This study examines the relationship between renewable and non-renewable energy consumption, economic growth, and EF for the top 14 Russian energy importing countries in the 2000-2018 period. Through PVAR analysis, this study calculates the long-term correlation between variables using a VEC model. The VAR approach addresses the endogeneity issue by including endogenous interactions between the variables in the model. Additionally, the impulse response functions and the influence of various variables on certain lags are evaluated. Cointegration between variables was evaluated using DOLS and FMOLS panel analysis to evaluate the long-term link further. Our findings demonstrate that there is a cointegration relationship between all series. According to the impulse response analysis results, an energy shock from Russia will negatively affect the countries' economic growth and decrease the EF. Increasing both PEC and REC domestically increases EF, but the effect of REC on EF seems to be a little less. According to DOLS findings, a 10 percent increase in LNFUELS increases the elasticity of LNPGDP by 0.61%.In contrast, FMOLS findings indicate a 10% increase in the EF or LNFUELS, increasing the elasticity of LNPGDP by 1%. Although the direction of the relationship is positive when EF is considered the dependent variable, while the PEC elasticity coefficient was 0.030 in the DOLS model, it was found to be 0.023 in the FMOLS model. The elasticity value of the LNPGDP variable was found to be 0.69 in the FMOLS model.
JEL CODES: O13; O44; C59, Q56
While energy is a vital tool for social-economic development, the use of primary energy sources (fossil fuels) as energy, especially with the industrial revolution, causes environmental pollution. Towards the end of the 1900s, the environmental and economic effects of primary energy sources came to the agenda and the use of renewable energy sources, which resulted in lower environmental pollution for sustainable development, it became a globally accepted approach. The increase in the human population, the increasing demand and especially the gradual depletion of primary energy resources have increased the importance of sustainable development and it has become an important issue to be considered both the production and consumption of energy resources within the scope of “green economy”. As a fundamental element of sustainable development, the evaluation of sustainable energy policies and renewable energy sources in this context from the point of view of Turkey is considered as a topic of worth exploring. In this study, the situation of Turkey in terms of sustainable energy resources was evaluated using SWOT analysis and its strengths, weaknesses, oopportunities threats were determined. Recent data highlight the hydroelectric energy source as a potential renewable energy source in Turkey. When Turkey’s high potential in terms of wind and solar energy is supported by the necessary investment and incentive tools, it has been concluded that the share of these energy resources in total sustainable energy resources can be increased.
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