The integration of BUMN under Danantara marks a new phase in\nportfolio structuring and strengthening the role of state-owned\nenterprises. The agendas of efficiency, governance, and competitiveness\nare being pursued simultaneously. Amidst these agendas, one question\nmust be answered: where is the position of sustainability in this\ntransformation?<\/p>\n
Sustainability, or ESG (Environment, Social, and Governance), has\ntended to be treated as a matter of reporting or a reputational\ncomplement. This view needs to be corrected. Findings from PwC\u2019s 29th\nGlobal CEO Survey (2026) show that sustainability issues are\nincreasingly intertwined with business and financial matters. Climate\ntopics and stakeholder trust, for example, are now directly linked to\nfinancial risk, the speed of decision-making, and company value\ncreation. They can even influence a company\u2019s market share or a\ncountry\u2019s investment feasibility.<\/p>\n
For Indonesian BUMN, the impact is extensive, ranging from energy and\nsupply chain resilience, operational cost efficiency, and the\nsustainability of export market access, which affects the national trade\nbalance, to climate risk preparedness. Therefore, sustainability and ESG\ncan no longer be viewed as separate agendas but must be an integral part\nof business transformation.<\/p>\n
The PwC survey also noted that 42 percent of respondents stated their\ncompanies have at least moderate exposure to the risk of significant\nfinancial loss due to climate change in the next 12 months. In this\ncontext, climate has become a variable that must be considered in\noperational and strategic decisions, not just a compliance issue or\nsomething to be reported. However, corporate readiness is not yet\ncommensurate. Only 24 percent of respondents stated their companies have\nclear processes for incorporating climate considerations into supply\nchain and sourcing decisions. The same figure applies to product design\nand development. For capital allocation related to ESG and climate,\nincluding mergers and acquisitions, the figure is around 20 percent.\nThis gap indicates that in many companies, including BUMN, risk exposure\nhas been identified but not yet systematically integrated into the\ndecision-making process.<\/p>\n
The question is how to close this gap to support more prudent\nbusiness decisions. For BUMN, this can start from three areas. First,\ncapital planning and allocation. Climate risk needs to be a component in\nassessing the feasibility of investments, capacity expansion, asset\nrejuvenation, and corporate actions. Decisions that only consider\nshort-term needs without accounting for future asset resilience and cost\nprofiles will increase the company\u2019s exposure to stranded costs. Second,\noperational and supply chain management. Climate data, water\navailability, and natural resource carrying capacity can be used to\nassess supplier vulnerability, energy supply reliability, and potential\nlogistical disruptions. Companies with this information are better\nprepared to diversify suppliers, improve energy efficiency, and develop\nstructured supply security measures. Third, product strategy and market\naccess. Sustainability requirements in international markets are\nincreasing, both through destination country regulations and buyer\nexpectations. Companies that adapt their product design and export\nstrategies to these standards earlier will have a stronger position.<\/p>\n
Data and opinions from survey respondents also show that companies\nwith clear processes for integrating climate considerations into\nbusiness decisions tend to respond more quickly to changes in demand and\nmarket dynamics. This means ESG integration does not slow down processes\nbut can actually help BUMN improve their agility and accuracy of\nresponse. A similar trend is seen from the financing side. Financial\ninstitutions in the region, including major banks in ASEAN and Asia, are\nincreasingly incorporating climate and nature considerations into credit\nassessments, underwriting, and investment decisions. This aligns with\nthe adoption of global standards such as TCFD and TNFD. For Indonesian\nBUMN, this means future access to and the cost of financing will be\nincreasingly influenced by the quality of sustainability performance,\nnot just financial performance alone. BUMN that can demonstrate\nmeasurable and credible sustainability data and progress will be in a\nmore advantageous position to access funding.<\/p>\n
The second dimension that requires equal attention is stakeholder\ntrust. In the same survey, 66 percent of respondents stated their\ncompanies faced trust-related concerns at least at a moderate level in\nthe last 12 months. This trust encompasses issues of AI security, data\nprivacy, transparency, and the impact of climate on business\nperformance. This finding is not merely a perception. PwC research shows\nthat public companies with high levels of trust recorded total\nshareholder returns 9 percent higher over 12 months compared to\ncompanies with low trust levels. This means trust has a direct impact on\ncompany valuation and financial performance. For BUMN, this means trust\nmust be managed as a governance agenda at the board of directors and\nboard of commissioners level. Strengthening trust requires investment in\ndata quality, internal control processes, and reporting standards. And\nthis is where the two dimensions, climate risk and trust, converge. Both\nrequire a strong data foundation, continuously monitored implementation,\nand transparency and communication.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/the-position-of-sustainability-in-the-transformation-of-state-owned-enterprises-1782813016", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }