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Ss. Cyril and Methodius University in Skopje, Faculty of Economics , Skopje , North Macedonia
Ss. Cyril and Methodius University in Skopje, Faculty of Economics , Skopje , North Macedonia
Ss. Cyril and Methodius University in Skopje, Faculty of Economics , Skopje , North Macedonia
Ss. Cyril and Methodius University in Skopje, Faculty of Economics , Skopje , North Macedonia
Ss. Cyril and Methodius University in Skopje, Faculty of Economics , Skopje , North Macedonia
Climate change is a global challenge that requires effective allocation of resources for mitigation and adaptation measures, especially in the case of small businesses which are heavily affected by the destructive impact. This is reaffirmed by Sustainable Development Goal 13 dedicated to climate action. As a result, the objective of this article is to present an analytic framework grounded in the analytic hierarchy process to prioritize alternatives for climate change initiatives, which can be funded with so-called green financing approaches. Following the data collection step through a survey, the methodology focuses on developing an analytic hierarchy process model for evaluating various funding sources using structuring criteria, including implementation, costeffectiveness, social acceptability, environmental impact, and political and legal support. Moreover, the model is used to conduct pairwise comparisons, determining the relative importance of these criteria and ultimately developing a systematic ranking of funding sources. The findings highlight priority sources, including government grants, international aid, carbon pricing mechanisms, private sector investment, and green bonds as ways to fund the promotion of the use of renewable energy sources in households, the implementation of urban public transportation, and stricter emission standards in industries. It was found that strengthening the use of renewable energy sources in households and the implementation of city public transport are ranked the most effective solutions for tackling climate change. This emphasizes the importance of diversification, collaboration, continuous assessment, and adaptive strategies in accessing and using funds effectively. The implications of the research can be seen through the opportunity for policymakers and business leaders to identify effective financing instruments that align with climate change objectives and promote resilient and diverse financing portfolios.
analytic hierarchy process, climate change, small businesses, sustainable development goals
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