Green Bonds in India: Performance vs Promise: A Study of REC Limited, NTPC Limited, and State Bank of India

Green Bonds in India: Performance vs Promise examines whether India's growing green bond market is delivering on both its financial and environmental commitments. Focusing on three major Indian issuers—REC Limited, NTPC Limited, and State Bank of India—the book evaluates the greenium effect, post-issuance environmental impact, disclosure quality, and regulatory compliance. Drawing on secondary data, yield spread analysis, event study methodology, environmental impact assessment, and a Disclosure Quality Index, the study compares the performance of green bonds against the promises made at issuance. The findings indicate that while Indian green bonds have broadly met financial performance expectations, significant gaps remain in environmental impact reporting, third-party verification, and the realisation of a consistent greenium. The book provides a comparative perspective on the evolving Indian green bond market and highlights the importance of stronger transparency, impact measurement, and accountability in ensuring that green finance delivers meaningful environmental outcomes.