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Minister of PPN inaugurates the Blue Finance Guideline issuance, amplifying Indonesia’s blue economy

Syifa by Syifa
April 17, 2023
in News
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Minister of PPN
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Heaptalk, Jakarta — Indonesia’s Ministry of National Development Planning/National Development Planning Agency (PPN/Bappenas) has issued a Blue Finance Instruments Development Guideline in the National Blue Investment Seminar, Jakarta (11/01).

Inaugurated by the Minister of PPN and Head of Bappenas, Suharso Monoarfa, explained this document is a part of the collaboration outcome with the Ministry of Finance and the Coordinating Ministry for Maritime and Investment Affairs to bolster the strengthening of the national economy and expedite the Sustainable Development Goals (SDG), specifically for to the ocean and climate change sector.

According to his statement, marine-based economic productivity can be improved through various activities and programs in the blue sector. However, the objective is improbable to be fully implemented only through financing from the State Revenue and Expenditure Budget (APBN). Thus, in his speech, Suharso looks forward to creating innovative funding through the blue funding instrument, covering Bonds or Sukuk, Trust Funds, and Blended Financing.

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The launch of this guideline document can be used nationally as a reference for multiple stakeholders to develop a blue funding instrument in Indonesia. This new document can also complement other regulations in the blue sector, including the SDGs Government Securities Framework, launched in 2020.

“This guideline contains the strategy for developing blue funding instruments, particularly for issuing Blue Bonds or the Sukuk concept. Thus, we also aim to build a national committee to provide considerations and instructions for the blue funding in Indonesia,” added Suharso.

During his further statement, Minister Suharso claimed Indonesia has a funding instrument for SDGs Bond, issued in 2021, and can obtain capital up to US$495 million. In addition, in terms of other tools, the Green Sukuk obligation establishment also gained USD1.2 billion in 2018. Although the capital has not osculated the sustainable marine industry, Suharso conveyed this fund has financed strategic projects in Indonesia.

He also has strong confidence that the SDGs Bond and Green Sukuk implementations would demonstrate Indonesia’s leadership in overseeing environmental issues, both on land and at sea, and the country’s ability to develop innovative and sustainable funding mechanisms.

As a part of a real contribution to amplifying the blue economic cooperation, before launching this newest blue finance instrument guideline, Indonesia’s government has issued several blue sector fundamentals, consisting of a release of the SDG Government Security Framework, a Blue Financing Strategic Document establishment, the launch of a Blue Finance Policy Notes, Blue Financing Instrument Guideline issuance, and the Blue Bond issuance as the coming initiation.

“With the focus on the blue economic advancement, this sector is expected to be a strategic cornerstone of economic transformation in Indonesia to be more inclusive and sustainable. In addition, I also hope the blue economic initiative can diminish the country’s economic dependence on the extractive industry by becoming a role model for sustainable marine-based industrial development.” Minister Suharso said in his statement.

Tags: Bappenasblue economy

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