{"id":908,"date":"2021-07-02T11:48:28","date_gmt":"2021-07-02T11:48:28","guid":{"rendered":"http:\/\/kalkinmaguncesi.izka.org.tr\/?p=908"},"modified":"2021-07-02T11:48:31","modified_gmt":"2021-07-02T11:48:31","slug":"surdurulebilir-kalkinmanin-finansmani","status":"publish","type":"post","link":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/2021\/07\/02\/surdurulebilir-kalkinmanin-finansmani\/","title":{"rendered":"S\u00fcrd\u00fcr\u00fclebilir Kalk\u0131nman\u0131n Finansman\u0131"},"content":{"rendered":"\n<p class=\"has-black-color has-cyan-bluish-gray-background-color has-text-color has-background\"><strong><strong>\u0130dris DA\u011eHAN<\/strong><\/strong><br><em>Uzman<br><em>Proje Uygulama ve \u0130zleme Birimi<\/em><\/em><br><em><em><a href=\"mailto:tuba.ozakcan@izka.org.tr\">idris.daghan<\/a><a href=\"mailto:idris.daghan@izka.org.tr\">@izka.org.tr<\/a><\/em><\/em><\/p>\n\n\n\n<p>S\u00fcrd\u00fcr\u00fclebilir kalk\u0131nma s\u00fcreci ancak toplum refah\u0131n\u0131 art\u0131ran, kapsay\u0131c\u0131 ve s\u00fcrd\u00fcr\u00fclebilir yat\u0131r\u0131m ve projelerin hayata ge\u00e7mesi ile m\u00fcmk\u00fcn olabilmektedir. Bu yat\u0131r\u0131m ve projelerin hayata ge\u00e7irilmesi noktas\u0131nda ise kar\u015f\u0131la\u015f\u0131lan en b\u00fcy\u00fck zorluklardan biri s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nman\u0131n finansman\u0131d\u0131r.<\/p>\n\n\n\n<p>Geli\u015fmi\u015f \u00fclkelerin i\u00e7 finansman kaynaklar\u0131 ve ara\u00e7lar\u0131 yeterli seviyede oldu\u011fundan finansman ihtiyac\u0131 daha \u00e7ok geli\u015fmekte olan \u00fclkelerin sorunu olarak ortaya \u00e7\u0131kmaktad\u0131r. Kalk\u0131nman\u0131n finansman\u0131nda ve ekonomik sorunlar\u0131n \u00e7\u00f6z\u00fcm\u00fcnde geli\u015fmekte olan \u00fclkelerin en \u00f6nemli sorunlar\u0131ndan biri i\u00e7 tasarruflar\u0131n yetersizli\u011fidir. Yat\u0131r\u0131mlar\u0131n finansman\u0131n\u0131 i\u00e7 kaynaklardan sa\u011flama imk\u00e2n\u0131n\u0131n olmad\u0131\u011f\u0131 ekonomilerde d\u0131\u015f bor\u00e7 finansman ihtiyac\u0131n\u0131n kar\u015f\u0131lanmas\u0131 i\u00e7in ba\u015fvurulan bir kaynak olarak ortaya \u00e7\u0131kmaktad\u0131r. Ekonomik b\u00fcy\u00fcmenin sa\u011flanmas\u0131, h\u0131zla artan n\u00fcfusa istihdam sa\u011flanmas\u0131 yat\u0131r\u0131mlar\u0131n\u0131n finansman\u0131n\u0131 gerekli k\u0131lmaktad\u0131r (Zerenler, 2003: 202).<\/p>\n\n\n\n<p>Kalk\u0131nman\u0131n finansman kaynaklar\u0131, i\u00e7 ve d\u0131\u015f finansman kaynaklar\u0131 olmak \u00fczere iki ana ba\u015fl\u0131k alt\u0131nda toplanabilir. Kalk\u0131nman\u0131n i\u00e7 finansman kaynaklar\u0131n\u0131 \u00fclke i\u00e7indeki iktisadi akt\u00f6rlerin tasarruflar\u0131 olu\u015ftururken; kalk\u0131nman\u0131n d\u0131\u015f finansman kaynaklar\u0131n\u0131 di\u011fer \u00fclke iktisadi akt\u00f6rlerinin tasarruflar\u0131 olu\u015fturmaktad\u0131r (\u015een, Saru\u00e7 ve Keskin, 2011).<\/p>\n\n\n\n<p>B\u00fcy\u00fcme ve kalk\u0131nma s\u00fcrecinin olmazsa olmaz unsurlar\u0131ndan biri olan finansman\u0131n \u00f6nemi, s\u00f6z konusu s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nma olunca daha da artmaktad\u0131r. \u00c7\u00fcnk\u00fc s\u00fcrd\u00fcr\u00fclebilir uygulamalar\u0131n hayata ge\u00e7mesi \u00e7o\u011fu kez ek maliyet ve dolay\u0131s\u0131yla ek finansman ihtiyac\u0131 anlam\u0131na gelmektedir.