Jakarta, 11 August 2026 — Indonesia is home to one of the largest local currency bond markets in Southeast Asia, with outstanding securities reaching approximately IDR 7.8 quadrillion (equivalent to USD 480 billion). The Government of Indonesia has also demonstrated global leadership in sustainable finance, including as the world’s largest issuer of green sukuk — an innovative financing instrument now replicated by other developing countries. Government securities account for more than 90% of the domestic bond market, reflecting the central role of sovereign bonds and a strong foundation for the future development of sustainable finance.
Amid these conditions, Indonesia has recorded a new milestone: becoming the country with the world’s largest Orange Bond issuance commitment and the first country to issue Orange Sukuk. This achievement was in fact driven by the corporate sector. While thematic bond issuance in Indonesia has historically been anchored by the government, this transaction marks the increasingly significant role of corporations in advancing sustainable finance, while also opening up growth potential for a complementary market.
Against this backdrop, Indonesia is advancing efforts to mobilize Orange Capital, in collaboration with the Ministry of National Development Planning (Bappenas), to support the empowerment of women, girls, and gender minorities, with a particular focus on climate action and gender-responsive sustainable development.
To build on this momentum, the Indonesia Stock Exchange (IDX), BRI Danareksa Sekuritas (BRIDS), and Impact Investment Exchange (IIX), the global impact investing pioneer that invented the Orange Bond, held the Indonesia Thematic Bonds Roundtable, themed “Indonesia’s Trillion-Rupiah Opportunity: Advancing an Inclusive and Resilient Economy through Thematic Bonds” on 11 August at the Main Hall of the Indonesia Stock Exchange, Jakarta.
The forum brought together prospective issuers and capital market participants to discuss developments in Indonesia’s thematic bond market, as well as the pre- and post-issuance engagement by issuers. It also shared lessons learned and practical tips from bond issuances, particularly Orange Bonds, and helped formulate concrete steps to expand the country’s pipeline of sustainable finance transactions.
Listyorini Dian Pratiwi, Vice Director of Listed Companies Development, Indonesia Stock Exchange, said, “The current momentum gives us confidence that we will be able to meet our target of over Rp200 trillion in sustainable debt issuance proceeds by 2030, as outlined by the Sustainable Finance Roadmap. Sustainable debt instruments continue to trend upwards in proceeds value, contributing more than 10% to our total debt instruments proceeds value since 2023. The groundbreaking Orange Bonds and Orange Sukuk issuance last year by PNM also shows that there is a clear demand from the Indonesian market for gender-focused investment opportunities. As our market investor base continues to grow, we believe that we have the ability to absorb even more innovative sustainable debt offerings of bigger sizes in the future.”
Prof. Shahnaz, CEO and Founder, Impact Investment Exchange (IIX), said, “At IIX, we’ve spent over two decades building the capital markets infrastructure that channels private investment toward gender equality and climate resilience — and Indonesia has long been a priority market for us, given the scale of its capital markets and the ambition of its sustainable finance agenda. Indonesia’s inaugural Orange Bond issuances, driven by its corporate sector, are proof that thematic capital can move beyond government balance sheets and into the mainstream. As Indonesia works toward mobilizing USD 10 billion in Orange Capital by 2030, we continue to work with ecosystem partners — including IDX, BRIDS, and the issuers, investors, and regulators shaping this market — to pursue our mission of building inclusive, resilient economies through capital markets that work for everyone. This roundtable is exactly the kind of collaboration that gets us there.”
Fifi Virgantria, Acting President Director of BRIDS, said, “Thematic bonds open up major opportunities to connect corporate financing needs with investors’ growing interest in sustainability. As a Joint Lead Underwriter (JLU) that has issued several Orange-linked Bonds and Sukuk — including for PNM and FIF — BRIDS sees this potential firsthand, and hopes that collaboration with IDX and IIX can accelerate the pipeline of thematic bond issuers in Indonesia.”
The roundtable featured a keynote presentation from the Indonesia Stock Exchange, an introduction to Orange Bonds and market opportunities by IIX, and a talk show featuring BRI Danareksa Sekuritas, IIX, and PT Permodalan Nasional Madani (PNM), followed by a question-and-answer session and networking.
The Indonesia Thematic Bonds Roundtable serves as a key market building initiative for expanding corporate participation in the thematic bond market, while supporting the national ambition to mobilize USD 10 billion in Orange Capital by 2030 — in line with Indonesia’s position as the largest economy in Southeast Asia.
To learn more about Orange Capital and the Orange Bond framework, visit https://orangemovement.global/.