THE EFFECTS OF RENEWABLE ENERGY UTİLİZATİON TOWARDS THE ECONOMİC GROWTH OF TURKEY: A STRUCTURAL EQUATİON MODELLİNG APPROACH

Authors : Kübra AKYOL ÖZCAN, Erkan OKTAY

Pages : 921-936

View : 88 | Download : 73

Publication Date : 2023-08-31

Article Type : Research Paper

Abstract :Recent years have seen an increase in the use of renewable energy sources as a direct consequence of a greater emphasis on ecologically responsible development worldwide. High and volatile energy prices, as well as geopolitical debates over the use of fossil fuels, will drive many countries to accelerate the development of renewable energy and expand its market accessibility. Renewable energy sources have the potential to greatly reduce a country\`s dependence on imports of final energy products insert ignore into journalissuearticles values(such as oil and natural gas);. For countries like Turkey with high energy imports insert ignore into journalissuearticles values(74% of Turkey\`s energy consumption is imported);, the importance of reducing this dependency is clear. This research analyzes the effects of renewable energy on GDP. Structural Equation Modeling insert ignore into journalissuearticles values(SEM); method is used to determine the impact of renewable energy sources on GDP. For the purpose of the study, data insert ignore into journalissuearticles values(Gross domestic product, Gross fixed capital formation, Final consumption expenditure, Current account balance, Renewable energy consumption, Energy imports); covering the years between 1974 and 2020 were used. According to the findings, it can be said that a higher use of renewable energy leads to higher energy imports. The increase in final consumption costs is directly related to the increase in energy imports. The increase in the amount of energy imported contributes to a higher level of GDP. The use of renewable energy sources has an impact on energy imports, total final consumption expenditures and GDP levels. In line with the results obtained, considering the impact of investment in renewable resources on the Turkish economy, it is important to focus on investments for sustainable growth.
Keywords : Yenilenebilir Enerji, Ekonomik Büyüme, Yapısal Eşitlik Modeli