<\/p>\n\n\n\n<p>Ba\u015fta geli\u015fmekte olan ekonomilerde olmak \u00fczere t\u00fcm d\u00fcnyada s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nmay\u0131 finanse edebilmek i\u00e7in yeni modeller ve ara\u00e7lar geli\u015ftirilmektedir. 2002 y\u0131l\u0131nda Birle\u015fmi\u015f Milletler taraf\u0131ndan Meksika\u2019da d\u00fczenlenen Monterrey Anla\u015fmas\u0131, 2008 y\u0131l\u0131nda imzalanan Doha Deklerasyonu, 2015 y\u0131l\u0131nda deklare edilen Addis Ababa Eylem G\u00fcndemi ve Paris Anla\u015fmas\u0131 gibi uluslararas\u0131 \u00e7al\u0131\u015fmalarla s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nma i\u00e7in finansman \u00e7\u00f6z\u00fcmleri sa\u011flanmaya \u00e7al\u0131\u015f\u0131lmaktad\u0131r.&nbsp;<\/p>\n\n\n\n<p>2007 y\u0131l\u0131ndan itibaren iklim de\u011fi\u015fikli\u011finin finansman\u0131 konusunda konvansiyonel kredilerin yerine \u00f6zel iklim fonlar\u0131 ve ye\u015fil tahviller (ve\/veya iklim tahvilleri) olmak \u00fczere yenilik\u00e7i finansal mekanizmalar geli\u015ftirilmeye ba\u015flanm\u0131\u015ft\u0131r (KB, 2018). Ye\u015fil bankac\u0131l\u0131k, ye\u015fil yat\u0131r\u0131m bankalar\u0131, ye\u015fil tahviller, ye\u015fil bonolar, ye\u015fil krediler, karbon fonu ve \u00f6zel iklim fonlar\u0131 gibi yenilik\u00e7i finansman metotlar\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak iklim ve \u00e7evresel s\u00fcrd\u00fcr\u00fclebilirlik etraf\u0131nda geli\u015ftirilmi\u015ftir. Bununla birlikte, sosyal etkili tahviller gibi sosyal kalk\u0131nma odakl\u0131 finansman kaynaklar\u0131 da bulunmaktad\u0131r.<\/p>\n\n\n\n<p>2010-2017 d\u00f6neminde ye\u015fil konular\u0131n finansman\u0131na odaklanan 11 yat\u0131r\u0131m bankas\u0131 kurulmu\u015ftur. Bunlar ilk olarak ABD, \u0130ngiltere, Avustralya, \u0130svi\u00e7re, Malezya ve Japonya gibi geli\u015fmi\u015f \u00fclkelerde ortaya \u00e7\u0131km\u0131\u015ft\u0131r. Bu kurumlar iklim de\u011fi\u015fikli\u011fini \u00f6nlemeye ve d\u00fc\u015f\u00fck karbon ekonomisine dayal\u0131 sekt\u00f6r ve faaliyetleri finanse etmeye odaklanm\u0131\u015flard\u0131r (KB, 2018).<\/p>\n\n\n\n<p>2007 y\u0131l\u0131nda Avrupa Yat\u0131r\u0131m Bankas\u0131 taraf\u0131ndan (European Investment Bank) t\u00fcr\u00fcn\u00fcn ilk \u00f6rne\u011fi olan, \u0130klim Fark\u0131ndal\u0131k Tahvili (Climate Awareness Bond) \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Bununla birlikte 2011 y\u0131l\u0131ndan bu yana h\u0131zla b\u00fcy\u00fcyen bir ye\u015fil tahvil piyasas\u0131 vard\u0131r (Edin, 2019). Ye\u015fil tahviller, ye\u015fil projeleri finanse etmek i\u00e7in kullan\u0131lan ve \u00e7evresel faydalar sa\u011flayan bor\u00e7lanma ara\u00e7lar\u0131d\u0131r (Jun,&nbsp; Kaminker,&nbsp; Kidney ve Pfaff, 2016). Temelleri 2007 y\u0131l\u0131nda at\u0131lan ve T\u00fcrkiye\u2019de ilk kez 2016\u2019da \u00e7\u0131kart\u0131lan ye\u015fil tahviller 2014 y\u0131l\u0131nda k\u00fcresel \u00e7apta 36 milyar, 2019 y\u0131l\u0131nda 226 milyar dolar b\u00fcy\u00fckl\u00fc\u011fe ula\u015fm\u0131\u015ft\u0131r. Ye\u015fil tahviller yenilenebilir enerji, enerji-su verimlili\u011fi altyap\u0131 projeleri gibi sadece \u00e7evreyle ilgili alanlar\u0131 de\u011fil s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nmay\u0131 destekleyen e\u011fitim, sa\u011fl\u0131k ve ula\u015f\u0131m, at\u0131k su gibi altyap\u0131 projelerini de kapsamaktad\u0131r (KB, 2018).