Carbon Emission Disclosure Quality and GRI-Based Decarbonization Practices at ANTAM
Keywords:
carbon emission disclosure; decarbonization; GRI Standards; content analysis; ANTAM
Abstract
This study assesses the quality of carbon emission disclosure and examines decarbonization practices at PT Aneka Tambang Tbk (ANTAM) using the GRI Standards as the benchmark for evaluation. A qualitative descriptive design with content analysis was applied to ANTAM’s 2024 Annual Report, comprising 976 pages. Fourteen disclosure items derived from GRI 305 (Emissions), GRI 302 (Energy), GRI 3-3 (Management of Material Topics) and GRI 2-5 (External Assurance) were scored on a four-point ordinal scale, ranging from zero to three, producing a disclosure quality index. The results show an index of 26.19 %, categorised as low. Emissions are reported only in aggregate, namely 1.42 million tCO2e or a thirteen % decline year on year, without Scope 1, 2 and 3 disaggregation, emission intensity, ozone-depleting substances, or other significant air emissions. Conversely, decarbonization practices are relatively advanced, covering grid electricity transition, B35 biodiesel, solar road lighting, a decarbonization roadmap with a 2019 baseline, board-level key performance indicators, carbon risk registers, and 190,813 trees planted. The study identifies an accountability gap in which physical decarbonization performance is not matched by measurable and verifiable reporting.
References
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Rohani, A., Jabbour, M., & Aliyu, S. (2023). Corporate incentives for obtaining higher level of carbon assurance: Seeking legitimacy or improving performance? Journal of Applied Accounting Research, 24(4), 701–725. https://doi.org/10.1108/JAAR-03-2022-0055
Saha, A. K., Saha, B., Choudhury, T., & Jie, F. (2019). Quality versus volume of carbon disclosures and carbon reduction targets: Evidence from UK higher education institutions. Pacific Accounting Review, 31(3), 413–437. https://doi.org/10.1108/PAR-11-2018-0092
Schenzle, L., & Busch, T. (2026). Navigating the net zero transition: Towards improved effectiveness of corporate decarbonization strategies. Business Strategy and the Environment, 35(3), 3774–3789. https://doi.org/10.1002/bse.70358
Sousa, I. C. D., Sigahi, T. F. A. C., Zanon, L. G., Rampasso, I. S., Moraes, G. H. S. M. D., Leal Filho, W., & Anholon, R. (2026). Critical points regarding verifiability in Brazilian companies’ sustainability reports: A fuzzy TOPSIS class perspective. Corporate Communications, 1–22. https://doi.org/10.1108/CCIJ-03-2025-0064
Talbot, D., & Barbat, G. (2020). Water disclosure in the mining sector: An assessment of the credibility of sustainability reports. Corporate Social Responsibility and Environmental Management, 27(3), 1241–1251. https://doi.org/10.1002/csr.1880
Talbot, D., & Boiral, O. (2018). GHG reporting and impression management: An assessment of sustainability reports from the energy sector. Journal of Business Ethics, 147(2), 367–383. https://doi.org/10.1007/s10551-015-2979-4
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Wahyuningrum, I. F. S., Widhi Rizkyana, F., Pertiwi, M. I., Hasna Pratista, A. R., Tauhida, T. T. Z., Cahaya, F. R., & Puspita, A. S. (2026). Corporate governance and carbon emissions disclosure: Evidence from non-financial companies in Indonesia. Cogent Business and Management, 13(1), 2681261. https://doi.org/10.1080/23311975.2026.2681261
Widhiastuti, R., & Safitri, M. A. (2023). Institutional ownership in encouraging carbon emission disclosure for mining companies, basic industries and chemicals in Indonesia. Journal of Environmental Management and Tourism, 14(3), 632–644. https://doi.org/10.14505/jemt.v14.3(67).03
Widianingsih, L. P., & Kohardinata, C. (2024). Carbon emission disclosure and PROPER: Are they attractive to foreign investors? Uncertain Supply Chain Management, 12(3), 1903–1910. https://doi.org/10.5267/j.uscm.2024.2.013
Xhindole, C., & Tarquinio, L. (2025). An examination of assurance practices on carbon emission disclosures: Evidence from Italy and Spain. Corporate Social Responsibility and Environmental Management, 32(6), 8111–8124. https://doi.org/10.1002/csr.70123
Xu, W., Sun, Z., & Ni, H. (2024). Transparency pays: How carbon emission disclosure lowers cost of capital. Economic Analysis and Policy, 83, 165–177. https://doi.org/10.1016/j.eap.2024.05.020
Yustina, A. I., Dewi, C. N., Mahmudah, H., & Andreanantenaina, H. (2024). Corporate governance mechanism for carbon emission disclosure: Evidence from state-owned enterprises in Indonesia. Global Business and Finance Review, 29(4), 28–42. https://doi.org/10.17549/gbfr.2024.29.4.28
Bui, B., & de Villiers, C. (2017). Carbon emissions management control systems: Field study evidence. Journal of Cleaner Production, 166, 1283–1294. https://doi.org/10.1016/j.jclepro.2017.08.150
