Top U.S. investor BlackRock has ranked as the leading asset manager for funds labeled under environmental, social, and governance (ESG) themes in the first quarter of 2025. According to Bloomberg Intelligence, BlackRock’s assets under management (AUM) in ESG exchange-traded funds (ETFs) reached US$229 billion by the end of Q1 2025. Specifically, the funds were mostly allocated in the EMEA (Europe, Middle East, and Africa) region at US$163.2 billion, and the Americas at US$59.6 billion. In the Asia-Pacific region, Cathay Financial led the ESG ETF fund management with US$12.8 billion, followed by Capital Securities with US$8.5 billion and TA Associates with US$3.5 billion.

In the Indonesian market, BlackRock and other major investors such as Norges Bank—the sovereign wealth fund of Norway—and Vanguard were actively accumulating shares with top ESG scores. Norges Bank notably adjusted its equity position in PT Pertamina Geothermal Energy Tbk. (PGEO), which is the only company listed on the Indonesia Stock Exchange (IDX) with an ESG score below 10, specifically 7.11, placing it in the negligible risk category. Based on Bloomberg Terminal data, Norges held just 1.05 million PGEO shares in Q1 2024, which surged to 140.56 million shares in Q2 2024. By the end of Q1 2025, Norges held 127.89 million shares, unchanged from the end of 2024.

Norges also invested in PT Mitra Pinasthika Mustika Tbk. (MPMX), which has an ESG score of 10.1, classified as low risk. Their holding jumped from 399,752 shares in Q1 2024 to 59.80 million shares in Q2 2024, and further increased to 60.42 million shares in Q4 2024—remaining steady into early Q2 2025.

State toll road operator PT Jasa Marga (Persero) Tbk. (JSMR), with an ESG score of 10.73, also attracted heavyweight investors. Norges Bank held 146.41 million shares by the end of Q1 2025, a sharp increase of 11,859% from 1.22 million shares in the same quarter the previous year. Vanguard also held 86.20 million JSMR shares as of March 2025, up from 85.39 million at the end of 2024. BlackRock’s holdings in JSMR were 47.78 million shares at the start of Q2 2025, down from 50.80 million in Q1.

Retailer PT Erajaya Swasembada Tbk. (ERAA), with an ESG score of 13.92 and a component of the IDXESGL index, was also part of Norges Bank’s portfolio. The fund increased its holding from 2.06 million shares in Q1 2024 to 279.81 million shares in Q1 2025, signaling massive accumulation over the year.

PT Elang Mahkota Teknologi Tbk. (EMTK), which holds an ESG score of 14.17, has also drawn major investor attention—including GIC Pte Ltd, Singapore’s sovereign wealth fund. GIC held 4.29 billion EMTK shares in Q1 2025, unchanged from the same period last year. Vanguard increased its position from 955.87 million shares at the end of 2024 to 961.43 million by the end of Q1 2025. Norges also saw a significant year-on-year increase, from just 1.47 million EMTK shares in Q1 2024 to 148.27 million shares in Q1 2025.