Since the June 2016 publication of the Bonds and Climate Change 2016: India Edition, the nation remains at the top 10 of labelled green bonds issuance, with a total of USD 3.2bn issued as of 5th April 2017.
Indian issuers continue to be a world example of best practice, with an increasing number of bonds being Certified under the Climate Bonds Standard.
Use of Proceeds
In total 68% of green bonds proceeds are allocated for renewable energy projects, bringing India closer together to its 175GW clean energy target by 2022.
Of the remainder, Low carbon transport makes up 21%, low carbon buildings and energy efficiency 10% and sustainable water management at 1%.
India has now issued thirteen green bonds, with more in the pipeline. Of the 14 green bonds issued by India registered entities, 6 have been listed in Singapore, with several dual listed in London or Berlin.
With green bond regulatory reform from SEBI underway and the support of the India Green Bonds Council, the potential now exists for India to attract significant international capital via a robust green bond market to meet national climate and development goals.
Download the India Update April 2017 here.