This study aims to examine the validity of the environmental Kuznets curve (EKC) and pollution haven hypotheses in Mexico, Indonesia, South Korea, Turkey, and Australia (MIKTA) countries from 1982 to 2011 by using a panel vector auto regressive (PVAR) model. Empirical findings imply that the EKC hypothesis is rejected by the MIKTA sample. However, PVAR estimations reveal Granger causality from income level, foreign direct investment (FDI) inward, and energy consumption to CO emissions. Orthogonalized impulse-response functions are derived from PVAR estimations. According to the analysis results, the response of CO emissions to a shock on FDI is positive. These results assert that FDI has a detrimental effect on environmental quality in MIKTA countries which means the pollution haven hypothesis is confirmed by the MIKTA sample. Therefore, MIKTA countries should revise their current economic growth plans to provide sustainable development and also re-organize their legal infrastructure to induce usage of renewable energy sources.

In this study, the long-term interactions between carbon dioxide (CO2) emissions, real gross domestic product, fossil fuel consumption, and financial development are examined for 15 emerging markets during 1980–2014 by using heterogeneous dynamic panel data techniques. Long-run elasticity results show that the environmental Kuznets curve hypothesis is not valid for emerging markets. Besides, long-run findings reveal that fossil fuel energy consumption has a powerful negative impact on the environmental quality of emerging markets. Moreover, long-run findings of emerging markets show that 1% increase in financial development raises CO2 emissions at 0.76% level. Considering empirical findings, emerging markets should tend to use environmentally friendly technologies to avoid the possible environmental problems caused by pollution. Therefore, green energy investors should be supported by possible incentive policies. In addition, emerging markets should turn towards financial regulations, which extend credit channels for clean industries whereby emerging countries could achieve their sustainable development goals.

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The main purpose of this study is to determine the effects of an increase in real income per capita on renewable energy consumption per capita during 1992 and 2010. The panel cointegration analysis results of this study points out the existence of a long run relationship among renewable energy consumption and economic growth for G-20 countries. Afterwards the direction of this long run relationship is estimated by panel model estimators. In this regard it is found that 1% increase in real GDP per capita causes a 0,56%, 79% and 0,59% increase in renewable energy consumption per capita respectively for POLS, REM and FGLS analysis. According to the ECM results, renewable energy consumption per capita increases while real GDP per capita rises in the long term for approximately 33% of the sample. Keywords: Environmental Kuznets Curve, Panel Data Analysis, G-20 Countries, Renewable Energy, Economic Growth. JEL Classification Codes : Q50, Q56, Q57, Q43. ÖzBu çalışmanın temel amacı, 1992-2010 yıllarında, G-20 ülkeleri için kişi başına gelirde meydana gelen artışın kişi başına düşen yenilenebilir enerji tüketiminde nasıl bir değişim meydana getirdiğini ortaya koymaktır. Panel eş bütünleşme analiz sonuçları G-20 ülkelerinde yenilenebilir enerji tüketimi ile ekonomik büyüme arasında uzun dönemli bir ilişkinin var olduğunu ortaya koymuştur. Daha sonra ise elde edilen bu uzun dönemli ilişkinin yönü panel model tahmincileri yardımıyla ortaya konmuştur. Kişi başına reel GSYİH'da meydana gelen %1'lik artışın, kişi başına