<\/p>\n\n\n\n<p>Karbon fonlar\u0131, sera gaz\u0131 azalt\u0131m\u0131 projelerinin finansman\u0131 i\u00e7in \u00e7\u0131kar\u0131lmaktad\u0131r. Yat\u0131r\u0131mc\u0131lar mevcut emisyon azalt\u0131m\u0131 projelerinden \u201cemisyon azalt\u0131m\u0131 sertifikas\u0131\u201d sat\u0131n alarak veya yeni iklim dostu f\u0131rsatlara yat\u0131r\u0131m yaparak karbon fonuna para aktarmaktad\u0131rlar. Devletlerin \u00f6nderli\u011findeki karbon fonlar\u0131 ise, \u00fclkenin Kyoto Protokol\u00fc hedeflerine ula\u015fmas\u0131 i\u00e7in iyi bir f\u0131rsat sunmaktad\u0131r (Kulo\u011flu ve \u00d6ncel, 2015).<\/p>\n\n\n\n<p>Performansa dayal\u0131 \u00f6deme ya da ba\u015far\u0131 odakl\u0131 \u00f6deme olarak da ifade edilen sosyal etkili tahviller,&nbsp; son y\u0131llarda kamu sekt\u00f6r\u00fc ve sosyal hizmetler alan\u0131nda kullan\u0131lmaya ba\u015flanm\u0131\u015f yeni nesil bir finansman arac\u0131d\u0131r (Ergen ve Durak, 2016). Klasik anlamda tahvil uygulamas\u0131ndan farkl\u0131 bir uygulama olarak sosyal etkili tahvil program\u0131nda devlet ya bizzat kendisi ya da arac\u0131 kurulu\u015flar vas\u0131tas\u0131yla sosyal bir programa fon sa\u011flamak i\u00e7in gerekli sermayeyi yat\u0131r\u0131mc\u0131lardan temin etmeyi ama\u00e7lamaktad\u0131r.&nbsp; Devlet bu sistemde \u00f6nceden belirlenmi\u015f ba\u015far\u0131 sonu\u00e7lar\u0131na ula\u015f\u0131lmas\u0131 ko\u015fuluyla yat\u0131r\u0131mc\u0131lara art\u0131 \u00f6deme vaadinde bulunmaktad\u0131r. S\u00f6zle\u015fmede belirtilen ko\u015fullar ger\u00e7ekle\u015fmezse devletin \u00f6deme yapmama hakk\u0131 mevcuttur (Eames,&nbsp; Terranova,&nbsp; Battaglia,&nbsp; Nelson, Riesenberg, Rosales, 2014, s.4).<\/p>\n\n\n\n<p>D\u00fcnya\u2019da s\u00fcrd\u00fcr\u00fclebilir ve ye\u015fil finansman ara\u00e7lar\u0131na olan ilgi giderek artmas\u0131na ve k\u00fcresel hacminin geni\u015flemesine ra\u011fmen \u00fclkemiz gibi geli\u015fmekte olan \u00fclkeler bu pastadan yeterince pay alamamaktad\u0131r. OECD (2019) taraf\u0131ndan yap\u0131lan bir ara\u015ft\u0131rmaya g\u00f6re, s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nman\u0131n finansman\u0131nda \u00f6zellikle geli\u015fmekte olan \u00fclkelere y\u00f6nelik do\u011frudan yabanc\u0131 yat\u0131r\u0131mlar aya\u011f\u0131nda \u00f6nemli d\u00fc\u015f\u00fc\u015fler ya\u015fanmaktad\u0131r. S\u00fcrd\u00fcr\u00fclebilir kalk\u0131nma i\u00e7in s\u00fcrd\u00fcr\u00fclebilir finansman metotlar\u0131n\u0131n geli\u015ftirilmesi ve finansman kaynaklar\u0131n\u0131n tabana yay\u0131lmas\u0131 sa\u011flanmal\u0131d\u0131r.<\/p>\n\n\n\n<p><strong>Kaynak\u00e7a:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eames,\u00a0 S.,\u00a0 Terranova,\u00a0 V.,\u00a0 Battaglia,\u00a0 L.,\u00a0 Nelson,\u00a0 I.,\u00a0 School\u00a0 of\u00a0 Social\u00a0 Work,\u00a0 (2014),\u00a0<a href=\"http:\/\/www.reentryroundtable.net\/wp-content\/uploads\/2011\/05\/A-Review-of-Social-Impact-Bonds-Final.pdf\"> A\u00a0 Review\u00a0 of\u00a0 Social\u00a0 Impact\u00a0 Bonds:\u00a0 Financing\u00a0 Social\u00a0 Service\u00a0 Programs\u00a0 Through\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Public-Private\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Partnerhips,\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Universty\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 