Analysis of Compliance Levels and Comparison of Disclosure of GRI 2021 Sustainability Report on New and Renewable Energy Companies

Research Aims: This study aims to analyze the level of compliance with sustainability report disclosure based on GRI 2021 on companies in the new and renewable energy sector in Indonesia. This research is motivated by the urgency of supporting the national net zero emission target and the increasing demands for transparency and accountability from stakeholders. Design/methodology/approach: This study uses a descriptive-comparative approach with a content analysis method for the 2024 sustainability report on five companies (PGEO, BREN, PTBA, DSSA, and MEDC). The compliance assessment was carried out based on the indicators GRI 2, GRI 3, GRI 200, GRI 300, and GRI 400. Each indicator is assessed using a binary scale, then the percentage is calculated and classified according to the GRI 2021 compliance criteria. Research Findings: The results showed significant variation in compliance levels. PTBA (97%), PGEO (86%), and MEDC (86%) are classified as Well Applied, while DSSA (64%) and BREN (53%) are classified as Partially Applied. State-owned companies tend to have more comprehensive disclosures due to regulatory pressures and higher public expectations. Companies with low scores need to improve disclosure on economic, environmental, and social aspects to align with international reporting standards. Theoretical Contribution/Originality: This research strengthens the relevance of legitimacy theory in explaining the disclosure behavior of companies in the new and renewable energy sector. Comprehensive sustainability reports are used as a means of gaining and retaining stakeholder support. The research findings make an empirical contribution to the sustainability reporting literature in Indonesia as well as practical implications for regulators, investors, and companies to improve transparency, accountability, and alignment with renewable energy targets and national sustainable development. Keywords: Global Reporting Initiative, New Renewable Energy, Compliance Levels, Legitimacy Theory, Sustainability Reporting