Towards a Bankable Biomass Energy System: A Systematic Review of Business Models and Optimization of the Palm Oil Waste Value Chain

  • Prasetyo Yuli Usaid Universitas Lambung Mangkurat
  • Laila Refiana Said Universitas Lambung Mangkurat
  • Raden Topan Aditya Rahman Politeknik Murakata
  • Eka Saprudin Doctoral Program in Development Studies, Universitas Lambung Mangkurat
  • Ira Akhmadi Doctoral Program in Development Studies, Universitas Lambung Mangkurat
  • Fredy Jayen Sekolah Tinggi Ilmu Ekonomi Pancasetia
  • Syahrial Shaddiq Universitas Lambung Mangkurat
  • Krittika Chandran Mahsa University
  • Muhammad Qasim Ali University Malaysia Pahang Al Sultan Abdullah
Keywords: Bankability, business model, circular economy, palm oil biomass, POME, techno-economic analysis, value chain optimization

Abstract

Background: Transformasi sistem energi global menuju netralitas karbon memerlukan mobilisasi investasi masif dalam energi terbarukan, termasuk bioenergi dari limbah biomassa kelapa sawit yang memiliki potensi sangat besar namun belum dimanfaatkan secara optimal. terhadap literatur tentang teknologi konversi biomassa kelapa sawit, model bisnis, optimasi rantai nilai, dan penilaian bankability untuk mengidentifikasi kesenjangan pengetahuan dan mengembangkan framework konseptual terintegrasi

Method: Penelitian ini melakukan tinjauan sistematis dengan menggunakan pendekatan Systematic Literature Review (SLR) dengan protokol PRISMA dan kerangka SALSA.

Results: penelitian ini menganalisis 42 artikel jurnal internasional open access yang dipublikasikan antara 2018–2025 dari database DOAJ, MDPI, Frontiers, SpringerOpen, dan Wiley Open access. Hasil penelitian menunjukkan bahwa literatur yang ada didominasi oleh studi teknis konversi biomassa dengan fokus terbatas pada aspek model bisnis dan bankability. Analisis tekno ekonomi menunjukkan variasi kinerja finansial yang sangat luas, dengan IRR berkisar 6,75%–22%, NPV dari negatif hingga positif signifikan, dan payback period 2,9–10,8 tahun. Penelitian ini mengidentifikasi kesenjangan kritis dalam integrasi antara optimasi teknis, model bisnis, dan penilaian bankability, serta mengusulkan framework konseptual terintegrasi yang menghubungkan ketiga dimensi tersebut untuk mendukung pengembangan sistem energi biomassa yang viable secara ekonomi dan menarik bagi investor.

Conclusion: The results show a dominance of technical studies, while business and bankability aspects are still limited. Project financial performance varies (IRR 6.75%–22%) with high levels. Integration between technical, economic, and financial aspects was found. This study proposes an integrated conceptual framework linking value chain optimization, business models, and bankability assessment to improve investment feasibility and encourage the development of sustainable and attractive biomass energy systems for investors.

References

Ahmad, F. B., Zhang, Z., Doherty, W. O. S., & O'Hara, I. M. (2019). The outlook of the production of advanced fuels and chemicals from integrated oil palm biomass biorefinery. Renewable and Sustainable Energy Reviews, 109, 386–411. https://doi.org/10.1016/J.RSER.2019.04.009
Anyaoha, K. E., & Zhang, D. L. (2022). Transition from fossil-fuel to renewable-energy-based smallholder bioeconomy: Techno-economic analyses of two oil palm production systems. Chemical Engineering Journal Advances, 10(February), 100270. https://doi.org/10.1016/j.ceja.2022.100270
Aritonang, S., Juhana, R., & Nafia, I. (2025). Powering Papua: Biomass Waste for Renewable Energy in Remote Areas. 0–16. https://doi.org/10.20944/preprints202508.2126.v1
Braun, V., & Clarke, V. (2006). Using Thematic Analysis in psychology. Qualitative ReSearch in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Bukhari, N. A. (2022). Zero-waste Technologies for the Sustainable Development of Oil Palm Mills. In Waste Management, Processing and Valorisation (pp. 189–212). Springer. https://doi.org/10.1007/978-981-19-4847-3_10
Foong, S. Z. Y., Chong, M. F., & Ng, D. K. S. (2021). Strategies to Promote Biogas Generation and Utilisation from Palm oil mill effluent. Process Integration and Optimization for Sustainability, 5(2), 175–191. https://doi.org/10.1007/s41660-020-00121-y
Handaya, H., Susanto, H., Indrawan, D., & Marimin, M. (2022). Supply and Demand Characteristics of Palm kernel shell as a Renewable Energy Source for Industries. International Journal of Renewable Energy Development, 11(2), 481–490. https://doi.org/10.14710/ijred.2022.41971
Hong, Q. N., Fàbregues, S., Bartlett, G., Boardman, F., Cargo, M., Dagenais, P., Gagnon, M. P., Griffiths, F., Nicolau, B., O'Cathain, A., Rousseau, M. C., Vedel, I., & Pluye, P. (2018). The Mixed Methods Appraisal Tool (MMAT) version 2018 for information professionals and reSearchers. Education for Information, 34(4), 285–291. https://doi.org/10.3233/EFI-180221
Inderwildi, O., Zhang, C., Wang, X., & Kraft, M. (2020). The impact of intelligent cyber-physical systems on the decarbonization of energy. Energy & Environmental Science, 13(3), 744–771. https://doi.org/10.1039/C9EE01919G
Isgiyarta, J., Sudarmanta, B., Prakoso, J. A., Jannah, E. N., & Saleh, A. R. (2022). Micro-Grid Oil Palm Plantation Waste Gasification Power Plant in Indonesia: Techno-Economic and Socio-Environmental Analysis. Energies, 15(5), 1–23. https://doi.org/10.3390/en15051782
Gielen, D., Boshell, F., Saygin, D., Bazilian, M. D., Wagner, N., & Gorini, R. (2019). The role of renewable energy in the global energy transformation. Energy Strategy Reviews, 24, 38–50. https://doi.org/10.1016/j.esr.2019.01.006
Grant, M. J., & Booth, A. (2009). A typology of reviews: An Analysis of 14 review types and associated methodologies. Health Information & Libraries Journal, 26(2), 91–108. https://doi.org/10.1111/j.1471-1842.2009.00848.x
Krippendorff, K. (2018). Content Analysis: An introduction to its methodology (4th ed.). SAGE Publications
Laínez Aguirre, J. M., Kopanos, G. M., Espuña, A., & Puigjaner, L. (2017). Efficient Design of Biomass-Based Supply Chains: A Key Component of a Sustainable Energy System. In Biofuels Production and Processing Technology (pp. 593–619). CRC Press. https://doi.org/10.1007/978-3-319-42803-1_24
Landis, J. R., & Koch, G. G. (1977). The measurement of observer agreement for categorical data. Biometrics, 33(1), 159–174. https://doi.org/10.2307/2529310
Lindholt, L., & Wei, T. (2023). The Effects on Energy Markets of Achieving a 1.5 °C Scenario. International Journal of Environmental ReSearch and Public Health, 20(5). https://doi.org/10.3390/ijerph20054341
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred Reporting Items for Systematic Reviews and Meta-Analyses: the PRISMA statement. Journal of Clinical Epidemiology, 62(10), 1006–1012. https://doi.org/10.1016/j.jclinepi.2009.06.005
Mongkhonsiri, G., Gani, R., Malakul, P., & Assabumrungrat, S. (2023). A systematic design of integrated palm-oil biorefinery networks: Identifying sustainable solutions. Sustainable Production and Consumption, 41, 207–226. https://doi.org/10.1016/j.spc.2023.09.015
