Research Article
BibTex RIS Cite

Financing the Clean Energy Projects in Turkey: The Roles of Domestic and Foreign Capital

Year 2019, Volume: 14 Issue: 1, 187 - 200, 29.04.2019

Mehmet Akif Destek

https://doi.org/10.17153/oguiibf.455771

Abstract

In this study, it is aimed to investigate the
effects of domestic and foreign capital on the financing of clean energy
projects towards with the sustainable development targets of Turkey. In
addition, the effects of the increasing domestic and foreign capital on
environmental pollution are also compared in the study. For these purposes, the
effects of stock market capitalization which is used as an indicator of
domestic capital and foreign direct investment that is used as an indicator of
foreign capital on clean energy use (alternative and nuclear energy) and carbon
dioxide emissions are examined using with ARDL bound test for the period from
1992 to 2015. The obtained findings from the study show that increasing foreign
capital increases clean energy consumption while domestic capital has no
significant effect on clean energy usage. Moreover, it is found that increasing
foreign capital reduces environmental pollution while increasing domestic
capital has positive influence on environmental pollution.

Keywords

Sustainable Development Clean Energy Foreign Direct Investments Capitalization

References

  • Abbasi, Faiza; Riaz, Khalid (2016), "CO2 emissions and financial development in an emerging economy: An augmented VAR approach." Energy Policy 90: 102-114.
  • Ajide, Bello; Adeniyi, Oluwatosin (2010), "FDI and the environment in developing economies: evidence from Nigeria." Environmental Research Journal 4.4: 291-297.
  • Al-Mulali, Usama; Tang, Chor Foon (2013), "Investigating the validity of pollution haven hypothesis in the gulf cooperation council (GCC) countries." Energy Policy 60: 813-819.
  • Baek, Jungho (2016), "A new look at the FDI–income–energy–environment nexus: dynamic panel data analysis of ASEAN." Energy Policy 91: 22-27.
  • Burakov, Dmitry; Freidin, Max (2017), "Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach." International Journal of Energy Economics and Policy 7.6: 39-47.
  • Charfeddine, Lanouar; Khediri, Karim Ben (2016), "Financial development and environmental quality in UAE: Cointegration with structural breaks." Renewable and Sustainable Energy Reviews 55: 1322-1335.
  • Dogan, Eyup; Seker, Fahri (2016), "The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries." Renewable and Sustainable Energy Reviews 60: 1074-1085.
  • Doytch, Nadia; Narayan, Seema (2016), "Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption." Energy Economics 54: 291-301.
  • He, Wenfei; Gao, Guangkuo; Wang, Yongchong (2012), "The relationship of energy consumption, economic growth and foreign direct investment in Shanghai." Advances in Applied Economics and Finance 3.1: 507-512.
  • Katircioğlu, Salih Turan; Taspinar, Nigar (2017), "Testing the moderating role of financial development in an environmental Kuznets curve: Empirical evidence from Turkey." Renewable and Sustainable Energy Reviews 68: 572-586.
  • Kim, Jeayoon; Park, Kwangwoo (2016), "Financial development and deployment of renewable energy technologies." Energy Economics 59: 238-250.
  • Kutan, Ali M; Paramati, Sudharshan R; Ummalla, Mallesh; Zakari, Abdulrashed (2018), "Financing renewable energy projects in major emerging market economies: Evidence in the perspective of sustainable economic development." Emerging Markets Finance and Trade 54.8: 1762-1778.
