Chief Minister Bhupendra Patel attended the listing ceremony of Gujarat’s first green municipal bond, issued by the Surat Municipal Corporation (SMC), on Thursday, October 16, 2025.The green bonds, with an issue size of ₹200 crore, were open for subscription between October 6 and 9 and were oversubscribed eight times, according to Shalini Agarwal, Surat Municipal Commissioner.
“The proceeds from these bonds will be used for environmentally sustainable projects in Surat, including solar and wind power plants, solid waste and water supply initiatives, and electric vehicle charging infrastructure for public use,” Agarwal said.Green bonds are fixed-income instruments that fund projects with a positive environmental impact, such as clean energy, sustainable transportation, and water management. While the funds are exclusively used for eco-friendly initiatives, these bonds function similarly to conventional bonds and can be issued by governments, corporations, or multilateral banks.