India plans USD-3.2bn sale of sovereign green bonds - report

Wind park in India. Featured Image: Regien Paassen/Shutterstock.com

March 18 (Renewables Now) - India is considering launching a placement of at least INR 240 billion (USD 3.16bn/EUR 2.85bn)n worth of sovereign green bonds in a bid to raise funds for renewable energy projects supporting its net-zero ambitions, Bloomberg reports.

The proposed deal, set to be the country’s first offering of green bonds, could kick off in the first half of the fiscal year starting on April 1, knowledgeable sources have told the news agency.

According to the unnamed sources, India may go for subsequent offerings of such securities, depending on the response to the initial placement.

Back in 2019, India set a goal to become net-zero by 2070, while by 2030, the country will aim to meet 50% of its energy requirements from renewables. Being the world’s third-biggest emitter of greenhouse gases, the Asian nation will strive to lift its non-fossil energy capacity to 500 GW by 2030, cut total projected carbon emissions by 1 billion tonnes until 2030 and lower the carbon intensity of its economy by 45%.

India aims to have 175 GW of installed renewable power generation capacity by end-2022 and 500 GW by 2030. At the end of 2021, some 151.4 GW of renewable plants were in operation.

(INR 10 = USD 0.132/EUR 0.119)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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