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Abstract
The Financial Services Authority (OJK), as the authorized institution in the financial services sector, has issued POJK Number 18 of 2023 concerning the Issuance and Requirements of Debt Securities and Sukuk Based on Sustainability as a form of support for the environment, by integrating environmental, social, and governance (ESG) into financial relations. However, the regulation does not yet address the limitations of transparency and accountability of information for the public or investors, the registration and certification of external review providers in assessing business activities, and the prohibition of greenwashing. In contrast, France already has regulations that address these issues through harmonization, thereby closing the gaps that still exist in Indonesian regulations. This type of research uses a normative research method with two approaches, namely a legislative approach and a comparative law approach. The study concludes that regulations governing the issuance and requirements for environmental bonds in Indonesia are not yet fully optimal or comprehensive, which may affect investor protection. Meanwhile, in France, through the European Green Bond Standard, EU Taxonomy Requirements, Sustainable Finance Disclosure Regulation, and Code de la Consommation, regulations address the weaknesses in Indonesian regulations as a form of legal protection for investors.
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References
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Code de la Consommation
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Financial Services Authority Regulation Number 18 of 2023 concerning the Issuance and Requirements of Debt Securities and Sukuk Based on Sustainability.
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Inda Rahadiyan and Nikmah Mentari, “Keterbukaan Informasi Sebagai Mitigasi Risiko Peer To Peer Lending (Perbandingan Antara Indonesia dan Amerika Serikat)”, Jurnal Hukum IUS QUIA IUSTUM, Vol. 2, No. 2 (2021): 331.
Kevin Sebastian J. L. T. and Wenny Setiawati, “Tinjauan Yuridis terhadap Efek Bersifat Utang Berwawasan Lingkungan (Green Bond) sebagai Instrumen Investasi dalam Penerapan Sustainable Investment di Pasar Modal Indonesia”, Technology and Economics Law Journal, Vol. 1, No. 1, (2022): 38.
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.
LensaCendekia, Bagaimana Aturan Indonesia Belum Menjamin Obligasi Hijau Bebas “Greenwashing”, contained in https://lensa.uii.ac.id/bagaimana-aturan-indonesia-belum-menjamin-obligasi-hijau-bebas-greenwashing/, accessed on September 30, 2025 at 18.34 WIB.
Lloyd Freeburn and Ian Ramsay, “Green Bonds: Legal and Policy Issues”, Capital Market Law Journal, Vol. 15, No. 4 (2020): 4.
Mattia Lionello, Green Bonds and the Rising Greenwashing Risk: An In-Depth Analysis, Thesis (2023): 60.
Moh. Ali, et.al, “Protection Policy Strategy for Green Bond Investors Against the Risk of Greenwashing Practices in the Capital Market”, International Journal of Advanced Multidisciplinary Research and Studies, Vol. 5, No. 5 (2025): 859.
Niken Ayu Lestari, Perlindungan Hukum Bagi Investor Green Bond Terhadap Risiko Greenwashing (Studi Perbandingan Hukum Green Bond Antara Indonesia dengan Republik Rakyat Tiongkok (RRT)), Thesis (2019): 60.
Ran Xiao, et.al., “Analyzing Contemporary Trends in Sustainable Finance and ESG Investment”, Law And Economy, Vol. 2, No. 11 (2023): 44.
Regulation (EU) 2019/2088 Sustainable Finance Disclosure Regulation (SDFR)
Regulation (EU) 2020/852 of The Eropean Parliament and of the Council of 18 Juni 2020 on the Establishment of a Framework to Facilitate Sustainable Investment and Amending Regulation (EU) 2019/2088
Regulation (EU) 2023/2631 European Green Bond Standard (EuGBs)
Sheila N. Baity, “Green Bond Investors Protection Against The Risk of Greenwashing Based on POJK 60 of 2017”, Journal of Private and Commercial Law, Vol. 1, No. 2 (2024): 194.
Sonya Sachdeva, et.al., “Green Consumerism: Moral Motivations to a Sustainability Future”, Current Opinion in Psychology, Vol. 6 (2015): 60 quoted from Robin M. Rotman, et.al., “Greenwashing No More: The Case For Stronger Regulation of Environmental Marketing”, Administrative Law Review, Vol. 72, No. 3 (2020): 418.
Thomas P. Lyon and John W. Maxwell, “Greenwash: Corporate Environmental Disclosure under Threat of Audit”, UC Berkeley Working Paper Series, Vol. 20, No. 1 (2011): 2.
Wided Khiari, et.al., “CSR Committee, Women on The Board, and Green Bond Issuance: Evidence from France”, Journal of Risk and Financial Management, Vol. 18, No. 180 (2025): 2.
References
Amran Rabani Zubaidi, et.al, “Perlindungan Hukum bagi Investor yang Mengalami Kerugian Tidak Sah akibat Praktik Insider Trading di Pasar Modal”, Setara: Jurnal Ilmu Hukum, Vol. 4, No. 1 (2023): 5.
