The government is working out means to convince investors in green bonds that the money they put in will not be used for anything else.
"The decision is difficult and it is a work in progress," said a top official in the Reserve Bank of India (RBI).
While the government runs committed funds like those from cess on taxes and the non-lapsable pool for the Northeastern states, there is no precedent for this as regards borrowing. Sequestering the borrowing for green bonds has become a key demand from global investors. Those who have reached out to the finance ministry and the RBI have asked for an assurance that their investment in such bonds will be spent on only climate-positive projects and not be used to shore up the fiscal position of the government.
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