Literature Review of Studies Conducted in the Field of Renewable Energy Resources and Green Finance

Abstract views: 96 / PDF downloads: 42




Energy, renewable energy, green finance, review


Energy can be roughly defined as the ability to do work. Energy sources; It is divided into two: renewable energy resources and non-renewable energy resources. Non-renewable energy sources cannot be used again once used. Fossil fuels (coal, oil, natural gas, etc.) are non-renewable energy sources. Fossil fuels such as coal, oil and natural gas, which are non-renewable energy sources, maintain their popularity because they provide energy quickly and in large amounts and are widely used. However, emissions from fossil fuels cause climate change by creating a greenhouse effect. Renewable energy sources (solar energy, biomass energy, hydroelectric energy, etc.) are the energy sources of the future due to their reusability, sustainability, affordable price, accessibility and, most importantly, environmental friendliness. Fossil fuels have been used as the primary energy source for many years. For this reason, it does not seem possible for fossil fuel use to be suddenly replaced by renewable resources. The most important criteria for this transformation and change, which will take time, are the ability to obtain financial resources and make the relevant investments. Green finance, which can be defined as all types of financing of renewable energy resources, is of vital importance at this point. Green finance is a finance model that offers investors the opportunity to invest in projects with environmental and social impacts by using financial instruments such as green bonds, green loans, and investment funds compatible with sustainable development goals. In this study, studies on renewable energy resources and green finance were examined. In the research, a literature review of studies using the keywords renewable energy resources and green finance was conducted between the years 2023-2024. The importance of renewable energy resources and green finance studies was emphasized and researchers were given advice and guidance on this subject.




Abbas, J., Wang, L., Belgacem, S. B., Pawar, P. S., Najam, H., Abbas, J., 2023. Investment in renewable energy and electricity output: Role of green finance, environmental tax, and geopolitical risk: Empirical evidence from China. Energy, 269: 126683.

Alharbi, S.S., Al Mamun, M., Boubaker, S., Rizvi, S.K.A., 2023. Green finance and renewable energy: A worldwide evidence. Energy Economics, 118: 106499.

Ali, M., Seraj, M., Turuc, F., Tursoy, T., Uktamov, K.F., 2023. Green finance investment and climate change mitigation in OECD-15 European countries: RALS and QARDL evidence. Environment, Development and Sustainability, 1-21.

Bakry, W., Mallik, G., Nghiem, X. H., Sinha, A., Vo, X. V., 2023. Is green finance really “green”? Examining the long-run relationship between green finance, renewable energy and environmental performance in developing countries. Renewable Energy, 208: 341-355.

Baloch, M.A., Danish, Ulucak, Z.S., 2023. Understanding the role of green finance and renewable energy consumption for sustainable development in ACI economies. Climatic Change, 176(11): 151.

Behera, B., Behera, P., Sethi, N., 2024. Decoupling the role of renewable energy, green finance and political stability in achieving the sustainable development goal 13: Empirical insight from emerging economies. Sustainable Development, 32(1): 119-137.

Chaudhry, N. I., Hussain, M., 2023. Nexus of renewable energy, green financing, and sustainable development goals: an empirical investigation. Environmental Science and Pollution Research, 30(20): 58480-58492.

Chen, J., Li, L., Yang, D., Wang, Z., 2023. The dynamic impact of green finance and renewable energy on sustainable development in China. Frontiers in Environmental Science, 10: 1097181.

Cheng, Z., Kai, Z., Zhu, S., 2023. Does green finance regulation improve renewable energy utilization? Evidence from energy consumption efficiency. Renewable Energy, 208: 63-75.

Dogan, E., Madaleno, M., Taskin, D., Tzeremes, P., 2022. Investigating the spillovers and connectedness between green finance and renewable energy sources. Renewable Energy, 197: 709-722.

Ergün H.O., Şahin B., 2023. Yeşil Finansmanın Yenilenebilir Enerjinin Gelişimi Üzerindeki Etkisi: Yüksek Gelirli Ülkeler Örneği. (Ed: Ş. Batbaylı, C. Yardımcı, E. Bağcı). Enerji Ekonomisi ve Uygulamaları. Ekin Basın Yayın Dağıtım, Bursa, s.110-127.

Feng, Y., Xiao, Z., Zhou, J., Ni, G., 2023. Asymmetrically examining the impact of green finance and renewable energy consumption on environmental degradation and renewable energy investment: The impact of the COVID-19 outbreak on the Chinese economy. Energy Reports, 9: 5458-5472.

Fu, F., Ullah, S., 2023. Toward green growth in China: the role of green finance investment, technological capital, and renewable energy consumption. Environmental Science and Pollution Research, 30(28): 72664-72674.

Ge, T., Cai, X., Song, X., 2022. How does renewable energy technology innovation affect the upgrading of industrial structure? The moderating effect of green finance. Renewable Energy, 197: 1106-1114.

Gong, Q., Ying, L., Dai, J., 2023. Green finance and energy natural resources nexus with economic performance: A novel evidence from China. Resources Policy, 84: 103765.

Hailiang, Z., Chau, K. Y., Waqas, M., 2023. Does green finance and renewable energy promote tourism for sustainable development: empirical evidence from China. Renewable Energy, 207: 660-671.

He, J., Iqbal, W., Su, F., 2023. Nexus between renewable energy investment, green finance, and sustainable development: Role of industrial structure and technical innovations. Renewable Energy, 210: 715-724.

Hou, H., Wang, Y., Zhang, M., 2023. Green finance drives renewable energy development: empirical evidence from 53 countries worldwide. Environmental Science and Pollution Research, 30(33): 80573-80590.

Lee, C. C., Wang, F., Chang, Y. F., 2023. Does green finance promote renewable energy? Evidence from China. Resources Policy, 82: 103439.

