India will issue Sovereign Green Bonds to finance green infrastructure, said Finance Minister Nirmala Sitharaman in Parliament on Tuesday.
In her Budget speech to the Parliament, Nirmala Sitharaman said: “As a part of the government’s overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green infrastructure.”
The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy.
Besides, she proposed to expand the scope of the single window portal — Parivesh — for all green clearances. The scope of this portal will now be expanded, to provide information to the applicants. Based on location of units, information about specific approvals will be provided.
It will enable application for all four approvals through a single form, and tracking of the process through Centralized Processing Centre-Green (CPC-Green). The portal was launched in 2018 to reduce the time required for green approvals.