LEGAL CERTAINTY OF THE TAXONOMY FOR SUSTAINABLE FINANCE INDONESIA (TKBI) IN THE IMPLEMENTATION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES IN INDONESIA

Yaumil Azza, Muthia Sakti

Abstract


This research explores the development of the Indonesian Sustainable Finance Taxonomy (TKBI) in supporting Environmental, Social, and Governance (ESG) principles and compares it with the Philippine Sustainable Finance Taxonomy Guidelines (SFTG). Using a normative juridical approach, this research highlights the fundamental differences in regulatory and implementation aspects between the two countries. The Philippines has integrated the SFTG with strict adherence to national laws, including various environmental laws. In contrast, TKBI is still in the development stage without a strong legal basis, which poses challenges in its implementation and legal certainty. The analysis shows that Indonesia can adopt some elements of the SFTG, such as the principle of compliance with laws, to strengthen TKBI as a framework that supports sustainability. This research recommends strengthening the legal framework and supervision of TKBI implementation to promote transformation towards sustainable finance.


Keywords


Indonesian Taxonomy for Sustainable Finance (TKBI), Environmental, Social, and Governance (ESG Principles), Legal Certainty.

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DOI: https://doi.org/10.24815/sklj.v8i3.43615

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