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India to Issue First Sovereign Green Bonds  

The Reserve Bank of India (RBI) has announced the details of the country’s first-ever sovereign green bond issuance, which will launch later this month. The RBI said the issuance will be worth INR 160 billion (US$1.9 billion), split equally between two tranches for the current financial year. A five-year bond worth INR 40 billion and a ten-year green bond of an equivalent amount will be issued by auction on 25 January, followed by two more issuances on 9 February. There will be no limit on overseas investment in the sovereign green bond issuance due to them being designated as specified securities under the ‘Fully Accessible Route’ for investment by non-residents, with 5% of the sale reserved for retail investors. According to India’s framework for sovereign green bonds, which was issued in November 2022 and based on International Capital Market Association’s green bond principles, the proceeds from the issuance will be used to finance or refinance green projects. These projects include investments in renewable energy, climate change adaptation, and pollution and prevention control.  

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