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India will issue at least 240 billion rupees in sovereign green bonds to make a shift toward a low carbon economy, a step towards its commitment to decarbonization and other climate goals.
It will be an onshore rupee-denominated bond.
This step of government can serve as a role model for the other types of issuers and contribute to the development of the green finance market.
It is also a step in the direction of India to quadruple its renewable energy capacity by 2030 since India is the third-largest emitter of greenhouse gas in the world as per the Global carbon project report.
What is a Green bond?
It is an instrument designated to encourage sustainability and to support climate-related or other types of special environmental projects.
It is being designed to mobilize money for climate and environment-related projects to boost green investment for a sustainable climate.
The world bank is a major issuer of this Green bond that has issued 164 such bonds since 2008.
According to the climate bond initiative, a total worth of $270 billion in green bonds was issued in 2020.
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