Paradoks Hilirisasi Nikel: Analisis Risiko Lingkungan dan Pendanaan Bank BUMN pada Teknologi HPAL di Sulawesi Tengah

Abstract

Global net-zero ambitions have undeniably positioned nickel as the "new gold" in the battery supply chain, yet beneath this green narrative lies a destructive ecological reality. This study unpacks the paradox of nickel downstreaming in Central Sulawesi, exposing the stark contrast between sustainable finance mandates and the actual funding practices of Indonesia's state-owned banks regarding High-Pressure Acid Leaching (HPAL) technology. Through a qualitative lens, the research reveals that credit flows amounting to at least USD 2.5 billion serve as the primary fuel for a pattern of "new extractivism". Despite being normatively bound by OJK Regulation No. 51/2017, national banks tend to treat these rules as mere administrative formalities—essentially "paper tigers"—in favor of short-term profitability. Consequently, serious mitigation risks are sidelined, resulting in the massive accumulation of toxic tailings that not only degrade the marine environment of Morowali but also marginalize local fishermen and entrench structural poverty. The paper asserts that without a radical ethical correction from the financial sector, Indonesia’s energy transition remains a hollow illusion, purchased at the cost of environmental devastation and social injustice.