Yılmaz, Fatih

  • Primary Program Climate & Sustainability
  • Research Interests Sustainable Finance and Investment, Applied Banking and Finance, Corporate Taxation, Public Economics, and Applied Micro-Econometrics

Biography

Dr. Yilmaz currently works as a senior fellow I in the Climate and Sustainability program. His current research agenda aims to enhance our understanding of the financial and economic consequences of the sustainable energy transition and to design effective policies to balance risk and growth prospects.

Prior to joining KAPSARC, Dr. Yilmaz worked as an economist at the Central Bank of the Republic of Turkey, where he was actively involved in the research and the design of policies for the private and banking sectors. He also worked as a consultant for the World Bank and spent a year as an assistant professor of economics at ADA University.

He has authored various academic and policy articles and attended academic conferences and workshops. He holds a Ph.D. in economics from the University of Calgary.

Publications

See all Fatih’s publications
  • Discussion papers
  • Methodology papers
  • Data Insight
  • Instant Insights
  • Commentaries
  • KAPSARC journal article
  • External journal articles
  • External Books
  • Think20 (T20)
The Circular Carbon Economy Index 2024 – Results

The Circular Carbon Economy Index 2024 – Results

The 2024 CCE Index provides a multidimensional overview of the current state of net-zero transitions worldwide, covering 125 countries from all world regions. It is based on the holistic, technology-neutral and flexible concept of the circular carbon economy (CCE), where a full CCE is understood as the equivalent of net-zero emissions. This KAPSARC Discussion Paper presents the results of the 2024 CCE Index and provides related analytical insights. The 2024 CCE Index results deliver nine headline policy messages, which reflect the urgency of accelerating the global net-zero transition, doubling down on sustained progress and ensuring just transitions worldwide.

14th November 2024
Southeast Asia and the Circular Carbon Economy: A Rapidly Developing Region

Southeast Asia and the Circular Carbon Economy: A Rapidly Developing Region

This KAPSARC Discussion Paper examines six major Southeast Asian economies’ progress and potential on the road to net-zero emissions, or carbon circularity. It does so by using the technology-neutral approach of the circular carbon economy (CCE) and the CCE Index, developed at KAPSARC to operationalize this concept for use in country comparisons. Analyzing the 2023 CCE Index, the paper shows how, overall, the region scores slightly higher than the global average and much higher than the middle-income average on combined CCE Performance and Enablers scores. The region’s countries rank in the middle third of countries. Singapore, the only high-income country in the group, consistently scores well across dimensions. The region generally scores low on the more costly or less accessible CCE technologies, namely carbon capture, utilization and storage (CCUS), clean hydrogen and nuclear energy, and there is a need for increased access to sustainable finance, technology, and knowledge to supplement the lack of domestic creation through universities, the private sector, and R&D activities.

12th September 2024
Middle East and North Africa and the Circular Carbon Economy: Seizing the Potential for Action

Middle East and North Africa and the Circular Carbon Economy: Seizing the Potential for Action

The Middle East and North Africa (MENA) region is an emerging center of energy demand. Economic and population growth, increasing industrialization as well as rising living standards are all expected to contribute to a continued increase in the region’s energy consumption over the coming decades. Given that hydrocarbons continue to dominate the region’s energy mix, its greenhouse gas (GHG) emissions are also expected to keep growing in the absence of further policy measures. In this context, increased focus will be needed on emission reductions and energy sector management. This KAPSARC Discussion Paper presents an analysis of where the MENA region stands on the road to circular carbon economies (CCEs) and its potential to move toward carbon neutrality by mid-century. The analysis is based on the 2023 edition of KAPSARC’s CCE Index, which benchmarks 64 major economies from all world regions, including 14 MENA countries. The paper is structured along the main components of the CCE Index: total score, CCE Performance, CCE Enablers and Oil Producers Lens.

12th September 2024
The Circular Carbon Economy Index 2023: Results

The Circular Carbon Economy Index 2023: Results

The Circular Carbon Economy (CCE) Index provides a comparative overview of where countries stand on the road to net-zero and how well equipped they are to get there. The CCE Index compiles quantitative data points from 38 robust sources into a composite indicator covering countries representing approximately 90% of the global economy and CO2 emissions. On each of the indicators, each country receives a score of 0-100, which are combined to form various aggregate scores: for the total CCE Index, CCE Performance, CCE Enablers, and various enabling areas. In addition to these, five more indicators are applied to major oil and gas producing countries for an add-on score called the Oil Producers Lens. This paper presents and analyses the results of the 2023 CCE Index.

31st March 2024
Implications of Climate Policy on Energy Poverty

Implications of Climate Policy on Energy Poverty

This article examines the complex issue of energy poverty and its various dimensions, including energy access and affordability. It explores the challenges of addressing energy poverty and the trade-offs that may exist between energy poverty and climate change policy.

