Legal transplantation of blue bond regulation in Indonesia

Abstract

As one of the largest archipelagic states in the world, Indonesia has a maritime economic potential of IDR 2026 trillion divided into coastal (IDR 650 trillion), biotechnology IDR (480 trillion), fisheries (IDR 380 trillion), petroleum (IDR 252 trillion), marine transportation (IDR 240 trillion), and marine tourism (IDR 24 trillion). However, it does not yet have a special and specific financing instrument oriented toward the development of its marine economy. The purpose of this study was to identify a blue bond regulatory model as an instrument for developing the blue economy in Indonesia. The study method employed is normative-exploratory legal research, which combines statutory, conceptual, and comparative approaches. Using several models of legal development, namely unification, harmonization, and transplantation, revealed the right model for regulating blue bonds in Indonesia. The results indicate that the development of legal arrangements in Indonesia, as stated in the National Long-Term Development Plan (RPJPN) 2025–2045 oriented towards realizing economic transformation to increase the productivity of the blue economy will be a future economic booster in line with its role as the world's maritime axis. Thus, legal transplantation of the Blue Economy Act and SEC Memorandum Circular No. 15, Series of 2023, Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines is an effective step that can be taken in Indonesia.