SavedAdd your journal

Journals / Süleyman Demirel Üniversitesi Vizyoner Dergisi / 2026 / Cilt: 17 Sayı: 51

The Effect of Financial Development, Economic Growth, and Renewable Energy on CO₂ Emissions: Evidence from G20 Countries

Finansal Gelişme, Ekonomik Büyüme ve Yenilenebilir Enerjinin CO2 Emisyonu Üzerine Etkisi: G20 Ülkeleri Örneği

Ahmet Oğuz Akgüneş(KIRKLARELİ ÜNİVERSİTESİ)0000-0003-3852-9332
Pages
759–776
Publication Date
2026-08-30
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

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

The empirical findings indicate that economic growth significantly increases CO₂ emissions, whereas renewable energy consumption significantly reduces emissions in the long run.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The study investigates the effects of financial development, economic growth, and renewable energy consumption on CO₂ emissions in G20 countries over the period 2000-2022 using panel data analysis.
📊
Key Findings & Data:Annual data from 19 G20 countries are employed, with CO₂ emissions as the dependent variable and real GDP per capita, financial development index, financial globalization index, renewable energy consumption, foreign direct investment, and private sector credit as explanatory variables.
💡
Conclusion & Impact:The empirical findings indicate that economic growth significantly increases CO₂ emissions, whereas renewable energy consumption significantly reduces emissions in the long run.
🔬Design:Modeling & Simulation
📍Scope:2000-2022 Verileri
⚙️Variables:Finansal Gelişme · Ekonomik Büyüme · Yenilenebilir Enerji

Abstract

The study investigates the effects of financial development, economic growth, and renewable energy consumption on CO₂ emissions in G20 countries over the period 2000-2022 using panel data analysis. Annual data from 19 G20 countries are employed, with CO₂ emissions as the dependent variable and real GDP per capita, financial development index, financial globalization index, renewable energy consumption, foreign direct investment, and private sector credit as explanatory variables. Panel unit root tests are first applied to examine the stationarity properties of the variables, followed by the Johansen cointegration test to identify long-run relationships. Long-run coefficient estimates are obtained using FMOLS and DOLS methods, while causal relationships among variables are examined through the Granger causality test. The empirical findings indicate that economic growth significantly increases CO₂ emissions, whereas renewable energy consumption significantly reduces emissions in the long run. The impact of financial development on environmental quality varies across models, suggesting that financial expansion may exacerbate environmental degradation in the absence of appropriate regulatory and policy frameworks. Overall, the results highlight the importance of promoting renewable energy investments and strengthening green finance mechanisms to achieve sustainable development in G20 countries.

Özet

Bu çalışma, G20 ülkelerinde finansal gelişme, ekonomik büyüme ve yenilenebilir enerji tüketimi ile CO₂ emisyonları arasındaki ilişkiyi 2000-2022 dönemi yıllık verilerini kullanarak panel veri analizi çerçevesinde incelemektedir. Analizde 19 G20 ülkesine ait veriler kullanılmış; CO₂ emisyonları bağımlı değişken olarak ele alınırken, reel kişi başına gayrisafi yurt içi hasıla, finansal gelişme endeksi, finansal küreselleşme endeksi, yenilenebilir enerji tüketimi, doğrudan yabancı yatırımlar ve özel sektör kredileri açıklayıcı değişkenler olarak modele dahil edilmiştir. Tüm veri setinin durağanlık özellikleri birim kök testleri ile analiz edilmiş, uzun dönemli ilişkilerin varlığı Johansen eşbütünleşme testi aracılığıyla değerlendirilmiştir. Uzun dönem katsayı tahminleri FMOLS ve DOLS yöntemleri kullanılarak elde edilmiştir, değişkenler arasındaki nedensellik ilişkileri ise Granger nedensellik testi ile analiz edilmiştir. Sonuç olarak, ekonomik büyümenin CO₂ emisyonlarını artırdığını, yenilenebilir enerji tüketiminin ise emisyonları anlamlı biçimde azalttığını göstermektedir. Finansal gelişmenin çevresel etkilerinin modele bağlı olarak farklılaştığı, ancak uygun bir politika çerçevesiyle yönlendirilmediği takdirde çevresel bozulmayı artırabileceği tespit edilmiştir. Genel olarak sonuçlar, G20 ülkelerinde sürdürülebilir kalkınmanın sağlanabilmesi için yeşil enerji yatırımlarının ve yeşil finans mekanizmalarının güçlendirilmesi gerektiğini göstermektedir.

