IFSCA unveils framework for ESG-linked transition bonds at GIFT City
The unified regulator issued Tuesday a framework for issuance and listing of the so-called transitions bonds. 'The said framework will enable the issuers, specifically from
hard-to-abate sectors
, to raise capital and list their securities at GIFT IFSC, while committing to a credible transition plan and making enhanced disclosures to ensure the interests of the investors are protected,' it said.
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by Taboola
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Industries such as steel, cement, aviation are classified as hard-to-abate. Companies from these sectors particularly find it difficult to reduce carbon emission because of their heavy reliance on fossil fuels and processes that make decarbonization difficult.
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ISFCA noted that ESG-labelled debt securities have played a key role in mobilizing
climate finance
. But it is generally seen that their application is often limited to sectors/projects that are at near/net zero. 'Transition finance provides a structured pathway for hard-to-abate industries to reduce their emissions progressively,' it said.
The framework has four important pillars. These are a credible transition plan at the entity level, alignment with globally recognized taxonomies and technology roadmaps, mechanism for independent external review, and disclosure requirements.
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Last week, infrastructure conglomerate Larsen & Toubro raised ESG-compliant bonds amounting to Rs500 crore for a term of three years. This is the first such bond issue under the Securities and Exchange of India's (Sebi) newly issued framework on ESG and
sustainability-linked bonds
.
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