Providing climate change resilient land-use transport projects with green finance using Z extended numbers based decision-making model

Abstract

As the climate change enforces decision-makers (DMs) to change established policies and strategies, investors are motivated to finance the development of green projects. Because of their environmental effects, land-use transport projects are of special importance in this process. Different types of environment-friendly land-use transportation projects are financed by the private sector or regulatory authorities and institutions. However, the choice of the correct project is a complex issue. In the decision-making process, social concerns are crucial as well as financial, technical and environmental ones. In order to solve the multi-criteria decision-making problem, we propose a novel group decision support model using the Logarithm Methodology of Additive Weights (LMAW) and Measurement of Alternatives and Ranking according to the Compromise Solution (MARCOS) based on the fuzzy Z extension (ZE)-numbers. The proposed group decision support model has a unique capability for decision. The opinions of two groups of the DMs and experts are used to consider the decision reliability in two different stages to reach an optimal decision. To illustrate the use of model, we create a scenario that considers four small-scale green finance planning alternatives that are evaluated using twelve criteria that reflect the choice problem's economic, environmental, technical, and political aspects. According to the findings, the optimum plan should be both inclusive and equitable, as well as economically efficient. Selection of the best green finance planning involves consideration of socioeconomic variables.