Many pressing challenges that perennially affect countries today are those related to environmental sustainability. As major entities, business organizations play a primal role in boosting the economy, stakeholders are increasingly under pressure to achieve net zero emissions. However, in emerging economies, these entities are scarcely inclined towards implementation of newer environmental policies as they're oblivious to perils of excessive carbon emissions and its consequences. Therefore, it is essential to look for sustainability measures to secure a system that reduces the carbon footprint and ultimately reaches a zero-carbon future. This research proposes a method to identify and assess the barriers of carbon regulatory policies (CRPs) so that advancements in carbon emission reduction practices can be pursued; we present a specific focus on developing nations. An integrated multi-criteria decision-making approach is proposed to achieve environmental sustainability. Initially, the Best Worst Method is used to determine the relative importance of the barriers in the implementation of regulatory policies. Subsequently, we utilize Decision Making Trial and Evaluation Laboratory to establish interrelationships among the barriers of carbon policies. To elucidate the application of the proposed novel framework, a case considering multiple manufacturing firms with multiple stakeholders in India is examined.
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A total of 31 barriers were finalized from a comprehensive list on the basis of reviewed literature and assistance of multiple managers from the manufacturing sector SMEs under consideration. From the list of main barriers, Economical and Organizational barriers were the most crucial. From the list of sub-category barriers, Lack of Initial Funding was the most critical, followed by Hidden costs, Uncertain Carbon Market Price, Lack of Research and Development, Lack of support from the authorities and the government. It was evident from the study that Lack in information sharing and Lack in forecasting were the lowest ranked barriers. Additionally, it was found that Lack of Initial Funding, Lack of Research and Development, and Lack of Support from the authorities and the government were three most influential barriers. The resolution of those barriers results in elimination of top twelve barriers.
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