The Pimpri-Chinchwad Municipal Corporation, or PCMC, has announced plans to raise Rs 200 crore through green bonds.
The Maharashtra government has approved the issuance of green bonds to finance environmentally-friendly projects, recognizing the PCMC’s need for substantial funding to tackle climate change and environmental issues.
Where will PCMC use the green bonds?
The green bonds will fund the development of the road network under the Harit Setu project and the construction of Telco Road from Gawali Mata Chowk to Indrayani Nagar Chowk. Other projects include:
• To implement the Urban Street Design
• Pilot projects for smart cities.
• Fund projects to provide pedestrian facilities, develop a cycle track, routes for vehicles, and public transport.
CRISIL has rated the proposal “AA+” with a stable outlook, indicating the corporation’s strong financial position and the city’s robust economic standing.
Backdrop:
In its budget document, PCMC made a special mention of the climate budget for FY2025-26.
PCMC has launched its Climate Budget Framework, becoming the fifth city globally to adopt such an approach.
This initiative aligns financial planning with long-term climate goals, embedding sustainability into the city’s development plans.
“The Climate Budget ensures that every rupee allocated contributes to reducing carbon emissions and strengthening climate resilience. This brings Pimpri Chinchwad into the ranks of global leaders like Oslo, London, New York, and Mumbai. These cities have adopted similar frameworks to tackle the growing climate crisis,” as per the budget document.
