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

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.