Institutional Repository UIN Sunan Kalijaga YogyakartaPERLINDUNGAN HUKUM BAGI INVESTOR PADA PASAR KARBON WAJIB DAN PASAR SUKARELA DALAM PERDAGANGAN KARBON (STUDI KOMPARASI DI INDONESIA DAN UNI EROPA)NIM.: 22103040139Anhar Wijaya Nur ArochmanauthorCarbon trading is one of the instruments for achieving the Nationally Determined Contribution (NDC) target, which represents each country's commitment under the Paris Agreement 2015 to control greenhouse gas emissions globally. Indonesia has established carbon trading through both mandatory and voluntary carbon markets under Presidential Regulation No. 110 of 2025. However, legal protection for carbon investors still faces significant challenges, including fragmented regulation, risks of double counting, manipulation of Monitoring, Reporting, and Verification (MRV) data, as well as greenwashing risks and legal uncertainty. Meanwhile, the European Union has developed a well-established carbon trading system through the European Union Emissions Trading System (EU ETS) based on Directive 2003/87/EC for the mandatory market and Regulation (EU) 2024/3012 on the Carbon Removal Certification Framework (CRCF) for the voluntary market, making this comparative study essential to conduct. To achieve this focus, normative legal research with a comparative descriptive analytical character is employed, using comparative law (comparative approach) as the primary research approach. The research data is derived from secondary sources comprising primary, secondary, and tertiary legal materials analyzed qualitatively. Legal materials were collected through library research and document study. The theoretical frameworks employed as analytical tools include comparative law theory according to Soerjono Soekanto and Satjipto Rahardjo, legal protection theory according to Philipus M. Hadjon which divides legal protection into preventive and repressive forms, and legal certainty theory according to Gustav Radbruch and Maria Farida Indrati to examine the implications for legal certainty. The findings reveal that legal protection for carbon investors in Indonesia is scattered and not yet integrated, with no clear normative separation between mandatory and voluntary carbon markets. Preventive legal protection relies on the MRV system and OJK supervision over the Carbon Exchange, while repressive protection depends on civil litigation and administrative courts without criminal sanctions. By contrast, the European Union has a more integrated system with preventive protection through ESMA, MSR, and CBAM, while its repressive legal protection encompasses administrative sanctions, criminal penalties, and the preliminary ruling mechanism before the CJEU. The commonalities between the two systems lie in their commitment to the Paris Agreement 2015, recognition of carbon economic value, and use of MRV and registration systems. The differences result in lower legal certainty in Indonesia compared to the European Union, potentially hindering the long-term growth of its carbon market.340.1 Perlindungan Hukum2026-04-29UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS SYARI’AH DAN HUKUMThesis

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