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

Tetiana Zatonatska, Oleksandr Soboliev, Artem Artyukhov (), Dmytro Zatonatskiy, Valeriy Balan, Tomasz Wołowiec and Dariusz Woźniak
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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
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

Energies, 2025, vol. 18, issue 8, 1-24

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.

Keywords: renewable energy; ESG investment; green finance; decarbonization; fuzzy DEMATEL; energy transition; investment projects; energy projects (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2025
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