The Ministry of New & Renewable Energy (MNRE) plans to raise more than ₹13,500 crore through green bonds for funding various renewable energy projects in the current financial year, ending March 2025.
According to the union budget for FY25, the statement for fund utilisation and allocation under schemes eligible for the Sovereign Green Bond (SGrB) proceeds shows that MNRE plans to raise ₹13,526.35 crore.
While the budget estimate (BE) of ₹13,526.35 crore for FY25 is higher by 80 per cent compared to the BE for FY24 (₹7,507.46 crore), it is more than double compared to the revised estimate (RE) for the last fiscal year (₹6,116.30 crore).
Of the total, the highest ₹10,000 crore, is being planned to be raised for investment in solar energy. This is followed by ₹1,996 crore for PM KUSUM (rural solar scheme), ₹930 crore for wind energy and ₹600 crore for the national green hydrogen mission.
“In FY23, government raised ₹16,000 crore through SGrB. Actual amount spent under the schemes eligible for financing through SGrB is ₹16,923 crore. Expenditure of ₹923 crore over and above ₹16,000 crore is incurred from general revenues of the government,” the document said.
In FY24, the government has decided/ notified to raise ₹20,000 crore through SGrB. Additional expenditure under eligible schemes, if any, over ₹20,000 crore will be financed through general revenues of the government, it added.
Overall, the various ministries and departments plan to raise a total of ₹32,060.86 crore via SGrBs.
“In BE FY25, Ministries have proposed fund requirements of ₹32,061 crore under schemes eligible for funding through SGrB proceeds. However, the actual amount to be raised through issuance of SGrB in FY25 will be decided/ notified separately,” the statement said.
Railways plans to raise 15,000 crore (BE) via SgrB of which ₹12,000 crore is for the production of energy efficient three phase electric locos. This is followed by ₹1,791.39 crore for Dum Dum airport New Garia via Rajarhat construction of Metro railway New Garia (Kavi Subhas) Biman Bandar and ₹1,208.61 crore for Joka Binoy Badal Denesh Bagh via Majerhat construction of Metro railway.
The Ministry of Housing and Urban Affairs (MoHUA) plans to raise ₹3,364.51 crore for equity investments in metro projects. Similarly, the Ministry of Environment, Forests and Climate Change (MoEFCC) plans to raise ₹170 crore for the National Mission for a Green India.