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Multi-Criteria Decision Analysis for Evaluating the Effectiveness of Alternative Energy Sources in China

Author

Listed:
  • Xiangwen Xue

    (School of Economics, Capital University of Economics and Business, Beijing 100070, China)

  • Qi Zhang

    (China Galaxy Securities Co., Ltd., Beijing 100033, China)

  • Xinyu Cai

    (School of Labor Economics, Capital University of Economics and Business, Beijing 100070, China)

  • Vadim V. Ponkratov

    (Center of Financial Policy, Financial University under the Government of the Russian Federation, 49/2 Leningradsky Prospekt, 125167 Moscow, Russia)

Abstract

The transition to renewable energy sources is crucial for mitigating the impacts of climate change and achieving sustainable development goals. In China, the rapid industrialization and urbanization have led to an increasing demand for energy, highlighting the urgent need to transition to alternative energy sources. This study aims to evaluate the effectiveness of alternative energy sources in China, considering multiple criteria such as cost, environmental impact, energy output, reliability, and scalability. We employed a Multi-Criteria Decision Analysis (MCDA) approach to compare and rank different energy sources based on these criteria. Our findings indicate that wind energy is the most effective alternative energy source overall due to its relatively low cost, high efficiency, moderate environmental impact, good scalability, and high reliability. However, geothermal energy had the lowest levelized cost of electricity (LCOE), while hydro energy performed well in terms of efficiency and reliability. The environmental impact of wind energy was found to be moderate but still less severe compared to other energy sources. Our study provides important insights into the trade-offs and considerations that policymakers and industry leaders must make when selecting which energy sources to prioritize. The findings highlight the need for a comprehensive and integrated approach to energy policy that balances economic, environmental, and social considerations. In conclusion, this study contributes to the literature by emphasizing the importance of considering multiple criteria when evaluating alternative energy sources. Our findings can inform policy decisions regarding the development of a sustainable and reliable energy mix in China, and have important implications for other countries seeking to transition to renewable energy sources.

Suggested Citation

  • Xiangwen Xue & Qi Zhang & Xinyu Cai & Vadim V. Ponkratov, 2023. "Multi-Criteria Decision Analysis for Evaluating the Effectiveness of Alternative Energy Sources in China," Sustainability, MDPI, vol. 15(10), pages 1-14, May.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:10:p:8142-:d:1148975
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