URGENSI PENGATURAN INSENTIF BERUPA SUBSIDI UNTUK PENERBITAN UTANG BERWAWASAN LINGKUNGAN (GREEN BOND) (PERBANDINGAN INDONESIA DAN SINGAPURA)

Abstract

Muhammad Hanif Reza, Iwan Permadi, Setiawan Wicaksono

Fakultas Hukum Universitas Brawijaya

Jl. MT. Haryono No. 169 Malang

e-mail: mhanifreza77@gmail.com

Abstrak

Dalam penelitian ini, penulis membahas urgensi pengaturan insentif berupa subsidi untuk        penerbitan Green Bond dengan membandingkan situasi di Indonesia dan Singapura. Permasalahan ini dipilih karena penulis tertarik pada perubahan iklim yang menjadi perhatian global. Untuk mencapai cita-cita mengatasi perubahan iklim, pembangunan sumber energi bersih melalui pengembangan energi terbarukan diperlukan, namun biayanya tinggi dan tidak dapat ditanggung hanya oleh APBN dan APBD. Green bond menjadi alternatif pembiayaan, tetapi regulasi yang ada yaitu POJK 60/2017 di Indonesia belum berhasil menarik minat investor. Oleh karena itu, perbandingan hukum terkait pengaturan insentif subsidi antara Indonesia dan Singapura menjadi relevan. penelitian ini merumuskan pertanyaan penelitian: (1) Apa Urgensi Pengaturan Insentif berupa subsidi Green Bond di Indonesia? (2) Bagaimana Pengaturan Insentif berupa subsidi Green Bond di Indonesia?. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan statue, comparative, dan conceptual. Penulis menggunakan bahan hukum primer, sekunder, dan tersier serta melakukan analisis deskriptif dan perbandingan hukum. Hasil penelitian menunjukkan ketidaklengkapan norma pada POJK No. 60/2017, terutama pada Pasal 17 dan Pasal 18, yang dibuktikan melalui landasan filosofis, sosiologis, dan yuridis. Penulis menyimpulkan bahwa model pengaturan yang dapat diterapkan di Indonesia dapat diambil dari Monetary Authority of Singapore Green Bond Grant Scheme, yang sukses mengakomodasi insentif subsidi untuk penerbitan efek bersifat utang berwawasan lingkungan (green bond).

Kata Kunci: Obligasi Hijau, Insentif Berupa subsidi

Abstract

This research studies the urgency of the regulation regulating incentives in the form of a subsidy in a green bond by comparing the conditions in Indonesia and Singapore. The interest in this research topic departed from the author’s interest in climate change which has attracted global attention. To tackle such climate change, the development of clean energy-based resources is required, amidst the issue that such development will also require a huge cost that the State Budget and Regional Budget cannot support. Green bond is the alternative to this funding. The problem is that the Regulation of Financial Services Authority (henceforth referred to as POJK) 60/2017 in Indonesia has not managed to draw the attention of investors. This issue indicates that comparing the laws in Indonesia and Singapore should be relevant in this study. Departing from this consideration, this research aims to investigate: (1) the urgency of the regulation regarding the incentive of a green bond as a subsidy in Indonesia and (2) how this regulation is implemented. This research employed a normative-juridical method and statutory, comparative, and conceptual approaches. Primary, secondary, and tertiary data were analyzed using descriptive and comparative methods. The research results reveal there is an incomplete norm in POJK Number 60/2017, particularly in Article 17 and Article 18 when it is seen from philosophical, sociological, and juridical bases. This research also suggests that the regulation implemented in Indonesia may refer to the Monetary Authority of Singapore Green Bond Grant Scheme that has successfully accommodated the incentive given as a subsidy in debt security issuance in a green bond concept.

Keywords: green bond, incentive as subsidy