Abstract
This research deals with the theoretical and practical issues of investment support activities for industrial waste management in developed countries, based on the example of South Korea. The main goal of this research is the evaluation of waste treatment investment projects and understanding their impact on the development of environmental policies. The problems of forming the sustainable systems for controlling the disposal of industrial wastes are being studied. The authors discuss the practical application of environmental policies and modern technologies of South Korean companies in the field of industrial waste processing. The approaches of waste investment project’s evaluation are applied and multi-criteria decision making (MCDM) methods were discussed for various cases and applications. Using MCDM methods, the authors study the effectiveness of investment projects in waste treatment activities in Korea. The analyses of MCDM methods are implemented in this research to provide some instructions on how to effectively apply these methods in waste treatment investment project analyses. Furthermore, the authors propose a combination of multi-criterial selection and interval preferences to evaluate waste treatment projects. The proposed approach improves the method of calculating economic efficiency based on a one-dimensional criterion and sensitivity analysis. The main results of this research perform the investment impact and risk-analysis on the environmental policies development.
Highlights
The rapid industrialization of South Korea has three characteristics: authoritarian state control over the industrial sphere, high economic growth rates due to export heavy industry, and rapid capital accumulation [1,2]
The economic development of South Korea was achieved at the expense of the environment
Since Korea’s volume of waste is evidence of changing lifestyles in the midst of a trend toward a convenience-oriented life and an abundant capitalist socioeconomic environment, the current state of waste management in Korea is at a turning point, where a paradigm shift from a convenience-oriented society to a society oriented toward resource conservation is taking place [71,72]
Summary
The rapid industrialization of South Korea has three characteristics: authoritarian state control over the industrial sphere, high economic growth rates due to export heavy industry, and rapid capital accumulation [1,2]. Heavy industry has had a significant impact on the environment. The problems of forming sustainable systems for controlling the disposal of industrial wastes are become more and more apparent in South Korea. Business and government organizations discuss the practical application of environmental policies and modern technologies of Korean companies in the field of industrial waste processing. That is why it is necessary to discover all of the industrial factors which have a strong impact on the environment, and to develop effective models of waste treatment processing. The economic development of South Korea was achieved at the expense of the environment. The same process has been followed by most European countries [4]
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