Economic and mathematical evaluation of Ukraine’s renewable energy development with consideration of military risks
通过经济数学方法评估乌克兰可再生能源的投资吸引力，考虑军事风险，利用模糊TOPSIS确定传统策略下太阳能、ESG策略下生物质能为优先，并构建多因素模型评估投资吸引力。
This article explores the renewable energy development in Ukraine, taking into account military risks through an economic-mathematical assessment of its investment attractiveness. To evaluate the investment priorities of renewable energy in Ukraine, two strategies have been considered – traditional and the one taking into account ESG factors. Using the Fuzzy TOPSIS approach, the main priorities of renewable energy in Ukraine have been determined: solar power plants for the traditional strategy, and for the ESG strategy – biomass power plants. For further evaluation of the investment attractiveness of the identified priorities, a multifactor model for assessing investment attractiveness using the method of integral assessment was constructed. The model is based on four primary indicators: development prospects, return on equity of enterprises, level of inflation stability in industry prices, and industry-specific risks. First published online 3 March 2026