Green Finance Business Model Innovation in Indonesian State-Owned Banks toward Net Zero Emission 2060: A Triple Layered Business Model Canvas Approach

Abstract

Purpose—This study examines how Indonesian state-owned banks organize economic, environmental, and social value creation through green finance in the context of Indonesia’s Net Zero Emissions (NZE) 2060 agenda.

Method—A qualitative multiple-case study investigated Bank Rakyat Indonesia (BRI), Bank Mandiri, Bank Negara Indonesia (BNI), and Bank Tabungan Negara (BTN). Eight purposively selected informants, two per bank, were interviewed. Sustainability reports identified in the source manuscript as 2024 reports and institutional documents supplemented the interviews. Framework Analysis used the 27 components of the Triple Layered Business Model Canvas (TLBMC), with NVivo supporting data organization and cross-case comparison.

Findings—The accounts indicate different emphases: inclusive micro, small, and medium enterprise financing at BRI; corporate and infrastructure financing at Mandiri; ESG governance at BNI; and housing finance at BTN. Sustainability commitments coexist with reported gaps in impact measurement and strategic–operational alignment. These patterns describe business orientations rather than a validated ranking of sustainability maturity.

Conclusion and Implications—Green finance integration remains uneven. Banks should strengthen outcome measurement, organizational capabilities, and alignment across the three value layers. The findings identify potential support for the NZE agenda; they do not establish attributable emissions reductions or achievement of the national target.

Originality/Value—The study adapts TLBMC to compare four banking cases and proposes an untested integration framework linking economic, environmental, and social value through governance and digital transformation.

Purpose—This study examines how Indonesian state-owned banks organize economic, environmental, and social value creation through green finance in the context of Indonesia’s Net Zero Emissions (NZE) 2060 agenda.