India auctioned Rs.200 billion worth sovereign green bonds in FY24

03 Jun 2024 CW Team

The government auctioned sovereign green bonds worth Rs.200 billion in FY24 as compared to Rs.160 billion in FY23 to mobilise resources for green infrastructure projects, particularly for expanding renewable energy capacity.

Besides, foreign direct investment (FDI) flows towards non-conventional energy surpassed $2 billion for the second consecutive year, the latest edition of the CEEW Centre for Energy Finance (CEEW-CEF) Market Handbook revealed.

It said that the Reserve Bank of India concluded four sovereign green bonds auctions of Rs.200 billion vs Rs.160 billion in FY23, whose proceeds may be used to finance or refinance eligible green projects, it pointed out, adding that all the sovereign green bonds (SGrB) in FY24 were oversubscribed.

The SGrB offerings were 5-year (New SGrB 2028), 10-year (New SGrB 2033) and 30-year (New SGrB 2054 and 7.37 percent SGrB 2054), the CEEW-CEF report said. Apart from the 7.37 percent SGrB 2054, all other offerings’ coupon rates were yield-based which after auctions came out to be 7.25 per cent, 7.24 per cent and 7.37 per cent, respectively, it added. In FY24, the repo rate remained pegged at 6.5.

The SBI MCLR (1-year) rate was increased by 50 basis points twice in FY24, from 8.5 per cent in April 2024 to 8.65 per cent in March 2024, it pointed out.

The proceeds from these bonds are deployed in public sector projects, focusing on sectors such as clean transportation, renewable energy and sustainable water management. This will help reduce the economy’s carbon intensity in line with the commitments made under the nationally determined contributions (NDCs).

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