Green bonds - Municipal bodies think change, climate change
urban local body in India and fourth in the world to unveil a climate budget for FY25 and earmarked ₹10,224 crore to fight climate change.
In January this year, the Solapur Municipal Corporation prepared its own climate change action plan that included a detailed vulnerability assessment and greenhouse gas emissions inventory as well as causes and mitigation. Later in February, Vadodara Municipal Corporation raised ₹100 crore by issuing Asia's first certified green municipal bond for sustainable water infrastructure.
Last year, Bhopal became the first city in India to adopt the UN Sustainable Development Goals and track its progress in meeting them. Indore Municipal Corporation rolled out the country's first public issue of green bonds. Pimpri-Chinchwad Municipal Corporation launched its sustainability cell to focus on sustainable development initiatives.
It is not just companies; municipal corporations are now taking up the sustainability agenda. «We must recognise that the entire municipalities sector is going through a gradual, but fairly significant transformation,» said Masood Mallick, CEO of Re Sustainability, India's largest waste management company that works with over 20 municipal corporations.
«There are multiple changes that have happened over the years — from municipal corporations attempting to reduce dependence on state exchequer, to on-ground change brought on by Swachh Bharat Mission and other government schemes, to regulatory evolution and strict enforcement by National Green Tribunal, to
