Pimpri-Chinchwad Municipal Corporation To Raise ₹200 Crore Green Bonds For Environmental Projects
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Pimpri: In line with the city’s development goals and its commitment to addressing environmental and climate change challenges, the Pimpri-Chinchwad Municipal Corporation (PCMC) has announced plans to raise ₹200 crore through green bonds. These bonds will fund projects aimed at reducing carbon emissions, alleviating traffic congestion, developing cycling infrastructure, and enhancing pedestrian facilities, all of which contribute to improving air quality.
The state government has granted permission for the issuance of these green bonds, which will be used to finance projects that have a positive impact on the environment and climate change. The Municipal Corporation has identified the need for substantial funding to address the challenges of climate change and environmental protection. The proposal for raising ₹200 crore through green bonds was approved by the PCMC’s Standing Committee on July 9, 2024, and later by the General Body on July 16, 2024. Afterward, the proposal was submitted to the state government for approval, which has now been granted.
The proposal has been rated “AA+” with a stable outlook by CRISIL, confirming the Corporation’s strong financial position. This rating reflects the city’s robust economic standing.
The funds raised through the green bonds will be used to implement projects such as the Green Bridge in Nigdi and other non-motorized transportation initiatives, as well as other green projects identified by the Municipal Corporation.
The Pimpri-Chinchwad Municipal Corporation is the first in the state to raise green bonds. The central government will provide ₹20 crore in incentive funding to support this initiative. According to Municipal Commissioner Shekhar Singh, the funds raised from these green bonds will play a crucial role in the city’s sustainable development.
