Bonds. https://commission.europa.eu/strategy-and-policy/eu-budget/eu-borrower-investor-relations/nextgenerationeu-green-bonds_en Erişim Tarihi: 25.03.2025
• European Commission (2025e). The European Green Bond Standard – Supporting the Transition. https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/european-green-bond-standard-supporting-transition_en Erişim Tarihi: 21.03.2025
• European Environment Agency (2025). Green Bonds in Europe. https://www.eea.europa.eu/en/analysis/indicators/green-bonds-8th-eap/green-bonds-as-a-percentage-1?activeTab=570bee2d-1316-48cf-adde-4b640f92119b Erişim Tarihi: 07.12.2025
• European Parliament (2021). Workshop on the EU Borrowing Strategy for Next Generation EU: Design, Challenges and Opportunities, Policy Department For Budgetary Affairs. https://www.europarl.europa.eu/cmsdata/241434/Brochure%20WS%20BORROWING%20STRATEGY%20FINAL.pdf Erişim Tarihi: 24.03.2025
• Gianfrate, G. and Peri, M. (2019). The Green Advantage: Exploring The Convenience of Issuing Green Bonds. Journal of Cleaner Production. Volume 219, 127-135.
• Kete, H. (2022). Green Budgeting: France and Italy Practices. Uluslararası Sosyal Siyasal ve Mali Araştırmalar Dergisi. Cilt 2, Sayı 2, 102-115.
• Lee, C. C., Yuan, Z. and Kang, Y. (2024). Green Finance and Land Ecological Security: A Potential Mechanism for Sustainable Development. Economic Analysis and Policy, Volume 84, 1222-1241.
• Nicol, S. and Jansen, J. (2020). Green Budgeting A Compass for Achieving Our Environmental Goals The OECD Paris Colloborative on Green Budgeting, The Grren Budget Framework. https://www.slideshare.net/slideshow/session-1-scherie-nicol-and-juliane-jansen-oecd/230469496 Erişim Tarihi: 17.03.2025
• OECD (2019). Government at a Glance 2019. Paris: OECD Publishing, https://doi.org/10.1787/8ccf5c38-en Erişim Tarihi: 17.03.2025
• OECD (2021). Green Budget Tagging: Introductory Guidance & Principles. Paris: OECD Publishing, https://doi.org/10.1787/fe7bfcc4-en Erişim Tarihi: 17.03.2025
• OECD (2025). Green Budget. https://www.oecd.org/en/topics/green-budgeting.html Erişim Tarihi: 17.03.2025
• Pfeiffer, P., Varga, J. and Veld, J. (July 2021). Quantifying Spillovers of Next Generation EU Investment. European Economy Discussion Papers, No.144. Luxembourg: Publications Office of the European Union.
• PIMCO (2025). Understanding Green, Social and Sustainability Bonds. https://www.pimco.com/gbl/en/resources/education/understanding-green-social-and-sustainability-bonds Erişim Tarihi: 21.03.2025
• Pojar, S. (2024). Green Budgeting in the EU HP4 Workshop: Using Green Budgeting to Strengthen the Alignment of Public Financial Flows with Climate and Environmental Objectives. https://www.financeministersforclimate.org/sites/cape/files/inlinefiles/COM_DG%20ECFIN_Green%20Budgeting%20in%20the%20EU_03.06.2024_clean.pdf Erişim Tarihi: 19.03.2025
• Pojar, S. (2023). How Green Budgeting is Embedded in National Budget Processes, European Commission Discussion Paper 196. https://economy-finance.ec.europa.eu/system/files/2023-11/dp196_en.pdf Erişim Tarihi: 20.03.2025
• Republic of Türkiye Ministry of Foreign Affairs Directorate for EU Affairs (2024). European Green Deal. https://www.ab.gov.tr/european-green-deal_53729_en.html Erişim Tarihi: 15.03.2025 Shah, S. S., Nakouwo, S. N., Sobirjonovna, G. M. and Khan, A. (2025). Exploring the Sustainability Impact of Green Bonds on Ecological and Resource Capacities. Renewable Energy, Volume 243, 1-14.
• UNFCC (2025). Key Aspects of the Paris Agreement. https://unfccc.int/most-requested/key-aspects-of-the-paris-agreement Erişim Tarihi: 10.03.2025
• Upadhyay, G. (2025). What is Green Budgeting? https://ieefa.org/resources/what-green-budgeting Erişim Tarihi: 17.03.2025
• Zhou, H. and Xu, G. (2022). Research on the Impact of Green Finance on China’s Regional Ecological Development Based on System GMM Model. Resources Policy. Volume 75, 1-9.
• WHO (2025). National Recovery and Resilience Plan. https://www.who.int/romania/our-work/national-recovery-and-resilience-plan Erişim Tarihi: 21.03.2025