Surat Municipal Corporation lists Rs 200 crore green bonds on NSE to boost sustainable projects

The SMC's move aligns with India's broader climate commitments and the vision of building cities that are not only economically strong but also environmentally conscious.

The Surat Municipal Corporation (SMC) marked a key step towards sustainable urban development on Thursday by listing its green municipal bonds worth Rs 200 crore on the National Stock Exchange (NSE). The funds raised will be used for projects focused on environmental protection and clean energy.

Speaking to ANI, Surat Mayor Daxesh Mavani highlighted the city's progress towards environmental goals. He said, "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 trying to innovate in this process. Today Surat Municipal Corporation has successfully launched green bond with an international certificate."
Mavani also pointed out Surat's achievements in clean mobility. "Today, Gujarat's 35% e-vehicles are in Surat. We will achieve Net Zero 2070 quite early because we are relying more and more on renewable energy," he said.

Surat Municipal Commissioner Shalini Agarwal said the initiative supports the government's long-term vision. "We are working towards PM Modi's 'Viksit Bharat 2047' and 'Net Zero 2070' goal. Today, in the presence of the Gujarat Chief Minister, the Surat Municipal Corporation listed Rs 200 crore green municipal bonds on the NSE. The bond money will be used in environment-related projects," she said. Agarwal added that the bond received an overwhelming response from investors, going eight times oversubscribed.
Green municipal bonds allow civic bodies to raise money specifically for projects that help reduce pollution, promote renewable energy, and improve waste management.

With the successful listing, Surat joins a growing list of Indian cities turning to green finance to fund sustainable growth. The initiative is expected to set an example for other municipal bodies across the country to adopt similar measures for environmentally responsible development.

The SMC's move aligns with India's broader climate commitments and the vision of building cities that are not only economically strong but also environmentally conscious.