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Critical Minerals for a Sustainable Future: The Case of Turkey
No full textÜlkelerin Paris Anlaşması kapsamındaki net sıfır emisyon hedeflerine rağmen, atmosferdeki insan kaynaklı sera gazı emisyonlarında artış yaşanmış, bu durum da küresel sıcaklıkların sanayi öncesi döneme kıyasla 1,1°C'nin üzerine çıkmasına ön ayak olmuştur. Enerji sektörü iklim değişikliğine katkı sağlayan başlıca etkenlerden biri olduğundan, küresel ısınmanın sınırlanması, temiz enerji teknolojilerinin yaygın olarak kullanılmasını gerektirmektedir. Ancak, fosil yakıtlardan düşük karbonlu ve yenilenebilir enerjiye geçiş, enerji jeopolitiği dinamiklerinde köklü bir değişime yol açmaktadır. Temiz enerji teknolojileri daha fazla miktarda ve çeşitli kritik minerallere ihtiyaç duyduğundan, bu mineraller net sıfır senaryolarının önemli bir bileşeni hâline gelmiştir. Fakat, kritik minerallere artan bağımlılık, sınırlı miktarları, çeşitli coğrafyalardaki yoğun mevcudiyetleri, çevre, sosyal ve yönetişim kaynaklı endişeler ve bölgesel/küresel gerilimler nedeniyle, başta enerji dâhil olmak üzere, çeşitli sektörleri etkilemektedir. Bu minerallerin artan önemi, yerli üretim, işleme, geri dönüşüm ve tedarik çeşitlendirmesini güçlendirmeyi amaçlayan kritik mineral stratejilerinin artmasına yol açmıştır. Türkiye, 2053 yılına kadar net sıfır emisyona ulaşmayı ve 2030 yılına kadar emisyonlarını %41 oranında azaltmayı taahhüt etmiştir. Temiz enerji teknolojilerinin geliştirilmesi, kesintisiz bir şekilde kritik minerallere erişimi gerektiren iklim politikasının ayrılmaz bir parçasıdır. Ancak, Türkiye'nin bir kritik mineral stratejisi bulunmamaktadır ve Türkiye'nin kritik mineral potansiyeli üzerine literatürde boşluk bulunmaktadır. Bu çalışma, öncelikle küresel kritik mineral arzına dair güncel bir değerlendirme ortaya koymaktadır. Ardından, Türkiye'nin kritik mineral kaynakları/rezervleri, üretimi, işlemesi, ticareti ve geri dönüşümüne ilişkin verileri analiz ederek Türkiye'nin kritik mineralleri hakkındaki literatür boşluğunu doldurmaktadır. Çalışma, Türkiye'nin zayıf yönetişim uygulamaları, yetersiz altyapısı ve teknolojileri, ilgili mevzuatlarındaki sorunlar ve bölgesel/küresel çatışmalara rağmen bazı kritik minerallerin piyasalarında önemli bir oyuncu olma potansiyeli olduğu kanısında bulunmaktadır. Son olarak, ülkenin yerli kapasitesini artırmayı ve dış tedariklere olan bağımlılığını azaltmayı amaçlayan bir yol haritası sunmaktadır.Increasing atmospheric greenhouse gas concentrations led to global warming over 1.1°C above pre-industrial levels, despite countries' Paris Agreement commitments to net zero emission targets. As the energy sector is the largest contributor to climate change, limiting global warming necessitates the widespread adoption of clean energy technologies. Hence, the dynamics of energy geopolitics are poised for a radical change due to the transition from fossil fuels to low-carbon and renewable energy. Since clean energy technologies require a greater quantity and variety of critical minerals, they became an essential component of net zero scenarios. However, the growing reliance on critical minerals impacts various sectors, including energy, due to their finite nature, high geographical concentration, ESG concerns, and regional/global tensions. Their growing importance has driven an increase in critical mineral strategies, which aim to bolster their domestic production, processing, recycling, and supply diversification. Turkey has also committed to achieving net zero emissions by 2053 and reducing its emissions by 41% by 2030. Developing clean energy technologies is an integral part of its overarching climate policy, which requires uninterrupted access to critical minerals. However, Turkey does not have a critical mineral strategy, and there is a literature gap on Turkey's critical mineral potential. This study first provides an up-to-date snapshot of the global critical mineral supply. It then bridges the gap in the literature on Turkey's critical minerals, analyzing the data on its resources/reserves, production, processing, trade, and recycling. It affirms Turkey's potential to become a key player for some critical minerals, despite its weak governance, insufficient infrastructure and technologies, regulatory challenges, and regional conflicts. It then provides a roadmap for the country, which aims at enhancing its domestic capabilities and reducing its dependence on external supplies
