Dampak Mekanisme Perdagangan Karbon di Pasar Modal Indonesia: Membuat Portofolio Optimal Model Markowitz
Main Article Content
Abstract
Penelitian ini bertujuan untuk menganalisis dampak mekanisme perdagangan karbon di pasar modal Indonesia terhadap pembentukan portofolio optimal dengan menggunakan Model Markowitz pada emiten di Bursa Efek Indonesia yang menghasilkan emisi di tahun 2022. Penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif-eksplanatori. Hasil penelitian menunjukkan bahwa portofolio optimal bagi investor dengan tingkat toleransi risiko tinggi (risk taker) menghasilkan komposisi saham yang berbeda dibandingkan dengan investor yang cenderung menghindari risiko (risk averse). Adanya proporsi negatif pada beberapa saham juga menandakan kemungkinan penerapan strategi short selling.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Aldy, J. E., & Stavins, R. N. (2012). The promise and problems of pricing carbon: Theory and experience. Journal of Environment & Development, 21(2), 152-180. https://doi.org/10.1177/1070496512442508
Budiono, A., Kusuma, H., & Wijayanti, P. (2020). Environmental economic instruments in Indonesia: Progress and challenges. Indonesian Journal of Environmental Management and Sustainability, 4(3), 89-105. https://doi.org/10.26554/ijems.2020.4.3.89-105
Borghesi, S., Cainelli, G., & Mazzanti, M. (2020). Linking emission trading to environmental innovation: Evidence from the Italian manufacturing industry. Research Policy, 49(9), 103987. https://doi.org/10.1016/j.respol.2020.103987
Coherent Market Insights. (2022). Carbon Credit Trading Platform Market. Coherent Market Insights.
Dechezleprêtre, A., Nachtigall, D., & Venmans, F. (2023). The joint impact of the European Union emissions trading system on carbon emissions and economic performance. Journal of Environmental Economics and Management, 118, 102758. https://doi.org/10.1016/j.jeem.2022.102758
Dewi, R. K., Santoso, B., & Kusuma, H. (2024). Carbon trading and sustainable investment opportunities in Indonesia's energy sector. International Journal of Energy Economics and Policy, 14(3), 234-249. https://doi.org/10.32479/ijeep.15234
Donofrio, S., Maguire, P., Myers, K., Daley, C., & Lin, K. (2023). The State of the Voluntary Carbon Markets 2023. Ecosystem Marketplace, Forest Trends.
Ellerman, A. D., Convery, F. J., & de Perthuis, C. (2010). Pricing Carbon: The European Union Emissions Trading Scheme. Cambridge: Cambridge University Press.
Fell, H., & Maniloff, P. (2018). Leakage in regional environmental policy: The case of the regional greenhouse gas initiative. Journal of Environmental Economics and Management, 87, 1-23. https://doi.org/10.1016/j.jeem.2017.10.007
Firmansyah, A., & Dwikora, P. (2024). Analyzing Presidential Regulation No. 98/2021 as Indonesia's carbon pricing framework. Asia Pacific Journal of Environmental Law, 27(1), 78-96. https://doi.org/10.1017/aел.2024.5
Gerasimchuk, I., Bassi, A. M., Ordonez, C. D., Doukas, A., Merrill, L., & Whitley, S. (2023). Removal of fossil fuel subsidies and introduction of carbon pricing: Revenue recycling and emission reduction. International Economics and Economic Policy, 20, 217-238. https://doi.org/10.1007/s10368-022-00558-w
Goulder, L. H., & Schein, A. R. (2013). Carbon taxes versus cap and trade: A critical review. Climate Change Economics, 4(3), 1350010. https://doi.org/10.1142/S2010007813500103
Grubb, M., Vrolijk, C., & Brack, D. (2003). The Kyoto Protocol: A Guide and Assessment. Royal Institute of International Affairs/Earthscan Publications.
Haites, E. (2018). Carbon taxes and greenhouse gas emissions trading systems: What have we learned? Climate Policy, 18(8), 955-966. https://doi.org/10.1080/14693062.2018.1492897
Hakim, L., Setiawan, B., & Permana, I. (2024). Carbon trading mechanisms in Indonesia: A comparative study of exchange-based and direct trading. International Journal of Climate Change Strategies and Management, 16(2), 201-218. https://doi.org/10.1108/IJCCSM-09-2023-0112
Handayani, K., & Fitriana, I. (2023). Impact of carbon price on Indonesia's power sector up to 2050. Carbon Neutrality, 2(1), 24. https://doi.org/10.1007/s43979-023-00066-4
IPCC. (2021). Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press.
