Peran Green Sukuk dalam Mendukung Pengembangan Energi Terbarukan dan Pembangunan Berkelanjutan di Indonesia

Nela Avit Isnaeni; Sarpini Sarpini

Authors

Nela Avit Isnaeni UIN Prof. K.H. Saifuddin Zuhri Purwokerto Author
Sarpini Sarpini UIN Prof. K.H. Saifuddin Zuhri Purwokerto Author

Keywords:

Green Sukuk, Renewable Energy, Descriptive Quantitative, Carbon Emission Reduction, SDGs, Islamic Economics

Abstract

This study aims to quantitatively and descriptively analyze the allocation of Green Sukuk financing, renewable energy project outcomes, and their contributions to carbon emission reduction and Sustainable Development Goals (SDGs) in Indonesia from an Islamic Economic perspective. Utilizing a descriptive quantitative approach based on verified secondary data from 2018 to 2025 from the Ministry of Finance (DJPPR), Ministry of Energy and Mineral Resources, Financial Services Authority (OJK), and 20 indexed journal articles, this paper details fund allocation structures, ecological impact ratios, and Data Envelopment Analysis (DEA) technical efficiency scores. Descriptive findings reveal that total Sovereign Green Sukuk issuances reached USD 10.84 billion, with USD 2.25 billion (19.5%–22.5%) dedicated to renewable energy, achieving a real carbon emission reduction of 5,487,041 tons CO₂e across tracked clean energy project samples (with tracked project investments totaling USD 278,978,115) and 12.2 million tons CO₂e cumulatively cross-sectrally, alongside 16.5 MW of added clean capacity. DEA technical efficiency evaluation scored highest for the large-scale Cirata Solar PV project (1.0000). From an Islamic Economic standpoint, this instrument operationalizes maslahah 'ammah, divine trust (amanah), and the expansion of Hifz al-Bi'ah within Maqasid al-Shariah. The USD 146.4 billion transition funding gap and voluntary legal frameworks (OJK Regulation No. 18/2023) remain key hurdles requiring mandatory ESG regulatory reforms and corporate tax incentives.

References

Aminin, R. I., & Khayati, N. (2025). Analisis peran Green Sukuk dalam pembiayaan sektor renewable energy di Indonesia untuk mendukung pencapaian Net Zero Emission. MUSYARAKAH: Journal of Sharia Economics, 5(2), 105–124.

Anggraini, Y. (2018). Peran Green Sukuk dalam memperkokoh posisi Indonesia di pasar keuangan syariah global. El-Barka: Journal of Islamic Economics and Business, 1(2), 251–265.

Arshy, A., & Sarpini, S. (2024). Peran perintis Green Sukuk Indonesia dalam pembiayaan berkelanjutan dan mobilisasi dana hijau. Jurnal Pasar Modal dan Keuangan Syariah, 4(1), 23–32.

Dewan Syariah Nasional - Majelis Ulama Indonesia. (2017). Fatwa DSN-MUI No. 110/DSN-MUI/IX/2017 tentang Akad Wakalah bil Ujrah untuk Penerbitan Surat Berharga Syariah Negara. DSN-MUI.

Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko (DJPPR). (2023). Green Sukuk Allocation and Impact Report 2023. Kementerian Keuangan Republik Indonesia.

Endri, E., Hania, B. T., & Ma’ruf, A. (2022). Corporate green Sukuk issuance for sustainable financing in Indonesia. Environmental Economics, 13(1), 38–49.

Fitrah, R., & Soemitra, A. (2022). Green Sukuk for Sustainable Development Goals in Indonesia: A literature study. Jurnal Ilmiah Ekonomi Islam, 8(1), 231–240.

Kementerian Keuangan Republik Indonesia. (2023). Indonesia Green Bond and Green Sukuk Framework. DJPPR.

Kurnia, F., & Suwita, L. (2024). Analisis peran dan kontribusi Green Sukuk terhadap implementasi Sustainable Development Goals (SDGs) di Indonesia. Menara Ekonomi, 10(2), 118–125.

Munir, A., & Razaie, A. (2025). Assessing the alignment of Indonesia's Green Sukuk with Maqasid Al-Shariah and ESG principles. Jurnal Ekonomi Syariah Indonesia (JESI), 15(2), 147–159.

Mutmainnah, S., & Romadhon, M. R. (2023). Pendayagunaan Green Sukuk dalam menghadapi perubahan iklim di Indonesia. Jurnal Ekonomi dan Bisnis Islam (JEBI), 3(1), 1–14.

Nabila, N. (2024). Peran dan perkembangan Green Sukuk pada pembangunan infrastruktur di Indonesia. AKRUAL: Jurnal Akuntansi dan Keuangan, 6(1), 1–10.

Nisa, H., Ahmadan, D., C.K., I., Hidayani, & Pebrikarlepi, E. (2025). Implementation of Green Sukuk in financing renewable energy projects in Indonesia. Elqish: Journal Islamic of Economics, 5(2), 158–164.

Otoritas Jasa Keuangan (OJK). (2023). Peraturan Otoritas Jasa Keuangan Nomor 18 Tahun 2023 tentang Penerbitan dan Persyaratan Efek Bersifat Utang dan Sukuk Berlandaskan Keberlanjutan. OJK.

Primambudi, G. (2023). Financing biofuel through green sukuk corporate: Stage, potential, and maturity. JEJAK: Journal of Economics and Policy, 16(1), 104–115.

Risanti, M. A., Alwyni, F. A., & Nadya, P. S. (2020). Peran Green Sukuk dalam mewujudkan pembangunan yang berkelanjutan. Prosiding KNEMA, 1–13.

Siswantoro, D., & Surya, H. V. (2021). Indonesian Green Sukuk (Islamic bond) of climate change: A revisited analysis. IOP Conf. Series: Earth and Environmental Science, 716(1), 012044.

Supriyadi, A. P., Fidhayanti, D., Ramadhita, & Mohd Noh, M. S. (2023). Green Sukuk in Indonesia: Unraveling legal frameworks for sustainable Islamic bonds. El-Mashlahah, 13(2), 151–178.

Syukri, M., Mulazid, A. S., & Rodoni, A. (2026). Green Sukuk as a manifestation of Islamic ecotheology: The integration of Maqasid al-Shariah and environmental sustainability in Indonesia. IJIEF, 9(1), 1–20.

Toha, M., & Putri, F. A. (2024). Optimalization of Green Sukuk as an effort to encourage Sustainable Development Goals (SDGs) in Maqasid Sharia review. Majapahit Journal of Islamic Finance and Management, 4(1), 69–88.

Ulfa, D. K., Wahyuningsih, & Resiana. (2026). Assessing renewable energy project efficiency through green sukuk: Evidence from Indonesia and Malaysia. Muslim Business and Economics Review, 5(1), 176–215.