India State of the Market

The Indian green bond market reached a cumulative issuance of USD 6.5 billion by July 2018, with 2017 seeing a significant surge to USD 3.8 billion. Renewable energy is the dominant sector for use of proceeds, and the market is driven by both government-backed entities and private sector corporates. A high proportion of deals utilize external reviews, with 47% of total issuance comprising Certified Climate Bonds.

• India's green bond market experienced rapid growth in 2017, with issuance reaching USD 3.8 billion, which was 2.4 times higher than the 2016 volume and represented 58% of the total cumulative issuance of USD 6.5 billion.
• Renewable energy is the primary driver of green bond use of proceeds in India, accounting for 77% of overall allocations and 83% of allocations in 2017.
• The market is characterized by a high concentration of issuance among a few top players who account for 64% of deal volume, with Greenko being the largest issuer at USD 1.5 billion.
• External verification is prevalent in the Indian market; 80% of deals by volume use either Certification under the Climate Bonds Standard, a second party opinion, or assurance. Specifically, Certified Climate Bonds make up 47% of total issuance.
• Indian issuers represent 33% of the total number of Certified Climate Bonds from emerging markets.

APA

Climate Bonds Initiative (2018). India State of the Market. https://www.climatebonds.net/files/documents/publications/INDIA-country-briefing_Climate-Bonds-Initiative_July-20181.pdf

Chicago

Climate Bonds Initiative. India State of the Market. 2018. https://www.climatebonds.net/files/documents/publications/INDIA-country-briefing_Climate-Bonds-Initiative_July-20181.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=India State of the Market |date=July 2018 |url=https://www.climatebonds.net/files/documents/publications/INDIA-country-briefing_Climate-Bonds-Initiative_July-20181.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018india, author = {{Climate Bonds Initiative}}, title = {{India State of the Market}}, institution = {Climate Bonds Initiative}, year = {2018}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/INDIA-country-briefing_Climate-Bonds-Initiative_July-20181.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }