New Delhi [India], October 16 (ANI): Surat Municipal Corporation (SMC) on Thursday listed green municipal bonds worth Rs 200 crore on the National Stock Exchange (NSE), marking a significant step towards sustainable urban development. The funds raised will be allocated to projects focused on environmental protection and clean energy.
Speaking to ANI, Surat Mayor Daxesh Mavani highlighted the city’s progress in environmental initiatives. “PM Modi has announced to the whole world that by 2070 we are going to achieve ‘Net Zero’. For the last five years, Surat Mahanagar has been innovating in this process. Today, Surat Municipal Corporation has successfully launched a green bond with an international certificate,” he said.
Mavani also noted Surat’s achievements in clean mobility, stating, “Today, Gujarat’s 35% e-vehicles are in Surat. We aim to achieve Net Zero 2070 earlier than planned by relying increasingly on renewable energy.”
Surat Municipal Commissioner Shalini Agarwal said the initiative aligns with the government’s long-term vision. “We are working towards PM Modi’s ‘Viksit Bharat 2047’ and ‘Net Zero 2070’ goals. Today, in the presence of the Gujarat Chief Minister, SMC listed Rs 200 crore green municipal bonds on the NSE. The funds will be used for environment-related projects,” she said, adding that the bond received an overwhelming response, going eight times oversubscribed.
Green municipal bonds enable civic bodies to raise capital specifically for initiatives that reduce pollution, promote renewable energy, and improve waste management. With this successful listing, Surat joins a growing number of Indian cities adopting green finance to fund sustainable growth, setting an example for other municipal bodies across the country.
The SMC’s move reflects India’s broader climate commitments and the vision of developing cities that are both economically robust and environmentally responsible.
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