1. The International Finance Corporation (IFC), a member of the World Bank Group, has invested Rs 667 crore ($103 million) in L&T Infrastructure Finance Company Ltd by subscribing to the country's first official green bonds. This is in line with IFC’s strategy to support renewable energy infrastructure in the country and also develop the capital markets.
2. L&T Infrastructure Finance Company Limited, a wholly-owned subsidiary of L&T Finance Holdings Ltd, will use this money to give loans to solar power projects.
3. On May 30 this year, the Securities and Exchange Board of India (Sebi) came out with norms governing green bonds.
4. Bonds whose proceeds are used for renewable energy, clean transport, sustainable water or land management, climate change adaptation, energy efficiency initiatives such as green buildings or biodiversity conservation projects or assets will qualify as 'green'.
5. IFC, the private sector financing arm of the World Bank Group, helps the private sector address development challenges through investments, innovative financing, and advisory. IFC had earlier invested $50 million in Yes Bank and $75 million in PNB Housing Finance through instruments that would qualify as green bonds but they were floated before the Sebi circular of May 30.
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