Green Bonds Investors Protection Against the Risk of Greenwashing Based on POJK Number 60 of 2017
Authors: Sheila Noor Baity  
Published: January 2025

The Indonesian government has shown its commitment to reduce carbon emissions through Enhanced Nationally Determined Contribution targets. A large investment flow is needed to finance green projects, one of which can be obtained through the issuance of green bonds. Green bonds issuance in Indonesia is quite rapid, reaching up to USD 2.75 billion and USD 1.27 billion in 2018, 2019 and 2020. This was made possible by The Financial Services Authority (OJK) Regulation Number 60/POJK.04/2017 concerning Issuance and Requirements for Green Bonds (POJK GB). Unfortunately, the credibility of green bonds is questioned and this article will examine to what extent POJK GB provides protection to investors from the risk of greenwashing. A normative juridical approach is used to analyze the risk of greenwashing in POJK GB. Furthermore, interpretation analysis techniques and systematic interpretation of the research material were carried out. The results found that POJK GB had not provided maximal preventive and repressive protection as it only required Issuers to meet green requirements without specifying the criteria, obtain an Environmental Expert assessment without verification on its capability, and carry out disclosure and reporting without mentioning the level of quality of information. Repressive protection is also carried out in the form of administrative sanctions. It can be concluded that the POJK has not guaranteed investors from the risk of greenwashing.Keywords: Green Bond, Greenwashing, Legal Protection, Investor Protection, Capital Market
AbstrakPemerintah Indonesia berkomitmen kuat untuk mengurangi emisi karbon melalui target Enhanced Nationally Determined Contribution. Aliran investasi yang besar diperlukan untuk mendanai proyek-proyek hijau, salah satunya didapatkan melalui penerbitan Green bond (obligasi hijau). Penerbitan Green bond di Indonesia dapat dikatakan cukup pesat mencapai USD2,75 miliar dan USD 1,27 miliar pada tahun 2018, 2019 dan 2020. Hal ini dapat terjadi karena Otoritas Jasa Keuangan (OJK) mengeluarkan Peraturan Nomor 60/POJK.04/2017 tentang Penerbitan dan Persyaratan Efek Bersifat Utang Berwawasan Lingkungan (POJK GB). Meski begitu, terdapat kekhawatiran terkait kredibilitas green bond sehingga perlu diketahui sejauh mana POJK GB memberikan pelindungan terhadap resiko greenwashing. Artikel ini merupakan hasil penelitian yuridis normatif dimana POJK GB menjadi objek utama aturan yang diteliti. Selanjutnya dilakukan teknik analisis interpretasi dan penafsiran sistematis terhadap bahan penelitian. Hasilnya ditemukan bahwa POJK GB belum maksimal dalam memberikan pelindungan preventif dan represif karena POJK GB hanya mewajibkan Emiten untuk memenuhi persyaratan KUBL tanpa memberikan kriteria yang jelas, memperoleh penilaian Ahli Lingkungan tanpa adanya verifikasi kompetensi, dan melakukan pengungkapan dan pelaporan tanpa memberikan standar kualitas informasi. Pelindungan represif juga hanya diberikan melalui sanksi administratif. Disimpulkan bahwa POJK belum bisa menjamin investor terhindar dari risiko greenwashing.Kata kunci: Green Bond, Greenwashing, Pelindungan Hukum, Pelindungan Investor, Pasar Modal