Green Sukuk and Indonesia's Green Economy: A Maqasid Energy Assessment
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Abstract
Indonesia's sovereign green sukuk has grown rapidly, but existing studies rarely distinguish direct clean-energy financing from adaptation-oriented green infrastructure. This study addresses that gap by examining whether the cumulative allocation portfolio supports Indonesia's energy transition and maqasid-based public benefit. Using official Green Sukuk Allocation and Impact Reports published from 2019 to 2025, the study combines document analysis with three transparent indicators: the Core Clean-Energy Ratio, the Broader Energy-Transition Ratio, and sectoral HHI. Global issuance reached USD6.60 billion and domestic issuance IDR71.77 trillion by 2024. Core clean-energy allocation was 8.93%, rising to 30.54% when sustainable transport was included; water and climate resilience accounted for 69.19%. Project reports show measurable benefits, including solar generation and reported transport emission reductions, but actual and expected impacts are not interchangeable. The findings indicate that green sukuk strongly advances hifz al-nafs, hifz al-mal, and adaptation, while its direct clean-energy contribution remains moderate. The study contributes a replicable classification and transition-intensity framework and recommends preserving adaptation finance while expanding bankable clean-energy projects and comparable impact disclosure.
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