Progress and Disparity: A Decade of Renewable Energy Development in Europe

Purpose: This article investigates the economic environment for renewable energy development using the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method for ranking renewable energy projects in various countries. Design/Methodology/Approach: This work constructs a framework for economic landscape assessment by picking out diagnostic variables reflecting key variables driving renewable energy development, environmental tax revenues, import dependence, energy usage, and environmental impacts. The TOPSIS method allows a multidimensional analysis of renewable energy, enabling a hierarchy of countries based on synthetic indicators. Findings: The study covers all regions with available data for the selected years, relying on comprehensive and accessible variables essential for the analysis. Data describing the economic indicators relevant to renewable energy development in each region for 2012 and 2020, which were sourced from EUROSTAT, ensure a robust foundation for the analysis. Practical Implications: Findings will help policymakers, investors, and developers make sound choices to promote sustainable and renewable energy projects. Originality/Value: Since it is challenging to represent the potential for renewable energy development through a single characteristic, this study employs a multidimensional statistical analysis based on a TOPSIS synthetic index to quantify this potential.