In a historic move that attracted eight times as much investor interest as anticipated, Gujarat Chief Minister Bhupendra Patel recently rang the ceremonial bell at the National Stock Exchange in Mumbai to commemorate the listing of Surat Municipal Corporation’s ₹200 crore ($24 million) certified municipal green bond. Global confidence in India’s green finance industry was demonstrated by the ₹800 crore subscriptions garnered by the green bond offering, which was the country’s first publicly issued green bond to be internationally approved by a municipal organisation. According to officials, the money would go towards water conservation, green mobility projects, and solar power projects.

Chief Minister Patel said the overwhelming response indicated investors’ rising passion for green growth. “Through this issue, citizens have become partners in sustainable development,” he said, in a statement. Patel went on to say that the state was focusing on renewable energy and green transportation in order to meet Prime Minister Narendra Modi’s net-zero carbon objective for 2070.

Often regarded as one of the cleanest and fastest-growing towns in India, Surat has become a shining example of green urban planning. Patel praised the Surat Municipal Corporation for combining community participation with creative urban design. “India has introduced a municipal green bond with international certification for the first time,” he remarked. “Other cities will find inspiration in this.”

According to Mayor Daxesh Mavani, the project would hasten Surat’s switch to renewable energy. He added that Surat had won 14 national prizes for excellence and that it “represents mini-India, where everyone has contributed to its growth.” SMC issued ₹200 crore worth of listed, taxable, redeemable, and secured non-convertible debentures. Due to oversubscription, allotments were made by a draw mechanism, and the subscription period ran from October 6 to October 9. In an effort to promote inclusive financing, the company set aside ₹30 crore, or 15% of the entire offer, for individual investors. 

According to her, “These green bonds are an essential resource for sustainable urban growth.” Patel underlined that India has successfully balanced the economy and environment under Modi’s direction. According to him, Gujarat’s “Viksit Gujarat @2047” strategy supports development via environmental stewardship and public involvement, which is in line with the country’s “Viksit Bharat 2047” goal. He added that India’s G20 chairmanship, with its theme of “One Earth, One Family, One Future”, had brought sustainable development to the attention of the world. The NSE’s managing director, Ashish Chauhan, thanked SMC and the Gujarat government for the listing’s achievement. The event was attended by high-ranking government representatives, including Finance Ministry dignitaries and Chief Minister’s Secretary Vikrant Pandey. Surat’s “Green People’s Financing” approach, according to Patel, will serve as a model for other Indian cities. “It will protect the environment and boost the local economy,” he stated.