Assessing the Barriers and Strategies of Blue Finance for the Development of Renewable Energy in China

In the last few years, there has been a growing focus on the blue economy and its dual benefits for both growth and the environment. Renewable energy sources, serving as alternatives to fossil fuels, play a crucial role in diminishing the carbon footprint associated with maritime sectors as well as the broader economy for sustainable development. This study examines blue finance (BF), a growing field that focuses on investments in sustainable ocean resources, to explore the barriers and strategies for the development of blue energy (BE) in China. The research thoroughly identifies and evaluates the principal barriers hindering BE progress. To this extent, the fuzzy Analytical Hierarchy Process (AHP) and fuzzy VIšekriterijumsko KOmpromisno Rangiranje (VIKOR) methodologies are used to determine this issue. Six main barriers, twenty-four sub-barriers, and eight strategies have been identified. The results of the fuzzy AHP method indicate that regulatory obstacles (w = 0.185), financial limitations (w = 0.181), and market barriers (w = 0.171) are the key challenges impeding the development of BE in China. Besides, the fuzzy VIKOR method indicates that integrated policy development, international collaboration, and financial innovation are the main strategies to overcome barriers to adopting BE in China.