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NGOs criticize Bali International Financial Center plan over green investment and governance concerns
Bali newsBali6 min read
Non-governmental organizations NGOs have voiced criticism regarding Indonesia's proposed International Financial Center PFII in Bali. They warn that the draft legislation, which aims to position Indonesia as a global investment hub, could hinder the country's ability to attract green investment. Concerns focus on the bill's prioritization of flexibility and secrecy over transparency and governance. Critics argue that the legislation does not clearly define the legal status or authority of Danantara, Indonesia's sovereign wealth fund, after it provides initial capital for the PFII. The draft also lacks explicit provisions for transparency, corporate governance, and conflict-of-interest management within the PFII ecosystem. Bhima Yudhistira, Executive Director of the Centre of Economic and Law Studies Celios, stated that emphasizing investment flexibility without stronger governance risks attracting capital focused on tax efficiency rather than sustainable investment. Environmental groups, including Trend Asia and CERAH, expressed concern that the PFII might become a financing platform for fossil fuel projects instead of promoting equitable renewable energy. They urged policymakers to prioritize green investment and ensure Danantara drives renewable energy investment.
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