Japonya'da Yeşil Yatırım Paradoksu: Büyüme, Enerji ve Finansal Gerçekler

Öz

Bu çalışma, sürdürülebilir kalkınmanın temel taşı olan "yeşil finans" kavramını Japon ekonomisi bağlamında inceleyerek, kavramın ampirik ve teorik boyutlarını araştırmaktadır. Yenilenebilir enerji tüketimi (RENE), kişi başına düşen GSYİH ve doğrudan yabancı yatırım (DYY) girişleri arasındaki ilişki, 1990-2024 dönemine ait Japonya verileri kullanılarak ekonometrik olarak test edilmiştir. Ekonometrik analiz çerçevesinde uygulanan ADF birim kök testleri, değişkenlerin seviye değerlerinde durağan olmadığını ancak ilk farkları alındıktan sonra durağanlaştığını (I(1)) göstermiştir. Daha sonra uygulanan "Bootstrap ARDL Sınır Testi"nin sonuçları, değişkenler arasında uzun dönemli bir eşbütünleşme ilişkisinin varlığını teyit etti. Japonya, 2050 yılına kadar karbon nötr olma hedefi doğrultusunda Yeşil Büyüme Stratejisi'ni açıkladı ve Asya'nın en büyük ikinci yeşil tahvil ihraççısı oldu. Ancak analiz, hedefler ve uygulamalar arasında hala önemli boşluklar olduğunu ortaya koyuyor. Özellikle, nükleer enerjiden sonra fosil yakıtlara artan bağımlılık, yatırım ve uygulama süreçlerindeki yavaşlık ve ESG yatırımlarında "yeşil yıkama" riskleri ana zorluklar olarak belirlenmiştir. Bu nedenle, Japonya'nın iklim hedeflerine ulaşmak için teşviklerin artırılması, veri şeffaflığının sağlanması ve finansal kurumların fosil yakıt portföylerini daha kararlı bir şekilde dönüştürmesi gerekmektedir. Anahtar Kelimeler: Yeşil Finans, Yenilenebilir Enerji, Eşbütünleşme Analizi, Sürdürülebilir Büyüme JEL Sınıflandırması: C32, G11, O44, Q43

Anahtar Kelimeler

• Yeşil Finans
• Yenilenebilir Enerji
• Eşbütünleşme Analizi
• Sürdürülebilir Büyüme

The Green Investment Paradox in Japan: Growth, Energy, and Financial Realities

Öz

This study examines the concept of "green finance," a cornerstone of sustainable development, in the context of the Japanese economy, exploring its empirical and theoretical dimensions. The relationship between renewable energy consumption (RENE), GDP per capita, and foreign direct investment (FDI) inflows was econometrically tested using data from Japan for the period 1990-2024. ADF unit root tests applied within the econometric analysis framework showed that the variables were not stationary at their level values but became stationary (I(1)) after taking their first differences. The results of the "Bootstrap ARDL Bound Test" applied subsequently confirmed the existence of a long-term cointegration relationship between the variables. Japan has announced its Green Growth Strategy in line with its goal of becoming carbon neutral by 2050, and has become the second-largest green bond issuer in Asia. However, the analysis reveals that there are still significant gaps between goals and practices. Specifically, the increasing dependence on fossil fuels after nuclear energy, the slowness in investment and implementation processes, and the risks of "greenwashing" in ESG investments have been identified as the main challenges. Therefore, to achieve Japan's climate goals, incentives need to be increased, data transparency needs to be ensured, and financial institutions need to more decisively transform their fossil fuel portfolios.. Key Words: Green Finance, Renewable Energy, Cointegration Analysis, Sustainable Growth JEL Classification: C32, G11, O44, Q43

