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Sustainable Energy Investments: ESG-Centric Evaluation and Planning of Energy Projects

Author

Listed:
  • Tetiana Zatonatska

    (Faculty of Economics, Taras Shevchenko National University, 01-601 Kyiv, Ukraine)

  • Oleksandr Soboliev

    (Faculty of Economics, Taras Shevchenko National University, 01-601 Kyiv, Ukraine)

  • Artem Artyukhov

    (Faculty of Commerce, University of Economics in Bratislava, 852-35 Bratislava, Slovakia
    Academic and Research Institute of Business, Economics and Management, Sumy State University, 40-007 Sumy, Ukraine
    Institute of Public Administration and Business, WSEI University, 20-209 Lublin, Poland)

  • Dmytro Zatonatskiy

    (SESE Academy of Financial Management, Ministry of Finance of Ukraine, 01-053 Kyiv, Ukraine)

  • Valeriy Balan

    (Faculty of Economics, Taras Shevchenko National University, 01-601 Kyiv, Ukraine)

  • Tomasz Wołowiec

    (Institute of Public Administration and Business, WSEI University, 20-209 Lublin, Poland)

  • Dariusz Woźniak

    (School of Business, National-Louis University, 33-300 Nowy Sącz, Poland)

Abstract

The integration of Environmental, Social, and Governance (ESG) criteria in investment decision-making is increasingly critical for evaluating energy projects. This study develops a structured, quantifiable framework using the Fuzzy DEMATEL method to assess and rank ESG factors, addressing the limitations of traditional scoring-based models. The proposed methodology systematically identifies the most influential ESG criteria and accounts for their interdependencies, providing a more comprehensive decision-making tool. The analysis, based on expert evaluations, highlights the dominant role of renewable energy integration, resource efficiency, and risk management in determining project sustainability. The results demonstrate that the framework ensures a more transparent and adaptable assessment process, supporting both investors and policymakers in navigating complex energy investment landscapes. The study also establishes a scalable approach that can incorporate financial performance indicators, enhancing the practical applicability of ESG-based investment evaluation.

Suggested Citation

  • Tetiana Zatonatska & Oleksandr Soboliev & Artem Artyukhov & Dmytro Zatonatskiy & Valeriy Balan & Tomasz Wołowiec & Dariusz Woźniak, 2025. "Sustainable Energy Investments: ESG-Centric Evaluation and Planning of Energy Projects," Energies, MDPI, vol. 18(8), pages 1-24, April.
    • Handle: RePEc:gam:jeners:v:18:y:2025:i:8:p:1942-:d:1632113
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    References listed on IDEAS

    as
    1. Büyüközkan, Gülçin & Karabulut, Yağmur, 2017. "Energy project performance evaluation with sustainability perspective," Energy, Elsevier, vol. 119(C), pages 549-560.
    2. Elfi M. Lange & Niloofar Ghotbedini Banadaki, 2023. "ESG consideration in venture capital: drivers, strategies and barriers," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 41(3), pages 724-739, November.
    3. Ting-Ting Li & Kai Wang & Toshiyuki Sueyoshi & Derek D. Wang, 2021. "ESG: Research Progress and Future Prospects," Sustainability, MDPI, vol. 13(21), pages 1-28, October.
    4. Mohsen Ramezanzade & Hossein Karimi & Khalid Almutairi & Hoa Ao Xuan & Javad Saebi & Ali Mostafaeipour & Kuaanan Techato, 2021. "Implementing MCDM Techniques for Ranking Renewable Energy Projects under Fuzzy Environment: A Case Study," Sustainability, MDPI, vol. 13(22), pages 1-38, November.
    5. Tetiana Zatonatska & Oleksandr Soboliev & Dmytro Zatonatskiy & Tetiana Dluhopolska & Marek Rutkowski & Natalia Rak, 2024. "A Comprehensive Analysis of the Best Practices in Applying Environmental, Social, and Governance Criteria within the Energy Sector," Energies, MDPI, vol. 17(12), pages 1-25, June.
    6. Mustafa Yucel & Sevgi Yucel, 2024. "Environmental, Social, and Governance (ESG) Dynamics in the Energy Sector: Strategic Approaches for Sustainable Development," Energies, MDPI, vol. 17(24), pages 1-19, December.
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