Dept. of Public Administration, FISIP Universitas Sebelas Maret, Jl. Ir. Sutami 36A Surakarta 57126, Jawa Tengah – Indonesia

Email: didikgsuharto@staff.uns.ac.id

This research aims to analyze the forms of investment policy that can disrupt environmental conservation and the role of stakeholder in maintaining environmental conservation. The research method used was systematic literature review with the following procedures: using keywords in database to find relevant journal articles, eliminating journals irrelevant with some criteria, and analyzing the findings of journals selected. The result of research shows that investment policy damaging the environmental conservation is dominated by investment in energy sector. In addition to energy sector, another investment policy that can disrupt environmental conservation is investment in tourism sector; micro-, small-, and medium-scale enterprise (MSME); infrastructure; and plantation sectors. The role of stakeholders participating in environmental conservation effort due to investment policy builds on the role of local government, central government, and Non-Government Organization.