Bengaluru, 26 September 2024 – The National Stock Exchange of India (NSE) is pleased to announce the completion of a two-day capacity building workshop on Green, Social, Sustainability and Sustainability-linked and Transition Bonds under the aegis of International Financial Services Centres Authority (IFSCA) in GIFT City on September 24th – 25th, 2024. On a similar theme of GSS bonds, two workshops were conducted earlier on April 3rd and 5th 2024 in Mumbai and New Delhi respectively for select major debt listed companies both from Private Sector and PSUs. The comprehensive training program focused on issuance of thematic labelled bonds and particularly about Green, Social, Sustainable, Sustainability-linked and Transition Bonds instruments for bridging the gap of sustainable finance in India. The workshop attracted a diverse array of participants from various sectors including policy makers fostering a collaborative environment for knowledge sharing and innovation.
Shri K Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), remarked the significance of embracing innovative financial instruments and leveraging GIFT IFSC ecosystem to advance India’s sustainable development agenda. He stated that “The GIFT IFSC banks have advanced over USD 1.5 billion in green credit, the bond markets have an outstanding of USD 13.07 billion in GSS+ bonds and the 1st ESG fund is already operational. On the workshop, he remarked, “Capacity building empowers all stakeholders with the knowledge and tools necessary to develop and implement innovative solutions. This workshop is a significant step towards enhancing our collective ability to channel green capital effectively to green businesses. Understanding and Capacity to handle new age instruments such as Transition bonds to steer the energy transition in India is direly required. The workshop fulfils that need.”
Ms. Wendy Werner, India Country Head, IFC, highlighted the urgent need for innovative financial solutions to combat climate change. She stated, “Along with our partners, IFC aims to drive the future of sustainable finance with innovative tools like GSS+ Bonds. We’ve raised over US$13.7 billion through social and green bonds and invested US$14.4 billion in FY23, channeling capital into initiatives that truly make a difference. Our mission is to collaborate with issuers and stakeholders to scale these efforts and tackle urgent climate challenges head-on. We deeply value NSE’s partnership in championing these critical financial instruments. Together, we’re committed to building a more resilient and sustainable future.”
Shri Ashishkumar Chauhan, MD & CEO of NSE, expressed his vision for a future where sustainability is embedded within financial markets. He stated, “Through these series of capacity building workshops on GSS+ Bonds, we are calling upon leaders and innovators to leverage thematic labelled bonds as catalysts for transformative change and lead sustainable development in our economy. We’re paving the way for a future where sustainability is interwoven with investment—creating a robust ecosystem that aligns financial mechanisms with our shared environmental and social goals while propelling India towards its net-zero ambitions.”
Over the course of the two-day workshop, insightful panel discussions were also organized. The theme of the first panel discussion – “GIFT City as a Gateway to India’s Climate Finance: Enablers and Roadblocks” was conducted with esteemed panelists Shri Pradeep Ramakrishnan (Executive Director, IFSCA), Mr. Ramesh Ramanathan (IFC), Mr. Alok Khetawat (Standard Chartered), Dr. Zafar Khan (Highways Infrastructure Trust), and Mr. Liam Marshall (BeZero Carbon). The discussions revolved around how GIFT City could serve as a gateway for India’s climate financing needs while addressing the challenges and opportunities in this emerging landscape.
The theme of second panel discussion – “Developing Taxonomy for GSS+ and Transition Bonds to Strengthen Sustainable Finance and Addressing the Challenges of Greenium in India” was conducted with esteemed panelists – Dr. Harish Ahuja (NSE), Mr. Gagan Sidhu (CEEW), Mr. Rohit Inamdar (CareEdge Ratings), and Ms. Oluwatoyin Alake (IFC). The panelists shared their insights on the quantum of sustainable financing requirements to meet Net-Zero energy transitions, the role of GSS+ bonds, the benefits of having a green taxonomy and how GIFT City will be positively impacted by having Taxonomy in place.
