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Green and Social Bond Impact Report 2023


Why is it in the news?

  • The International Finance Corporation (IFC) recently released Green and Social Bond Impact Report 2023.

 Key highlights of the report

  • IFC launched the Green Bond Program in 2010 and the Social Bond Program in 2017.
  • $2 billion was raised through Green bonds, expected to reduce 3.3 million metric tons of carbon dioxide equivalent per year.
  • $1.2 billion was raised through Social bonds, targeting sectors like Agribusiness, Gender finance, and Education.
About Green Bonds

·       Green Bonds are debt securities financing environment-friendly projects such as Sustainable Water and Waste Management, Green Buildings, and Pollution control.

·       In 2022, India’s Ministry of Finance approved India’s First Sovereign Green Bonds (SGBs) Framework, excluding projects like nuclear power generation and landfill projects.

·       Yes Bank Ltd issued India’s First Green Bond in 2015.

·       In 2023, India issued the first tranche of its first SGBs worth Rs. 80 billion.

About Social Bonds

·       Social bonds are financial instruments issued by governments and corporations to fund projects addressing social issues like affordable housing and healthcare, benefiting vulnerable populations.

·       In 2023, the National Bank for Agriculture and Rural Development (NABARD) raised more than Rs. 1000 crore via social bonds.

 


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