EMAS III-based analysis of European eco-management for energy efficiency investments

Hasan Dinçer, Serhat Yuksel, Muhammad Ishaq M. Bhatti and Alexey Mikhaylov

Journal of Applied Accounting Research, 2023, vol. 25, issue 4, 858-877

Abstract: Purpose - The aim is to analyze the European eco-management because the global warming has become a topical issue impacting the whole world. Individual countries are trying to minimize all the catalysts of global warming, such as carbon emissions. This paper addresses this issue and analyzes the performance of European eco-management for the purpose of future energy investments being environmentally. Design/methodology/approach - This paper develops a fuzzy decision-making model to study the performance indicators of selected countries based on EMAS III standard. It employs interval type-2 fuzzy DEMATEL to evaluate the performance factors and TOPSIS methodology to assess five selected European countries' performance in relation to eco-friendly, emission and renewable energy. Findings - Eco-friendly energy plays the most critical role in this respect followed by emissions and renewable energy which constitute significant factors. The novelty of this study is identifying significant criteria regarding environmental and energy efficiency of investments and making performance assessments of European countries with a new fuzzy decision-making model. Both expert opinions and datasets are used for the analysis. This paper supports previous research about energy efficiency investments in Europe. Research limitations/implications - The innovative feature of this study is identifying significant criteria regarding environmental and energy efficiency of investments and assessing the performance of European countries with a new fuzzy decision-making model. The fact that the analysis only concerns the European region is an important limitation. In future analyses, other groups of countries can be examined. Innovations can be made regarding the method applied. In this context, analyses can be done utilizing different fuzzy numbers. Finally, the importance of the criteria can be calculated with other methods such as SWARA. Practical implications - The paper fills the gap in performance analysis of European eco-management for environmentally friendly and efficient energy investments is done in this manuscript. Originality/value - Analysis of European eco-management performance was done for environmentally friendly and efficient energy investments. A fuzzy decision-making model is constructed. The paper fills the gap in performance analysis of European eco-management for environmentally friendly and efficient energy investments.

Keywords: Eco-management; Energy efficiency; Energy investments; EMAS (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jaarpp:jaar-08-2022-0216

DOI: 10.1108/JAAR-08-2022-0216

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