INDIA SUSTAINABLE DEBT STATE OF THE MARKET 2021

The Indian GSS debt market experienced significant growth in 2021, reaching a cumulative volume of USD 19.5 billion, with green bonds dominating the landscape. While the market is primarily driven by non-financial corporates and focused on utility-scale renewable energy, there is emerging activity in sustainability-linked bonds and potential for expansion into electric vehicles, waste management, and climate-smart agriculture. The Indian government is supporting this growth through the Ministry of Finance's Sustainable Finance Task Force and the planned issuance of a domestic sovereign green bond in 2022.

• The Indian GSS debt market saw a massive surge in 2021, with issuance increasing by 585% to reach USD 7.5 billion, bringing the cumulative market volume to USD 19.5 billion. This growth made India the fastest growing GSS market in the APAC region, ranking sixth in the region and 19th globally.
• Green bonds are the dominant instrument in the Indian market, accounting for 89% of the GSS market with a cumulative volume of USD 18.3 billion. Renewable energy is the primary use of proceeds, receiving over USD 16.4 billion (89% of green issuance), with significant deals from entities like Adani Green Energy.

APA

Bhattacharya, S., Kumar, N., & Lonikar, P. (2022). INDIA SUSTAINABLE DEBT STATE OF THE MARKET 2021. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/India-Sustainable-Debt-Market-State-of-the-Market-2021-report.pdf

Chicago

Bhattacharya, Sandeep, Neha Kumar, and Prashant Lonikar. INDIA SUSTAINABLE DEBT STATE OF THE MARKET 2021. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/India-Sustainable-Debt-Market-State-of-the-Market-2021-report.pdf.

Wikipedia

{{cite report |last1=Bhattacharya |first1=Sandeep |last2=Kumar |first2=Neha |last3=Lonikar |first3=Prashant |title=INDIA SUSTAINABLE DEBT STATE OF THE MARKET 2021 |publisher=Climate Bonds Initiative |date=May 2022 |url=https://www.climatebonds.net/files/documents/publications/India-Sustainable-Debt-Market-State-of-the-Market-2021-report.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bhattacharya2022india, author = {Bhattacharya, Sandeep and Kumar, Neha and Lonikar, Prashant}, title = {{INDIA SUSTAINABLE DEBT STATE OF THE MARKET 2021}}, institution = {Climate Bonds Initiative}, year = {2022}, month = may, url = {https://www.climatebonds.net/files/documents/publications/India-Sustainable-Debt-Market-State-of-the-Market-2021-report.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }