Carbon Neutrality and Business Models: Mixed‐Method Study of Business Strategies and Decarbonization Pathways

ABSTRACT This study adopted a mixed‐method approach to examine decarbonization business models/strategies employed across the energy ecosystem. In study 1, we conducted a systematic literature review of 94 studies to identify business models/strategies mapped to five energy ecosystem contexts— energy systems' transition, energy systems—demand side, energy systems—supply side, renewable alternatives, and electric vehicle batteries . Key identified models include product‐service systems (PSS), one‐stop shops (OSS), heat as a service (HaaS), and vehicle‐to‐grid (V2G), among others. Next, in study 2, we conducted a qualitative study with 19 full‐time employees to examine energy‐related decarbonization pathways implemented by companies in different sectors. Data analysis revealed three dimensions: carbon neutrality approaches, strategic energy transition, and implementation dynamics. Our study contributes by (a) suggesting potential research questions to set the future research agenda and (b) identifying proactive governance, revenue resilience, and multi‐stakeholder value co‐creation as essential foundations for successful energy ecosystem decarbonization.