Maha govt establishes Green Panel to raise Rs 50 bn through Green Bonds
14 Jul 2023
2 Min Read
CW Team
The Maharashtra state government has established a green panel with the aim of generating Rs 50 billion through green bonds to combat climate change. This committee, known as the Maharashtra Green Finance Working Committee (MGFWC), will be led by the state finance secretary, and its remaining seven members will consist of bureaucrats from various departments such as planning, energy, environment and climate change, revenue, and forests.
In line with the central government's objective to raise Rs 160 billion through green bonds as part of its overall market borrowings in 2022-23, Deputy Chief Minister and Finance Minister Devendra Fadnavis announced in the budget speech that the state government plans to raise Rs 50 billion in green bonds by 2024. These funds will be dedicated to projects related to renewable energy, green buildings, green hydrogen, electric mobility, and charging infrastructure.
The committee's responsibilities include finalising the framework for green bonds, approving projects that will be funded through these bonds, and overseeing the progress of these projects to ensure timely completion.
Earlier this year, the central government reported that Rs 80 billion had already been raised through sovereign green bonds (SGBs). The funds obtained from these bonds will be allocated to public sector initiatives aimed at reducing the carbon intensity of the economy.
To guide entities seeking to issue green bonds, the central government has developed a framework based on the recommendations of the International Capital Market Association Green Bond Principles. This framework focuses on four key components and emphasises the issuer's transparent process and disclosure, enabling investors, banks, and other stakeholders to understand the nature of the green bond.
The Maharashtra state government has established a green panel with the aim of generating Rs 50 billion through green bonds to combat climate change. This committee, known as the Maharashtra Green Finance Working Committee (MGFWC), will be led by the state finance secretary, and its remaining seven members will consist of bureaucrats from various departments such as planning, energy, environment and climate change, revenue, and forests.In line with the central government's objective to raise Rs 160 billion through green bonds as part of its overall market borrowings in 2022-23, Deputy Chief Minister and Finance Minister Devendra Fadnavis announced in the budget speech that the state government plans to raise Rs 50 billion in green bonds by 2024. These funds will be dedicated to projects related to renewable energy, green buildings, green hydrogen, electric mobility, and charging infrastructure.The committee's responsibilities include finalising the framework for green bonds, approving projects that will be funded through these bonds, and overseeing the progress of these projects to ensure timely completion.Earlier this year, the central government reported that Rs 80 billion had already been raised through sovereign green bonds (SGBs). The funds obtained from these bonds will be allocated to public sector initiatives aimed at reducing the carbon intensity of the economy.To guide entities seeking to issue green bonds, the central government has developed a framework based on the recommendations of the International Capital Market Association Green Bond Principles. This framework focuses on four key components and emphasises the issuer's transparent process and disclosure, enabling investors, banks, and other stakeholders to understand the nature of the green bond.
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
