IDX designates TBS as Indonesia's first green transition equity
“For us, this designation is not the finish line, but another milestone in the transformation we are still undertaking.”
Jakarta (ANTARA) — The Indonesia Stock Exchange (IDX) has designated PT TBS Energi Utama Tbk (TBS), trading under the ticker TOBA, as the first listed company in Indonesia to receive the Green Equity Transition designation under the IDX Green Equity Designation framework.
“For us, this designation is not the finish line, but another milestone in the transformation we are still undergoing,” said TBS President Director Dicky Yordan in an official statement received in Jakarta on Monday.
The designation took effect on 28 August 2026, when the IDX launched the IDX Green Equity Designation with three inaugural listed companies.
TBS is the only company in the transition category, whilst PT Hero Global Investment Tbk (HGII) and PT Kencana Energi Lestari Tbk (KEEN) received the Green Equity designation.
The designation for the company was granted following an independent review by S&P Global Ratings, using a framework that refers to the Indonesian Sustainable Finance Taxonomy (TKBI) and the Green Equity Principles of the World Federation of Exchanges (WFE).
S&P Global Ratings stated that TBS is aligned with the requirements of the Green Equity Transition Designation established under the IDX framework.
The agency noted that TBS, which began as a coal mining business, is in the midst of a transformation towards, among other areas, waste management and the electric vehicle ecosystem.
Based on the results of the review submitted by the company, 47 per cent of TBS’s revenue in 2025 came from non-coal businesses.
S&P Global Ratings also assessed that 92 per cent of TBS’s capital expenditure commitments for the 2025-2030 period are for green activities, with no capital expenditure allocated to coal-related activities.
Under the framework, a company must demonstrate that more than half of its annual revenue, or more than half of its operating and capital expenditure, is directed at green or transition activities as defined in the reference taxonomy.
IDX Business Development Director Iding Pardi said the IDX Green Equity Designation serves as one of the instruments to enhance the transparency and credibility of sustainability information in the capital market.
“We hope this designation will encourage more listed companies to strengthen their sustainability practices and provide more credible information to investors,” said Iding.
The IDX previously explained that the green equity designation is granted voluntarily to listed companies and prospective issuers that apply and meet the criteria based on the results of a review report by an external provider.
The IDX also stated that the implementation of the green equity designation is aligned with international principles to maintain the credibility of sustainable instruments and to reduce the risk of greenwashing in the Indonesian capital market.
The designations for TBS, HGII and KEEN are effective from 28 August 2026 until the annual evaluation period in July 2027.
Listed companies must undergo periodic assessments, update relevant information, and submit the results of external reviews to the IDX to maintain the designation.
In its statement, the IDX emphasised that the IDX Green Equity Designation is not a rating or investment recommendation, and does not guarantee a stock’s financial performance, rate of return, or investment risk.