Mavlutova, I., Spilbergs, A., Verdenhofs, A., Kuzmina, J., Arefjevs, I., Natrins, A., 2023. The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges. Energies, 16(23): 7712.

Mngumi, F., Shaorong, S., Shair, F., Waqas, M., 2022. Does green finance mitigate the effects of climate variability: role of renewable energy investment and infrastructure. Environmental Science and Pollution Research, 29(39): 59287-59299.

Nu, G., 2023. Nexus between green finance, renewable energy, and carbon intensity in selected Asian countries. Journal of Cleaner Production, 405: 136822.

Öztürk, H., 2013. Yenilenebilir Enerji Kaynakları. Birsen Yayınevi, İstanbul.

Peng, J., Shi, W., Xiao, J., Wang, T., 2023. Exploring the nexus of green finance and renewable energy consumption: unraveling synergistic effects and spatial spillovers. Environmental Science and Pollution Research, 30(45): 100753-100769.

Saraçoğlu, N., 2018. Küresel İklim Değişimi Biyoenerji Enerji Ormancılığı ve Yenilenebilir Enerji Kaynakları. Efil Yayınevi, Ankara.

Subramaniam, Y., Loganathan, N., 2024. Does green finance affect renewable energy development in Singapore?. Journal of Asian Business and Economic Studies. Ahead-of-print.

Şahin, Y., Demiral, B., 2023. Sürdürülebilirlik, inovasyon ve liderlik kavramlarına bibliyometrik bakış. Giresun Üniversitesi İktisadi ve İdari Bilimler Dergisi, 9(2): 146-160.

Şahin, Y., 2024. Yeşil Finans Perspektifinden Havacılıkta Sürdürülebilirlik. (Ed: N.C. Karadağ, A. Balcıoğulları). Sosyal Bilimlerde Güncel Araştırma ve İncelemeler VI. Akademisyen Kitabevi, Ankara, s.51-62.

Tang, X., Zhou, X., 2023. Impact of green finance on renewable energy development: a spatiotemporal consistency perspective. Renewable Energy, 204: 320-337.

Tariq, A., Hassan, A., 2023. Role of green finance, environmental regulations, and economic development in the transition towards a sustainable environment. Journal of Cleaner Production, 413: 137425.

Vardar, G., Aydoğan, B., Gürel, B., 2023. Investigating the ecological footprint and green finance: evidence from emerging economies. Journal of Economic and Administrative Sciences. Ahead-of-print.

Wang, Q., Fan, Z., 2023. Green finance and investment behavior of renewable energy enterprises: A case study of China. International Review of Financial Analysis, 87: 102564.

Wu, D., Song, W., 2023. Does green finance and ICT matter for sustainable development: role of government expenditure and renewable energy investment. Environmental Science and Pollution Research, 30(13): 36422-36438.

Wu, H., 2023. Evaluating the role of renewable energy investment resources and green finance on the economic performance: Evidence from OECD economies. Resources Policy, 80: 103149.

Xia, L., Liu, Y., Yang, X., 2023. The response of green finance toward the sustainable environment: the role of renewable energy development and institutional quality. Environmental Science and Pollution Research, 30(21): 59249-59261.

Xiong, Y., Dai, L., 2023. Does green finance investment impact on sustainable development: Role of technological innovation and renewable energy. Renewable Energy, 214: 342-349.

Xu, J., Moslehpour, M., Tran, T. K., Dinh, K. C., Ngo, T. Q., Huy, P. Q., 2023. The role of institutional quality, renewable energy development and trade openness in green finance: Empirical evidence from South Asian countries. Renewable Energy, 207: 687-692.

Yarımkaya, D., 2021. Alternatif Enerji Kaynakları. Nobel Yayınevi, Ankara.

Zhang, D., Mohsin, M., Taghizadeh-Hesary, F., 2022. Does green finance counteract the climate change mitigation: asymmetric effect of renewable energy investment and R&D. Energy Economics, 113: 106183.

Zhang, K. Q., Chen, H. H., Tang, L. Z., Qiao, S., 2022. Green finance, innovation and the energy-environment-climate nexus. Frontiers in Environmental Science, 10: 879681.

Zhang, Y., 2022. How economic performance of OECD economies influences through green finance and renewable energy investment resources?. Resources Policy, 79: 102925.

Zhao, S., He, X., Faxritdinovna, K. U., 2023. Does industrial structure changes matter in renewable energy development? Mediating role of green finance development. Renewable Energy, 214: 350-358.

Zheng, M., Du, Q., Wang, Q. J., 2023. Nexus between green finance and renewable energy development in China. Emerging Markets Finance and Trade, 59(4): 1205-1218.

Zheng, M., Feng, G. F., Chang, C. P., 2023. Is green finance capable of promoting renewable energy technology? Empirical investigation for 64 economies worldwide. Oeconomia Copernicana, 14(2): 483-510.

Zhong, X., Ali, A., Zhang, L., 2024. The Influence of Green Finance and Renewable Energy Sources on Renewable Energy Investment and Carbon Emission: COVID-19 Pandemic Effects on Chinese Economy. Journal of the Knowledge Economy, 1-24.

Zhou, M., Li, X., 2022. Influence of green finance and renewable energy resources over the sustainable development goal of clean energy in China. Resources Policy, 78: 102816.

Zhu, L., Shang, Y., Qian, F., 2024. Green finance, renewable energy, and inbound tourism: a case study of 30 provinces in China. Economic Change and Restructuring, 57(2): 1-33.



How to Cite

ŞAHİN, B., & ŞAHİN, Y. (2024). Literature Review of Studies Conducted in the Field of Renewable Energy Resources and Green Finance. MAS Journal of Applied Sciences, 9(2), 414–426.