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OJK forms sustainable finance task force
The new unit is to serve as an "integrated platform" to help companies overcome barriers to sustainable finance.
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The Financial Services Authority (OJK) logo is seen on the frontispiece at its headquarters in Jakarta in this undated photo. The OJK recently launched a sustainable finance taskforce to spur adoption in Indonesia. (kontan.co.id/File)
T
he Financial Services Authority (OJK) has set up a task force to facilitate the adoption of sustainable practices in Indonesia’s finance industry.
The task force consists of 47 financial institutions, including banks, securities firms, insurers, pension funds and financiers, the OJK explained in a statement on Tuesday.
Task force members also include key national financial institutions, such as the Indonesia Stock Exchange (IDX), Indonesia Eximbank (LPEI), the Health Care and Social Security Agency (BPJS Kesehatan) and the Workers' Social Security Agency (BPJS Ketenagakerjaan).
“This task force aims to be an integrated platform to coordinate the finance industry in forming a sustainable finance ecosystem in Indonesia, including through involvement in international forums,” said OJK chairman Wimboh Santoso.
The statement mentions the international COP26 conference, which is to take place in Glasgow in October.
Despite the rising global popularity of sustainable finance, Indonesian financial firms generally struggle to adopt such practices due to, among other issues, a lack of know-how and the OJK’s lack of a green finance taxonomy.
Read also: Explainer: The progress and challenges of sustainable financing in Indonesia
