Abstract
Ecological and economic assessment is a key stage in the selection process of investment projects as it defines their efficiency and allows to forecast their likely impact on the environment and the socio-economic situation of the territory. Approaches to the efficiency assessment of investment projects include only basic criteria and do not sufficiently consider industryspecific. The energy sector is a significant primary sector in the global economy that directly affects the standard of living, energy resources availability for population and for the productive sector of economy and has a considerable impact on the environment. Therefore, the efficiency assessment process of investment project in the energy industry should comprise criteria which will respond to the branch specificity and provide accurate data about potential environmental and socio-economic consequences of project’s implementation in both the short and the long-term run. The paper aims to propose a list of environmental criteria for improving the process of the ecological and economic efficiency assessment of energy investment projects, considering also the Circular Economy concepts. The list is based on the results of the expert survey carried out by the authors and might be used for multiple-criteria decision analysis of the investment projects.
Highlights
Nowadays the energy sector is undergoing a number of structural changes that correspond to the context of the 4th industrial revolution and the goals of sustainable development and Circular Economy concepts [1,2,3]
Evaluation from 1 to 4 points – the criterion is insignificant in the framework of evaluating the ecological and economic efficiency of the investment project in the energy industry;
Evaluation from 5 to 7 points – the criterion has an average degree of significance in the framework of assessing the ecological and economic efficiency of an investment project in the energy industry;
Summary
Nowadays the energy sector is undergoing a number of structural changes that correspond to the context of the 4th industrial revolution and the goals of sustainable development and Circular Economy concepts [1,2,3]. Energy facilities that use fossil fuels as a main type of fuel for producing energy, emit SO2, NOx, CO, heavy metal compounds, industrial particulate matter and other harmful substances into the atmosphere [5,6,7,8]. They can generate large amount of ash and slag waste, pollute water bodies and the soil [9,10,11,12]. Scientific and technological development and innovations in the energy sector stimulate economic growth [13,14,15]. The availability of energy resources and meeting the growing demand for energy are the key factors of scientific and technological progress and economic growth [17, 18]
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