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Prioritization of investment order in Brazil among renewable energy sources: an analysis using the SWARA-MOORA-3NAG method

Valmiane Vieira Azevedo Almeida (Department of Production Engineering, Federal Fluminense University, Niteroi, Brazil)
Carlos Francisco Simões Gomes (Department of Production Engineering, Federal Fluminense University, Niteroi, Brazil)
Luis Hernan Contreras Pinochet (Department of Business Administration, School of Economics, Business, Accounting, and Actuarial Science, University of Sao Paulo, Sao Paulo, Brazil)
Marcos dos Santos (Department of Production Engineering, Federal Fluminense University, Niteroi, Brazil and Military Institute of Engineering, Rio de Janeiro, Brazil)

Journal of Modelling in Management

ISSN: 1746-5664

Article publication date: 24 September 2024

61

Abstract

Purpose

This paper aims to comprehensively analyze renewable energy alternatives in Brazil, focusing on identifying the most suitable option for investment in the country’s sustainable development.

Design/methodology/approach

The study adopts the step-wise weight assessment ratio analysis-multiobjective optimization by ratio analysis −3NAG (a combination of three normalization methods) methodology, a multicriteria decision-making approach, to evaluate and rank renewable energy sources based on key criteria such as resource availability, cost-effectiveness, job creation potential and environmental impact.

Findings

The analysis reveals that solar energy emerges as the preferred choice for Brazil, offering significant advantages over other alternatives such as hydroelectric, wind and biomass energy. Solar energy’s distributed generation capability, cost reduction trends and positive environmental impact contribute to its favorable position in meeting Brazil’s energy needs.

Research limitations/implications

While the study provides valuable insights into renewable energy selection, there are limitations regarding the criteria’ scope and the exclusion of specific renewable energy options. Future research could explore sensitivity analyses and incorporate additional criteria to enhance the study’s comprehensiveness.

Originality/value

This research contributes to the existing literature by thoroughly analyzing renewable energy alternatives in Brazil using a robust multicriteria decision-making methodology. The study’s findings provide actionable guidance for policymakers, businesses and stakeholders seeking to promote sustainable energy development in the country.

Keywords

Acknowledgements

Disclosure statement. No potential conflict of interest was reported by the author(s).

Data availability statement. The authors confirm that the data supporting the findings of this study are available within its Supplementary materials.

Citation

Almeida, V.V.A., Gomes, C.F.S., Pinochet, L.H.C. and dos Santos, M. (2024), "Prioritization of investment order in Brazil among renewable energy sources: an analysis using the SWARA-MOORA-3NAG method", Journal of Modelling in Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JM2-09-2023-0208

Publisher

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Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

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