Renewable energy portfolio in Mexico for Industry 5.0 and SDGs: Hydrogen, wind, or solar?

Abstract

Despite a surge in Foreign Direct Investment (FDI) in Mexico, like nearshoring, the slow growth in international investment in renewables challenges the country's progress in achieving Sustainable Development Goals (SDGs) related to clean energy. To the best of current knowledge, this research is one of the first to explore the integration of renewable energy (Green/Blue/Turquoise Hydrogen, Solar, and Wind plants) in Mexico, emphasizing a diverse portfolio of projects aligned with SDGs and Industry 5.0. While previous works have focused on the nexus between energy, Industry 4.0, and sustainability, the present study advances this discourse by incorporating Industry 5.0 principles and a comprehensive methodological approach. Through a comprehensive methodology involving Value-Focused Thinking (VFT), fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL), and multi-objective mathematical programming, the study identifies key criteria encompassing social, economic, environmental, and technological dimensions. The resulting criteria form a robust framework for evaluating project sustainability. The fuzzy DEMATEL analysis reveals intricate interrelations among criteria, emphasizing the need for balanced considerations. Results highlighted job creation, income equality, and microfinance support as key social considerations, while energy-related criteria emphasized sustainable practices. The proposed multi-objective programming model and COmbined COmpromise SOlution (COCOSO) method facilitated the selection of eight projects, with one project as the top-ranked option across various scoring strategies. Overall, this research provides a nuanced roadmap for effective decision-making in renewable energy projects, offering insights into project strengths, weaknesses, and potential areas for improvement.