Factors Influencing the Financing of Renewable Energy Projects for Sustainable Development Goals with a Fuzzy Cognitive Map Approach

Abstract

Objective: The aim of this study is to analyze the factors influencing the financing of renewable energy projects to achieve sustainable development goals using a fuzzy cognitive map approach. Methodology: This applied research was conducted in both qualitative and quantitative sections. In the qualitative section, content analysis with a conventional and directed approach was employed, and in the quantitative section, a causal method was used. Data were collected through semi-structured interviews in the qualitative phase and pairwise comparison questionnaires in the quantitative phase. The participants were senior managers and experts from the Renewable Energy and Energy Efficiency Organization (SATBA), selected using purposive and theoretical sampling (a total of 21 participants). Findings: The qualitative findings revealed key influencing factors, including "social responsibility," "direct and indirect government support," "sustainable economic development," "environmental sustainability," "support from financial funds," "commercial creditworthiness of financial suppliers," "foresight and capital planning," "financial capacities," "investment return policies," "empowerment of financial institutions," "renewable energy development policies," "investment culture in renewable energy," and "optimal management of investment risks." The fuzzy cognitive map results showed that "direct and indirect government support for the energy industry" had the highest output and influence, while "commercial creditworthiness of financial suppliers" had the highest input power and susceptibility to influence.Conclusion: This study provides a comprehensive analysis of the factors affecting the financing of renewable energy projects. It highlights the critical roles of government support policies and the commercial creditworthiness of financial suppliers in the success of these projects, suggesting that improvements in these areas can contribute to achieving sustainable development goals.