In the new financial year 2024, the government will issue green bonds worth 23,000 crores

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New Delhi: In the financial year 2024, the central government will spend Rs. 23,764.46 crore sovereign green bonds can be issued. This information is derived from the Expenditure Profile documents of the Union Budget 2023. Compared to that, in 2023 Rs. 16,000 crore green bonds were issued.

The green bonds will be issued in the second half of fiscal 2024 (October 23 to March 24), officials are yet to finalize the list of projects for the sovereign green fund. Options are open to issue some bonds under finalization and during the first half (March-September 2023).

The Infrastructure Finance Secretariat has been asked to identify projects that meet the criteria for green bond funding in FY 2024. According to the plan presented in the budget documents, most of the green bonds will be for making electric locomotives for railways (Rs 12,479 crore) and the new Kolkata Metro line.

Ministry of Energy for various schemes Rs. 7,507.5 crore will be received. While the Ministry of Housing and Urban Development for equity investment in various metro rail projects Rs. 2,609 crore will be received. The Ministry of Environment will get Rs. 169 crore. However, this is a tentative plan and some more projects may be added or some may be dropped, sources said.

The amount of green bonds to be issued in the first half of FY2024 will not be announced immediately, as was done in the second half of FY2023. In such a scenario, in the first half of FY 2024, any new green projects will come from new green bonds only.

As per the green bond framework released by the central government in November last year, the proceeds from the issuance of green bonds will be deposited in the Consolidated Fund of India as per regular treasury policy and then allocated to appropriate green bonds.

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