The Ahmedabad Municipal Corporation has announced plans to issue green bonds valued at ₹200 crore in the financial year 2018-19. The proposal opens up a completely new avenue for municipal bodies in India to attract foreign funding.
Indian municipal bodies have been issuing bonds earlier as well but this would be the first green bond. These tax-free bonds usually attract funds from domestic investors looking to gain from their tax-free incentives.
The Corporation plans to implement a bio-mining technique at the city’s landfill to reduce and recycle the waste being dumped there. Bio-mining helps in segregation of waste into recyclable and non-recyclable categories.
Some Indian cities have successfully implemented this technique to significantly reduce the amount of waste being finally dumped at the landfills.