Rajahmundry Municipal Corporation eyes green bonds

Rajamahendravaram: In a move that could set a new precedent for sustainable urban development in Andhra Pradesh, the Rajahmundry Municipal Corporation is exploring the issuance of green bonds. If successful, Rajahmundry would become only the fourth city in India, after Vadodara in Gujarat, Indore in Madhya Pradesh, and Ghaziabad in Uttar Pradesh to issue green municipal bonds.

The proposed green bond issuance aims to finance a range of environment-friendly projects, including the modernisation of wastewater treatment plants, the development of renewable energy sources for municipal operations, the promotion of sustainable transportation within the city, and the development of parks.

Commissioner of the Rajamahendravaram Municipal Corporation Ketan Garg said that this is a significant step towards building a more sustainable and environmentally responsible Rajahmundry.

The Municipal Corporation is currently working on obtaining the necessary approvals from the State and Central governments for the green bond issuance.

The Corporation also plans to engage with the public through consultations and workshops to gather feedback and ensure transparency throughout the green bond issuance process.

Public participation is crucial for the success of this initiative, so they want to ensure that the community understands the benefits of green bonds and has the opportunity to provide input on the proposed projects.

Educationalist Chilukuri Suresh said that Rajahmundry’s move to explore green bonds is a commendable step towards a more sustainable future. This initiative can serve as a model for many cities to follow, he added. The success of the green bond issuance will depend on various factors, including the strength of the project proposals, the level of investor interest, and the overall economic climate.