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Indonesian Green Sukuks: Financing Indonesia's Climate Resilient Future
內容大綱
As the Republic of Indonesia, the largest archipelagic nation in the world, was facing significant challenges posed by climate change, the imperative for immediate attention to the region’s climate issues became evident. Indeed, between 2018 and 2020, Indonesia issued three green sukuks, which were Shariah law-compliant debt instruments resembling green bonds. This case explores the specific approach taken by the Indonesian government to secure vital funding for initiatives aimed at mitigating and adapting to climate change in sectors including energy efficiency, renewable energy, resilience to climate change, sustainable transport, and waste and waste-to-energy management. The case also evaluates critical inquiries into the efficacy of the projects funded by the proceeds of green sukuk issuances in combating climate change.
學習目標
This case is suitable for undergraduate and graduate courses on impact investment, sustainable and green finance, and fixed income. It is also useful in executive education courses on impact investment and sustainable finance. After working through the case and assignment questions, students will be able to do the following:<br><br><ul><li>Critically evaluate green ratings assigned to green bond issuances.</li><li>Assess the alignment of green projects with stakeholders’ long-term sustainability goals.</li><li>Estimate the greenium associated with green sukuks in the primary market.</li><li>Analyze the trade-off between financial returns and positive social and environmental impacts of green sukuks.</li></ul>