Choy, L. Y. (2026). Application of the Global Reporting Initiative Standards and sustainability disclosure performance: An analysis of the largest Chinese companies listed in Hong Kong. Accounting, Economics and Law: A Convivium, 16(1), 97–174. https://doi.org/10.1515/ael-2022-0082
Comyns, B. (2016). Determinants of GHG reporting: An analysis of global oil and gas companies. Journal of Business Ethics, 136(2), 349–369. https://doi.org/10.1007/s10551-014-2517-9
Datt, R., Prasad, P., Vitale, C., & Prasad, K. (2022). International evidence of changing assurance practices for carbon emissions disclosures. Meditari Accountancy Research, 30(6), 1594–1628. https://doi.org/10.1108/MEDAR-09-2020-1005
Datt, R. R., Luo, L., & Tang, Q. (2019). Corporate voluntary carbon disclosure strategy and carbon performance in the USA. Accounting Research Journal, 32(3), 417–435. https://doi.org/10.1108/ARJ-02-2017-0031
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852
Depoers, F., Jeanjean, T., & Jérôme, T. (2016). Voluntary disclosure of greenhouse gas emissions: Contrasting the Carbon Disclosure Project and corporate reports. Journal of Business Ethics, 134(3), 445–461. https://doi.org/10.1007/s10551-014-2432-0
Fransisca, S., Robiani, B., & Meutia, I. (2024). Development of carbon emission disclosure indicators in Indonesia and analysis of determining factors. Qubahan Academic Journal, 4(3), 242–262. https://doi.org/10.48161/qaj.v4n3a617
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Gerged, A. M., Matthews, L., & Elheddad, M. (2021). Mandatory disclosure, greenhouse gas emissions and the cost of equity capital: UK evidence of a U-shaped relationship. Business Strategy and the Environment, 30(2), 908–930. https://doi.org/10.1002/bse.2661
Global Reporting Initiative. (2016a). GRI 302: Energy 2016. GRI.
--------------. (2016b). GRI 305: Emissions 2016. GRI.
--------------. (2021). GRI 1: Foundation 2021. GRI.
Green, W., & Zhou, S. (2013). An international examination of assurance practices on carbon emissions disclosures. Australian Accounting Review, 23(1), 54–66. https://doi.org/10.1111/j.1835-2561.2012.00186.x
Hahn, R., Reimsbach, D., & Schiemann, F. (2015). Organizations, climate change, and transparency: Reviewing the literature on carbon disclosure. Organization & Environment, 28(1), 80–102. https://doi.org/10.1177/1086026615575542
Hettler, M., & Graf-Vlachy, L. (2024). Corporate scope 3 carbon emission reporting as an enabler of supply chain decarbonization: A systematic review and comprehensive research agenda. Business Strategy and the Environment, 33(2), 263–282. https://doi.org/10.1002/bse.3486
Krippendorff, K. (2019). Content analysis: An introduction to its methodology (4th ed.). SAGE Publications.
Li, J., Peng, X., Gao, J., & Tang, Q. (2025). Detecting greenwashing behaviour in decarbonization performance. Accounting and Finance, 65(4), 3739–3762. https://doi.org/10.1111/acfi.70088
Luo, L., & Tang, Q. (2014). Does voluntary carbon disclosure reflect underlying carbon performance? Journal of Contemporary Accounting & Economics, 10(3), 191–205. https://doi.org/10.1016/j.jcae.2014.08.003
Luo, L., & Tang, Q. (2023). The real effects of ESG reporting and GRI standards on carbon mitigation: International evidence. Business Strategy and the Environment, 32(6), 2985–3000. https://doi.org/10.1002/bse.3281
Machado, B. A. A., Dias, L. C. P., & Fonseca, A. (2021). Transparency of materiality analysis in GRI-based sustainability reports. Corporate Social Responsibility and Environmental Management, 28(2), 570–580. https://doi.org/10.1002/csr.2066
Mikes, A., & Metzner, M. (2023). Lightening the carbon load: Using management control systems to manage decarbonization strategies. Journal of Management Accounting Research, 35(3), 121–151. https://doi.org/10.2308/JMAR-2022-030
Orozco, D. T., & Pla-Barber, J. (2026). Decarbonization boundary choices and the effectiveness of stakeholder engagement in voluntary climate action commitments: Evidence from emerging economies. Business Strategy and the Environment. https://doi.org/10.1002/bse.71047
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik [Financial Services Authority Regulation No. 51/POJK.03/2017 on the Implementation of Sustainable Finance]. OJK.
Özkan, A. (2025). A content analysis of GRI Standards in XTEKS listed companies sustainability reporting. Tekstilec, 68(2). https://doi.org/10.14502/tekstilec.68.2024107
Peraturan Presiden Republik Indonesia Nomor 98 Tahun 2021 tentang Penyelenggaraan Nilai Ekonomi Karbon untuk Pencapaian Target Kontribusi yang Ditetapkan secara Nasional dan Pengendalian Emisi Gas Rumah Kaca dalam Pembangunan Nasional [Presidential Regulation No. 98 of 2021 on the Implementation of Carbon Economic Value]. (2021). Sekretariat Negara Republik Indonesia.
