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ARTICLE · 28 SEPTEMBER 2022

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India And Green Bonds: Where We Are

BTG Advaya
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Earlier this year in February 2022, the Indian Finance Minister announced the prospective issue of ‘sovereign green bonds', to finance infrastructure and meet clean energy goals.

IndiaFinance and Banking
Parveen Arora
Parveen Arora
Shloka Vaidialingam
Shloka Vaidialingam
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Earlier this year in February 2022, the Indian Finance Minister announced the prospective issue of 'sovereign green bonds', to finance infrastructure and meet clean energy goals1. This type of government-backed measure recognizes the need for financial instruments to encourage investments in such areas, by providing investment opportunities to the public at large.

Green bonds are regular bonds/ debt instruments for raising investment to finance green projects. The earmarking of the funds raised is their distinguishing feature, with the issuing entity declaring publicly that the funds will be put to a specified use with an environmental benefit.

The initial issues of such instruments in India were by Indian financial institutions (Yes Bank Ltd., Exim Bank of India) and a corporate entity (CLP Wind Farms) in 2015. Since then, there have been a slew of green bond and sustainability-linked bond issues by Indian companies. However, at present most of the green

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