Ahmedabad, Gujarat - In a major step towards sustainable development, Chief Minister Bhupendra Patel officially listed the ₹200 crore Green Bond issued by the Ahmedabad Municipal Corporation (AMC) on the Bombay Stock Exchange (BSE) today. This marks the first-ever Green Bond listing by a Municipal Corporation in India, setting a precedent for other cities to follow.
Ahmedabad leads the way:
- The AMC Green Bond was launched in line with Prime Minister Narendra Modi's vision for achieving net zero emissions and promoting sustainable development.
- This distinction positions Ahmedabad as a pioneer in leveraging green finance for environmentally friendly projects within the city.
- Funds raised through the bond will be used for initiatives like green energy generation from purified sewage water and zero liquid discharge systems.
Overwhelming investor response:
- Despite a base size of ₹200 crore, the bond received bids worth a staggering ₹1360 crore within 4 seconds of opening, showcasing massive investor interest.
- This represents a 13.6x oversubscription, highlighting the growing appeal of green bonds and Ahmedabad's strong financial standing.
Key figures present:
- The listing ceremony was attended by dignitaries including Chief Minister Bhupendra Patel, Ahmedabad Mayor Pratibhaban Jain, and senior officials from the Urban Development department, AMC, and BSE.
Significance of the Green Bond:
- This pioneering initiative paves the way for other municipalities to utilize green bonds for sustainable infrastructure development.
- It attracts investments focused on environmental improvement, contributing to India's climate goals and urban green initiatives.
- The success of the AMC Green Bond demonstrates the strong potential of green finance in India, encouraging further innovation and investments in this field.
This development marks a significant milestone for India's green finance journey, highlighting the growing importance of sustainable development initiatives. As more cities follow Ahmedabad's lead, green bonds can play a crucial role in financing eco-friendly projects and fostering a greener future for the nation.
