The has set up a green panel to raise Rs 5,000 crore ingreen Bonds to fight Climate-change”>Climate Change.
Termed theMaharashtra Green Finance Working Committee(MGFWC), it will be headed by the state finance secretary. All other seven members are also bureaucrats from the planning, energy, Environment and climate change, revenue and forests departments.
The Centre had decided to raise Rs 16,000 crore as part of its overall market borrowings through green bonds in 2022-23. Deputy chief minister and finance minister Devendra Fadnavis in his budget speech had announced that the government will raise Rs 5,000 crore in green bonds by 2024. These funds will be used for RENEWABLE ENERGY, green buildings, green hydrogen, electric mobility and charging facilities.
The Centre has also prepared a framework to be followed by those seeking to raise green bonds. It deals with four components and key recommendations of the International Capital Market Association Green Bond Principles. These principles recommend delineation of a clear process and disclosure by the issuer to enable the investors and banks and others to understand the characteristics of the green bond.