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Environmental Law and Economic Law Review: Green Economy and Environmental, Social, and Governance (ESG) into green economy or greenwashing?

Abstract

In implementing the SDGs through the green economy pattern, countries are competing in applying the ESG concept which has the aim of becoming a framework pillar that aims to identify all non-financial risks and opportunities related to the company's routine, especially in relation to the Environment (E), Social (S), and governance (G) so that the business being run becomes a sustainable business. Implementation of ESG in the implementation of business transactions through corporate actions. The well-founded implementation of ESG principles in the company will have a positive impact on the company and increase the attractiveness for investors in the midst of today's very high business competition. ESG is expected to be the key in promoting economic improvement without sacrificing environmental aspects.

References

Journal Articles and Periodicals

Anthony Rowley, Sustainable Investment- Impact In Asia, United Nations Development Program, 2019.

Alix Auzepy, Christina E. Bannier, Florian Gärtner, Looking beyond ESG preferences: The role of sustainable finance literacy in sustainable investing, Center for Financial Studies. Goethe University, March 2024.

Bank Indonesia, Republic of Indonesia’s Commitment to Sustainability and Preserving the Environment, https://www.bi.go.id/en/iru/presentation/Documents/Republic%20of%20Indonesia%20Commitment%20to%20Sustainability%20and%20Preserving%20the%20Environment.pdf

Birkah Latif, La Ode Abdul Gani, Dara Indrawati, Kadarudin, Padma D. Liman, Ahmad Fikrul, Agung Syaputra, United Nations Convention Against Corruption as a Tool to Overcome Cases of Environmental Corruption, Russian Law Journal Volume XI (2023) Issue 3.

Birkah Latif, Mining in Indonesia: A Business and Human Rights Approach, University of Washington, LLM Paper, 2014.

Alexander Chan. ESG Global and Asia Outlook in 2022, Invesco, https://www.invesco.com/apac/en/institutional/insights/esg/esg-global-asia-outlook-2022.html.

Green Growth Best Practice, Green Growth in Practice Lessons from Country Experiences, https://www.greenpolicyplatform.org/sites/default/files/downloads/resource/Green-Growth-in-Practice-GGBP_0.pdf

Ground, J., ESG Global Study 2022. Harvard Law School Forum on Corporate Governance, 2022, https://corpgov.law.harvard.edu/2022/06/17/esg-global-study-2022/

Kementerian Keuangan Republik Indonesia, Kerja sama Pemerintah dan Badan Usaha, Pengaplikasian Teknologi dalam proyek KPBU Berbasis Prinsip ESG, https://kpbu.kemenkeu.go.id/read/1191-1546/umum/kajian-opini-publik/pengaplikasian-teknologi-dalam-proyek-kpbu-berbasis-prinsip-esg

Kishan Khoday, Decolonizing the Environment: Third World Approaches to the Planetary Crisis, Indonesian Journal of International Law: Vol. 19: No. 2, Article 1, 2022.

La Ode M Syarif, Strengthening legal and policy frameworks for addressing climate change in Asia: Indonesia, Journal of Asian environmental compliance and enforcement network, 2007.

Lila Karbassi, Advancing Sustainable Development, United Nations Global Compact, https://unglobalcompact.org/what-is-gc/our-work/sustainable-development

Strauß, N., Krakow, J., & Chesney, M. (2023). It’s the news, stupid! The relationship between news attention, literacy, trust, greenwashing perceptions, and sustainable finance investment in Switzerland. Journal of Sustainable Finance & Investment, 13(4), 1480–1505. https://doi.org/10.1080/20430795.2023.222679

Sri Wartini, The Impacts of Foreign Direct Investment to The Environment in Developing Countries: Indonesian Perspective, Indonesian Journal of International Law, Vol. 13: No. 2, Article 6, 2021.

Stanford Graduate School of Business, the 2024 Institutional Investor Survey On Sustainability, Stanford Graduate School of Business and MSCI Sustainability Institute.

Stockholm Environment Institute, Governing the Circular Economy-How Urban Policymakers can Accelerate the Agenda, SEI, September 2022.

Task Force on Climate-Related Financial Disclosures, Towards energy transition Voluntary disclosure in line with Task Force on Climate-Related Financial Disclosures (TCFD) Recommendations, Leonardo, June, 2022.

Books and Book Chapters

Birkah Latif, 2020, Pengantar Hukum Lingkungan Internasional, Pustaka Pena.

La Ode M. Syarif. Birkah Latif, Irwansyah, Maskun, et al, 2015, Hukum lingkungan Teori, Legalisasi dan Studi Kasus, The Asia Foundation.

Legal Documents

Ministry of Energy and Mineral Resources Republic of Indonesia, Energy Ministry Disseminates Carbon Tax Policy in Electricity Subsector Press Release, https://www.esdm.go.id/en/media-center/news-archives/energy-ministry-disseminates-carbon-tax-policy-in-electricity-subsector

SDG Compass by the Global Reporting Initiative, UN Global Compact, and World Business Council for Sustainable Development, 2016.

The UN Global Compact, White Paper-The UN Global Compact Ten Principles and the Sustainable Development Goals: Connecting, Crucially, The UN Global Compact, June 2016.

The Global Reporting Initiative (GRI), GRI Standards, https://www.globalreporting.org/standards/

The Indonesian Financial Services Authority (OJK) OJK Regulation (POJK) Number 51/POJK.03/2017, Implementation Of Sustainable Finance For Financial Services Institutions, Issuers, And Public Companies, The Indonesian Financial Services Authority (OJK)

UNFCC, Nationally determined contributions under the Paris Agreement-Glasgow 2021, https://unfccc.int/sites/default/files/resource/cma2021_08_adv_1.pdf

United Nations Economic Commission for Europe (UNECE), Circular STEP Accelerating the Transition Towards a Circular Economy in the UNECE Region: Institutional Arrangements, United Nations, 2023.

United Nations Climate Change, Conference of the Parties (COP), https://unfccc.int/process/bodies/supreme-bodies/conference-of-the-parties-cp

United Nation, Greenwashing: the deceptive tactics behind environmental claims, https://www.un.org/en/climatechange/science/climate-issues/greenwashing

United Nations Development Programme, Building a Sustainable Future: ESG Business Handbook How Environmental, Social and Governance Standards Can Benefit Your Business, https://www.undp.org/sites/g/files/zskgke326/files/2023-08/building_a_sustainable_future_esg_business_handbook.pdf

United Nations Development Programme, ESG funding for sustainable growth, UNDP, 2021.

UNFCC, Enhanced Nationally Determined Contribution Republic of Indonesia, https://unfccc.int/sites/default/files/NDC/2022-09/23.09.2022_Enhanced%20NDC%20Indonesia.pdf

UNFCC, Nationally determined contributions under the Paris Agreement-Glasgow 2021, https://unfccc.int/sites/default/files/resource/cma2021_08_adv_1.pdf,.

Web Sources

Antoine Leduc, Sustainable Finance, Climate Change, ESG Criteria, and Real Estate: Are You Ready for a Sea Change? Lapointe Rosenstein Marchand Melançon LLP (Montreal), Spring 2022.

Witson, A. (2022). 2022: A Tumultuous Year in ESG and Sustainability. Harvard Business Review Home. https://hbr.org/2022/12/2022-a-tumultuous-year-in-esg-and-sustainability

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