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., … Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71
Permata, E., Kusumanto, I., Papilo, P., Rosanda, N., & Asrol, M. (2018). Supply Chain Performance Analysis of Oil Palm Biomass for Community Electricity in Indonesia. International Journal of Advanced ReSearch, 6(6), 243–256. https://doi.org/10.21474/ijar01/7208
Petticrew, M., & Roberts, H. (2008). Systematic Reviews in the Social Sciences: A Practical Guide. In Systematic Reviews in the Social Sciences: A Practical Guide. https://doi.org/10.1002/9780470754887
Popay, J., Roberts, H., Sowden, A., Petticrew, M., Arai, L., Rodgers, M., Britten, N., Roen, K., Duffy, S., Arai, L., Roen, K., & Rodgers, M. (2005). Developing guidance on the conduct of narrative Synthesis in systematic reviews. A Product from the ESRC Methods Programme. Lancaster: Institute of Health ReSearch, 59(Suppl 1), A7.
Okoro, O. V., Nie, L., Podstawczyk, D., & Shavandi, A. (2022). Technoeconomic and environmental assessment of alternative biorefineries for bioenergy and polyphenolic production from pomace biomass. BioEnergy ReSearch, 16, 558–574. https://doi.org/10.1007/s12155-022-10530-1
Sharvini, S. R., Noor, Z. Z., Chong, C. S., Stringer, L. C., & Yusuf, R. O. (2020). Energy generation from palm oil mill effluent: A Life Cycle Assessment of two biogas technologies. Energy, 191, 116513. https://doi.org/10.1016/J.ENERGY.2019.116513
Sodri, A., & Septriana, F. E. (2022). Biogas Power Generation from Palm oil mill effluent (POME): Techno-Economic and Environmental Impact Evaluation. Energies, 15(19). https://doi.org/10.3390/en15197265
Suksaroj, C., Jearat, K., Cherypiew, N., Rattanapan, C., & Suksaroj, T. T. (2023). Promoting Circular economy in the Palm Oil Industry through. Water Resources Management, 15, 1–18.
Sulin, S. N., Mokhtar, M. N., Baharuddin, A. S., & Mohammed, M. A. P. (2025). Simulation and techno-economic evaluation of integrated palm oil mill Processes for advancing a circular economy. Cleaner Environmental Systems, 19(April). https://doi.org/10.1016/j.cesys.2025.100323
Tan, Y. D., Lim, J. S., & Wan Alwi, S. R. (2024). Toward Carbon Neutrality: Systematic Approach to Decarbonize Palm Oil Value chain. Industrial & Engineering Chemistry ReSearch, 63(10), 4382–4406. https://doi.org/10.1021/acs.iecr.3c02405
Teh, K. C., Tan, J., & Chew, I. M. L. (2023). Multiple Biogenic Waste Valorization via Pyrolysis Technologies in Palm Oil Industry: Economic and Environmental Multi-objective Optimization for Sustainable Energy System. Process Integration and Optimization for Sustainability, 7(4), 847–860. https://doi.org/10.1007/s41660-023-00327-w
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. https://doi.org/10.1111/1467-8551.00375
Umana, U. S., Ebong, M. S., & Godwin, E. O. (2020). Biomass production from oil palm and its value chain. Humanities, Engineering and Formal Sciences, 1(1), 28–40. https://doi.org/10.28991/HEF-2020-01-01-04
Yeo, J. Y. J., How, B. S., Teng, S. Y., Leong, W. D., Ng, W. P. Q., Lim, C. H., Ngan, S. L., Sunarso, J., & Lam, H. L. (2020). Synthesis of sustainable circular economy in palm oil industry using graph-theoretic method. Sustainability (Switzerland), 12(19), 1–29. https://doi.org/10.3390/su12198081
Yong, G. T. X., Chan, Y. J., Lau, P. L., Ethiraj, B., Ghfar, A. A., Mohammed, A. A. A., Shahid, M. K., & Lim, J. W. (2023). Optimization of the Performances of Palm oil mill effluent (POME)-Based Biogas Plants Using Comparative Analysis and Response Surface Methodology. Processes, 11(6). https://doi.org/10.3390/pr11061603
Yusof, N. A., Hashim, H., Aroua, M. K., & Ramli, N. (2019). Oil Palm Biomass Biorefinery for Future Bioeconomy in Malaysia. In Biorefinery (pp. 363–391). Elsevier. https://doi.org/10.1016/B978-0-12-816354-2.00014-1
Published
2026-02-18
How to Cite
Yuli Usaid, P., Refiana Said, L., Topan Aditya Rahman, R., Saprudin, E., Akhmadi, I., Jayen, F., Shaddiq, S., Chandran, K., & Qasim Ali, M. (2026). Towards a Bankable Biomass Energy System: A Systematic Review of Business Models and Optimization of the Palm Oil Waste Value Chain. Sharia Economic and Management Business Journal (SEMBJ), 7(1), 115-132. https://doi.org/10.62159/sembj.v7i1.2020
Section
Articles