Assessing Sustainable Impacts of Green Energy Projects for the Development of Renewable Energy Technologies: A Triple Bottom Line Approach

Abstract

The escalating global concern for sustainable development necessitates an in-depth understanding of the role of renewable energy projects. Evaluating their impact on economic, environmental, and social sustainability is of significant importance. In this study, the impact of green energy projects on economic, environmental, and social sustainability across APEC countries from 2010 to 2021 is comprehensively assessed using machine learning models. The employed machine learning models revealed associations between key variables and sustainability implications of green energy projects. Renewable energy consumption emerged as a significant contributor to economic performance, scoring a compelling importance score of 0.34. Concurrently, fossil fuel energy consumption and urban population were identified as key influencers on environmental outcomes and social impacts, respectively, with importance scores of 0.36 and 0.42. The empirical evidence presented in this research underscores the pivotal role of renewable energy projects in driving economic development, counteracting environmental harm, and facilitating urban electricity access, while also noting the counteracting effect of fossil fuel consumption. The study’s outcomes are intended to guide future research directions and inform policy formulations, contributing significantly to global sustainability discourse.