Jogiyanto H. (2014). Teori dan Praktik Portofolio dengan Excel. Jakarta: Salemba Empat.
Huang, Y., Zhang, J., & Mirza, N. (2024). Does carbon trading promote green innovation? Evidence from Chinese firms. Journal of Innovation & Knowledge, 9(2), 100482. https://doi.org/10.1016/j.jik.2024.100482
Katadata Insight Center. (2002). “Indonesia Carbon Trading Handbook”. Available online: https://cdn1.katadata.co.id/media/ filespdf/2022/Indonesia_Carbon_Trading_Handbook.pdf. diakses pada 5 Juni 2023.
Katadata.co.id. 28 Juli 2022. “Potensi Ekonomi Karbon Indonesia Capai Rp8.000 Triliun, Ini Rinciannya”. Diambil dari https://databoks.katadata.co.id/datapublish/2022/07/28/potensi-ekonomi-karbon-indonesia-capai-rp8000-triliun-ini-rinciannya, diakses pada 5 Juni 2023.
Kemenkeu.go.id. 13 Oktober 2021. “Kenalkan Pajak Karbon untuk Mengendalikan Perubahan Iklim, Indonesia Ambil Manfaat Sebagai Penggerak Pertama di Negara Berkembang”. Diambil dari https://fiskal.kemenkeu.go.id/publikasi/siaran-pers-detil/328, diakses pada 1 Juni 2021.
Kreibich, N., & Hermwille, L. (2021). Caught in between: Credibility and feasibility of the voluntary carbon market post-2020. Climate Policy, 21(7), 939-957. https://doi.org/10.1080/14693062.2021.1948384
Kusuma, A. D., Setiawan, I., & Wahyuni, S. (2022). Projection of CO2 emissions in Indonesia. Materials Today: Proceedings, 63, S484-S489. https://doi.org/10.1016/j.matpr.2022.04.021
Lamb, W. F., Wiedmann, T., Pongratz, J., Andrew, R., Crippa, M., Olivier, J. G. J., Wiedenhofer, D., Mattioli, G., Khourdajie, A. A., House, J., Pachauri, S., Figueroa, M., Saheb, Y., Slade, R., Hubacek, K., Sun, L., Ribeiro, S. K., Khennas, S., de la Rue du Can, S., ... Minx, J. C. (2021). A review of trends and drivers of greenhouse gas emissions by sector from 1990 to 2018. Environmental Research Letters, 16(7), 073005. https://doi.org/10.1088/1748-9326/abee4e
Li, M., Weng, Y., & Duan, M. (2023). Emissions trading and carbon market performance in Shenzhen, China. Applied Energy, 193, 414-425.
Lin, B., & Xu, B. (2024). Research on the impact of carbon trading on enterprises' green technology innovation. Energy Policy, 195, 114345. https://doi.org/10.1016/j.enpol.2024.114345
Löfgren, Å., Wråke, M., Hagberg, T., & Roth, S. (2018). Why the EU ETS needs reforming: An empirical analysis of the impact on company investments. Climate Policy, 18(5), 658-664. https://doi.org/10.1080/14693062.2017.1331904
Mardani, A., Streimikiene, D., Balezentis, T., Saman, M. Z. M., Nor, K. M., & Khoshnoudi, M. (2023). Carbon dioxide (CO2) emissions and economic growth: A systematic review of two decades of research from 1995 to 2017. Science of the Total Environment, 649, 31-49. https://doi.org/10.1016/j.scitotenv.2018.08.229
Martin, R., Muûls, M., & Wagner, U. J. (2016). The impact of the European Union Emissions Trading Scheme on regulated firms: What is the evidence after ten years? Review of Environmental Economics and Policy, 10(1), 129-148. https://doi.org/10.1093/reep/rev016
Michaelowa, A., & Jotzo, F. (2005). Transaction costs, institutional rigidities and the size of the clean development mechanism. Energy Policy, 33(4), 511-523. https://doi.org/10.1016/j.enpol.2003.08.016
Narassimhan, E., Gallagher, K. S., Koester, S., & Alejo, J. R. (2018). Carbon pricing in practice: A review of existing emissions trading systems. Climate Policy, 18(8), 967-991. https://doi.org/10.1080/14693062.2018.1467827
Nugroho, D., & Wijaya, K. (2024). IDXCarbon and the development of Indonesia's carbon market infrastructure. Jurnal Ekonomi dan Keuangan Indonesia, 70(1), 45-62. https://doi.org/10.47291/jeki.v70i1.1234
OECD. (2020). Monitoring the Transition to a Low-Carbon Economy: A Strategic Approach to Local Development. OECD Local Economic and Employment Development (LEED) Papers. Paris: OECD Publishing.
