- As the world faces an ongoing economic crisis due to the Corona Virus Disease 2019 (COVID-19) pandemic, Mr. Wimboh Santoso, head of the board of commissioners at the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is urging companies operating within the financial services sector to implement eco-friendly production processes and consumption patterns, as well as to uphold a sustainable agenda in order to comply with the international Sustainable Development Goals and Climate Change agenda, which Indonesia has committed to implementing.
- Mr. Wimboh further added that in order to fulfill the abovementioned agenda, a mindset that takes account of environmental and social risk and that recognizes both the opportunities and challenges that the financial services sector faces will be required. Specifically, the creation of innovative financing initiatives will be required in order to ensure a smooth transition to a more sustainable business model.
- Moving forward, the OJK has identified several programs for which sustainable financing will be implemented as a part of its strategic initiatives. Said programs include: 1) Establishment of a green sector taxonomy; 2) Development of incentives and disincentive for sustainable financial services; 3) Intensifying efforts at capacity building in relation to both internal and external financial services; and 4) Development of communication strategies for sustainable financing.
- For more on this story, see Hukumonline: “OJK Minta Sektor Jasa KeuanganTerapkan Sustainable Finance”.
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