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Economic Impacts of Integrating Strategic Innovation in Environmental Policy-Making for Sustainable Energy Investments

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Abstract

This research delves into the economic impacts of integrating strategic innovation in environmental policy-making to advance sustainable energy investments, utilizing sophisticated hybrid fuzzy modeling techniques. The study improves the precision of inter-criteria relationships by systematically evaluating critical criteria through DEMATEL and quantum picture fuzzy rough sets. It ranks innovative environmental decision-making options for sustainable energy financing within the TOPSIS framework. A breakthrough is identifying key economic indicators that bolster environmental policy effectiveness via a priority analysis, blending quantum theoretical principles with picture fuzzy rough sets for methodological innovation. The findings highlight the critical economic role in enhancing innovative environmental strategies through adept environmental and energy policy formulation and execution. These policies must prioritize renewable energy sources for sustainable capital deployment, alongside investments in energy storage and smart grid technologies. The study recommends immediately adopting innovative renewable energy policies and hybrid strategies to overcome economic challenges and enable cost efficiencies. Moreover, this research underscores the intersection of sustainable development and growth, advocating for government subsidies to promote strategic initiatives that spur renewable energy projects. Such incentives are vital for economic development, job creation, technological innovation, and energy security, reinforcing the link between environmental sustainability and economic prosperity. This approach suggests that sustainable energy policies are essential for achieving long-term economic and environmental objectives, highlighting their significance in fostering a sustainable future.

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Authors and Affiliations

  1. School of Business, George Washington University, Washington, DC, 20052, USA

    Elias G. Carayannis

  2. Department of Economics, National and Kapodistrian University of Athens, 10559, Athens, Greece

    Pantelis C. Kostis

  3. The School of Business, İstanbul Medipol University, Istanbul, 34810, Turkey

    Hasan Dinçer & Serhat Yüksel

  4. Clinic of Economics, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, Baku, AZ1141, Azerbaijan

    Hasan Dinçer & Serhat Yüksel

  5. Adnan Kassar School of Business, Lebanese American University, Beirut, Lebanon

    Serhat Yüksel

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  1. Elias G. Carayannis
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  2. Pantelis C. Kostis
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Correspondence to Pantelis C. Kostis.

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Elias Carayannis serves as the Editor of the Journal of the Knowledge Economy, and Assist. Prof. Pantelis Kostis is a Senior Associate Editor in the Journal of the Knowledge Economy.

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Carayannis, E.G., Kostis, P.C., Dinçer, H. et al. Economic Impacts of Integrating Strategic Innovation in Environmental Policy-Making for Sustainable Energy Investments. J Knowl Econ (2024). https://doi.org/10.1007/s13132-024-01981-2

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