The global transition toward net-zero emissions and environmental sustainability has placed increasing pressure on heavy industries to optimize processes and reduce their ecological footprint. Addressing these challenges requires the integration of innovative managerial approaches capable of supporting ambitious emission-reduction targets. In response, this study develops an integrated and novel framework entitled “Value Engineering and Risk Assessment with a Fuzzy Approach” (VENRA). The framework simultaneously focuses on two critical dimensions of industrial performance: value engineering as a tool for cost optimization and efficiency enhancement, and risk assessment as a mechanism for identifying, analyzing, and managing potential environmental and operational threats.

To achieve this purpose, a comprehensive review of the literature was conducted to extract key performance indicators (KPIs) related to net-zero emissions, value engineering, and risk management. Subsequently, the fuzzy AHP–DEMATEL hybrid method was employed to prioritize these indicators and reveal the complex causal relationships among them. The fuzzy logic component enables modeling of the uncertainty inherent in expert judgment.

Findings derived from the assessment of 20 experts in heavy industries indicate that risk management is the most influential criterion in achieving net-zero objectives. This is followed by HSE (Health, Safety and Environment), waste management, accident prevention, and energy management. The causal analysis using fuzzy DEMATEL further demonstrates that “risk management” and “energy management” act as cause factors, exerting direct influence on the other criteria, whereas HSE, waste management, and accident prevention fall into the effect factors category.

The primary contribution of this study lies in the unique integration of value engineering, comprehensive risk management, and fuzzy logic into a unified decision-making model. The VENRA framework offers a robust and practical tool capable of supporting heavy industries in enhancing environmental performance and advancing toward sustainable development.