Surat Municipal Corporation’s green bond listed on NSE, CM Patel rings bell

Surat Municipal Commissioner Shalini Agarwal, Surat Mayor Daxesh Mawani and standing committee chairman Rajan Patel were present. Story continues below this ad Speaking on the occasion, CM Patel said that the SMC’s Green Bonds have engaged citizens in sustainable growth efforts. The bonds were oversubscribed eight times, showing strong investor support. This strategic move will speed up Surat’s development, he said. The CM said the move emphasised the state’s dedication to reaching net zero carbon footprint by 2070, a target set by Prime Minister Narendra Modi. Highlighting the Union government’s focus on green growth and mobility, Patel said that India has balanced ecological and economic priorities effectively under PM Modi. Story continues below this ad “During India’s G20 presidency, with the message of ‘One Earth, One Family, One Future’, member countries prioritised sustainable development and green growth as envisioned by the Prime Minister,” Patel said. He added that PM Narendra Modi has resolved to build a ‘Developed India’ by 2047. To achieve this vision, Gujarat has launched several developmental initiatives, including the ‘Viksit Gujarat @ 2047’ roadmap. The joint efforts of the state and central governments aim to make governance more effective and impactful, the CM said. Patel also praised the SMC team for their leadership in cleanliness and sustainable transport. “The city successfully issued India’s first internationally certified municipal green bonds through a public offering, attracting global investors. This initiative, called ‘Green People’s Financing,’ combines public participation with strategic planning, setting an example of green growth. It promises financial gains for the city and benefits for the environment, inspiring other cities nationwide,” he said. Story continues below this ad Mayor Mavani said that the city’s sustainable energy project aims to exemplify the Prime Minister’s vision for a developed India by 2047. “Surat, often called ‘mini India’ due to everyone’s contribution, has earned about 14 awards. The city now seeks to become the top green energy city globally,” he said. Municipal Commissioner Shalini Agarwal stated that Surat Municipal Corporation is the first civic body in the country to issue internationally certified Green Bonds. The amount raised through these bonds will be used for environmental conservation and green energy projects, including solar power projects, water conservation initiatives, and green transport infrastructure, Agarwal said. National Stock Exchange Managing Director Ashish Chauhan congratulated the Gujarat government and the Surat Municipal Corporation for the successful listing of the Green Bonds.