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					</table><p>The Reserve Bank of India (<a href="https://www.rbi.org.in/" target="_blank" rel="noopener">RBI</a>), in consultation with the government, has said it will issue the Sovereign Green Bonds (SGB) worth ₹160 billion (~$1.9 billion) in two tranches on January 25 and February 9.</p>
<p>The allocation of the bonds will be split between five and ten-year tranches, worth ₹40 billion ($485.56 million) each.</p>
<p>The proceeds of the bonds will be deployed in public sector projects which help in reducing the carbon intensity of the economy.</p>
<p>In September last year, the RBI had on said that it would <a href="https://mercomindia.com/government-raise-%e2%82%b9160-billion-green-bonds-fiscal-year/" target="_blank" rel="noopener">issue</a> SGB for an aggregate amount of ₹160 billion (~$1.9 billion) in the financial year 2022-23. In November, the government issued the Sovereign Green Bond Framework.</p>
<p><strong>SGB Features </strong></p>
<p>The government had announced its intention to issue SGB in the Union Budget 2022-23.</p>
<p>The bonds will be issued through Uniform Price Auction and a non-competitive bidding facility. Under this, 5% of the notified amount of sale will be reserved for retail investors.</p>
<p>The bonds will also be eligible for repurchase transactions (repo) and be reckoned as eligible investments for statutory liquidity ratio (SLR) purposes.</p>
<p>The underwriting in the bond auction by the primary dealers will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support”.</p>
<p>The primary dealers will have to meet fresh underwriting commitments instead of the earlier requirements of bidding commitment and voluntary underwriting.</p>
<p>The bonds will also be eligible for trading in the secondary market.</p>
<p>SGB will be designated as specified securities under the ‘Fully Accessible Route’ for investment in government securities by non-residents.</p>
<p>The dates are tentative and subject to change if circumstances so warrant.</p>
<p>Earlier, the government-appointed agency CICERO Shades of Green, while <u><a href="https://mercomindia.com/agency-fears-indias-green-bonds-indirectly-support-coal/" target="_blank" rel="noopener">rating</a></u> the framework for the bonds ‘Good’ on the governance score, expressed fears they could be used to indirectly support coal firms.</p>
<p>A few other countries like Switzerland, Poland, and France have also issued sovereign green bonds to help enable them to transition to green economies.</p>


RBI to Issue ₹160 Billion Sovereign Green Bonds in Two Tranches

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