present that a reduction on the level of energy consumption or
real income or openness have decrease the level of carbon emissions.
As an energy policy implication to reach the lower environmental
pollution, policymakers have to explore the alternative
energy policies for example decreasing energy intensity, increasing
energy efficiency and increasing the utilization of cleaner energy
sources.
ii) There is an evidence of a short-run unidirectional causal
relationship from financial development to per capita energy consumption,
per capita real income and the square of per capita real
income. Also an improvement on financial sector will cause the rising
of energy consumption and income in the short run. This result
implies that financial development has an important role on the
higher energy consumption and income in Turkey as an emerging
market country. Therefore, the policymakers have to include the financial
development indicators to estimate of the level of energy