Green bonds and climate change mitigation: A conceptual study of financial instruments in India

https://doi.org/10.35912/ijfam.v6i3.2476
Published: Mar 25, 2025

Abstract:

Purpose: This study examines the potential of green bonds as essential financial instruments for mitigating climate change, with a particular focus on their development and application in India.

Method: A qualitative approach was adopted, synthesizing secondary data from academic literature, case studies, and policy documents to analyze the barriers, opportunities, and regulatory frameworks influencing the green bond market in India.

Results: The findings reveal that although green bonds are gaining traction, their adoption in India is hindered by challenges such as regulatory inconsistencies, information asymmetry, greenwashing risks, and market volatility. However, initiatives like Sovereign Green Bonds (SGBs), and the integration of FinTech solutions provide pathways for overcoming these barriers.

Conclusions: Green bonds offer a powerful mechanism for driving sustainable finance and climate action in India.

Limitations: The study is limited by the evolving nature of the green bond market and the lack of standardized definitions within India's regulatory framework.

Contribution: By identifying key barriers and enabling mechanisms, this study provides actionable insights to policymakers and stakeholders to foster the growth of green bonds, aligning with India’s climate finance and sustainability goals.

Novelty: The research presents a strategic framework that integrates global standards, technological innovations, and collaborative financial practices to enhance the credibility and scalability of green bonds in India.

Keywords:
1. Climate Finance
2. Green Bonds
3. Regulatory Frameworks
4. Renewable Energy
5. Sustainable Development.
Authors:
1 . K. Manikanteswara Reddy
Adikavi Nannaya University, Rajahmundry, Andhra Pradesh, India
2 . Ch. Srinivas
Sri Y.N College, Naraspur Andhra Pradesh, India
3 . P. Uma Maheswari Devi
Adikavi Nannaya University, Rajahmundry, Andhra Pradesh, India
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Reddy, K. M., Srinivas, C., & Devi, P. U. M. (2025). Green bonds and climate change mitigation: A conceptual study of financial instruments in India. International Journal of Financial, Accounting, and Management, 6(3), 461–475. https://doi.org/10.35912/ijfam.v6i3.2476
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Vol. 6 No. 3 (2024): December
Articles
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  5. Azad, S., Tulasi Devi, S., & Mishra, A. K. (2024). Investing in our planet: Examining retail investors' preference for green bond investment. Business Strategy and the Environment. https://doi.org/10.1002/bse.3743.
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  7. Bansal, S., Mani, S. P., Gupta, H., & Maurya, S. (2023). Sustainable development of the green bond markets in India: Challenges and strategies. Sustainable Development, 31(1), 237-252. https://doi.org/10.1002/sd.2386.
  8. Bhattacharya, K., & Dey, B. (2024). Climate Financing: As an Economic Approach towards Sustainable Environment 1 Biswajit Dey (WBA&AS). International Journal of Research Publication and Reviews, 5, 8448-8460. doi: 10.55248/gengpi.5.0524.1339.
  9. Bueren, E. (2024). Green Finance, insbesondere Green Bonds. Zeitschrift für Unternehmens-und Gesellschaftsrecht, 53(2-3), 397-430. https://doi.org/10.1515/zgr-2024-0013.
  10. Campi, M., Peters, G. W., & Richards, K.-A. (2024). Shades of green: Unveiling the impact of municipal green bonds on the environment. Franklin Open, 100113. https://doi.org/10.1016/j.fraope.2024.100113.
  11. Charak, A., Ravi, K., & Verma, A. (2024). Review of Various Climate Change Exacerbated Natural Hazards in India and Consequential Socioeconomic Vulnerabilities. IDRiM Journal, 13(2), 142-177. 10.5595/001c.92642.
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  13. Cheng, Z., & Wu, Y. (2024). Can the issuance of green bonds promote corporate green transformation? Journal of cleaner production, 443, 141071. https://doi.org/10.1016/j.jclepro.2024.141071.
  14. Chesini, G., & Poufinas, T. (2023). Green bonds Reference Module in Social Sciences: Elsevier.
  15. Demiral, M., Kairatkyzy, A., & Khoich, A. (2023). "Green" Investment Risk Management. TRUDY UNIVERSITETA, 4. doi:10.52209/1609-1825_2023_4_340
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  17. Divyashree, K., & Mishra, A. (2024). Blockchain and Green Finance: The Way Forward Green Metaverse for Greener Economies (pp. 22-36): CRC Press.
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  23. Fu, J., & Ng, A. W. (2021). Scaling up renewable energy assets: Issuing green bond via structured public-private collaboration for managing risk in an emerging economy. Energies, 14(11), 3076. https://doi.org/10.3390/en14113076.
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  27. Junaedi, J. (2024). Understanding the Role of Finance in Sustainable Development: A Qualitative Study on Environmental, Social, and Governance (ESG) Practices. Golden Ratio of Finance Management, 4(2), 113-130. https://doi.org/10.52970/grfm.v4i2.422.
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