Sustainability and ESG Performance in Renewable Energy Companies: A Comparative Multiple Case Study of Türkiye and Europe
DOI:
https://doi.org/10.37241/jatss.2026.159Keywords:
susbanibility, ESG performance, sustainability accounting, renewable energy companies, Turkey–Europe comparativeAbstract
Introduction: This study provides a comparative analysis of sustainability performance between Turkish renewable energy companies Aydem, Smart Solar, Galata Wind and European counterparts for the 2020–2022 period. The research addresses the critical gap in understanding how sustainability practices differ between emerging and developed energy markets, and whether convergence trends exist despite structural disparities.
Method: The analysis focuses on three key dimensions of corporate sustainability (financial, environmental, and social indicators). Data was compiled from companies' sustainability and activity reports and analyzed using descriptive statistics, comparative indicator analysis, min-max normalization, and the creation of an equally weighted composite ESG index.
Results or Findings: The findings reveal significant differences between Turkish and European companies. While European companies demonstrate substantially higher financial capacity and installed power, Turkish companies exhibit rapid growth despite scale limitations. In environmental indicators, although European companies have higher absolute values, normalized data show more efficient carbon and water intensities compared to most Turkish companies. Social indicators reveal persistent gender imbalance across the entire sample, yet European companies demonstrate more systematic training practices and lower accident rates.
Discussion or Conclusion: The study highlights the importance of normalization in assessing inter-company ESG performance, emphasizes inconsistencies in reporting standards and data quality issues in emerging markets, and offers policy implications for Turkey's renewable energy sector alignment with international benchmarks.
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