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Insight: Green sukuk for the future
The Green Sukuk is a means of aligning government funding with its commitment to the low-carbon transition, channeling funding to projects in renewable energy, energy efficiency, sustainable transport, waste management, conservation and other environmental priorities.
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The Green Sukuk is a means of aligning government funding with its commitment to the low-carbon transition, channeling funding to projects in renewable energy, energy efficiency, sustainable transport, waste management, conservation and other environmental priorities. (Shutterstock/File)
H
istorically, conventional wisdom states economic growth objectives are incompatible with environmental goals. However, in recent years, we have realized that if left unaddressed, economic growth that is not followed by environmental sustainability will have a negative impact on society.
We have witnessed the unprecedented and increasing threat of global warming. Rising temperatures that have resulted in climate change have already had a direct impact on Earth, such as rising sea levels, changing patterns of rainfall and evaporation, which potentially leads to flooding and drought in different places.
Without taking significant steps to counter the situation, by 2100, based on the projections of the Intergovernmental Panel on Climate Change, the average global surface temperature will increase by 4.5 degrees Celcius and sea levels will rise by 95 centimeters, which would eliminate the major landmass of archipelagic nations such as Japan, the Maldives, the Caribbean and our very own Indonesia.
Being close to the global conveyor system, Indonesia has a pivotal role in addressing climate change. This is mainly because with most people living in coastal areas, our nation is highly vulnerable to the impact of climate change. And given its extensive tropical land and seascape with high biodiversity, high carbon stock values and energy and mineral resources, the nation is at the forefront of climate action and environmental protection.