🔖

Cite This Article

Akgüneş, A. O. (2026). The Effect of Financial Development, Economic Growth, and Renewable Energy on CO₂ Emissions: Evidence from G20 Countries. Süleyman Demirel Üniversitesi Vizyoner Dergisi, Cilt: 17 Sayı: 51, 759–776. https://doi.org/10.21076/vizyoner.1814946

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (55)

  1. Akaike, H. (1970). Statistical predictor ıdentification. Annals of the Institute of Statistical Mathematics, (22), 203-217. http://dx.doi.org/10.1007/BF02506337
  2. Akaike, H. (1978). A bayesian analysis of the minimum AIC procedure. Annals of the Institute of Statistical Mathematics, (20), 9-14. https://doi.org/10.1007/BF02480194
  3. Akbostancı, E., Türüt-Aşık, S. ve Tunç, G. I. (2009). The relationship between income and environment in Turkey: Is there an environmental Kuznets curve? Energy Policy, 37(3), 861-867. https://doi.org/10.1016/j.enpol.2008.09.088
  4. Akdi, Y. (2010). Zaman serileri analizi. Gazi Kitabevi. Akusta, E. ve Cergibozan, R. (2020). Yenilenebilir enerji ve ekonomik büyümenin çevre üzerinde etkisi: Türkiye örneği. Öneri Dergisi, 15(54), 431-462. https://doi.org/10.14783/maruoneri.771658
  5. Asumadu-Sarkodie, S. ve Owusu, P. A. (2017). Carbon dioxide emissions, GDP per capita, industrialization and population: An evidence from Rwanda. Environmental Engineering Research, 22(1), 116-124. https://doi.org/10.4491/eer.2016.097
  6. Bilgili, F., Koçak, E. ve Bulut, Ü. (2016). The dynamic impact of renewable energy consumption on CO2 emissions: A revisited Environmental Kuznets Curve approach. Renewable and Sustainable Energy Reviews. 54, 838-845. https://doi.org/10.1016/j.rser.2015.10.080
  7. Bora, İ. ve Atasoy, B. (2018). Finansal gelişmenin ve enerji tüketiminin karbondioksit emisyonları üzerindeki etkisinin çevresel Kuznets eğrisi çerçevesinde değerlendirilmesi. Journal of Management and Economics Research, 16(1), 145-160. https://doi.org/10.11611/yead.444756
  8. Boutabba, M. A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. Economic Modelling, 40, 33-41. https://doi.org/10.1016/j.econmod.2014.03.005
  9. Charfeddine, L. ve Khediri, K. B. (2016). Financial development and environmental quality in UAE: Cointegration with structural breaks. Renewable and Sustainable Energy Reviews, 55, 1322-1335. https://doi.org/10.1016/j.rser.2015.07.059
  10. Chen, Y., Wang, Z. ve Zhong, Z. (2019). CO2 emissions, economic growth, renewable and non-renewable energy production and foreign trade in China. Renewable Energy, 131, 208-216. https://doi.org/10.1016/j.renene.2018.07.047
  11. Christopoulos, D. K. ve Tsionas, E. G. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73, 55-74. https://doi.org/10.1016/j.jdeveco.2003.03.002
  12. Çağlar, A. E. ve Mert, M. (2017). Türkiye’de çevresel Kuznets hipotezi ve yenilenebilir enerji tüketiminin karbon salımı üzerine etkisi: Yapısal kırılmalı eşbütünleşme yaklaşımı. Yönetim ve Ekonomi Dergisi, 24(1), 21-38. https://doi.org/10.18657/yonveek.307485
  13. Çetin, M. ve Rahmani, A. (2020). Türkiye ekonomisinde yapısal kırılmalar, yenilenebilir enerji ve ekonomik büyüme (1970-2016). Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 7(3), 589-610. https://doi.org/10.30798/makuiibf.689442
  14. Çetintaş, Y. ve Aydın, C. (2022). Yenilenebilir enerji bağlamında çevre ve ekonomik büyüme ilişkisi: OECD ülkeleri örneği. Yönetim ve Ekonomi Araştırmaları Dergisi, 20(1), 292-312. https://doi.org/10.11611/yead.1061056
  15. Dickey, D.A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. https://doi.org/10.2307/1912517
  16. Dinda, S. ve Coondoo, D. (2006). Income and emission: A panel data-based cointegration analysis. Ecological Economics, 57(2), 167-181. https://doi.org/10.1016/j.ecolecon.2005.03.028
  17. Doğan, E. ve Öztürk, İ. (2017). The ınfluence of renewable and non-renewable energy consumption and real income on CO2 emissions in the USA: Evidence from structural break tests. Environmental Science and Pollution Research, 24(11), 10846-10854. https://doi.org/10.1007/s11356-017-8786-y