Reserve Growth Investments and Oil Market Structure: Two Period Resource Duopoly with Endogenous Intertemporal Capacity Constraints
No full textThe Effects of Power Infrastructure Quality on Manufacturing Industry Performance: A Panel Data Analysis on World Bank Enterprise Surveys
No full textThis study examines how the power infrastructure quality affects manufacturing industry firms' performance. To this end, panel data analysis is conducted on World Bank Enterprise Surveys, in which data of one hundred and thirty one thousand firms from one hundred and thirty nine countries covering years 2006-2017 is compiled. While performance and infrastructure indicators provided in the surveys for manufacturing industry firms are used as dependent and independent variables, respectively, some of the indicators related with finance, technology and firm characteristics are included to the analyses as explanatory variables. Empirical findings suggest negative and statistically significant effect of poor power infrastructure quality on capacity usage, an indicator of firm performance. Moreover, it is also found that unreliability on power infrastructure quality leads to increase in labor efficiency of the middle scale companies as well as of all the companies in middle-income countries
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Four Essays on Energy Prices and Resource Markets
No full textThe thesis at hand includes four essays that analyze issues related to the energy prices. In the first essay, the effects of oil prices on Turkish stock market activity is investigated by using vector autoregressive model (VAR). Specific attention is given to global liquidity conditions in order to consistently explain the causal relationship. We find that oil prices do not have significant effect on Turkish stock returns but rather the global liquidity is the most plausible explanation for the changes in both the oil prices and the stock market returns. The second essay the long-term effects of rising energy prices on economic growth for developed countries. We first derive the theoretical relation by employing a two-sector endogenous growth model and tested the findings empirically using panel ARDL approach on data for sixteen OECD countries. We find significant and negative long-term effects of energy prices on economic growth. In the third essay a resource duopoly model is studied in order to examine strategic firm behavior in exhaustible resource markets. As an extension to the literature, intertemporal capacity constraints are taken as endogenous to the model. With this setup we are able to show that the price decreases weakly over two periods. This result captures the short-term stylized characteristics of many exhaustible resource markets, in which occasional price drops are observed. In the fourth paper, we analyze the effects of the Commodity Futures Trading Comission’s (CFTC) regulations on US oil- and gas-related stock returns during 2008 credit crunch. The CFTC, as the main financial regulatory authority in US commodities markets, aimed to avoid high volatility in oil prices. In principle, decreasing volatility leads to decrease in riskiness in oil markets, which would have profound effects on oil-related stock returns. We employ event study methodology and find that during the peak of 2008 credit crunch, i.e. Lehman Brothers failure, the CFTC’s regulatory announcements had significant and mostly positive effects on stock returns
Impacts of Financial Regulations on Crude Oil Market Evidence from USA WTI Crude Market.
No full textTwo-period resource duopoly with endogenous intertemporal capacity constraints
Full text linkThis paper analyzes the strategic firm behavior within the context of a two-period resource duopoly model in which firms face endogenous intertemporal capacity constraints. Firms are allowed to invest in capacity in between two periods in order to increase their initial endowment of exhaustible resource stocks. Using this setup, we find that the equilibrium price weakly decreases over time. Moreover, asymmetric distribution of initial resource stocks leads to a significant change in equilibrium outcome, provided that firms do not have the same cost structure in capacity additions. It is also verified that if only one company is capable of investment in capacity, the market moves to a more concentrated structure in the second period
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