Government Allocates More Than ₹6,100 Crore for Renewable Energy Through Green Bonds in Fiscal Year 2023

In the fiscal year that concluded recently, the government disclosed that it successfully generated approximately ₹16,000 crore through sovereign green bonds. A substantial portion of this amount, exceeding ₹6,100 crore, has been earmarked for investment in Renewable Energy (RE) projects, according to information shared in Parliament recently.

Minister for Power and New & Renewable Energy, RK Singh, conveyed in a written response during a Lok Sabha session, "To ensure availability of low-cost funds for renewable energy projects, Government of India raised sovereign green bonds of ₹16,000 crore (approximately) during FY23. Out of the proceeds of sovereign green bonds, ₹6,186 crore were dedicated for renewable energy."

Further elaborating on the financing aspects related to Renewable Energy, the Minister highlighted various sources available for equity funding. These encompass private equity capital, developers' own funds, venture capital, among others. The move reflects the government's commitment to supporting and advancing sustainable energy initiatives through targeted financial measures.

HBL