UWP Research Team Holds Focus Group Discussion (FGD) and Recommends Corporate Blue Bond Regulations for Marine Development in Indonesia
A research team from Wijaya Putra University (UWP) held a Focus Group Discussion (FGD) on the theme "The Urgency of Corporate Blue Bond Regulation as a Financing Instrument for the Blue Economy in Indonesia."
The FGD was attended by dozens of academics and practitioners from various fields, including maritime affairs, law, economics, and the environment, at Restaurant Nine in Surabaya on Friday (10/10).
This team, under the regular fundamental research program of the Ministry of Higher Education, Science, and Technology of the Republic of Indonesia for the 2025 Fiscal Year, is led by Dr. Budi Endarto, S.H., M.Hum.
The team also includes Dwi Elok Indriastuty, S.H., M.Hum., a lecturer from the Faculty of Law, and Dr. Fitra Mardiana, a lecturer from the Faculty of Economics and Business. They presented several recommendations regarding the development of the blue economy in Indonesia.
In his presentation, the Head of the Research Team, Dr. Budi Endarto, S.H., M.Hum., stated that Indonesia is geographically an archipelagic country with two-thirds of its territory covered by water, thus creating enormous maritime economic potential.
"However, the problem is that there are still no specific regulations regarding the development of the Blue Economy in Indonesia. To date, there is no Blue Economy Law, creating a legal vacuum," explained Budi Endarto.
Besides the legal vacuum, Budi stated that developing the blue economy requires enormous costs.
"Exploring marine resources requires enormous costs. Of course, the country cannot rely solely on the state budget (APBN) and regional budgets (APBD)," he said.
Therefore, he recommended general regulations for the blue economy and related blue financing.
Specifically, the financing instrument related to marine resources would use the Corporate Blue Bond scheme.
Based on his research, Budi recommended the House of Representatives (DPR) and the government regarding the development of the blue economy in Indonesia.
First, the draft Blue Economy Law.
Second, the establishment of a special institution related to blue economy development.
Third, the development of blue financing instruments such as blue bonds in Indonesia.
"Indonesia can learn from the Philippines, which already has a Blue Economy Act. Furthermore, the Philippines also has an institution that coordinates the blue economy, called the Blue Economy Council, or the revival of the Ministry of Maritime Affairs, which is currently absent from the current government's cabinet," he concluded.
The presentation received several responses from academics and practitioners present at the FGD.
One respondent, Dr. Rihantoro Bayuaji, S.H., M.H., expressed his appreciation for the research team's research, which he considered sustainable.
"Moreover, the current legal paradigm is based on the Omnibus Law, including the capital market, with the inclusion of the capital market cluster in the Omnibus Law on the P2SK Law," said Bayuaji, a Capital Market Legal Consultant.
The next respondent, Dr. Suwarno Abadi, S.H., M.Sc., also commented on the research findings. He argued that there are several consequences of the lack of blue economy regulations.
"The legal vacuum not only creates a lack of legal certainty, which discourages investors from investing in Indonesia's maritime sector, but also raises concerns that it could lead to abuse of power by irresponsible individuals exploiting marine resources," said Suwarno, an expert in Constitutional Law.
The Head of the UWP Research and Community Service Institute, Prof. Dr. Nugroho Mardi Wibowo, S.E., M.Si., who also attended the FGD, also provided input regarding the research findings.
These include regulating aspects of sharia-based blue bond instruments and digitizing Blue Bond reporting and transparency through blockchain technology.
"This research can be directed toward applications, one of which is through the digitalization of Blue Bonds. One way is through using blockchain technology, in collaboration with IT experts," said Prof. Nugroho.
According to him, this aligns with the impact campus concept launched by the Ministry of Higher Education, Science, and Technology and aligns with UWP's vision as a Sociopreneur University.
