Vadodara Municipal Corporation Issues Asia’s First Certified Green Municipal Bonds

Gujarat’s Vadodara Municipal Corporation has raised Rs 100 crore by issuing Asia’s first certified green municipal bond.

  • The civic body from Gujarat has set a semi-annual coupon of 7.90 per cent on the issue, for which it invited bids from investors earlier in the day.
  • The proceeds will be used to build wastewater management infrastructure across the city.
  • Aimed at fostering sustainable urban development aligned with the Paris Agreement, the bond is dedicated to enhancing liquid wastewater management infrastructure across Vadodara.
  • The Green Municipal Bond has been certified by Climate Bond Initiative.
  • The Climate Bonds Initiative is a global not-for-profit organisation working to mobilise global capital for climate action.

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