• ESG-related stock indices in Indonesia, such as the IDX ESG Leaders and SRI-KEHATI, do not always perform better than the overall market both in terms of earnings (ROE) and price (cumulative price change and 12M trailing price performance). However, they have lower overall ESG risk which may serve as a useful hedge against long-term risks associated with investing in “poor ESG” companies. • The growth in the issuance of various types of sustainable bonds (green bond, sustainability bond, sustainability linked bond) has been noteworthy. However, there are still opportunities for expansion since the total sustainable bond outstanding is still relatively small compared to the entire bond market