Maharashtra Chief Minister Devendra Fadnavis, accompanied by Deputy Chief Ministers Eknath Shinde and Ajit Pawar, today presided over the bell-ringing ceremony at the Bombay Stock Exchange (BSE) to mark the listing of the Pimpri Chinchwad Municipal Corporation’s (PCMC) Green Municipal Bond – Secured Non-Convertible Debentures (NCDs). Fadnavis hailed this event as a historic and defining moment for India’s urban development and financial innovation, signifying a pivotal shift towards sustainable financing models for local governance and a crucial step in building zero-net carbon, eco-friendly, and equitable cities.
Describing the listing as a significant milestone in municipal financing, Chief Minister Fadnavis lauded PCMC for becoming the first municipal corporation in India to successfully issue green bonds. He noted the remarkable investor confidence, stating, “I was told that shortly after issuance, bonds worth over Rs 100 crore were subscribed and later, 5 times more the subscription was recorded.” This overwhelming response underscores the growing appetite among investors for instruments that offer both financial returns and tangible environmental and social impact. Fadnavis further emphasised the broader message conveyed by this successful listing: “This isn’t just a listing, it’s a message that citizens and investors trust their local bodies when transparency, efficiency and vision align.”
Chief Minister Fadnavis credited Prime Minister Narendra Modi’s foresight for enabling municipal bodies to access capital markets directly, asserting that PCMC’s achievement was firmly in line with the Centre’s broader goal of empowering local governance and fostering financial autonomy. “Thanks to the Prime Minister’s foresight, municipal corporations now have the tools to raise capital directly for sustainable development. Pimpri Chinchwad has taken the first step,” he stated. This decentralisation of financial power is critical for allowing local bodies to fund vital infrastructure projects that directly impact the quality of life for their citizens, without solely relying on central or state allocations.
The successful issuance and listing of the PCMC Green Bond represent a significant leap in urban financing, particularly for projects aligned with environmental sustainability. Such bonds typically finance initiatives like renewable energy projects, sustainable water management systems, green buildings, and eco-friendly transportation, all of which contribute directly to reducing a city’s carbon footprint and enhancing its environmental resilience. For PCMC, this means direct access to capital for projects that will improve public health, enhance environmental quality, and create a more liveable urban space.
Chief Minister Fadnavis also extended special praise to PCMC Commissioner Shekhar Singh and his dedicated team, acknowledging their unwavering commitment and meticulous execution in bringing the green bond initiative to fruition. This recognition highlights the crucial role of efficient and visionary local administration in translating policy goals into tangible outcomes. PCMC Commissioner Shekhar Singh himself called the listing “a big day for the civic body and the state,” reiterating the corporation’s steadfast commitment to responsible and sustainable growth for the rapidly urbanising region. Deputy Chief Ministers Eknath Shinde and Ajit Pawar were also present at the ceremony, joining Fadnavis in distributing awards to key contributors of this pioneering initiative, underlining the unified governmental support for this financial innovation.
The PCMC Green Bond serves as a vital precedent for other municipal corporations across India, demonstrating a viable pathway to raise capital for green infrastructure projects. As India continues its rapid urbanisation, the need for sustainable and resilient infrastructure will only intensify. The success of PCMC’s green bond offers a powerful template for how financial innovation can be leveraged to address environmental challenges and build equitable, gender-neutral, and economically vibrant cities. By embracing such instruments, Indian cities can attract investments that not only provide essential services but also contribute to a healthier planet and a better quality of life for all citizens, charting a clear course towards a zero-net carbon future.
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