Renewable energy - #SectorUpdates
Finance Ministry has approved and released the final Sovereign Green Bonds Framework to fund environmentally sustainable projects. The Ministry and RBI have already decided to raise Rs 16,000 crore through such bonds during H2 of FY 23. The proceeds from green bond issuances will be deposited in the Consolidated Fund of India in line with the regular treasury policy and will then be made available for eligible green projects. The categories of projects that will cover under the framework include renewable energy, energy-efficient buildings, electrification of public transport and climate resilient infrastructure. It would also include organic farming, flood and climate warning systems and land and marine biodiversity projects. The framework will strengthen India’s commitment towards its Nationally Determined Contribution (NDCs) targets, adopted under the Paris Agreement, and help in attracting global and domestic investments in eligible green projects and will boost India’s efforts towards energy transition.