Gujarat CM highlights public participation in Surat’s green bond initiative

Gujarat Chief Minister Bhupendra Patel on Thursday performed the bell-ringing ceremony at the Mumbai National Stock Exchange (NSE) to mark the listing of Surat Municipal Corporation’s Municipal Green Bond, in the presence of Mayor Daxesh Mavani and other officials.

The ₹200 crore municipal green bond aims to involve citizens as partners in green and sustainable development. The issue, which opened for subscription on 6th October 2025 and closed on 9th October 2025, was oversubscribed eight times, with ₹800 crore worth of subscriptions received against the demand of ₹200 crore. In the retail sector, ₹30 crore worth of bonds (15 per cent of the total issue) were invited, and allocation was conducted through a draw system.

Highlighting the significance of the initiative, Chief Minister Patel stated that Surat Municipal Corporation’s farsighted planning will accelerate the city’s development. He noted that the bond aligns with Prime Minister Narendra Modi’s vision of achieving a net-zero carbon footprint by 2070 and Gujarat’s roadmap of ‘Viksit Gujarat @2047’. The Chief Minister emphasised that the initiative demonstrates a balance between economic growth and environmental conservation, reflecting India’s priorities under its G20 presidency with the theme ‘One Earth, One Family, One Future’.

Surat Municipal Commissioner Shalini Agarwal noted that the bond is the first internationally certified municipal green bond in India. The funds will be utilised for environmental conservation, solar power projects, water conservation initiatives, and green transport programs, making it a key resource for sustainable urban growth.

Mayor Daxesh Mavani described the initiative as a model for sustainable energy, contributing to the Prime Minister’s vision of development by 2047. He added that Surat, often considered mini-India, has received 14 national awards and aims to become a leading city in green energy.

The Chief Minister congratulated the officials of Surat Municipal Corporation for making the city a national model in cleanliness and green mobility. He stated that the bond’s success, including its international interest, highlights the potential of public participation in financing green initiatives, a model expected to inspire other cities.

Managing Director of NSE, Ashish Chauhan, along with Government of India dignitaries Sujit Singh and N.K. Mehta, Chief Minister’s Secretary Vikrant Pandey, and other officials, were present at the ceremony.