India's sustainable debt market reached a cumulative total of USD 55.9 billion by the end of 2024, representing a 186% increase since 2021, according to data published by the Climate Bonds Initiative in its India Sustainable Debt: State of the Market 2024 report. The figure encompasses green, social, sustainability, and sustainability-linked instruments, collectively referred to as GSS+ debt.
Green debt accounts for 83% of the total cumulative aligned sustainable issuance, directing the majority of capital towards clean energy and transport infrastructure.
SOVEREIGN ISSUANCE AND PRIVATE MARKET ACTIVITY
The Indian government has issued INR 477 billion in sovereign green bonds since January 2023.
Beyond the sovereign programme, 2024 saw USD 5.5 billion of labelled green-loan deals across 19 corporates.
SECTOR FOCUS
Clean energy and transport represent the primary end uses for green-labelled capital in India. Proceeds from sovereign green bonds have been directed to these sectors.
The report, prepared by the Climate Bonds Initiative with MUFG Bank, also maps pathways for further growth of the market to 2030.