Previous research into Economic Value Added (EVA) has extensively described it as a business metric of firms. Still, no studies have confirmed or denied that EVA is a universal metric and that one may use EVA in unstable markets in the same way as in stable and developed economies. Meanwhile, the green energy revolution, ensuring carbon neutrality through green innovations, requires enormous investments, and the projects realised must be appropriately tailored. These projects are realised by different firms, including those from developing countries, and investors need solid financial metrics. The study determines whether EVA is a universal metric of owners’ value in the energy sector. The research proves that this metric does not correctly reflect the limitations of emerging markets, can lead to incorrect managerial decisions and limit shareholders’ value. Therefore, there is a need to reanalyse financial metrics used in financial planning, including EVA. The study eliminates this research gap and, based on data from seven countries and the Euro Zone, explains why one may not perceive the currently used EVA formula as a universal financial metric. Consequently, the study modifies the EVA formula and presents a universal solution tailored to unstable economies. In the conducted research, literature studies were used, taking into account the methodology of a systematic literature review, including bibliometric analysis. Based on this review, it is shown that little is known about whether EVA as a financial measure can be used in energy management. Two conclusions emerged: first, the research contributes to developing the business and management science; second, identifying risks associated with EVA metrics helps practitioners. In addition, the study defined further research directions.

This position paper deals with the critical analysis of the existing European regulation of indoor radon and NORM in building materials. It represents an opinion of the initiative group of experts created during the Workshop of European NORM Association (ENA) held in Rome, 15-17 May 2024. The main conclusions and propositions of the experts have been also discussed at the round table during the IX Terrestrial Radioisotopes in Environment International Conference on Environmental Protection, 19-22 November 2024, Vonyarcvashegy, Hungary. The current paper lists and discusses several missing points and challenges within the European regulatory system in the field of NORM in building materials and indoor radon, consisting of three interconnecting functional levels: Legislative, Normative, and Methodological. It also serves as a Road Map for the regulatory development in the next decade. Our analysis identifies areas for improvement. While the normative guidance (mid-tier of the hierarchical regulatory pyramid) is robust, the legislative framework has gaps, and methodological support remains underdeveloped with several serious deficiencies. These issues significantly hinder the global implementation of GRPs. To address these gaps, new harmonized standards and guidelines are necessary. It is concluded that enhancing radon and NORM regulations can be achieved by developing and globally implementing several relevant European (international) standards and guidelines within rational ISO/IEC concepts. From a legal-philosophical perspective, these findings are intended as an invitation to dialogue, not merely a critique.

Energy transformation is essential for reducing electricity production costs and building a competitive advantage for each country. Its success relies on balancing environmental goals with the need to maintain secure energy supplies, keep prices at an acceptable level for consumers, and ensure the economy’s competitiveness. Although the literature presents various investment constraints for onshore wind farms, little is known about the regulations that were supposed to protect the natural environment, and in practice, they turned out to be legal constraints on the development of onshore wind farms. This research aims to eliminate this research gap, and identify the legal limitations hindering the development of onshore wind farms, using Poland as a case study. It was examined whether legal provisions aimed at ensuring sustainable development could negatively impact the growth of onshore wind farms. The systematic literature study was supplemented by reviewing documents (available in the Polish Parliament and the Government Legislation Centre) relating to the location policy for onshore wind farms. The findings reveal that unfavourable legal solutions introduced in Poland over nearly a decade have severely obstructed the growth of onshore wind energy. This has led to harmful and measurable effects on society and the economy. Therefore, it is suggested that the creation of energy market regulations should be subject to greater stakeholder oversight. This study fits into the research field on legal barriers, classified as any negative phenomena and processes that do not contribute to achieving assumed goals.

The contemporary green transformation of the economy is a strategic imperative for businesses, especially small and medium-sized enterprises (SMEs) operating in the energy market, forcing the integration of sustainable practices in decision-making processes, including investment efficiency assessment. Classic financial tools, such as the internal rate of return and net present value, commonly used in the SME sector, do not always adequately account for environmental, regulatory, and social risks associated with green transformation. The goal of the study was to determine the impact of nominal and real discount rates, adjusted for a synthetic measure of green transformation, on investment decisions. The research methodology combines advanced multicriteria analysis techniques with sustainable finance concepts, offering an innovative approach to investment decision-making in the SME sector. The study shows that integrating environmental factors increases the cost of capital and reduces the net present value while maintaining the profitability of the analysed projects. Incorporating green components into the discount rate enhances valuation appropriateness and improves investment risk management, especially in conditions of macroeconomic uncertainty. The findings contribute to the development of research on dynamic methods of evaluating investment projects.

The contemporary green transformation of the economy is a strategic imperative for businesses, especially small and medium-sized enterprises (SMEs) operating in the energy market, forcing the integration of sustainable practices in decision-making processes, including investment efficiency assessment. Classic financial tools, such as the internal rate of return (IRR) and net present value (NPV), commonly used in the SME sector, do not always adequately account for environmental, regulatory, and social risks associated with green transformation, as—particularly in the case of IRR—they rely on the assumption of stable cash flows and do not incorporate regulatory uncertainty, environmental externalities, or ESG-related risks into discounting parameters. The aim of the study was to determine the impact of nominal and real discount rates, adjusted for a synthetic measure of green transformation, on investment decisions. The research methodology combines advanced multi-criteria decision-making techniques, specifically TOPSIS and CRITIC, with sustainable finance concepts, offering an innovative approach to investment decision-making in the SME sector. The study shows that integrating environmental factors, when treated as a risk component, increases the cost of capital and reduces the net present value, while maintaining the profitability of the analysed projects. Incorporating green components into the discount rate enhances valuation appropriateness and improves investment risk management, particularly under macroeconomic uncertainty. The main contribution of the study lies in linking a synthetic green transformation indicator with dynamic discount rate adjustment within a multicriteria framework, extending existing ESG-adjusted valuation models by enabling a more structured and data-driven incorporation of environmental transition risk.