• The listing ceremony featured the traditional ringing of the bell by Maharashtra Chief Minister (CM) Devendra Fadnavis, alongside NSE Managing Director (MD) Ashishkumar Chauhan.

Key Highlights:
Fund Utilization: The capital raised through these bonds is used for sustainable urban infrastructure projects, including renewable energy, waste management, clean transportation, sustainable water management, and climate resilience initiatives for urban communities.
Project Specifics: Unlike general-purpose municipal bonds, 100% of the funds raised through green municipal bonds must be allocated exclusively to environmentally sustainable or “green” projects.
Mechanism: These bonds operate similar to conventional municipal bonds, where investors lend money to local governments, but the funds are strictly restricted for green initiatives.
Commitment: The initiative by the Nashik Municipal Corporation supports India’s broader objective of achieving net-zero emissions by 2047.
Note: Ghaziabad Municipal Corporation (Uttar Pradesh) became India’s first municipal body to issue Green Municipal Bonds in 2021, raising Rs 150 crore to finance a tertiary sewage treatment plant. Later, the Indore Municipal Corporation (Madhya Pradesh) issued green bonds in early 2023 to support a 60-megawatt solar power project aimed at strengthening sustainable urban infrastructure.