Perkembangan dan Kontribusi Penerbitan Sovereign Green Sukuk terhadap Ketahanan Ekonomi Berkelanjutan dan Penurunan Emisi Karbon di Indonesia (2018 - 2025)

Farisul Haq

doi:10.36781/iqtisadie.v6i01.1483

Authors

Farisul Haq Universitas Al-Amien Prenduan

DOI:

https://doi.org/10.36781/iqtisadie.v6i01.1483

Keywords:

Sovereign Green Sukuk, Economic Resilience, Carbon Emissions, Fiscal Policy

Abstract

This study examines the development of Sovereign Green Sukuk issuance and its association with macroeconomic resilience indicators and emission-reduction achievements in Indonesia during 2018-2025. Using descriptive secondary-data analysis, this study juxtaposes Green Sukuk issuance and allocation data from the Directorate General of Budget Financing and Risk Management (DJPPR) with macroeconomic indicators from Statistics Indonesia (BPS) and the Green Sukuk Allocation and Impact Report. The results show cumulative Green Sukuk issuance reached USD 6,9 billion (2018-2022) and USD 9,59 billion (2018-2023), with additional global issuances of USD 600 million (2024) and USD 1,1 billion (2025) whose granular allocation data remain unpublished. Environmentally, ST007-funded projects are associated with an emission reduction of approximately 1,12 million tons of CO2e, while official reporting indicates the first four issuances (2018-2021) cumulatively exceeded 10 million tons of CO2e in reduction. The study concludes that Green Sukuk functions as a fiscal policy instrument integrating environmental preservation principles (hifz al-bi’ah) with national climate adaptation, while noting that all contribution claims remain associative-descriptive rather than statistically causal.

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