A Strategic Framework for Sustainable Business Model of Renewable Energy Services

Abstract

Purpose: The main objective of this research is to investigate the ongoing scientific investigations into sustainable business models framework in the energy sector, with a particular focus on the shift towards renewable energy sources. This entails comprehending how firms may adjust to and propel the transition towards sustainability in accordance with the Sustainable Development Goals (SDGs). Theoretical Framework: The theoretical foundation of this study is anchored in the concept of the triple bottom line, which emphasizes the need for businesses to focus on three key areas: economic, social, and environmental dimensions. This approach is essential for achieving sustainable development, as it ensures that business models are designed to contribute positively to society and the environment, in addition to being economically viable. Methodology: A comparative literature review serves as the methodology for this research. This method involves systematically analyzing existing literature on sustainable business models in the energy sector to identify trends, gaps, and theoretical underpinnings. The comparative aspect allows for the evaluation of different approaches and the identification of best practices and areas for future research. Findings: The research identifies that while there is a growing trend towards the adoption of renewable energy sources, significant challenges remain. These include technological limitations, regulatory barriers, and financial constraints. However, by refining the business model canvas to incorporate elements of sustainability, businesses can create adaptable frameworks that address these challenges. This revised canvas includes components that emphasize economic viability, socio-cultural values, and ecological integrity. Research & Practical Implications: The conceptualization of a sustainable business model canvas is a key practical implication of this research. It offers businesses a clear and systematic way to integrate sustainable practices into their operations. This tool is designed to promote holistic sustainable development and informed decision-making by incorporating economic, socio-cultural, and ecological values into the business planning process. By doing so, it has the potential to facilitate the transition towards more sustainable business practices in the energy sector and beyond, thereby contributing to the achievement of the SDGs. Originality: The originality of this study is grounded in its comprehensive approach to integrating sustainability into business models, its adaptation of existing frameworks to better suit sustainable development goals, and its forward-looking perspective that seeks to guide future research and practical applications in the energy sector and beyond.