  • Lee, Jung Wan (2013), "The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth." Energy Policy 55: 483-489.
  • Lee, Jung Wan; Brahmasrene, Tantatape (2013), "Investigating the influence of tourism on economic growth and carbon emissions: Evidence from panel analysis of the European Union." Tourism Management 38: 69-76.
  • Paramati, Sudharshan. R; Apergis, Nicholas; Ummalla, Mallesh (2017), “Financing clean energy projects through domestic and foreign capital: The role of political cooperation among the EU, the G20 and OECD countries”. Energy Economics, 61: 62-71.
  • Paramati, Sudharshan R; Ummalla, Mallesh; Apergis, Nicholas (2016), “The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies”, Energy Economics 56: 29-41.
  • Pata, Ugur Korkut (2018), "Renewable energy consumption, urbanization, financial development, income and CO2 emissions in Turkey: Testing EKC hypothesis with structural breaks." Journal of Cleaner Production 187: 770-779.
  • Pesaran, M. Hashem; Shin, Yongcheol; Smith, Richard J. (2001), "Bounds testing approaches to the analysis of level relationships." Journal of applied econometrics 16.3: 289-326.
  • Pesaran, M. Hashem; Shin, Yongcheol (1997), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Econometric Society Monographs 31: 371-413.
  • Sapkota, Pratikshya; Bastola, Umesh (2017), "Foreign direct investment, income, and environmental pollution in developing countries: Panel data analysis of Latin America." Energy Economics 64: 206-212.
  • Sbia, Rashid; Shahbaz, Muhammad; Hamdi, Helmi (2014), "A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE." Economic Modelling 36: 191-197.
  • Shahbaz, Muhammad; Hye, Qazi M.A; Tiwari, Aviral Kumar; Leitão, Nuno Carlos (2013a), “Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable and Sustainable Energy Reviews 25: 109-121.
  • Shahbaz, Muhammad; Solarin, Sakiru Adobela; Mahmood, Haider; Arouri, Mohamed (2013b). “Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis.” Economic Modelling, 35: 145-152.
  • Shahbaz, Muhammad; Tiwari, Aviral Kumar; Nasir, Muhammad (2013c), "The effects of financial development, economic growth, coal consumption and trade openness on CO2 emissions in South Africa." Energy Policy 61: 1452-1459.
  • Tamazian, Artur; Chousa, Juan Piñeiro; Vadlamannati, Krishna Chaitanya (2009), "Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries." Energy policy 37.1: 246-253.
  • Tamazian, Artur; Rao, Bhaskara B (2008), “Do economic, financial and institutional developments matter for environmental degradation? evidence from transitional economies.” MPRA Paper no:13015.
  • WDI (2018), World Development Indicators, World Bank.
  • Yıldırım, Metin; Destek, Mehmet Akif; Özsoy, Ferda Nakıpoğlu (2017) “Doğrudan yabanci yatirimlar ve kirlilik sığınağı hipotezi.” Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 18(2), 99-111.
  • Zeren, Feyyaz (2015) “Doğrudan Yabancı Yatırımların CO2 Emisyonuna Etkisi: Kirlilik Hale Hipotezi mi Kirlilik Cenneti Hipotezi mi?.” Journal of Yaşar University, 10(37), 6442-6448.
  • Zhang, Yue-Jun (2011), “The impact of financial development on carbon emissions: an empirical analysis in China.” Energy Policy, 39:2197-2203.
  • Ziaei, Sayyed Mahdi (2015). “Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries.” Renewable and Sustainable Energy Reviews, 42: 752-759.
  • Zivot, Eric; Andrews, Donald W.K (1992). “Further evidence of the great crash, the oil-price shock and the unit-root hypothesis.” Journal of Business and Economic Statistics 10: 251–270.

