Analisis Pengaturan Sustainable Finance untuk Mendorong Implementasi Green Finance di Perbankan Indonesia Ditinjau dari Pengaturan Green Finance Negara China sebagai Benchmarking

Sustainability issues encompassing economic, social and environmental aspects are driving reform in the global financial sector, including in Indonesia. Although the OJK has published a Sustainable Finance Roadmap since 2015, Indonesia does not yet have comprehensive green finance regulations in the banking sector. This study aims to analyse the state of green finance regulation in the Indonesian banking sector and compare it with China’s Green Credit Guidelines, in order to identify relevant aspects for adoption in strengthening national green finance policy. This study employs a normative legal methodology using a legislative and comparative law approach, alongside a qualitative descriptive-analytical analysis of secondary data. The author found that green finance regulations in Indonesia remain fragmented and scattered across various sectoral legal instruments without adequate integration, thereby creating loopholes for greenwashing practices and the adoption of green principles that are merely administrative in nature. The Sustainable Finance Committee mandated by the P2SK Act has not yet been established, exacerbating the lack of coordination between institutions. In contrast, China, through its 2012 Green Credit Guidelines and 2016 Guidelines for Establishing a Green Financial System, demonstrates a regulatory model that is hierarchical, standardised, and legally binding. A comparison of the two identifies four relevant aspects for Indonesia to adopt: an integrated regulatory approach, standardisation of environmental risk operations, strengthening of oversight mechanisms and due diligence, and cross-sectoral institutional coordination. Consequently, Indonesia requires comprehensive, dedicated green finance regulations and must promptly establish the Sustainable Finance Committee as the sole coordinating authority.