Legal Aspect in Green Financing
1. Latar Belakang Green Financing
Pada saat ini dunia sedang menghadapi ancaman perubahan iklim dan kerusakan lingkunan. Untuk menanggulangi hal tersebut, perlu dilakukan banyak perubahan dari berbagai macam sector. Perubahan tersebut tentunya membutuhkan biaya yang tidak sedikit. Untuk itu, diperlukan peran dari berbagai macam pihak yang bergerak di sector keuangan untuk menjembatani kekosongan pembiayaan ini.
Apa peran sektor keuangan secara umum?
- Menyediakan dan memberikan pembiayaan modal dan investasi
- Mengembangkan produk2 berkelanjutan
- Memberikan pengaruh positif pada perusahaan dan pelaku usaha lain.
- Mendukung usaha pemerintah dalam membangun suatu sektor ekonomi yang lebih berkelanjutan dari segi sosial maupun lingkunan
- Berperan sebagai contoh baik bagi pihak-pihak lain
Biasanya, dari 100% cost utk membangun kereta api, hanya 20% dari pemegang saham, 80%nya dari pihak perbankan. Perbankan punya peranan penting untuk menjaga financing ini tetap mengikuti kaidah kelestarian lingkunan.
Apa itu green financing?
Green financing adalah pembiayaan dengan tujuan keuntungan yang mengikut sertakan faktor-faktor lingkungan, sosial, dan tata kelola (ESG) dalam mengambil keputusan finansial sehingga menyebabkan peningkatan investasi jangka panjang dalam kegiatan dan proyek ekonomi yang berkelanjutan.
Sejarah Singkat Green Financing
Perjanjian Internasional
- UN Framework on Climate Change Conference
- Kyoto Protocol
- Convention on Biological Diversity
- Paris Agreement
2. Kerangka Hukum Green Financing
Green Financing dalam Kerangka Hukum Nasional
- Mengikutsertakan faktor lingkungan hidup dalam pertimbangan pemberian kredit
- Pengenaan pajak karbon atas emisi karbon yang memberikan dampak negatif bagi lingkungan hidup
- Pembelian tenaga listrik dari pembangkit listrik dan memanfaatkan Sumber Energi Terbarukan, dilakukan oleh PT PLN (Persero) melalui mekanisme pemilihan langsung.
- Listrik di Indonesia, semua tanggung jawab PLN. PLN punya 2 opsi, dia bangun sendiri atau dia gandeng swasta untuk membangun, lewat tender.
- Terbuka opsi penunjukan langsung dengan syarat: darurat penyediaan listrik setempat, excess power, penambahan kapasitas pembangkitan, atau hanya dapat satu calon penyedia
- 3 s.d. 4 bidder saja diinvite. Syaratnya 1, anak PLN harus jadi pemegang saham mayoritas
- Perubahan skema kerjasama antara baru dapat digunakan sehubungan dengan kerjasama PJBTL antara PT PLN (Persero) dan IPP terkait, yakti BOO (Build, Own, Operate).
- Skema klasik adalah Build Operate Transfer.
- Pengenalan konsep Nilai Ekonomi Karbon yang nantinya dapat dijadikan dasar untuk melakukan perdagangan emisi karbon
- Karbon tersebut dijual di bursa
3. Penerapan dan Praktek Green Financing di Indonesia
Pembiayaan Terhadap Kegiatan usaha Terkait EBT
- Pembiayaan atas pembangunan pembangkit listrik yang menggunakan tenaga terbarukan (misal PLTB, PLTA)
- Terdapat banyak hal baru yang perlu disesuaikan dan belum memiliki preseden
- Perbedaan dalam dokumentasi dari dokumen-dokumen proyek
- Misal asset anak perusahaan PLN, apakah termasuk public asset?
- Perbedaan ketentuan-ketentuan tertentu dalam dokumen-dokumen proyek
- Ketentuan terkait alokasi resiko
- Ketentuan terkait kewajiban dari masing-masing piahk
- Dll
Kewajiban Lingkunan dalam Perjanjian Pembiayaan
- "The Borrower shall own, construct, operate and maintain the Project in compliance in all material respects with the Environmental and Social Requirements"
- Mereka harus construct sesuai dengan enviro and social requirements.
- "Neither the Borrower nor, to the knowledge of the Borrower, any third party has used, released, discharged, generated, manufactured, produced, stored, or disposed of in, on, under, or about the Site, the Improvements or the Access Right or transported thereto or therefrom, any Hazardous Substances that could reasonably be expected to subject any Finance Party or the Borrower to any material liability under any Environmental and Social Law"
- Mereka tidak boleh pakai zat-zat kimia berbahaya
- "There are no Hazardous Substances used, stored, or present at, on, or near the Site, the Improvements, or the Access Right except as disclosed in writing by the Borrower to the Administrative Agent, in the Technical Advisor's Due Diligence Report or in any Environmental and Social Document''
- Penyimpanan waste juga harus dilakukan sedemikian rupa
SUSTAINABLE LINKED-LOAN
Is there any limitation to using proceeds from sustainability-linked loans/facilities?
- No, Proceeds may be used to finance any kind of business activity.
- Recognition of the impact of climate change, human rights violations, corruption, environmental, labor, and regulatory violations, and associated credit risk by the finance community.
- Plethora of sustainable finance and development initiatives.
- Loan Market Association ("LMA"), Loan Syndications and Trading Association ("LSTA"), and Asia Pacific Loan Market ("APLMA") established frameworks for sustainable finance products, among others, sustainability-linked loans.
- Loan agreement di APAC pakai standard framework APLMA.
What is Sustainability linked-loan/facility??
Is there any specific party related to the sustainability-linked loan facility?
- Yes, Sustainability Coordinator.
- one or more of the lenders/loan arrangers may serve as the sustainability coordinator;
- to assist with providing market color regarding the key performance indicator (KPI) and sustainability performance target (SPT) to the Borrower;
- to facilitate the dialogue between the borrower and the lender group in regard to substantiating the SPT and answering ESG-related questions.
Key Performance Indicator & Sustainability Performance Target
- KPI is an indicator that the borrower chooses to comply with
- A Sustainability Performance Target (SPT) is a target threshold that needs to be matched for the relevant KPI
Greenwashing
- situations where claims on sustainable products or credentials are misleading, inaccurate or inflated;
- greenwashing can occur in three key-ways
- through KPls that are not material and core to the business of the borrower;
- through SPTs that are not sufficiently ambitious or meaningful; or
- through inaccurate or insufficient monito~g. measuring, benchmarking and/or disclosing of borrower performance against SPTs.
APPLICATION IN THE FACILITY AGREEMENT
Mechanics of How Borrower can Obtain the decrease of Margin
- Borrower issue Sustainability Compliance Certificate for the relevant SPT assessment period
- Third Party Sustainability Verifier issue verification report
- Borrower submit the Sustainability Compliance Certificate + Verification Report to the Agent on the SPT assessment test date
- If SPT achieved: decrease of Margin for each Interest Period which commences on the date falling 5 BD after SPT assessment test date*
- If SPT not achieved: increase of Margin for each Interest Period which commences on the date falling 5 BD after SPT assessment test date*
- If Borrower fails to submit: Margin increase using the percentage determined in FA for each Interest Period which commences on the date fa lling 5 BO after SPT assessment test date*
Anti-greenwashing clause
- Severe Sustainability Controversy
- Sustainability Review Event
- Sustainability Coordinator notifying Borrower that there has been material change in the methodology or criteria used in preparing verification report or measurement of KPI or SPT which materially adverse the calculation of KPI and SPT
- KPI and SPT are no longer be measured or reported
- Any information relating to the performance of a KPI in sustainability compliance certificate is not true and correct
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