India set to launch first green bond offering valued at $2bn


The Reserve Bank of India plans to raise $2bn in its first-ever green bond offering to support green infrastructure projects in the country.

According to ESG Today, the issuance is planned in two 80 billion rupee ($970 million) tranches, including both 5- and 10-year maturities, with auction dates scheduled for January 25 and February 9.

India’s government recently introduced a series of climate-related goals, including a pledge made at the COP26 conference in Glasgow to reach net zero by 2070.

In August 2022, the government bolstered its Nationally Determined Contribution (NDC), including commitments to reduce emissions intensity by 45% and to transition to approximately 50% electric power from non-fossil-based sources.

Some of India’s goals include reaching 500 GW of non-fossil energy capacity and reducing carbon emissions by one billion tonnes by 2030.

The Indian government recently approved the National Green Hydrogen Mission, which has a strategy to establish India as a major green hydrogen production hub.

In November 2022, the government published its Sovereign Green Bonds framework, which outlined eligible use of proceeds from green bond issuances, as well as project selection and evaluation, management of proceeds and reporting obligations.

The framework includes a range of eligible green project categories, including renewable energy, energy efficiency, clean transportation, climate change adaptation, sustainable water and waste management, pollution prevention and control, green buildings, sustainable management of living natural resources and land use, and terrestrial and aquatic biodiversity conservation.

Cybersecurity solution provider SpiderOak has recently collected $16.4m in its Series C funding round.

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