  18. Ehigiamusoe, K.U. ve Lean, H. H. (2019). Effects of energy consumption, economic growth, and financial development on carbon emissions: Evidence from heterogeneous income groups. Environmental Science and Pollution Research, 26, 22611-22624. https://doi.org/10.1007/s11356-019-05309-5
  19. Erdoğan, L., Tiryaki, A. ve Ceylan, R. (2018). Türkiye’de uzun dönem ekonomik büyümenin belirleyicilerinin ARDL, FMOLS, DOLS ve CCR yöntemleriyle tahmini. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 36(4), 39-57. https://doi.org/10.17065/huniibf.336371
  20. Farhani S. ve Ozturk, I. (2015). Causal relationship between CO2 emissions, real GDP, energy consumption, financial development, trade openness, and urbanization in Tunisia Environmental Science and Pollution Research, 22(20), 15663-15676. https://doi.org/10.1007/s11356-015-4767-1
  21. Farhani, S., Mrizak, S., Chaibi, A. ve Rault, C. (2014). The environmental Kuznets curve and sustainability: A panel data analysis. Energy Policy, Elsevier, 71(C), 189-198. https://doi.org/10.1016/j.enpol.2014.04.030
  22. Gök, A. ve Yıldız, Ş. (2024). İktisadi büyüme, enerji tüketimi ve CO2 emisyonu arasındaki ilişki: MIST ülkeleri üzerine bir değerlendirme. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 15(43), 1031-1045. https://doi.org/10.21076/vizyoner.1404617
  23. Grossman, G. M. ve Krueger, A. B. (1995) Economic growth and the environment. The Quarterly Journal of Economics, 110, 353-377. https://doi.org/10.2307/2118443
  24. Haggar-Hamit, M. (2012). Greenhouse gas emissions, energy consumption and economic growth: A panel cointegration analysis from Canadian industrial sector perspective. Energy Economics, 34, 358-364. https://doi.org/10.1016/j.eneco.2011.06.005
  25. Hannan, E. J. ve Quinn, B. G. (1979). The determination of the order of an auturegression. Journal of the Royal Statistical Society, 41, 190-195. https://doi.org/10.1111/j.2517-6161.1979.tb01072.x
  26. Hansen, B. E. ve Phillips, P. C. B. (1990). Statistical inference in instrumental variable regression with I(1) processes. Review of Economic Studies, 57, 99-125. https://doi.org/10.2307/2297545
  27. He, J. ve Richard, P. (2010). Environmental Kuznets curve for CO2 in Canada. Ecological Economics, 69(5), 1083-1093. https://doi.org/10.1016/j.ecolecon.2009.11.030
  28. IEA. (2023). World Energy Outlook 2023. International Energy Agency. https://www.iea.org/reports/world-energy-outlook-2023 adresinden 15 Mayıs 2025 tarihinde alınmıştır.
  29. Jalil, A. ve Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. Energy Economics. 33(2), 284-291. https://doi.org/10.1016/j.eneco.2010.10.003
  30. Johansen, S. (1995). Identifying restrictions of linear equations with applications to simultaneous equations and cointegration, Journal of Econometrics, 69(1), 111-132. https://doi.org/10.1016/0304-4076(94)01664-L
  31. Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica, 59(6), 1551-1580. https://doi.org/10.2307/2938278
  32. Koçak, E. (2014). Türkiye’de çevresel Kuznets eğrisi hipotezinin geçerliliği: ARDL sınır testi yaklaşımı. İşletme ve İktisat Çalışmaları Dergisi, 2(3), 62-73.
  33. Lean, H. H. ve Smyth, R. (2010). CO2 emissions, electricity consumption and output in ASEAN. Applied Energy, 87(6), 1858-1864. https://doi.org/10.1016/j.apenergy.2010.02.003
  34. Naidu, S, Pandaram, A. ve Chand, A. (2017). A Johansen cointegration test for the relationship between remittances and economic growth of Japan. Modern Applied Science, 11(10), 137-151. https://doi.org/10.5539/mas.v11n10p137
  35. Odhiambo, N. M. (2020). Financial development, income inequality and carbon emissions in sub-Saharan African countries: A panel data analysis. Energy Exploration ve Exploitation, 38(5), 1914-1931. https://doi.org/10.1177/0144598720941999
