The Effect of Biodiesel Market on Economic Growth: Policies in the European Union & Turkey

Authors : Fatih ÇEMREK, Hüseyin Naci BAYRAÇ

Pages : 10-27

Doi:10.47103/bilturk.796162

View : 50 | Download : 22

Publication Date : 2021-01-25

Article Type : Research Paper

Abstract :The production of biodiesel, which is one of the modern bio fuels, has been soaring up. Biodiesel is a product used as fuel which is produced through appropriate chemical / biochemical processes of oils derived from vegetable such as canola (rapeseed), sunflower, soy, etc. or animal fats. Biodiesel produced from vegetable oils and animal fats is different from petroleum based diesel in chemical structure; however, it is equivalent to petrol in function. It is possible to use biodiesel as pure or after blending it with petroleum based diesel in any kind of diesel engine, without any modifications on the engine or with some minor changes. Biodiesel has taken an important place in energy and agriculture policies as this kind of fuel not only contributes to different issues such as providing security of energy supply, maintaining agricultural development and struggling with global warming, but it also increases the vegetable oil production and enables recycling of vegetable oil wastes. The aim of this study is to examine the structure of biodiesel markets in the EU and Turkey and the relationship between fuel production and economic growth with panel data analysis, and to evaluate the effects of implemented policies.
Keywords : Energy, Energy Policy, Alternative Energy Resources, Biodiesel, Panel Data Analysis

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