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<p>Green bonds have emerged as a significant means of securing funds for low-carbon and green initiatives. Despite their growing global importance, the green bond market in India remains in its early stage, and very less is explored about the underlying factors that have contributed to its expansion. This study constructs an integrated multi-method framework to comprehensively identify, prioritize, and interpret the drivers impacting Indian green bond market. Eighteen sub-drivers were identified through an extensive literature review and categorised under five major drivers—agreement and policy, environmental, social, economic, and investor-related. Using the Best–Worst Method (BWM), these factors were ranked and prioritized based on industry expert assessments. Results indicate that agreement and policy drivers and environmental drivers are the most significant, with Paris Agreement NDCs<i>,</i> pollution management level<i>,</i> trade openness<i>,</i> tax incentives<i>,</i> and climate bond certification emerging as the top sub-drivers. To explore conceptual relationships, the Interpretive Structural Modelling (ISM) method was applied, which established a hierarchical structure showing that Paris Agreement NDCs and introduction of international standards act as foundational enablers, followed by stock market capitalization, perception of more liquidity and low volatility, and climate risk awareness<i>.</i> MICMAC analysis further classified drivers as—autonomous, dependent, independent, and linkage— identifying Paris Agreement NDCs and stock market capitalization as independent drivers, and perception of increased liquidity and reduced volatility as autonomous driver. To create a robust green finance ecosystem policymakers should align Indian pollution management regulations with Paris agreement, establishing separate institution for monitoring and certifying green bonds, enlarging the scope of current Indian Generation-based Incentives to all green sector of economy and strengthening the Indian Framework of Sovereign green bonds by incorporating international standards.</p> Graphical abstract <p></p>

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Catalysts of sustainable finance in India: an integrated study of green bond market drivers

  • 期刊论文

  • 发表日期：

    2026年3月31日

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  • Aarti Verma,
  • Shashank Bansal

摘要

Green bonds have emerged as a significant means of securing funds for low-carbon and green initiatives. Despite their growing global importance, the green bond market in India remains in its early stage, and very less is explored about the underlying factors that have contributed to its expansion. This study constructs an integrated multi-method framework to comprehensively identify, prioritize, and interpret the drivers impacting Indian green bond market. Eighteen sub-drivers were identified through an extensive literature review and categorised under five major drivers—agreement and policy, environmental, social, economic, and investor-related. Using the Best–Worst Method (BWM), these factors were ranked and prioritized based on industry expert assessments. Results indicate that agreement and policy drivers and environmental drivers are the most significant, with Paris Agreement NDCs, pollution management level, trade openness, tax incentives, and climate bond certification emerging as the top sub-drivers. To explore conceptual relationships, the Interpretive Structural Modelling (ISM) method was applied, which established a hierarchical structure showing that Paris Agreement NDCs and introduction of international standards act as foundational enablers, followed by stock market capitalization, perception of more liquidity and low volatility, and climate risk awareness. MICMAC analysis further classified drivers as—autonomous, dependent, independent, and linkage— identifying Paris Agreement NDCs and stock market capitalization as independent drivers, and perception of increased liquidity and reduced volatility as autonomous driver. To create a robust green finance ecosystem policymakers should align Indian pollution management regulations with Paris agreement, establishing separate institution for monitoring and certifying green bonds, enlarging the scope of current Indian Generation-based Incentives to all green sector of economy and strengthening the Indian Framework of Sovereign green bonds by incorporating international standards.

Graphical abstract