HIJAU DI ATAS KERTAS INVESTASI BERKELANJUTAN DI INDONESIA

Abstrak

Sustainable investment has emerged as a strategic instrument in advancing the Sustainable Development Goals (SDGs), particularly through the integration of Environmental, Social, and Governance (ESG) principles into financial decisionmaking. In Indonesia, regulatory frameworks and green financial instruments, including green bonds, have been formally established to promote responsible investment practices. However, a critical gap persists between regulatory commitments and their substantive implementation, particularly in terms of impact attribution, transparency, and monitoring mechanisms. This discrepancy raises concerns regarding accountability and the potential risk of greenwashing. This study aims to analyze the implementation of ESG-based sustainable investment in Indonesia and to identify factors contributing to the divergence between regulatory commitments and practical execution. The research employs a qualitative descriptive approach through a structured literature review of ten national and international academic articles published between 2019 and 2025, complemented by sustainability reports and relevant policy documents. Data were analyzed using content analysis to identify recurring conceptual patterns, implementation challenges, and transparency gaps. The findings reveal that although ESG regulations and disclosure requirements are institutionally established, impact measurement remains largely aggregated and insufficiently linked to project-level outcomes, limiting verifiability and increasing greenwashing risk. As a contribution, this study proposes a conceptual technology-based transparency framework in the form of a prototype application model designed to enhance ESG data integration, traceability, and monitoring mechanisms. Although illustrative and not yet empirically validated, the proposed framework provides an initial strategic approach to strengthening accountability and credibility in sustainable investment governance in Indonesia.