Nachhaltigkeit und Investitionsbewertung: Anpassung und Weiterentwicklung klassischer Verfahren zur Berücksichtigung von Nachhaltigkeitseffekten am Beispiel der Energiewirtschaft

Abstract

The energy industry is the world's largest producer of greenhouse gas emissions. In order to achieve the climate targets by 2030, investments totalling around 60 billion euros are required in the electricity system in Austria. At the same time, regulatory requirements are increasing the pressure on companies to integrate sustainability aspects into their internal management. The central problem of this work is that traditional investment calculation methods primarily evaluate monetary values and therefore hardly take sustainability effects into account. As a result, there is a risk that sustainable investment decisions will be rejected – even though they offer added value for the environment and society. This study therefore examines which instruments are suitable for quantifying sustainable effects in the energy industry and how companies can adapt traditional investment calculation methods to take non-financial information into account when making investment decisions. The work is based on in-depth literature research and draws on a large number of scientific sources. The theoretical findings are illustrated in a case study using Energie AG Oberösterreich as a practical example. Chapter 2 deals with the basics of sustainability and relevant reporting obligations, while chapter 3 explains investment appraisal. Chapter 4 identifies suitable evaluation criteria for sustainability effects. The practical relevance is established by the case study in chapter 5, which shows how non-financial information can be incorporated into investment decisions. Chapter 6 summarises the results, discusses them in the context of the stakeholder theory and offers an outlook. Whether sustainability effects should be converted into monetary terms cannot be conclusively answered on the basis of the literature review. It is rather important to know the respective advantages and disadvantages. Suitable methods include utility value analysis for qualitative assessment and life cycle assessment for the quantitative recording of environmental impacts. The literature also recommends supplementing traditional investment calculation methods with CO2-Emissions – for example by taking into account the price of emission certificates or by referring to the normative basis of DIN EN ISO 14008:2020. A combined approach of advanced investment calculation methods and utility value analysis enables a more differentiated assessment and at the same time reduces the weaknesses of monetarisation. Graphical representations and minimum criteria also promote well-founded decisions. In addition, environmental indicators, social indicators and the “social return on investment” can be used to evaluate individual investments. The “sustainable value” approach, on the other hand, is viewed critically due to its limitations at Group level.

Date of Award	2025
Original language	German (Austria)
Supervisor	Melanie Lubinger (Supervisor)