13th November 2023
Closing the Investment Gap to Achieve Paris Agreement Goals

Closing the Investment Gap to Achieve Paris Agreement Goals

This study aims to assess the alignment of global sustainable financial flows with transition investment priorities. First, we identify investment gaps based on the difference between the required annual investment to meet global net-zero emissions (NZE) targets and current investment flows. Our assessment reveals that nearly all countries must significantly accelerate their efforts, as their current investment levels fall short of what is required. Second, and perhaps more importantly, investment gaps are particularly large for non-Annex I (developing) countries. Financing these large-scale investments continues to be a major global challenge. The size of global environmental, social and governance (ESG) finance remains low. Specifically, despite their large investment gaps, developing countries receive only a minor share of global ESG funds, where access to conventional finance is already limited. 

9th October 2023
The Circular Carbon Economy Index 2022 – Results

The Circular Carbon Economy Index 2022 – Results

The circular carbon economy (CCE) concept provides a holistic, flexible and pragmatic framework for countries to plan their energy and economic transitions to lower carbon dioxide and greenhouse gas emission levels and, ultimately, net-zero emissions. The CCE Index measures countries’ progress in and potential for reaching CCEs. It is a composite indicator comprising 43 individual, quantitative variables or indicators. The datasets underlying each indicator are harmonized across countries and derived from robust and reputable sources.

5th March 2023
The Circular Carbon Economy Index 2022 – Results

The Circular Carbon Economy Index 2022 – Results

The circular carbon economy (CCE) concept provides a holistic, flexible and pragmatic framework for countries to plan their energy and economic transitions to lower carbon dioxide and greenhouse gas emission levels and, ultimately, net-zero emissions. The CCE Index measures countries’ progress in and potential for reaching CCEs. It is a composite indicator comprising 43 individual, quantitative variables or indicators. The datasets underlying each indicator are harmonized across countries and derived from robust and reputable sources.

10th November 2022
The Gulf Cooperation Council and the Circular Carbon Economy: Progress and Potential

The Gulf Cooperation Council and the Circular Carbon Economy: Progress and Potential

Over the past year, all six Gulf Cooperation Council (GCC) countries have updated their medium-term greenhouse gas (GHG) emission targets by submitting revised nationally determined contributions (NDCs) under the Paris Agreement. Bahrain, Saudi Arabia, the United Arab Emirates (UAE), and Saudi Aramco have also announced net-zero emission targets. Work is now beginning to develop more detailed roadmaps and implementation plans, some elements of which are already laid out in the updated NDCs.

14th June 2022
Understanding the Dynamics of the Renewable Energy Transition: The Determinants and Future Projections Under Different Scenarios

Understanding the Dynamics of the Renewable Energy Transition: The Determinants and Future Projections Under Different Scenarios

The global energy system’s current structure has severe environmental consequences that necessitate an urgent transformation toward more sustainable alternatives. Besides many available mitigation actions, such as enhancing energy efficiency, deploying nuclear energy, switching fuels and adopting carbon capture technologies, renewable energy (RE) has been the most widely applied one in many countries, especially for the power sector. The average country-level share of non-hydroelectric renewable energy (NhRE) in power generation rose sixfold over the last two decades, from less than 1% in 2000 to roughly 6% in 2018. Despite its wide application, significant heterogeneity exists in the RE transition across countries.  

11th May 2022
The Circular Carbon Economy Index 2021 – Results

The Circular Carbon Economy Index 2021 – Results

There is an urgent need to align global carbon dioxide and other greenhouse gas emissions with climate-safe trajectories. A broad range of technologies and approaches are needed to achieve this cost-effectively and equitably. The circular carbon economy (CCE) concept provides a holistic, flexible and pragmatic framework for countries to plan their respective contributions toward the commonly agreed climate goals.

29th December 2021
Understanding the Dynamics of the Renewable Energy Transition: A Determinant Index Approach

Understanding the Dynamics of the Renewable Energy Transition: A Determinant Index Approach

Renewable energy is a key component of global energy transitions. To better identify its dynamics, this study constructs a composite index to measure countries’ renewable energy transition potential. Based on two decades of academic research, we identify 45 main enabling factors of the renewable energy transition. We classify these factors into seven subindices: economic factors, financial development, human capital, energy access, energy security, environmental sustainability and institutional infrastructure. We then aggregate the subindices into a composite index, which we call the renewable energy transition potential index. This index and its subindices are available for 149 countries for the period from 1990 to 2018.

28th February 2022
The Circular Carbon Economy Index 2021 – Methodology

The Circular Carbon Economy Index 2021 – Methodology

The Circular Carbon Economy Index (CCE Index) aims to measure countries’ progress in and potential for achieving circular carbon economies (CCEs). The CCE Index is based on two sub-indices: one for measuring countries’ current performance in the various dimensions of the CCE and the other for gauging how countries are positioned to make progress toward the CCE, based on key enabling factors. The CCE Index also allows for additional comparisons among top oil-producing countries through a separate set of add-on indicators that estimate how these countries’ industrial performance and business environments are aligning with the CCE.

