Lav Goyal
Managing Partner
Business Advisory
Business Advisory
Overview
Key aspects of India’s Nationally Defined Contributions (NDCs) to the Paris Agreement include a Net Zero Commitment by 2070, reducing Emissions Intensity by 45% by 2030 vs a 2005 baseline and achieving 50% Renewable Energy generation by 2030.
An estimated investment of USD 500bn annually is required to meet these goals. Outstanding GSS+ Debt (Green, Social, Sustainability, Sustainability-linked) in India has increased from USD 7bn in 2020 to USD 56bn in 2024, an increase of 700%. In 2024 alone, new GSS+ Debt issuance was USD 12.5bn, with the Green share being 56%.
The Sustainable Finance market has continued to grow and innovate. New products such as Green Deposits (Volume: USD 200m, 2025) and Sustainability Loans (combination of Green and Social, 5% of overall market) underline this trend. The Government of India has also raised Sustainable Finance via the issue of Sovereign Green Bonds, which stand at USD 5.7bn as of 2025. Banking (RBI, IFSCA), Capital Markets (SEBI) and Insurance (IRDAI) regulators have also supported markets by bringing Sustainable Finance and ESG regulations related to financial products, governance, disclosure, ratings and risk.
