Risk prioritization by Z-VIKOR method under incomplete reliable information and its application in CCUS project site selection

Abstract

Carbon Capture, Utilization, and Storage (CCUS) is a promising technology for mitigating climate change and reducing carbon emissions. However, selecting suitable sites for CCUS projects can be challenging due to regional differences in economic strength, ecology, and government policies. This results in a multi-criteria decision problem that is complicated by the fact that the information used for evaluation is often unreliable and uncertain, leading to risks in the decision-making process. Furthermore, decision-makers may not always act rationally, complicating the decision-making process. To address these challenges, we propose an extended Z-VIKOR method that considers the fuzziness and incompleteness of the available information in multiple criteria decision-making problems. Our method also incorporates a risk preference-based prioritized distance measure that reflects the decision-makers' attitudes toward risk. By fully considering Z-information and introducing three priority coefficients to reduce computational complexity, our approach can identify suitable sites for CCUS projects under different risk preferences. Finally, we study alternative cities in Guangdong Province for the CCUS project using the proposed methodology and conclude that Zhanjiang and Shenzhen have certain advantages in developing the project. In summary, our proposed methodology addresses the challenges associated with CCUS site selection by incorporating incomplete reliable information and reflecting decision makers' attitudes towards risk. This approach can help guide decision-makers in selecting suitable sites for CCUS projects and ultimately contribute to the global effort to combat climate change.