of\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Texas<\/a><\/li><li>Edin, E. D. (2019). <a href=\"https:\/\/www.garantibbva.com.tr\/tr\/blog\/surdurulebilir_finansman.page\">S\u00fcrd\u00fcr\u00fclebilir Finansman Garanti BBVA, <\/a><\/li><li>Ergen Z. ve Durak B. (2016). Baz\u0131 Sosyal Problemlerin \u00c7\u00f6z\u00fcm\u00fcnde Alternatif Bir Finansman Kayna\u011f\u0131: Sosyal Etkili Tahvil Programlar\u0131, Hukuk ve \u0130ktisat Ara\u015ft\u0131rmalar\u0131 Dergisi cilt 8, Say\u0131 1.<\/li><li>Jun\u00a0 M.,\u00a0 Kaminker C.,\u00a0 Kidney S. ve\u00a0 Pfaff N.\u00a0 (2016). <a href=\"Http:\/\/Unepinquiry.Org\/Wp-Content\/Uploads\/2016\/09\/6_Green_Bonds_Country_Experiences_Barriers_And_Options.Pdf\">Green Bonds: Country Experiences, Barr\u0131ers And Options, G20 Green Finance Study Group Report<\/a>, <\/li><li>KB, (2018). Kalk\u0131nman\u0131n Finansman\u0131 \u00c7al\u0131\u015fma Grubu Raporu, Ankara.<\/li><li>Kulo\u011flu E. ve \u00d6ncel M. (2015). Ye\u015fil Finans Uygulamas\u0131 ve T\u00fcrkiye\u2019de Uygulanabilirli\u011fi, Gazi \u00dcniversitesi Sosyal Bilimler Dergisi, Cilt: 2, Say\u0131: 2.<\/li><li>\u015een, H., Saru., N. T. ve Keskin A. (2011). Kalk\u0131nma Ekonomisi: Se\u00e7me Konular, Ed. Sami Taban &amp; Muhsin Kar, Sekizinci B\u00f6l\u00fcm, ss. 227-270, Ekin Yay\u0131nevi: Bursa.<\/li><li>OECD (2018). Global Outlook on Financin for Sustainable Development: Time To Face Challenge, OECD Publishing.<\/li><li>Zerenler, M. (2003). Devletin D\u0131\u015f Bor\u00e7lanmas\u0131n\u0131n T\u00fcrkiye Ekonomisi \u00dczerine Etkileri. Sel\u00e7uk \u00dcniversitesi \u0130\u0130BF Sosyal ve Ekonomik Ara\u015ft\u0131rmalar Dergisi, 3(5), 202.<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S\u00fcrd\u00fcr\u00fclebilir kalk\u0131nma s\u00fcreci ancak toplum refah\u0131n\u0131 art\u0131ran, kapsay\u0131c\u0131 ve s\u00fcrd\u00fcr\u00fclebilir yat\u0131r\u0131m ve projelerin hayata ge\u00e7mesi ile m\u00fcmk\u00fcn olabilmektedir. Bu yat\u0131r\u0131m ve projelerin hayata ge\u00e7irilmesi noktas\u0131nda ise kar\u015f\u0131la\u015f\u0131lan en b\u00fcy\u00fck zorluklardan biri s\u00fcrd\u00fcr\u00fclebilir kalk\u0131nman\u0131n finansman\u0131d\u0131r.<\/p>\n","protected":false},"author":6,"featured_media":909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22],"tags":[268,19],"class_list":["post-908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-surdurulebilir-kalkinma","tag-kalkinmanin-finansmani","tag-surdurulebilir-kalkinma"],"_links":{"self":[{"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/posts\/908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/comments?post=908"}],"version-history":[{"count":1,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/posts\/908\/revisions"}],"predecessor-version":[{"id":910,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/posts\/908\/revisions\/910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/media\/909"}],"wp:attachment":[{"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/media?parent=908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/categories?post=908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kalkinmaguncesi.izka.org.tr\/index.php\/wp-json\/wp\/v2\/tags?post=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}