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Integrated approach for sustainable development and investment goals: analyzing environmental issues in European economies

Author

Listed:
  • Gang Kou

    (School of Business Administration, Faculty of Business Administration, Southwestern University of Finance and Economics)

  • Serhat Yüksel

    (The School of Business, Istanbul Medipol University
    Adnan Kassar School of Business, Lebanese American University
    Clinic of Economics, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6)

  • Hasan Dinçer

    (The School of Business, Istanbul Medipol University
    University of Religions and Denominations
    Clinic of Economics, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6)

  • Mohammed A.Hefni

    (Mining engineering department, King Abdulaziz University)

Abstract

Environmental issues play a crucial role in achieving sustainable development goals (SDGs). In this context, countries may not have the budget to improve all factors at the same time. Due to this situation, more significant items should be identified with the help of a comprehensive evaluation. However, there are limited studies in literature that focused on this issue so that there is a strong need for a new study regarding this subject. Accordingly, this study aims to determine the most significant environmental factors for the sustainable development and investment goals of European economies. A criteria list is generated by making a detailed literature evaluation and considering United Nations’ SDGs. They are weighted by using q-ROF DEMATEL approach. Later, 30 European countries are ranked by the q-ROF TOPSIS method. The main contribution of this study is that a novel model is suggested by considering a hybrid decision making approach based on q-ROFSs to make more objective evaluation. Additionally, the relevant environmental factors are prioritized so that effective strategies can be proposed to the countries for achieving their SDGs in a more efficient manner. The findings show that the use of renewable energy has the greatest effect on sustainable economic development and investment goals. In this process, Iceland, Norway, and Finland have been identified as the most successful European countries. Countries should assign a higher priority to renewable energy sources in terms of energy consumption. For this purpose, governments should provide some tax advantages to renewable energy investors. Similarly, low-cost financing resources should be offered for investments in renewable energy technologies. This situation will increase investments and contribute to achieving SDGs of the various countries.

Suggested Citation

  • Gang Kou & Serhat Yüksel & Hasan Dinçer & Mohammed A.Hefni, 2024. "Integrated approach for sustainable development and investment goals: analyzing environmental issues in European economies," Annals of Operations Research, Springer, vol. 342(1), pages 429-475, November.
    • Handle: RePEc:spr:annopr:v:342:y:2024:i:1:d:10.1007_s10479-023-05679-7
    DOI: 10.1007/s10479-023-05679-7
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