Surat Champions Sustainable Finance at NSE’s GSS Bonds Workshops

Surat, renowned as India’s diamond city, is carving a new facet in its development narrative by embracing sustainable finance practices. Surat Municipal Commissioner Shalini Agrawal spearheaded the city’s participation in a series of transformative workshops titled ‘Deep Dive in Green, Social, and Sustainability (GSS) Bonds Issuance Process,’ hosted by the National Stock Exchange of India (NSE) in Mumbai and New Delhi.

The workshops, organized in collaboration with the International Finance Corporation (IFC), Climate Bond Initiative (CBI), HSBC, and The Kingdom of the Netherlands, under the IFC REGIO Technical Assistance facility, convened industry leaders, policymakers, and stakeholders to explore the potential of GSS bonds in closing India’s climate financing gap.

Agrawal, while advocating for the transformative power of GSS instruments, emphasized their role as guiding beacons in steering urban transformation towards sustainability. She asserted, “In our quest against climate change, GSS instruments emerge not just as tools but as beacons guiding the urban transformation towards sustainability.” Agrawal sees the introduction of Green Bonds for Surat as a landmark initiative, aiming not only to champion sustainable urban development but also to set a precedent for municipalities across India.

Ashishkumar Chauhan, MD & CEO of NSE, hailed the workshops as a critical step towards India’s sustainability-focused financial revolution. He emphasized the collaborative efforts with esteemed partners to harness the transformative power of GSS bonds, aligning financial mechanisms with environmental and social goals.

The workshops transcended mere training programs, serving as rallying points for industry leaders and policymakers to leverage GSS bonds for forging a sustainable future. Designed to enhance knowledge and foster discussions, the program marked a significant stride towards bridging the climate financing gap in India.

Participants from diverse sectors engaged in expert-led sessions delving into the intricacies of GSS bond issuance. Topics ranged from an overview of the labelled bond universe to country-specific contexts for GSS bond issuance, highlighting the comprehensive platform the workshops provided.

Shri K Rajaraman, Chairperson of IFSCA, highlighted the workshops’ pivotal role in enhancing awareness and preparedness among individuals and organizations to navigate the sustainable finance landscape. He highlighted initiatives like setting up voluntary carbon credits trading at GIFT IFSCA as part of the commitment to a greener future.

Wendy Jo Werner, India Country Head of IFC, commended NSE for its partnership in promoting thematic bonds and advancing sustainable finance. She expressed IFC’s commitment to catalyzing the sustainable finance market in India and expanding the reach and impact of GSS bonds.