Rashmi Birmole and I have a piece in the Journal on Corporate Law & Commercial Regulations "Beyond The Green Label: Evaluating The Proposed Green Bond Framework Vis-À-Vis Greenwashing In India"
https://www.ctrcr.com/_files/ugd/5a65d0_d69234e6310a4698ac3dac62fba371e5.pdf
JOURNAL ON CORPORATE LAW & COMMERCIAL REGULATIONS VOL. 01 ED. 01
BEYOND THE GREEN LABEL: EVALUATING THE PROPOSED GREEN BOND
FRAMEWORK VIS-À-VIS GREENWASHING IN INDIA
Sandeep Parekh* and Rashmi Birmole**
ABSTRACT: It is no secret that sustainable investing has long crossed the
boundaries of a niche practice and is changing the face of finance as we know it. With the conversation around climate change and the transition to a low-carbon economy gaining pace, the wide financing gap in meeting India’s climate targets and international commitments has become apparent. Having witnessed rapid growth in recent years, the green bond market is poised to mobilize capital for sustainable projects while generating fixed returns for investors. However, the integrity and development of the green bond market faces the risk of compromise
on account of greenwashing practices, i.e., overstatement of positive
environmental impact or use of proceeds towards projects with little or no
environmental impact. These concerns were recently addressed by the Securities and Exchange Board of India in a Consultation Paper on Green and Blue Bonds as a mode of Sustainable Finance. Through this article, the authors attempt to critically analyze the proposals in the consultation paper from the lens of mitigating greenwashing practices in India. In doing so, the authors also put forth recommendations that may be considered regarding the proposals.
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