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Green Energy Markets: Towards an Internal Rate of Return and ESG Factors

グリーンエネルギー市場：内部収益率とESG要因の観点から (AI 翻訳)

Zbysław Dobrowolski, Paweł Dziekański, Grzegorz Drozdowski, Izabella Kęsy, Oleksandr Novoseletskyy, Arkadiusz Babczuk

Energiesプレプリント2026-03-05#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/en19081884
原典: https://doi.org/10.3390/en19081884

🤖 gxceed AI 要約

日本語

本論文は、中小企業向けにESG要因を考慮した投資評価手法を提案。TOPSISとCRITICを用いてグリーン変革指標を割引率に組み込み、正味現在価値への影響を分析。環境リスクを組み込むことで資本コストが上昇するが、プロジェクトの収益性は維持されることを示した。

English

This paper proposes an investment evaluation method incorporating ESG factors for SMEs. Using TOPSIS and CRITIC, it integrates a green transformation indicator into discount rates, analyzing impacts on NPV. Results show that incorporating environmental risks increases cost of capital but maintains project profitability.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本でも中小企業のグリーン投資評価は重要課題。SSBJ開示や有報でのESG情報充実に伴い、本手法は実務的な評価枠組みとして参考になる。

In the global GX context

Globally, integrating ESG risks into investment decisions is crucial for transition finance. This paper offers a structured method for SME-level green valuation, relevant for TCFD/ISSB-aligned risk management.

👥 読者別の含意

🔬研究者:Extends ESG-adjusted valuation by linking a synthetic green indicator with dynamic discount rates in a multicriteria framework.

🏢実務担当者:Provides a practical method to adjust discount rates for green transformation risks, useful for SME investment decisions.

🏛政策担当者:Highlights need for regulatory frameworks that support ESG-integrated valuation tools for SMEs.

📄 Abstract（原文）

The contemporary green transformation of the economy is a strategic imperative for businesses, especially small and medium-sized enterprises (SMEs) operating in the energy market, forcing the integration of sustainable practices in decision-making processes, including investment efficiency assessment. Classic financial tools, such as the internal rate of return (IRR) and net present value (NPV), commonly used in the SME sector, do not always adequately account for environmental, regulatory, and social risks associated with green transformation, as—particularly in the case of IRR—they rely on the assumption of stable cash flows and do not incorporate regulatory uncertainty, environmental externalities, or ESG-related risks into discounting parameters. The aim of the study was to determine the impact of nominal and real discount rates, adjusted for a synthetic measure of green transformation, on investment decisions. The research methodology combines advanced multi-criteria decision-making techniques, specifically TOPSIS and CRITIC, with sustainable finance concepts, offering an innovative approach to investment decision-making in the SME sector. The study shows that integrating environmental factors, when treated as a risk component, increases the cost of capital and reduces the net present value, while maintaining the profitability of the analysed projects. Incorporating green components into the discount rate enhances valuation appropriateness and improves investment risk management, particularly under macroeconomic uncertainty. The main contribution of the study lies in linking a synthetic green transformation indicator with dynamic discount rate adjustment within a multicriteria framework, extending existing ESG-adjusted valuation models by enabling a more structured and data-driven incorporation of environmental transition risk.

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