This work proposes a linear disjunctive multiperiod optimization model for planning investments in energy sources considering two objectives, one economical (maximization of the net present value), and the other environmental (minimization of greenhouse gas emissions - GHG). The general goal of this approach is to provide an analysis tool for energy decision makers in planning investment considering different scenarios in GHG emanation. The decision variables of the model are the investment needs in money, capacity and time in order to satisfy 100% of the energy market for Argentina in the period 2010-2030. Two models are proposed, the first one considers the total amount of GHG released in the horizon time; and the other contemplates the amount of GHG year by year. Twenty scenarios are evaluated with both models. The results obtained are presented, which show the trade-offs between both objectives. (C) 2014 Elsevier Ltd. All rights reserved.