PT Aneka Tambang Tbk. (2025). Laporan Tahunan 2024: Kemitraan yang Bersinergi untuk Keberlanjutan yang Bermakna [2024 Annual Report]. PT Aneka Tambang Tbk. https://www.antam.com
Ratmono, D., Darsono, D., & Selviana, S. (2021). Effect of carbon performance, company characteristics and environmental performance on carbon emission disclosure: Evidence from Indonesia. International Journal of Energy Economics and Policy, 11(1), 101–109. https://doi.org/10.32479/ijeep.10456
Rohani, A., Jabbour, M., & Aliyu, S. (2023). Corporate incentives for obtaining higher level of carbon assurance: Seeking legitimacy or improving performance? Journal of Applied Accounting Research, 24(4), 701–725. https://doi.org/10.1108/JAAR-03-2022-0055
Saha, A. K., Saha, B., Choudhury, T., & Jie, F. (2019). Quality versus volume of carbon disclosures and carbon reduction targets: Evidence from UK higher education institutions. Pacific Accounting Review, 31(3), 413–437. https://doi.org/10.1108/PAR-11-2018-0092
Schenzle, L., & Busch, T. (2026). Navigating the net zero transition: Towards improved effectiveness of corporate decarbonization strategies. Business Strategy and the Environment, 35(3), 3774–3789. https://doi.org/10.1002/bse.70358
Sousa, I. C. D., Sigahi, T. F. A. C., Zanon, L. G., Rampasso, I. S., Moraes, G. H. S. M. D., Leal Filho, W., & Anholon, R. (2026). Critical points regarding verifiability in Brazilian companies’ sustainability reports: A fuzzy TOPSIS class perspective. Corporate Communications, 1–22. https://doi.org/10.1108/CCIJ-03-2025-0064
Talbot, D., & Barbat, G. (2020). Water disclosure in the mining sector: An assessment of the credibility of sustainability reports. Corporate Social Responsibility and Environmental Management, 27(3), 1241–1251. https://doi.org/10.1002/csr.1880
Talbot, D., & Boiral, O. (2018). GHG reporting and impression management: An assessment of sustainability reports from the energy sector. Journal of Business Ethics, 147(2), 367–383. https://doi.org/10.1007/s10551-015-2979-4
Tarigan, E. S., Muharam, H., & Mawardi, W. (2025). Carbon emission disclosure and environmental performance in mining industry: Exploring the moderating effect of competitive business strategy on financial performance in the context of corporate sustainability. Economic Annals-XXI, 216(7–8), 35–40. https://doi.org/10.21003/ea.V216-05
Velte, P., Stawinoga, M., & Lueg, R. (2020). Carbon performance and disclosure: A systematic review of governance-related determinants and financial consequences. Journal of Cleaner Production, 254, 120063. https://doi.org/10.1016/j.jclepro.2020.120063
Wahyuningrum, I. F. S., Widhi Rizkyana, F., Pertiwi, M. I., Hasna Pratista, A. R., Tauhida, T. T. Z., Cahaya, F. R., & Puspita, A. S. (2026). Corporate governance and carbon emissions disclosure: Evidence from non-financial companies in Indonesia. Cogent Business and Management, 13(1), 2681261. https://doi.org/10.1080/23311975.2026.2681261
Widhiastuti, R., & Safitri, M. A. (2023). Institutional ownership in encouraging carbon emission disclosure for mining companies, basic industries and chemicals in Indonesia. Journal of Environmental Management and Tourism, 14(3), 632–644. https://doi.org/10.14505/jemt.v14.3(67).03
Widianingsih, L. P., & Kohardinata, C. (2024). Carbon emission disclosure and PROPER: Are they attractive to foreign investors? Uncertain Supply Chain Management, 12(3), 1903–1910. https://doi.org/10.5267/j.uscm.2024.2.013
Xhindole, C., & Tarquinio, L. (2025). An examination of assurance practices on carbon emission disclosures: Evidence from Italy and Spain. Corporate Social Responsibility and Environmental Management, 32(6), 8111–8124. https://doi.org/10.1002/csr.70123
Xu, W., Sun, Z., & Ni, H. (2024). Transparency pays: How carbon emission disclosure lowers cost of capital. Economic Analysis and Policy, 83, 165–177. https://doi.org/10.1016/j.eap.2024.05.020
Yustina, A. I., Dewi, C. N., Mahmudah, H., & Andreanantenaina, H. (2024). Corporate governance mechanism for carbon emission disclosure: Evidence from state-owned enterprises in Indonesia. Global Business and Finance Review, 29(4), 28–42. https://doi.org/10.17549/gbfr.2024.29.4.28
Published
2026-08-23
How to Cite
Ilham A. Fattah, Arianto Taliding, Marda Yunita Bendon, & Surya Anggraeni Sayitno. (2026). Carbon Emission Disclosure Quality and GRI-Based Decarbonization Practices at ANTAM. International Journal of Economics, Business and Innovation Research, 5(05), 2019-2038. https://doi.org/10.63922/ijebir.v5i05.6145
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