Notes

Analytical notes on ESG measurement, climate risk, disclosure regulation, and capital allocation in emerging markets.

4 July 2026

Financed Emissions Vary Widely, Environmental Scores Do Not: Evidence from Indonesia’s Four Largest Banks

Pillar-level rating data for the four largest Indonesian banks: Environmental scores from negligible to very low alongside financed emissions in the tens of millions of tonnes, and why the risk-rating defense does not close the gap.

2 July 2026

What Indonesia’s Sustainability Reporting Mandate Actually Changed, and What It Didn’t

A before-and-after reading of Indonesia’s four largest banks’ sustainability reports: what POJK 51 genuinely changed, and the gap it left between disclosure and capital allocation.