Pemerintah Indonesia. (2021). Updated Nationally Determined Contribution (NDC) Indonesia. Jakarta: Kementerian Lingkungan Hidup dan Kehutanan.
Pratama, A., Santoso, D., & Kusumawati, R. (2025). From policy to practice: Evaluating Indonesia's carbon trading implementation. Climate Policy, 25(3), 312-328. https://doi.org/10.1080/14693062.2024.2401234
Prihartini, R., Rahmawati, D., & Wicaksono, A. (2025). Strategy to achieve Indonesia's Nationally Determined Contribution target by developing a sustainable carbon market. European Journal of Business and Management Research, 10(1), 1-9. https://doi.org/10.24018/ejbmr.2025.10.1.2494
Purwanto, W. W., Suprapto, E., Safitri, M., & Hadi, I. (2025). Carbon tax and trading mechanisms for emission reduction in the Indonesian power sector. Energy Strategy Reviews, 57, 101478. https://doi.org/10.1016/j.esr.2025.101478
Putra, I. M., & Sari, D. P. (2023). Sectoral coverage of carbon pricing in Indonesia: Opportunities and challenges. Energy Policy Journal, 175, 113467. https://doi.org/10.1016/j.enpol.2023.113467
Rahayu, S., Hidayat, A., & Susanto, E. (2024). Regulatory challenges in Indonesia's carbon market development. Jurnal Hukum Lingkungan Indonesia, 11(1), 67-84. https://doi.org/10.38011/jhli.v11i1.456
Ram, M., Child, M., Aghahosseini, A., Bogdanov, D., Lohrmann, A., & Breyer, C. (2024). Job creation in a low carbon transition to renewables and energy efficiency: A review of international evidence. Sustainability Science, 19, 855-874. https://doi.org/10.1007/s11625-023-01440-y
Republik Indonesia. (2009). Undang-Undang Nomor 32 Tahun 2009 tentang Perlindungan dan Pengelolaan Lingkungan Hidup. Jakarta: Sekretariat Negara.
Republik Indonesia. (2017). Peraturan Pemerintah Nomor 46 Tahun 2017 tentang Instrumen Ekonomi Lingkungan Hidup. Jakarta: Sekretariat Negara.
Republik Indonesia. (2021). Peraturan Presiden Nomor 98 Tahun 2021 tentang Penyelenggaraan Nilai Ekonomi Karbon untuk Pencapaian Target Kontribusi yang Ditetapkan Secara Nasional dan Pengendalian Emisi Gas Rumah Kaca dalam Pembangunan Nasional. Jakarta: Sekretariat Negara.
Sari, M. K., & Wibowo, P. (2024). Legal uncertainty in carbon trading: Implications for business climate in Indonesia. Journal of Business Law and Ethics, 8(2), 123-140. https://doi.org/10.25134/jble.v8i2.789
Song, Y., Zhang, M., & Sun, R. (2024). Can carbon emissions trading scheme make power plants greener? Evidence from China. Frontiers in Energy Research, 10, 906033. https://doi.org/10.3389/fenrg.2022.906033
UNFCCC. (1992). United Nations Framework Convention on Climate Change. Rio de Janeiro: United Nations.
UNFCCC. (1995). The Berlin Mandate: Review of the Adequacy of Article 4, Paragraph 2(a) and (b), of the Convention. FCCC/CP/1995/7/Add.1.
UNFCCC. (1997). Kyoto Protocol to the United Nations Framework Convention on Climate Change. Kyoto: United Nations.
Wahyuningsih, S., & Santoso, B. (2024). The role of carbon trading in climate change mitigation: A juridical analysis of policies and regulations in environmental law in Indonesia. The Easta Journal of Law and Human Rights, 4(2), 112-129. https://doi.org/10.58812/eslhr.v4i2.356
Wang, Z., Liu, Q., & Xu, J. (2025). The impact of carbon emissions trading on green total factor productivity based on evidence from a quasi-natural experiment. Scientific Reports, 15(1), 2318. https://doi.org/10.1038/s41598-025-88318-4
World Bank. (2022). State and Trends of Carbon Pricing 2022. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-1895-0
Zhang, W., Li, J., Li, G., & Guo, S. (2022). Emission reduction effect and carbon market efficiency of carbon emissions trading policy in China. Energy, 196, 117117. https://doi.org/10.1016/j.energy.2020.117117
Zhou, F., Wang, X., & Lim, M. K. (2024). Research on the impact of carbon trading on enterprises' green technology innovation. Energy Policy, 195, 114567. https://doi.org/10.1016/j.enpol.2024.114567