Banque De France Bulletin, The Green bond Market is Expanding Rapidly but Needs to be Measured More Accurately, contained in https://www.banque-france.fr/en/publications-and-statistics/publications/green-bond-market-expanding-rapidly-needs-be-measured-more, accessed on October 3, 2025, at 18.32 WIB.
CNBC Indonesia, SMI Korporasi Pertama Terbitkan Surat Utang Ramah Lingkungan, contained in https://www.cnbcindonesia.com/market/20180710122556-17-22797/smi-korporasi-pertama-terbitkan-surat-utang-ramah-lingkungan, accessed on September 2, 2025, at 17:04 WIB.
Code de la Consommation
Databooks Katadata, Green Bond Indonesia Tumbuh Pesat, Pemerintah Jadi Aktor Dominan, contained in https://databoks.katadata.co.id/transportasi-logistik/statistik/b57b815b2c60950/green-bond-indonesia-tumbuh-pesat-pemerintah-jadi-aktor-dominan, accessed on Desember 22, 2025, at 16.38 WIB.
Financial Services Authority Regulation Number 18 of 2023 concerning the Issuance and Requirements of Debt Securities and Sukuk Based on Sustainability.
Hengky Heriyadi, “Tinjauan Yuridis Peran dan Fungsi Otoritas Jasa Keuangan (OJK) dalam Sistem Keuangan di Indonesia”, Jurnal Hukum Progresif, Vol. 11, No. 1 (2023):43.
Inda Rahadiyan and Nikmah Mentari, “Keterbukaan Informasi Sebagai Mitigasi Risiko Peer To Peer Lending (Perbandingan Antara Indonesia dan Amerika Serikat)”, Jurnal Hukum IUS QUIA IUSTUM, Vol. 2, No. 2 (2021): 331.
Kevin Sebastian J. L. T. and Wenny Setiawati, “Tinjauan Yuridis terhadap Efek Bersifat Utang Berwawasan Lingkungan (Green Bond) sebagai Instrumen Investasi dalam Penerapan Sustainable Investment di Pasar Modal Indonesia”, Technology and Economics Law Journal, Vol. 1, No. 1, (2022): 38.
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.
LensaCendekia, Bagaimana Aturan Indonesia Belum Menjamin Obligasi Hijau Bebas “Greenwashing”, contained in https://lensa.uii.ac.id/bagaimana-aturan-indonesia-belum-menjamin-obligasi-hijau-bebas-greenwashing/, accessed on September 30, 2025 at 18.34 WIB.
Lloyd Freeburn and Ian Ramsay, “Green Bonds: Legal and Policy Issues”, Capital Market Law Journal, Vol. 15, No. 4 (2020): 4.
Mattia Lionello, Green Bonds and the Rising Greenwashing Risk: An In-Depth Analysis, Thesis (2023): 60.
Moh. Ali, et.al, “Protection Policy Strategy for Green Bond Investors Against the Risk of Greenwashing Practices in the Capital Market”, International Journal of Advanced Multidisciplinary Research and Studies, Vol. 5, No. 5 (2025): 859.
Niken Ayu Lestari, Perlindungan Hukum Bagi Investor Green Bond Terhadap Risiko Greenwashing (Studi Perbandingan Hukum Green Bond Antara Indonesia dengan Republik Rakyat Tiongkok (RRT)), Thesis (2019): 60.
Ran Xiao, et.al., “Analyzing Contemporary Trends in Sustainable Finance and ESG Investment”, Law And Economy, Vol. 2, No. 11 (2023): 44.
Regulation (EU) 2019/2088 Sustainable Finance Disclosure Regulation (SDFR)
Regulation (EU) 2020/852 of The Eropean Parliament and of the Council of 18 Juni 2020 on the Establishment of a Framework to Facilitate Sustainable Investment and Amending Regulation (EU) 2019/2088
Regulation (EU) 2023/2631 European Green Bond Standard (EuGBs)
Sheila N. Baity, “Green Bond Investors Protection Against The Risk of Greenwashing Based on POJK 60 of 2017”, Journal of Private and Commercial Law, Vol. 1, No. 2 (2024): 194.
Sonya Sachdeva, et.al., “Green Consumerism: Moral Motivations to a Sustainability Future”, Current Opinion in Psychology, Vol. 6 (2015): 60 quoted from Robin M. Rotman, et.al., “Greenwashing No More: The Case For Stronger Regulation of Environmental Marketing”, Administrative Law Review, Vol. 72, No. 3 (2020): 418.
Thomas P. Lyon and John W. Maxwell, “Greenwash: Corporate Environmental Disclosure under Threat of Audit”, UC Berkeley Working Paper Series, Vol. 20, No. 1 (2011): 2.
Wided Khiari, et.al., “CSR Committee, Women on The Board, and Green Bond Issuance: Evidence from France”, Journal of Risk and Financial Management, Vol. 18, No. 180 (2025): 2.