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Seneca ESG
- January 11, 2023
The Indian government will issue INR160bn (USD1.93bn) of green bonds aimed at funding domestic green infrastructure, as reported by Reuters on January 9. This is India’s first sovereign green bond, which will be sold at two auctions due on January 25 and February 9. At both auctions, the Reverse Bank of India (RBI) will deliver two bonds worth INR40bn (USD4.83bn) each, maturing in five years and ten years. According to a framework designed for the green bond, proceeds from the auction will be mainly used for funding solar power projects, followed by wind and small hydropower projects. Due to environmental concerns, the government has excluded hydropower plants larger than 25 megawatts (MW), nuclear power generation, and projects involving fossil fuels.
India released its sovereign green bond framework in November 2022 and established a Green Finance Working Committee to oversee bond issuance. The committee will be responsible for selecting projects, ensuring that funds are disbursed within 24 months of the bond issuance, and reporting on the impact of projects. The Indian government also looks to hire a third-party external reviewer to ensure that funds are allocated in accordance with the green bond framework’s criteria every year. The efforts to promote green infrastructure align with India’s ambition to generate 50% of its power from non-fossil fuel sources by 2030, as well as its commitment to reducing its emissions intensity of GDP by 45% compared to 2005 levels.
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