Indonesia's Green Bond Market Shows Rapid Growth, Government Takes Leading Role

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Nabilah Muhamad 28/06/2024 15:28 WIB

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According to data from the Asian Development Bank (ADB), the issuance of green bonds in Indonesia has grown rapidly over the past six years, particularly from the government.

Green Bond Issuance Value in Indonesia (2017-2022*)

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Green Bond Issuance Value in Indonesia (2017-2022*)

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Green bonds are debt instruments issued by corporations or governments to finance sustainable development projects.

According to data compiled by the Asian Development Bank (ADB), the issuance of green bonds in Indonesia has grown rapidly in recent years.

In 2017, the value of green bonds issued domestically was only US$49 million, all of which came from corporations.

Then in 2018, the value jumped to US$1.8 billion, consisting of US$1.25 billion from government green bond issuances and US$653 million from corporations.

In 2018, the Indonesian government issued a Sharia-based green bond, known as a green sukuk, for the first time.

In subsequent years, the issuance of similar debt instruments continued to increase, reaching a total value of US$7 billion by March 2022, with US$4.05 billion from the government and US$3 billion from corporations.

During the 2018-2022 period, the government consistently remained the dominant player in green bond issuance in Indonesia, as shown in the graph.

The ADB stated that this achievement makes Indonesia the second-largest green finance market in ASEAN.

According to Dwi Irianti Hadiningdyah, Director of Sharia Financing at the Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance, the increasing value of green bonds reflects the growing concern of the government and corporations towards sustainable development.

“[The proliferation of green bonds] is good. The awareness of companies to help combat climate change is increasing," said Dwi, as reported by Bisnis.com (April 29, 2023).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Green Bond Market Shows Rapid Growth, Government Takes Leading Role

Indonesia's Green Bond Market Shows Rapid Growth, Government Takes Leading Role

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