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Abstract

Global attention to the climate change issues has significantly increasing. The manifestation of the increasing international awareness of the climate change’s threat was engraved in the Paris Agreement and Sustainable Development Goals Agenda by United Nations. These two agreements have created a universal term of reference for the concept of sustainable investment globally acknowledged. The concept of sustainable investment itself was developed from the shifting from values based investing approach into investment approach which based on sustainability principle and the integration of environmental, social, and governance factors. The development of sustainable investment on the fixed income assets classes has created a new instrument for investing that called green bond. For the purpose to issuing a green bond, every nations including Indonesia, have a different characteristic of regulation different from others. However, Indonesia have problems in implementing green bond: regarding the low risk assessment and credit rating from international institution for Indonesia’s private corporation. These problems created difficulties for Indonesian corporation in finding foreign investors which are willing to invest in the green bond issued by them. Nevertheless, there is potential sources of allocating sustainable investment to fund green bond through regulated environmental funding instrument. This article will discuss on the implementation of green bond in Indonesia, and its position as an environmental funding instrument, hence exercising the sustainable investment principles.

Bahasa Abstract

Perhatian global terhadap isu perubahan iklim terus meningkat secara signifikan. Manifestasi dari meningkatnya kesadaran internasional terhadap ancaman perubahan iklim itu telah dituangkan ke dalam perjanjian Paris (Paris Agreement) dan agenda Tujuan Pembangunan Berkelanjutan oleh Perserikatan Bangsa-Bangsa (UN SDGs). Dua kesepakatan tersebut telah memciptakan kerangka acuan universal bagi konsep sustainable investment untuk berkembang secara global. Konsep sustainable investment itu sendiri berkembang dari pendekatan investasi yang berbasis nilai menjadi pendekatan investasi yang berbasis pada prinsip keberlanjutan dan pengintegrasian faktor-faktor lingkungan, sosial dan tata kelola. Perkembangan sustainable investment pada kelas aset berpendapatan tetap telah menciptakan suatu instrumen investasi baru yang dinamakan green bond. Untuk menerbitkan green bond, setiap negara termasuk Indonesia mempunyai karakteristik pengaturan yang berbeda-beda satu dengan yang lainnya. Selain itu, Indonesia juga menghadapi masalah terkait rendahnya penilaian resiko dan peringkat kredit oleh lembaga internasional terhadap korporasi di Indonesia, yang menyebabkan korporasi Indonesia mengalami kesulitan dalam mencari investor asing yang mau berinvestasi pada green bond yang diterbitkan. Namun demikian, masih terdapat potensi investasi green bond melalui pengaturan instrumen pendanaan lingkungan hidup yang akan mendukung penerapan sustainable investment. Artikel ini akan membahas mengenai bagaimana penerapan green bond di Indonesia, serta posisinya sebagai instrumen pendanaan lingkungan hidup yang merupakan pelaksanaan dari prinsip-prinsip sustainable investment.

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