Türkiye’de Temiz Enerji Projelerinin Finansmanı: Yerli ve Yabancı Sermayenin Rolü

Year 2019, Volume: 14 Issue: 1, 187 - 200, 29.04.2019

Mehmet Akif Destek

https://doi.org/10.17153/oguiibf.455771

Abstract


Bu çalışmada, Türkiye’nin sürdürülebilir kalkınma
hedeflerine yönelik olarak geliştirilen temiz enerji projelerinin finansmanında
yerli ve yabancı sermayenin etkilerinin incelenmesi amaçlanmaktadır. Ayrıca,
çalışmada yerli ve yabancı sermaye artışının çevre kirliliği üzerindeki
etkileri de kıyaslanmaktadır. Bu amaçlar doğrultusunda, yerli sermayeyi
temsilen kullanılan piyasa kapitalizasyonunun ve yabancı sermayeyi temsilen
kullanılan doğrudan yabancı yatırımların sırasıyla temiz enerji kullanımı
(alternatif ve nükleer enerji) ve karbondioksit emisyonu üzerindeki etkileri
1992-2015 dönemi için ARDL sınır testi aracılığıyla incelenmiştir. Çalışmada
elde edilen bulgular, yabancı sermayedeki artışın temiz enerji tüketimini
arttırdığını; yerli sermayedeki artışın ise temiz enerji tüketimi üzerinde
anlamlı bir etkiye sahip olmadığını göstermektedir. Ayrıca, yabancı sermayedeki
artışın çevre kirliliğini uzun dönemde azalttığı; yerli sermayedeki artışın ise
çevre kirliliğini arttırdığı yönünde bulgulara ulaşılmıştır.



Keywords

Sürdürülebilir Kalkınma Temiz Enerji Doğrudan Yabancı Yatırımlar Kapitalizasyon

References

  • Abbasi, Faiza; Riaz, Khalid (2016), "CO2 emissions and financial development in an emerging economy: An augmented VAR approach." Energy Policy 90: 102-114.
  • Ajide, Bello; Adeniyi, Oluwatosin (2010), "FDI and the environment in developing economies: evidence from Nigeria." Environmental Research Journal 4.4: 291-297.
  • Al-Mulali, Usama; Tang, Chor Foon (2013), "Investigating the validity of pollution haven hypothesis in the gulf cooperation council (GCC) countries." Energy Policy 60: 813-819.
  • Baek, Jungho (2016), "A new look at the FDI–income–energy–environment nexus: dynamic panel data analysis of ASEAN." Energy Policy 91: 22-27.
  • Burakov, Dmitry; Freidin, Max (2017), "Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach." International Journal of Energy Economics and Policy 7.6: 39-47.
  • Charfeddine, Lanouar; Khediri, Karim Ben (2016), "Financial development and environmental quality in UAE: Cointegration with structural breaks." Renewable and Sustainable Energy Reviews 55: 1322-1335.
  • Dogan, Eyup; Seker, Fahri (2016), "The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries." Renewable and Sustainable Energy Reviews 60: 1074-1085.
  • Doytch, Nadia; Narayan, Seema (2016), "Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption." Energy Economics 54: 291-301.
  • He, Wenfei; Gao, Guangkuo; Wang, Yongchong (2012), "The relationship of energy consumption, economic growth and foreign direct investment in Shanghai." Advances in Applied Economics and Finance 3.1: 507-512.
  • Katircioğlu, Salih Turan; Taspinar, Nigar (2017), "Testing the moderating role of financial development in an environmental Kuznets curve: Empirical evidence from Turkey." Renewable and Sustainable Energy Reviews 68: 572-586.
  • Kim, Jeayoon; Park, Kwangwoo (2016), "Financial development and deployment of renewable energy technologies." Energy Economics 59: 238-250.
  • Kutan, Ali M; Paramati, Sudharshan R; Ummalla, Mallesh; Zakari, Abdulrashed (2018), "Financing renewable energy projects in major emerging market economies: Evidence in the perspective of sustainable economic development." Emerging Markets Finance and Trade 54.8: 1762-1778.
  • Lee, Jung Wan (2013), "The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth." Energy Policy 55: 483-489.
  • Lee, Jung Wan; Brahmasrene, Tantatape (2013), "Investigating the influence of tourism on economic growth and carbon emissions: Evidence from panel analysis of the European Union." Tourism Management 38: 69-76.
  • Paramati, Sudharshan. R; Apergis, Nicholas; Ummalla, Mallesh (2017), “Financing clean energy projects through domestic and foreign capital: The role of political cooperation among the EU, the G20 and OECD countries”. Energy Economics, 61: 62-71.
  • Paramati, Sudharshan R; Ummalla, Mallesh; Apergis, Nicholas (2016), “The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies”, Energy Economics 56: 29-41.
  • Pata, Ugur Korkut (2018), "Renewable energy consumption, urbanization, financial development, income and CO2 emissions in Turkey: Testing EKC hypothesis with structural breaks." Journal of Cleaner Production 187: 770-779.
  • Pesaran, M. Hashem; Shin, Yongcheol; Smith, Richard J. (2001), "Bounds testing approaches to the analysis of level relationships." Journal of applied econometrics 16.3: 289-326.
  • Pesaran, M. Hashem; Shin, Yongcheol (1997), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Econometric Society Monographs 31: 371-413.
  • Sapkota, Pratikshya; Bastola, Umesh (2017), "Foreign direct investment, income, and environmental pollution in developing countries: Panel data analysis of Latin America." Energy Economics 64: 206-212.
  • Sbia, Rashid; Shahbaz, Muhammad; Hamdi, Helmi (2014), "A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE." Economic Modelling 36: 191-197.
  • Shahbaz, Muhammad; Hye, Qazi M.A; Tiwari, Aviral Kumar; Leitão, Nuno Carlos (2013a), “Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable and Sustainable Energy Reviews 25: 109-121.
  • Shahbaz, Muhammad; Solarin, Sakiru Adobela; Mahmood, Haider; Arouri, Mohamed (2013b). “Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis.” Economic Modelling, 35: 145-152.
  • Shahbaz, Muhammad; Tiwari, Aviral Kumar; Nasir, Muhammad (2013c), "The effects of financial development, economic growth, coal consumption and trade openness on CO2 emissions in South Africa." Energy Policy 61: 1452-1459.
  • Tamazian, Artur; Chousa, Juan Piñeiro; Vadlamannati, Krishna Chaitanya (2009), "Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries." Energy policy 37.1: 246-253.
  • Tamazian, Artur; Rao, Bhaskara B (2008), “Do economic, financial and institutional developments matter for environmental degradation? evidence from transitional economies.” MPRA Paper no:13015.
  • WDI (2018), World Development Indicators, World Bank.
  • Yıldırım, Metin; Destek, Mehmet Akif; Özsoy, Ferda Nakıpoğlu (2017) “Doğrudan yabanci yatirimlar ve kirlilik sığınağı hipotezi.” Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 18(2), 99-111.
  • Zeren, Feyyaz (2015) “Doğrudan Yabancı Yatırımların CO2 Emisyonuna Etkisi: Kirlilik Hale Hipotezi mi Kirlilik Cenneti Hipotezi mi?.” Journal of Yaşar University, 10(37), 6442-6448.
  • Zhang, Yue-Jun (2011), “The impact of financial development on carbon emissions: an empirical analysis in China.” Energy Policy, 39:2197-2203.
  • Ziaei, Sayyed Mahdi (2015). “Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries.” Renewable and Sustainable Energy Reviews, 42: 752-759.
  • Zivot, Eric; Andrews, Donald W.K (1992). “Further evidence of the great crash, the oil-price shock and the unit-root hypothesis.” Journal of Business and Economic Statistics 10: 251–270.
There are 32 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Mehmet Akif Destek 0000-0002-2514-9405

Publication Date April 29, 2019
Submission Date August 29, 2018
Published in Issue Year 2019 Volume: 14 Issue: 1

Cite

APA Destek, M. A. (2019). Türkiye’de Temiz Enerji Projelerinin Finansmanı: Yerli ve Yabancı Sermayenin Rolü. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 14(1), 187-200. https://doi.org/10.17153/oguiibf.455771
 Download Cover Image