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India Green Bonds Council holds first meeting in Mumbai

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The India Green Bonds Market Development Council held its first meeting in Mumbai.

The council is composed of a cross-section of senior representation from banking, finance, insurance, investment and international NGOs. 
 
A joint initiative of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Climate Bonds Initiative, the aim of the council is to bring together senior representatives from the public and private sector. The council will draft a national blueprint and provide ongoing guidance to government on green finance directions and green bond market development.
 
The meeting coincided with the release of the India State of the Market Report showing that India now ranks seventh internationally for total labelled green bond issuance and is a global leader in external certification of green bonds.
 
"A couple of years ago issuers weren't sure whether to label their bonds as green. Today, issuers see the potential of green bonds, and see certification as a 'must-have,” says Gaurav Bhagat, head, capital markets, FIG, South Asia, Standard Chartered.
 
"We are in touch with most of corporate issuers in the country and they are now primarily focused on the benefits green bonds bring to their bottom line, rather than the costs,” adds Asish Sable, senior vice president & group head of debt capital markets, SBI Capital Markets.
 
Sean Kidney (pictured), CEO, Climate Bonds Initiative, says: “The formation of this Market Development Council is a positive step forward in developing the green finance sources and investment pipelines India needs to meet its national infrastructure and climate mitigation goals. Bringing together major participants is a crucial step in the right direction.”

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