Municipal green bond

    ESG & Governance

    A green bond issued by a city or urban local body to fund projects such as sewage treatment, water supply or solar power.

    Indian cities have issued four green-labelled municipal bonds, totalling ₹694 crore, according to CEEW: Ghaziabad (2021, ₹150 crore, sewage treatment), Indore (2023, ₹244 crore, a 60 MW solar plant), Ahmedabad (February 2024, ₹200 crore) and Vadodara (February 2024, ₹100 crore). CEEW estimates that the market could reach about ₹20,000 crore by 2030 with the right reforms, but weak city finances and limited capacity hold it back.

    Related terms

    Green bondGreeniumUse of proceeds

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