  36. Omri, A., Daly, S., Rault, C. ve Chaibi, A. (2015). Financial development, environmental quality, trade and economic growth: What causes what in MENA countries. Energy Economics, 48, 242-252. https://doi.org/10.1016/j.eneco.2015.01.008
  37. Öztürk, I. ve Acaravcı, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable Energy Reviews, 14(9), 3220-3225. https://doi.org/10.1016/j.rser.2010.07.005
  38. Panayotou, T. (1997). Demystifying the environmental Kuznets curve: turning a black box into a policy tool. Environment and Development Economics, 2(4), 465-484. https://doi.org/10.1017/S1355770X97000259
  39. Pao, H. T. ve Tsai, C. M. (2011). Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy, 36(1), 685-693. https://doi.org/10.1016/j.energy.2010.09.041
  40. Pata, U. K. (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. https://doi.org/10.1016/j.jclepro.2018.03.236
  41. Pata, U. K. ve Yurtkuran, S. (2018). Yenilenebilir enerji tüketimi, nüfus yoğunluğu ve finansal gelişmenin CO2 salımına etkisi: Türkiye örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 303-318. https://doi.org/10.18092/ulikidince.441173
  42. Phillips, P. C. B. ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.2307/2336182
  43. Pradhan, K. C. (2016). Does remittance drive economic growth in emerging economies: Evidence from FMOLS and panel VECM. Theoretical and Applied Economics, 23(4), 57-74.
  44. Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy. 38(5), 2528-2535. https://doi.org/10.1016/j.enpol.2009.12.048
  45. Schwarz, G. (1978). Estimating the dimensions of a model. The Annals of Statistical, 6, 461-464. https://doi.org/10.1214/aos/1176344136
  46. Selden, T. M. ve Song, D. (1994). Environmental quality and development: Is there a Kuznets curve for air pollution emissions? Journal of Environmental Economics and Management, 27(2), 147-162. https://doi.org/10.1006/jeem.1994.1031
  47. Shahbaz, M., Tiwari, A. K. ve Nasir, M. (2013). The effects of financial development, economic growth, coal consumption and trade openness on CO2 emissions in South Africa. Energy Policy, Elsevier, 61(C), 1452-1459. https://doi.org/10.1016/j.enpol.2013.07.006
  48. Sheng, P., Li, J., Zhai, M. ve Huang, S. (2020). Coupling of economic growth and reduction in carbon emissions at the efficiency level: Evidence from China. Energy, 213, 118747. https://doi.org/10.1016/j.energy.2020.118747
  49. Sheraz, M., Deyi, X., Ahmed, J., Ullah, S. ve Ullah A. (2021). Moderating the effect of globalization on financial development, energy consumption, human capital, and carbon emissions: Evidence from G20 countries. Environmental Science and Pollution Research, 28(26), 35126-35144. https://doi.org/10.1007/s11356-021-13116-0
  50. Şahin, D. (2018). D-8 ülkelerinde finansal gelişme ve ticari açıklığın çevresel kalite üzerine etkisi: Panel veri analizi. Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(15), 48-67.
  51. Tamazian, A., Chousa, J. P. ve Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, Elsevier, 37(1), 246-253. https://doi.org/10.1016/j.enpol.2008.08.025
  52. Usman, M., Kousar, R. ve Makhdum, M.S.A. vd. (2021). The role of financial development, tourism, and energy utilization in environmental degradation: Evidence from G20 countries. Environmental Science and Pollution Research, 28, 45228-45242. https://doi.org/10.1007/s11356-020-10197-1
  53. Ünüvar, İ. ve Keskinkılıç, S. (2020). Yenilenebilir enerji ve ekonomik büyüme ilişkisi: G20 ülkeleri örneği (2000-2016). Uluslararası Yönetim İktisat ve İşletme Dergisi, 16(2), 251-266. https://doi.org/10.17130/ijmeb.756859
  54. Vo, X. V. ve Zaman, K. (2020). Relationship between energy demand, financial development, and carbon emissions in a panel of 101 countries: “go the extra mile” for sustainable development. Environmental Science and Pollution Research, 27(18), 23356–23363. https://doi.org/10.1007/s11356-020-08933-8
  55. Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39(4), 2197–2203. https://doi.org/10.1016/j.enpol.2011.02.026