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Abstract

The global climate crisis has driven countries, including Indonesia, to adopt sustainable financing mechanisms that channel capital into environmentally responsible projects. One prominent instrument is the green bond—debt securities issued by corporations or institutions to finance projects with measurable environmental benefits, such as renewable energy, sustainable transport, and climate change mitigation. In Indonesia, green bonds are regulated by the Financial Services Authority (OJK) through Regulation No. 60/POJK.04/2017, which sets administrative requirements for issuance. While this framework marks an important step, it remains inadequate to guarantee strong investor protection. Current provisions do not establish clear enforcement mechanisms or effective sanctions against fund misallocation or project deviation, leaving investors vulnerable to risks such as greenwashing. The absence of mandatory third-party verification and the lack of supporting jurisprudence further undermine transparency, accountability, and the legal standing of investors. This research analyzes the extent of legal protection for investors in Indonesian corporate green bond issuances and evaluates the adequacy of existing regulations. It also proposes reforms—such as mandatory independent verification, explicit liability provisions, and the integration of national standards—to enhance safeguards for investors and strengthen market credibility. In the context of global momentum toward ESG-based investment and Indonesia’s commitments under the Paris Agreement and the Sustainable Development Goals (SDGs), establishing a more comprehensive and enforceable legal framework is essential. Such a framework would not only ensure genuine environmental impact but also build investor confidence in Indonesia’s growing green finance market.

Bahasa Abstract

Perubahan iklim global telah mendorong berkembangnya instrumen keuangan berwawasan lingkungan, salah satunya adalah obligasi hijau (green bonds). Di Indonesia, instrumen ini mulai digunakan untuk mendanai proyek-proyek yang mendukung pelestarian lingkungan, seperti energi terbarukan, transportasi ramah lingkungan, dan pengelolaan limbah. Namun, di balik potensi tersebut, terdapat tantangan hukum terkait perlindungan investor. Penelitian ini bertujuan untuk menganalisis efektivitas regulasi dalam menjamin perlindungan hukum bagi investor pada penerbitan obligasi korporasi hijau. Metode yang digunakan adalah pendekatan yuridis normatif dengan analisis terhadap Peraturan Otoritas Jasa Keuangan (POJK) No. 60/POJK.04/2017 serta prinsip internasional seperti Green Bond Principles (GBP). Hasil penelitian menunjukkan bahwa meskipun POJK 60/2017 telah mengatur persyaratan administratif penerbitan obligasi hijau, namun masih terdapat kekosongan dalam mekanisme pengawasan, sanksi hukum, serta kejelasan tanggung jawab penerbit terhadap penyalahgunaan dana. Tidak adanya sistem audit independen yang wajib dan belum terbentuknya yurisprudensi nasional menimbulkan risiko greenwashing, yang dapat merugikan investor dan mengurangi kepercayaan pasar. Oleh karena itu, diperlukan penguatan kerangka hukum, termasuk penegasan sanksi, kewajiban verifikasi independen, serta penyusunan standar nasional yang mengikat. Penelitian ini diharapkan dapat menjadi kontribusi dalam membangun pasar keuangan yang berkelanjutan dan memberikan perlindungan hukum yang setara bagi seluruh pihak, khususnya investor.

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