Multidimensional evaluation of global investments on the renewable energy with the integrated fuzzy decision-making model under the hesitancy


International Journal of Energy Research, vol.43, no.5, pp.1775-1784, 2019 (SCI-Expanded) identifier identifier

  • Publication Type: Article / Article
  • Volume: 43 Issue: 5
  • Publication Date: 2019
  • Doi Number: 10.1002/er.4400
  • Journal Name: International Journal of Energy Research
  • Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Scopus
  • Page Numbers: pp.1775-1784
  • Keywords: hesitant fuzzy DEMATEL, hesitant fuzzy TOPSIS, investment, performance, renewable energy
  • Istanbul Medipol University Affiliated: Yes


This study aims to assess global investment alternatives with respect to renewable energy. Within this framework, five different renewable energy types (biomass, hydropower, geothermal, wind, and solar) are determined as investment alternatives. Moreover, eight different criteria are selected by considering the four different dimensions of balanced scorecard. Additionally, the fuzzy-based decision making trial and the evaluation laboratory under the hesitancy (HF-DEMATEL) model are taken into the account to weight these dimensions and criteria and the technique for order the preferences by the similarity to the ideal solution with the fuzzy hesitant methodology (HF-TOPSIS) is considered to select the alternatives of renewable energy investments. The novelties of this study are to propose an integrated model and provide the balanced scorecard–based evaluations of global renewable energy investment alternatives. The findings show that learning and growth and customer are the most important dimensions for the investment on renewable energy. It is also identified that market potential, product customization, and technological development are the most significant criteria for this situation. On the other side, solar and wind energy are the most important renewable investment alternatives. These results explain that technological improvement should be maintained, and customer expectations should be met by the companies. Furthermore, solar power plant and wind power plant should be developed in the countries. For this purpose, governments should give necessary incentives to the investors, such as allocating appropriate lands. These actions can attract the attentions of the potential investors for these renewable energy alternatives. Owing to this issue, it can be possible to increase the capacity of electricity productions in the countries with a potential minimum cost.