Year: 2024
Type: article
Abstract: Indonesia, in collaboration with the UNDP, issued a sovereign blue bond in May 2023, valued at JPY 20.7 billion, to support the Sustainable Development Goals (SDGs). This bond, launched on the Japanese capital market, aims to promote sustainable marine ecosystems and the blue economy. The blue bonds, have become an important instrument in implementing the SDGs in Indonesia. Considering that Indonesia is an archipelagic country, unfortunately so far no regulations relating to blue bonds. It is ironic, there is still legal vacuum in Indonesia regarding blue bond. As part of its efforts, this research will conduct a study related to the investigates the need for blue bond regulation in Indonesia, advocating for the enforcement of international commitments and agreements. Using normative-exploratory legal research with statutory and conceptual approaches, the study employs the legal convergence theory. The findings highlight the urgent need to regulate blue bonds in Indonesia, and suggest that international treaties on blue bonds can be integrated into Indonesian law without conflicting with the 1945 Constitution. The study recommends the prompt preparation and ratification of a blue bond law through the harmonization of the relevant international agreements. The agreement related to blue bonds in the Indonesian legal system needs to be aligned with national laws and regulations, following the principles and requirements outlined in relevant international agreements. Alternatively, blue bonds issued by international organizations in Indonesia should ensure not only compliance with international standards, but also contribute to national sustainable development, taking into account international law and national interests.
Authors: Budi Endarto, Taufiqurrahman Taufiqurrahman, Fitra Mardiana
Language: English
Field: Social Sciences
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4406871426