Analisis Strategi Pengembangan Bisnis Karbon: Studi Pada PT Pupuk Indonesia (Persero)

Rina Mariyana, Prof. Wihana Kirana Jaya, M.Soc.Sc., Ph.D.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan untuk menganalisis strategi pengembangan bisnis karbon pada PT Pupuk Indonesia (Persero) (PTPI) dengan mengkaji kesiapan internal, kondisi eksternal, potensi penciptaan nilai ekonomi, serta perumusan strategi dan roadmap berbasis analisis SWOT (Strengths, Weaknesses, Opportunities, Threats) dan penciptaan nilai ekonomi untuk mencapai keunggulan bersaing, dengan mengacu pada kerangka Resource-Based View (RBV) dan dynamic capabilities. Penelitian ini menggunakan pendekatan studi kasus dengan desain mixed methods, yang mengombinasikan analisis kualitatif melalui wawancara mendalam, observasi, dan studi dokumen, serta analisis kuantitatif untuk menilai potensi nilai ekonomi dari bisnis karbon.

Hasil penelitian menunjukkan bahwa PTPI memiliki sumber daya internal yang kuat yang memenuhi karakteristik valuable, rare, inimitable, sedangkan kesiapan organisasi dan kapabilitas masih dalam pengembangan. Ditinjau dari kondisi lingkungan eksternal, regulasi karbon di Indonesia masih berada dalam tahap pengembangan dan bersifat dinamis. Dari sisi pasar, pasar karbon domestik bersifat oligopoli terkonsentrasi, supply-driven dan policy-driven, ditandai oleh harga karbon yang relatif rendah serta permintaan yang masih bergantung pada
kebijakan pemerintah. Meskipun demikian, potensi permintaan diperkirakan meningkat seiring dengan rencana implementasi pasar karbon mandatori, khususnya pada sektor industri. Sementara itu, pasar karbon internasional bersifat oligopoli terdiferensiasi, demand-driven, dan quality-driven, dengan tingkat harga yang lebih tinggi serta meningkatnya preferensi terhadap kredit karbon berintegritas tinggi.

Bisnis karbon mampu menciptakan nilai melalui penjualan carbon allowance pada pasar mandatori dan kredit karbon pada pasar sukarela. Analisis SWOT menunjukkan bahwa perusahaan memiliki kekuatan sumber daya internal dan peluang besar, namun masih menghadapi keterbatasan kapabilitas dan kesiapan organisasi, serta risiko eksternal. Strategi diarahkan melalui dual market strategy, yaitu memanfaatkan pasar domestik sebagai sarana membangun posisi awal dan kesiapan terhadap pasar mandatori, serta menjadikan pasar sukarela internasional
sebagai sumber utama penciptaan nilai. Pada pasar internasional, strategi difokuskan pada diferensiasi berbasis kualitas melalui pengembangan proyek kategori removal yang mampu menghasilkan kredit karbon berintegritas tinggi. Implementasi strategi ini perlu didukung oleh penguatan fondasi organisasi, penguatan kapabilitas MRV (Measurement, Reporting & Verification), pemilihan registri yang tepat, dan kemitraan strategis, melalui roadmap empat fase bertahap.

This study aims to analyze the carbon business development strategy of PT Pupuk Indonesia (Persero) (PTPI) by examining its internal readiness, external conditions, potential for economic value creation, and the formulation of strategies and a roadmap based on SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and economic value creation to achieve competitive advantage, with reference to the Resource-Based View (RBV) and dynamic capabilities frameworks. This study employs a case study approach with a mixed methods design, combining qualitative analysis through in-depth interviews, observation, and document review, as well as quantitative analysis to assess the potential economic value of the carbon
business.
The findings indicate that PTPI possesses strong internal resources that meet the characteristics of being valuable, rare, and inimitable, while its organizational readiness and capabilities are still under development. From the perspective of the external environment, carbon regulation in Indonesia remains in the development stage and continues to be dynamic. In terms of market conditions, the domestic carbon market is characterized as a concentrated oligopoly, supplydriven, and policy-driven, as reflected in relatively low carbon prices and demand
that remains dependent on government policy. Nevertheless, demand is expected to increase in line with the planned implementation of a mandatory carbon market,
particularly in the industrial sector. Meanwhile, the international carbon market is characterized as a differentiated oligopoly, demand-driven, and quality-driven, with higher price levels and increasing preference for high-integrity carbon credits.
The carbon business has the potential to create value through the sale of carbon allowances in the mandatory market and carbon credits in the voluntary market. The SWOT analysis shows that the company has strong internal resources and significant opportunities, but still faces capability and organizational readiness limitations, as well as external risks. The strategy is directed through a dual market strategy, which involves utilizing the domestic market as a platform to build an initial position and readiness for the mandatory market, while positioning the international voluntary market as the primary source of value creation. In the international market, the strategy focuses on quality-based differentiation through the development of removal projects capable of generating high-integrity carbon credits.
The implementation of this strategy needs to be supported by the strengthening of organizational foundations, the enhancement of MRV (Measurement, Reporting, and Verification) capabilities, the selection of appropriate registries, and strategic partnerships. These efforts should be carried out through through a phased four-stage roadmap.

Kata Kunci : bisnis karbon, resource-based view, dynamic capabilities, penciptaan nilai ekonomi, pasar karbon, strategi diferensiasi.