İklim Kaygısı Temiz Enerji Yatırımlarını Etkiler Mi? Asimetrik Bir Bakış Açısı
Özet
Bu bölüm, iklim değişikliğinin yalnızca çevresel değil; aynı zamanda finansal piyasaları ve yatırım kararlarını şekillendiren davranışsal bir dinamik haline geldiğini ortaya koymaktadır. İklim kaygısının artması, yatırımcıların fosil yakıta dayalı varlıklardan uzaklaşıp temiz enerji yatırımlarına yönelmesini teşvik etmektedir. Çalışmada, WilderHill Temiz Enerji Endeksi (ECO) bağımlı değişken olarak ele alınmış; İklim Kaygısı Endeksi (CCI), VIX, ABD faiz oranları ve WTI petrol fiyatları ile birlikte NARDL yöntemi kullanılarak incelenmiştir. CCI’nın pozitif ve negatif bileşenlere ayrılmasıyla iklim kaygısının asimetrik etkileri analiz edilmiştir. Bulgular, iklim kaygısındaki artışların uzun vadede temiz enerji yatırımlarını anlamlı biçimde artırdığını; kaygıdaki azalışların ise belirgin bir etki yaratmadığını göstermektedir. Petrol fiyatları ve volatilite gibi göstergelerin etkileri literatürle uyumludur. Sonuçlar, iklim kaygısının yeşil finans kapsamında yükselen bir davranışsal kanal olarak değerlendirilmesi gerektiğine işaret etmektedir.
This chapter shows that climate change has moved beyond an environmental issue to become a behavioral force influencing financial markets and investment choices. Rising climate anxiety increasingly directs investors away from fossil fuel–based assets toward clean energy investments. Using the WilderHill Clean Energy Index (ECO) as the dependent variable, the study applies the NARDL approach with the Climate Concern Index (CCI), the VIX index, U.S. interest rates, and WTI oil prices. By decomposing CCI into positive and negative components, the analysis captures asymmetric behavioral reactions. The results indicate that increases in climate concern significantly boost clean energy investments in the long run, whereas declines in concern have no meaningful effect. Traditional financial variables behave largely as expected, with uncertainty and interest rates constraining investment. Overall, the findings suggest that climate anxiety operates as an emerging behavioral channel in green finance, linking environmental awareness with financial decision-making.
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