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Vol 40 No 3 (2025): September

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Aug 3, 2023
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Dec 9, 2024
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Sep 29, 2025
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Green Pension Investment: A Dynamic Relationship and Efficiency for the Green Economy in Indonesia

https://doi.org/10.22146/jieb.v40i3.9324
Irna Puji Lestari
irnapujilestari@mail.ugm.ac.id
Doctoral Program ofIslamic Economy and Halal Industry, Faculty of Graduate School, Universitas Gadjah Mada, Yogyakarta, 55284, Indonesia and Ministry of Religious Affairs of Indonesia, Jakarta Regional Office, 13340, Indonesia
Galuh Tri Pambekti
Doctoral Program ofIslamic Economy and Halal Industry, Faculty of Graduate School, Universitas Gadjah Mada, Yogyakarta, 55284, Indonesia and Department of Sharia Accounting, Faculty of Economics and Business Islam, UIN Sunan Kalijaga, Yogyakarta, 55281, Indonesia

Corresponding Author(s) : Irna Puji Lestari

irnapujilestari@mail.ugm.ac.id

Journal of Indonesian Economy and Business, Vol 40 No 3 (2025): September

Abstract

Introduction/Main Objectives: This study aims to propose alternative investments from pension funds that are integrated with renewable energy productivity to boost green economic growth in Indonesia.To see the ideal efficient proportion of this investment and renewable energy on a regional scale, the efficiency of green economic performance is also identified. Background Problems: Investments in the green sector are less attractive to pension fund institutions while they have great potential financial sources. These investments should be promoted to support Indonesia's commitment to strengthening multilateral financing to support climate action in developing countries. Novelty: This study will be the first to simulate a green-based investment scheme involving pension funds for green economic growth, as well as capture its level of efficiency in a regional context. Research Methods: Two methods were conducted: the generalized method of moment (GMM) and the data envelopment analysis (DEA). Panel data from 34 provinces in Indonesia were used covering the period of 2016-2022. Finding/Results: The first finding revealed the short and long-term relationship between the green economy, green pension investment, and renewable energy. The second finding revealed that green economy efficiency in Indonesia has a moderate score with the highest score obtained by DKI Jakarta province. Conclusion: Green pension investment could promote the green economy and its efficiency in Indonesia, especially through active integration with the productivity of renewable energy

Keywords

Green investment pension fund green economy renewable energy
Lestari, I. P., & Pambekti, G. T. (2025). Green Pension Investment: A Dynamic Relationship and Efficiency for the Green Economy in Indonesia. Journal of Indonesian Economy and Business, 40(3), 396 -. https://doi.org/10.22146/jieb.v40i3.9324
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Author Biographies

Irna Puji Lestari, Doctoral Program ofIslamic Economy and Halal Industry, Faculty of Graduate School, Universitas Gadjah Mada, Yogyakarta, 55284, Indonesia and Ministry of Religious Affairs of Indonesia, Jakarta Regional Office, 13340, Indonesia

Irna Puji Lestari is a doctoral candidate at Doctoral Program of Islamic Economy and Halal Industry, Universitas Gadjah Mada, Indonesia. She also serves as a government financial analyst at the Ministry of Religious Affairs of Indonesia. Her research interests include Islamic banking and finance, behavioral finance, sustainability management, and Islamic corporate governance

Galuh Tri Pambekti, Doctoral Program ofIslamic Economy and Halal Industry, Faculty of Graduate School, Universitas Gadjah Mada, Yogyakarta, 55284, Indonesia and Department of Sharia Accounting, Faculty of Economics and Business Islam, UIN Sunan Kalijaga, Yogyakarta, 55281, Indonesia

Galuh Tri Pambekti is a lecturer at the Department of Sharia Accounting, Faculty of Islamic Economics and Business, UIN Sunan Kalijaga, Yogyakarta, Indonesia. She is also a doctoral candidate at Doctoral Program of Islamic Economy and Halal Industy, Universitas Gadjah Mada, Indonesia. Her research interests include Islamic finance, halal business, and Islamic Sustainability for Halal Supply Chain.

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