Sukuk Hijau sebagai Instrumen Keuangan Islam Inovatif untuk Pembangunan Infrastruktur Perkotaan di Indonesia

Abstract

• Global climate change has urged Indonesia to adopt mitigation strategies, including greenhouse gas emission reduction aligned with the Paris Agreement, integration of Sustainable Development Goals (SDGs) into national and regional agendas, and the issuance of green sukuk as an alternative financing instrument. This study explores the potential of green sukuk as a sustainable financing source for urban infrastructure development in Bekasi City. A qualitative descriptive method is applied, supported by analysis of the Debt Service Coverage Ratio (DSCR), Regional Financial Independence Ratio, and SWOT analysis. Primary data were collected through interviews with local government officials and analysis of five years of financial reports and development plans. The findings reveal that Bekasi demonstrates strong fiscal independence, with a DSCR above 2.5 in the first two years and no outstanding debt in the following three years. Ongoing green projects—such as railway station upgrades and double-track construction—reflect the city’s financing readiness. However, the overcapacity of the Sumur Batu final waste disposal site poses challenges, especially for waste-to-energy initiatives. SWOT analysis highlights opportunities from national policy support for sukuk-based infrastructure funding, while debt risk and investment sustainability remain concerns. Recommended strategies include enhancing collaboration with financial institutions, utilizing digital platforms, coordinating with national authorities, and adopting best practices from other successful regions.