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Journals / Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Cilt: 33 Sayı: 3

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

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

Çağla Oduncular
Meltem Ince Yenilmez
Pages
531–545
Publication Date
2026-09-21
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Key Words: Green Finance, Renewable Energy, Cointegration Analysis, Sustainable Growth JEL Classification: C32, G11, O44, Q43

📌 3 Key Takeaways

🎯
Objective & Hypothesis: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.
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Key Findings & Data: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.
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Conclusion & Impact:Key Words: Green Finance, Renewable Energy, Cointegration Analysis, Sustainable Growth JEL Classification: C32, G11, O44, Q43
🔬Design:Araştırma Makalesi
📍Scope:2024 Verileri
⚙️Variables:Yeşil Finans · Yenilenebilir Enerji · Eşbütünleşme Analizi

Abstract

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

Özet

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

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Cite This Article

Oduncular, Ç., Yenilmez, M. I. (2026). The Green Investment Paradox in Japan: Growth, Energy, and Financial Realities. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 33 Sayı: 3, 531–545. https://doi.org/10.18657/yonveek.1853970

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