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India’s $200 Billion Renewable Push to Fuel Green Bond Bonanza

India
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A $200 billion spending push by India to boost renewable power output will help drive a surge in issuance of green bonds, according to a unit of Citigroup Inc., the country’s largest arranger of offshore note transactions in 2016.

 

With governments around the world last year agreeing to a new global climate accord, Prime Minister Narendra Modi’s administration has pledged to foster economic production in the world’s second-most populous nation that is less carbon intensive. It plans to boost renewable energy capacity to 175 gigawatts by 2022 from a current level of just 37 gigawatts, and is aiming to source at least 40 percent of its energy mix from clean sources such as wind and solar by 2030.

Bond buyers are eager to capitalize on climate-related initiatives and Moody’s Investors Service predicted in April that global green note issuance could climb to almost $70 billion this year from $42.4 billion in 2015. An increase in sales from Indian issuers could also help spur the dollar-bond market as a whole, which has been weighed down this year by borrowers’ preference for the cheaper funding available through loans.

 

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