India State of the Market

This July 2018 briefing by the Climate Bonds Initiative analyzes the state of the green bond market in India, highlighting a cumulative issuance of USD 6.5 billion and a strong dominance of renewable energy projects. The report details the roles of public and private sector issuers, the prevalence of external certifications, and potential growth areas in transport, buildings, and agriculture.

• India's green bond market saw significant growth in 2017, with USD 3.8 billion issued, which was 2.4 times the amount issued in 2016. This 2017 volume represented 58% of the total cumulative issuance of USD 6.5 billion, placing India 10th in the 2017 global rankings and 11th overall.
• The market is driven by both public and private entities. Private sector non-financial corporates and government-backed entities each contribute 37% of total volume. In 2017, government-backed entities accounted for 53% of issuance, with 78% of that coming from financial institutions, specifically IREDA and Power Finance Corporation.
• Renewable energy is the primary use of proceeds for green bonds in India, accounting for 77% of all deals and 83% of deals in 2017. Other sectors with issuance include transport, water (via Jain Irrigation), and low carbon buildings (via PNB Housing Finance, Yes Bank, and Axis Bank).
• A small number of issuers dominate the market volume, with the top issuers accounting for 64% of deal volume. Greenko is the largest issuer at USD 1.5 billion, followed by IREDA. IREDA is also the most frequent issuer with 6 bonds across 3 deals.
• External reviews are common in the Indian market, with 80% of deals by volume utilizing certification, second party opinions, or assurance. Specifically, 47% of total issuance consists of Certified Climate Bonds. In terms of the number of Certified bonds from emerging markets, India accounts for 33%.

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} }