Yenilenebilir Enerji Tüketimi ve Finansal Gelişme İlişkisi: Seçilmiş OECD Ülkeleri Örneği

Dünyada artan yenilenemeyen enerji kullanımı küresel ısınma, hava kirliliği ve iklim değişikliği gibi birçok kalıcı çevre sorununa neden olur. Ülkeler yenilenemeyen enerji tüketiminin yarattığı olumsuzluklardan dolayı yenilenebilir enerji kaynaklarına yönelmektedir. Yenilenebilir enerji, yenilenemeyen enerjiye göre daha temiz, daha güvenli ve tükenmeyen bir enerji türüdür. Ayrıca yenilenebilir enerji uluslararası enerji piyasalarına olan bağlılığı da azaltacaktır. Bu nedenle ülkeler yenilenebilir enerji tüketim miktarını artıracak projeler üretmektedir. Yenilenebilir enerji projeleri yüksek başlangıç maliyetleri sonucu gerçekleşebilir. Ülkelerde yenilenebilir enerji tüketiminin artması bu yatırımların yapılabilirliğine bağlıdır. Yenilenebilir enerjiyi teşvik edecek uygun bir ortam yaratmak için gelişmiş bir finansal sisteme ihtiyaç vardır. Çalışmanın amacı, OECD ülkelerinde yenilenebilir enerji tüketimi (YET) ile finansal gelişme arasındaki nedenselliğin yönünü ampirik olarak incelemektir. Bu amaçla çalışmada Dumitrescu ve Hurlin (2012) panel nedensellik testi kullanılmıştır. Çalışmanın panel sonuçları doğrultusunda YET ile finansal gelişme arasında karşılıklı bir nedensellik ilişkisi olduğu tespit edilmiştir. Ülke spesifik sonuçları incelendiğinde Macaristan’da finansal gelişme ile YET arasında çift yönlü nedensellik tespit edilmiştir. Almanya, Yunanistan, Letonya ve Meksika’da finansal gelişmeden YET’e doğru tek yönlü nedensellik ilişkisi olduğu tespit edilirken, Finlandiya, Litvanya, Polonya ve İspanya’da YET’den finansal gelişmeye doğru tek yönlü nedensellik ilişkisi olduğu tespit edilmiştir.

Renewable Energy Consumption and Financial Development Relationship: Evidence Selected OECD Countries

The increasing use of non-renewable energy many permanent environmental problems such as global warming, air pollution, and climate change. Countries are turning to renewable energy sources due to the harmful effects of non-renewable energy consumption. Renewable energy (RE) is a cleaner, safer, and inexhaustible energy type than non-RE. In addition, RE will reduce reliance on international energy markets. For this reason, countries produce projects that will increase the amount of RE consumption. RE projects can be realized as a result of high initial costs. The increase in RE consumption in countries depends on the feasibility of these investments. A developed financial system is needed to create an enabling environment to promote RE. The aim of the paper is to empirically examine the direction of causality between RE consumption and financial development (FIND) in OECD countries. For this purpose, Dumitrescu and Hurlin (2012) panel causality test was used in the study. According to the panel results in the study, it has been determined that there is a bidirectional causal relationship between RE consumption and FIND. When country-specific results are examined, bidirectional causality between FIND and RE consumption in Hungary has been identified. In Germany, Greece, Latvia, and Mexico, it has been determined that there is a unidirectional causal relationship from FIND to RE consumption, while in Finland, Lithuania, Poland, and Spain, there is a unidirectional causal relationship from RE consumption to FIND.

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