2nd November 2021
The Circular Carbon Economy Index – Methodological Approach and Conceptual Framework

The Circular Carbon Economy Index – Methodological Approach and Conceptual Framework

The circular carbon economy (CCE) approach, developed during Saudi Arabia’s G20 Presidency and endorsed by G20 leaders and energy ministers, can be used as a framework for holistic assessments of all available energy and emission management technologies within the confines of a global carbon budget. KAPSARC’s Circular Carbon Economy Index project, launched in 2021, will develop a composite indicator (index) that measures and tracks country performance and potential on various dimensions of the CCE to support related policy discussions and planning.    

28th June 2021
Private Participation in the Renewable Energy Transition

Private Participation in the Renewable Energy Transition

The electricity sector captures a significant portion of PPI flows in developing countries. Over half (51%) of total PPI flows in developing countries since 1995 (~ US$1.9 trillion) went into the electricity sector. This figure covers the privatization of existing electricity infrastructure, as well as the deployment of new infrastructure, including power generation, transmission, and distribution projects.

22nd March 2021
Accelerating Climate Finance for Saudi Arabia’s Net Zero Ambitions: Green Financing Frameworks

Accelerating Climate Finance for Saudi Arabia’s Net Zero Ambitions: Green Financing Frameworks

As part of the global climate agenda, the Kingdom of Saudi Arabia (KSA) is committed to achieving net zero greenhouse gas (GHG) emissions by 2060 through the Circular Carbon Economy (CEE) approach. To achieve this goal, the Kingdom aims to involve private investors more and advance its financial sector, fostering economic diversification and growth in line with Vision 2030 (Saudi Vision 2030 2018). The Kingdom has already announced several giant projects involving various clean technologies, including renewable energy, energy efficiency, clean hydrogen, natural capital development, and carbon management technologies, which amount to hundreds of billions of dollars in investment.

27th June 2024
Investing in Net-Zero Emission Ambitions: Global ESG Frameworks and CCUS Projects

Investing in Net-Zero Emission Ambitions: Global ESG Frameworks and CCUS Projects

Achieving global net zero emission (NZE) goals necessitates trillions of US$ of annual investment in various mitigation technologies. While a significant portion of this investment is expected to take place in mainstream mitigation technologies (e.g., renewable energy), low carbon technologies (e.g., CCUS) are also considered among the key enablers, especially in hard-to-abate sectors. However, the lack of a globally recognized environmental, social, and corporate governance (ESG) taxonomy and disclosure standards hinders efforts to scale up the necessary finance, especially in the case of CCUS investments. Establishing more holistic global ESG guidelines, including more explicit guidance on the reporting of CCUS-related activities, can accelerate the global sustainable energy transition.

14th June 2022
Why Does Sustainable Finance Not Flow into the Global South?

Why Does Sustainable Finance Not Flow into the Global South?

While private sustainable finance flows have grown substantially in recent years, they are heavily concentrated in certain countries – primarily in a few advanced economies. Emerging markets and developing economies (EMDEs) face significant barriers to accessing much-needed private funds for their decarbonization efforts.

12th November 2024
Understanding the Dynamics of Renewable Energy Transition: Country Performance and Potential

Understanding the Dynamics of Renewable Energy Transition: Country Performance and Potential

Renewable energy (RE) is a vital stream of the global energy transition toward sustainable alternatives. Various mitigation strategies, such as enhancing energy efficiency, utilizing fuel switching, deploying nuclear power and adopting carbon capture, have been developed. Of these, RE has captured the most attention globally, especially in the power sector. Despite this global trend, however, RE penetration differs significantly across countries. Some countries, such as Denmark, generate half of their power from renewable resources. In contrast, many others, such as Russia, are generating less than 1% of their power from renewable resources as of 2018. These data facts raise the important question of whether this heterogeneity in RE penetration reflects countries’ potentials.

11th May 2022
How the Circular Carbon Economy Index Can Serve Policymaking: Case Study of Saudi Arabia

How the Circular Carbon Economy Index Can Serve Policymaking: Case Study of Saudi Arabia

The Circular Carbon Economy (CCE) Index is a tool developed by KAPSARC for energy and climate policymakers and stakeholders to quantify and compare country performance and potential on the CCE. The CCE is a relatively new concept. It aims to draw attention to the need to address carbon dioxide and other greenhouse gas emissions holistically by using all available mitigation options cost effectively, through reducing, recycling, reusing and removing carbon or carbon dioxide emissions.

2nd November 2021
Can Usage of Specialized Software Reduce Tax Compliance Costs in Developing Countries?

Can Usage of Specialized Software Reduce Tax Compliance Costs in Developing Countries?

2017

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