Anahtar Kelimeler

• Green Finance
• Renewable Energy
• Cointegration Analysis
• Sustainable Growth

Kaynakça

1. Adedoyin, F. F., Alola, A. A., & Bekun, F. V. (2023). The nexus between economic complexity, renewable energy and environmental quality in Japan. International Journal of Energy Research, 2023, 1-12.
2. Alzaidy, G., Ahmad, M. N. ve Lacheheb, Z. (2017). The Impact of Foreign-Direct Investment on Economic Growth in Malaysia: The Role of Financial Development. International Journal of Economics and Financial Issues, 7(3), 382-388.
3. Balli, E., Sigeze, C., Ugur, M. S. ve Çatık, A. N. (2023). The Relationship Between FDI, CO2 Emissions and Energy Consumption in Asia-Pacific Economic Cooperation Countries. Environmental Science and Pollution Research, 30, 42845–42862.
4. Erdoğan, S., Çakar, N. D., & Gedikli, A. (2024). Evaluating the determinants of load capacity factor in Japan: The impact of economic complexity and trade globalisation. Natural Resources Forum, 48(3), 743-762.
5. Financial Services Agency. (2021). TCFD-aligned climate disclosure in Japan: Progress and future directions. Government of Japan.
6. Güloğlu, B., Çıtak, F., & Yıldırım, E. (2023). Yenilenebilir enerji, ticari açıklık ve finansal gelişmenin çevresel kalite üzerindeki etkileri: Japonya örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 38, 123-140.
7. International Energy Agency. (2021). Japan 2021 energy policy review. IEA Publications.
8. IPCC (2013). Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change . Cambridge University Press, Cambridge, United Kingdom and New York.

9. Jänicke, M. (2012). "Green growth": From a growing eco-industry to economic sustainability. Energy Policy, 48, 13-21.
10. Jacobs, M. (2012). Green growth: Economic theory and political discourse. Grantham Research Institute on Climate Change and the Environment.
11. Jiang, M., & Ma, J. (2025). Policy, investment, and growth: How green finance drives corporate sustainable development?. International Review of Economics & Finance, 104326.
12. Khan, Z., Ali, S., Umar, M., & Kirikkaleli, D. (2022). Role of clean energy development-related investments in Japan's carbon neutrality pathway. Journal of Environmental Management, 315, 115-128.
13. Liu, C. (2022). Empirical Analysis of the Relationship between Renewable Energy Consumption and Economic Growth Based on the Grey Markov Model. Hindawi Journal of Mathematics, 1-11.
14. McNown, R., Sam, C.Y. ve Goh, S.K. (2018). Bootstrapping the Autoregressive Distributed Lag Test for Cointegration. Appl. Econ. 50 (13), 1509–1521.
15. Ministry of Economy, Trade and Industry. (2020). Green growth strategy through achieving carbon neutrality in 2050. Government of Japan.
16. Nguyen, T. H., Pham, H. C. T., & Dang, T. Q. (2023). Determinants of the renewable energy consumption: The case of Asian countries. Heliyon, 9(12), e22696.
17. OECD. (2020). ESG investing and climate transition: Market practices and policy considerations. OECD Publishing.
18. Paramati, S. R., Mo, D., & Gupta, R. (2021). The role of financial development and foreign direct investment in renewable energy investment. Economic Analysis and Policy, 70, 567-579.
19. Rafindadi, A. A., Muye, I. M. ve Kaita, R. A. (2018). The Effects of FDI and Energy Consumption on Environmental Pollution in Predominantly Resource-Based Economies of The GCC. Sustainable Energy Technologies and Assessments, 25, 126-137.
20. Shah, M. H., De Chun, H., Wang, Y., Ullah, I., Hassan, S. T., & Fareed, Z. (2023). Analysing the nexus between economic complexity, renewable energy, and environmental quality in Japan: New evidence from the QARDL approach. International Journal of Energy Research, 2023, 1683231.
21. Shah, S. A. A., Shah, S. Q. A., & Tahir, M. (2023). A QARDL approach to examining the long-run implications of renewable energy, FDI, and economic complexity for environmental outcomes in Japan. Energy Economics, 118, 106-124.
22. Tong, T., Ortiz, J., Xu, C. ve L, F. (2020). Economic Growth, Energy Consumption and Carbon Dioxide Emissions in the E7 Countries: A Bootstrap ARDL Bound Test. Energy, Sustainability and Society, 10(20), 2-17.
23. Trencher, G., Rinscheid, A., Duygan, M., & Truong, N. (2020). Overcoming barriers to renewable energy deployment in Japan: The role of local actors. Energy Research & Social Science, 69, 101-118.
24. United Nations. (2015). Paris Agreement. United Nations Framework Convention on Climate Change.
25. Wang, W., Zhang, P., & He, T. (2025). Climate investment and financing, economic growth target constraints and urban green development efficiency. Journal of Environmental Management, 382, 125369.
26. Zheng, L., Wang, J., & Zhu, X. (2025). The impact of green financing on renewable energy growth in China: Insights from provincial data. Renewable Energy, 123385.
27. Zheng, L., Wang, Y., & Chen, J. (2025). The nexus between FDI, GDP, renewable energy, and environmental pollution in Japan: An ARDL approach. Renewable and Sustainable Energy Reviews, 207, 114-132.
28. Zhu, Y., Lin, B., & Zhu, R. (2025). Impact assessment of green finance reforms on renewable energy development. Environmental Impact Assessment Review, 114, 107913.