India’s JSW Group, which runs emissions-heavy businesses including steel, cement and energy, plans to switch most of its bonds to green instruments as the industrial giant seeks access to longer-term borrowings.

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Raising debt overseas through green and sustainability-linked bond issues will allow the group led by tycoon Sajjan Jindal almost to double its tenure to 10 years, as longer-term financing is increasingly difficult for companies raising funds in India Group Chief Financial Officer Seshagiri Rao said in an interview. There is a ‘high probability the company will switch only to selling sustainability-linked bonds or green bonds over the next five years, he said.

Green bonds are instruments used to raise money for environmentally friendly projects. SLBs, on the other hand, maybe used more broadly but are linked to sustainability targets such as carbon reduction. In India, companies, including JSW, often issue these bonds overseas as the local market isn’t as mature. India’s bond sales with green or sustainability labels totaled about $6.9 billion in 2021 from $875 million the prior year, according to media reported.