Paper Title
The Journey of Green Finance in India (2012–2023): Growth, Challenges, Policy Evolution and Future Prospects
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Registration ID: IJNRD_327221
Published ID: IJNRD2302308
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Keywords
Green Finance, Green Bonds, Sustainable Development, RBI, SEBI, Climate Finance, India, ESG, Priority Sector Lending, Sovereign Green Bonds
Abstract
Over the past decade, green finance has emerged as one of the defining themes of India’s economic and environmental policy. This paper explores the journey of green finance in India between 2012 and 2023, starting with the first disclosure-based regulation implemented by SEBI (Securities and Exchange Board of India) and culminating in the issuance of India’s first Sovereign Green Bonds. In order to study the journey of green finance and measure the volume of green bonds, green banking and green financing tools that have emerged during the specified time span, the current study uses a descriptive-analytical approach using secondary data, including regulatory circulars, official central bank publications, multilateral reports, and peer-reviewed literature that was available for the mentioned period. The paper notes that while India has developed a reasonably detailed regulatory regime that includes spanning priority sector lending norms, SEBI’s green bond reporting requirements, Business Responsibility Reporting, the Sovereign Green Bond Framework and the Green Deposit Framework — the green finance ecosystem remains limited, bank-dominated, confined to renewable energy, and hampered by the absence of a national green taxonomy for the country, weak verification system and low investor awareness. The paper concludes with policy suggestions related to taxonomy development, blended finance and the deepening of the domestic green bond market, framed within India’s Nationally Determined Contributions and its 2070 net-zero commitment.
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How To Cite (APA)
Harshita Gupta & Aditya Gupta (february-2023). The Journey of Green Finance in India (2012–2023): Growth, Challenges, Policy Evolution and Future Prospects. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(2), d61-d73. https://ijnrd.org/papers/IJNRD2302308.pdf
Issue
Volume 8 Issue 2, February-2023
Pages : d61-d73
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Paper Reg. ID: IJNRD_327221
Published Paper Id: IJNRD2302308
Research Area: Management All
Author Type: Indian Author
Country: indore, madhyapradesh, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2302308.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2302308
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