Sustainable Business Model Strategy Towards Renewable Energy Business: A Case Study in Indonesian Electricity Company

Abstract

In an era where sustainable development is crucial for combating climate change and ensuring the longevity of resources for future generations, Indonesia is redefining its approach to energy production. The global drive towards sustainability, as emphasized by the 2030 Agenda for Sustainable Development, demands a transition from fossil fuels to renewable energy sources. This paper presents a case study within an Indonesian Electricity Company, illustrating the development of a sustainable business model strategy in the renewable energy sector, with a particular focus on harnessing the nation's abundant solar, geothermal, and hydroelectric potential. Through the employment of the Analytic Network Process (ANP) and the Preference Ranking Organization Method for Enrichment Evaluations (PROMETHEE), this study meticulously formulates a business strategy that navigates the complexities and dynamic nature of the energy market. It seeks to optimize emergent opportunities while aligning with economic, social, and environmental goals. This integration involves creating jobs, reducing carbon emissions, and conserving resources, hence contributing to the Triple Bottom Line of sustainability. The model promotes job creation, decreases carbon emissions, and supports resource conservation, all integral to the sustainable business paradigm. The ultimate objective of this research is to establish a strategic blueprint for electricity providers, guiding the efficient use of Indonesia's renewable energy potential. This initiative is anticipated to significantly contribute to the country's sustainable development and fortify its green economy. The case study exemplifies a holistic progression towards economic resilience, social responsibility, and environmental custodianship in Indonesia's journey toward a renewable energy future.