2024年印度可持续债务市场状况报告

Report summary The India Sustainable Debt State of the Market 2024 report, publishedby the Climate Bonds Initiative (Climate Bonds) in collaboration withMUFG Bank, Ltd., presents an in-depth analysis of India’s green, social,sustainability, and sustainability-linked (GSS+) debt market. Four key focus areas of the report are outlined below. 3. Real life case studies describing theexperiences of corporates, development financeinstitutions (DFIs) and global investors: 1. The market has scaled upand is gaining momentum: As of December 2024, India’s cumulative aligned GSS+debt volume had reached USD55.9bn, reflecting a 186%increase since 2021. Green debt dominates the market,accounting for 83% of the total volume. Issue sizesare increasing, helping to attract capital from largerinvestors; maximum deals are in the range USD100m toUSD500m, and India has an active market for both bonds and loans. In2024, USD6.4bn of aligned green debt volume was priced and USD5.5bnof labelled green loans as per Loan Connector data with stronger interestin social bonds (USD5.5bn) and social loans (USD1.8bn). The report contains detailed case studies presentedby corporates and investors and explains the practicalapplication of various debt instruments. The casestudies also provide insights on the DFI approach toproviding finance and how Indian corporate entities haveaccessed local and international investors to supporttheir climate and social strategies. 4. Bigger, better, and stronger in the future: Policy and regulatory developments are shaping India’ssustainable finance landscape. The Securities andExchange Board of India (SEBI) enhanced disclosurerequirements, ESG Debt Framework, third-partyassurance and certifications, Reserve Bank of India’s(RBI) Green Deposit Framework, and InternationalFinancial Services Centres Authority (IFSCA) sustainable financeguidelines are driving market integrity and international participation.The Ministry of Finance’s upcoming Climate Finance Taxonomy and theMinistry of Steel’s newly introduced Green Steel Taxonomy will facilitatestandardised sustainable investments, boosting investor confidence. 2. Diversified investment opportunities acrosscategories of decarbonisation: The report highlights investment opportunities acrosseight key decarbonisation categories including low-carbon energy, energy efficiency, low-carbon transport,and energy transmission upgrades by 2030. Banks,financial institutions (FIs), and funds are aggregatinggreen and social impact lending portfolios and issuinggreen and social bonds to finance these assets. The potential forfinancing transition in hard-to-abate sectors such as steel and cement isunderscored, requiring an estimated USD650bn for decarbonisation. Theuse of sustainability-linked bonds (SLBs) is emerging as a strategic tool toinclude a broader range of issuers operating in these sectors. With strong policy support, growing investor interest, and robustpipelines of credible, sustainable projects, India’s sustainable debtmarket is well-positioned to support its climate action and sustainabledevelopment goals. 1. Introduction About this report About the ClimateBonds Initiative Climate Bonds Standardand Certification Scheme This is Climate Bond’s third India SustainableDebt State of the Market report, followinga prior iteration in 2021, and an inauguralcountry briefing published in 2018.1,2Thescope of this report includes green, social,sustainability, and sustainability-linked bondsand loans originating from India and priced onor before 31 December 2024. The Climate Bonds Standard and CertificationScheme is a voluntary labelling schemefor entities, assets, bonds, loans and othersustainability-linked debt instruments. Rigorousscience-based criteria ensure that it is consistentwith the goals of the Paris Climate Agreementto limit warming to 1.5°C. The scheme isused globally by bond issuers, governments,investors, and the financial markets to prioritiseinvestments which genuinely contribute toaddressing climate change. The Standard wasinitially designed to build confidence in theclimate change credentials of green bondsand other debt instruments, to reduce the riskof green washing, and to facilitate investmentdecision-making. Now the Certification schemeexpands to bridge the market gap in existingguidance on transition financing. It supports alltransition, provided the goals, the path, and thepace are suitably ambitious. Climate Bonds is an international organisationworking to mobilise global capital for climateaction. It promotes investment in projectsand assets needed for a rapid transitionto a low-carbon, climate-resilient, and faireconomy. The mission focus is to help drivedown the cost of capital for large-scale climateand infrastructure projects and to supportgovernments seeking increased capital marketsinvestment to meet climate and greenhousegas (GHG) emission reduction goals. Contents Report summary2 Climate Bonds conducts market analysisand p