Projects worth Rs 19,000 cr to get grants under Sovereign Green Fund

Centre looks to raise Rs 16,000 cr this fiscal via green bonds. The Budget, however, does not say whether or not bond issuance will be the sole contributor to the fund

Solar, wind, green irrigation pumps and metro rail projects worth Rs 19,858 crore would be beneficiaries of India’s maiden Sovereign Green Fund. The fund is expected to be built on the proceeds of India’s maiden sovereign green bonds, which was announced in the last Budget.

Sovereign Green Bonds were the ‘green highlight’ of the last Budget. In order to tap investor interest in the growing green energy space, the finance minister last year had announced the first ever issuance of sovereign Green Bonds, mobilising resources for green infrastructure.

And now, a year later, the RBI has issued an auction of