India will issue Rs 24,000 Crores in sovereign green bonds as the country shifts towards a low-carbon economy. The debut sale can take place on April 1, and to sell more green debt will depend on the response to the initial issuance.

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India’s maiden foray into the green bond sector comes as it plans to fund renewable energy projects, which will help meet its goal of net-zero emissions by the year 2070. The government is expecting lower returns on green bonds as otherwise, it sees little purpose in issuing them. The returns on the 10-year sovereign bond closed at 6.85 per cent.