CSIR-Central Road Research Institute (CSIR-CRRI) has taken the lead in this innovative project, collaborating with the Institute of Indian Foundrymen (IIF) and Suyog Elements India Pvt. Ltd. The initiative aims to convert Waste Foundry Sand, a by-product of the metal casting industry, into a sustainable material for road construction. This is particularly crucial as the Coimbatore foundry cluster, which houses around 800–1000 foundry units, generates significant quantities of foundry sand waste.

Dr. N. Kalaiselvi, a prominent figure in this initiative, stated, “The utilization of industrial by-products like Waste Foundry Sand in road construction reflects CSIR’s commitment to sustainable development and circular economy.” This collaboration not only promotes environmentally sustainable practices but also reduces dependency on natural aggregates, which are often limited and costly.

Moreover, CSIR-National Aerospace Laboratories (CSIR-NAL) has made strides in drone technology by transferring technology for the QPlane eVTOL drone to KRR Aerospace for mass production. This drone, designed for multi-sector use including defence, agriculture, and logistics, features fully electric propulsion and vertical take-off and landing capabilities. With an operational range of around 20 km, the QPlane is set to revolutionize various industries.

Dr. Ch. Ravi Sekhar from CSIR-CRRI emphasized the importance of such initiatives, stating, “CSIR-CRRI has been at the forefront of developing sustainable and innovative road technologies.” The project not only addresses the challenges of waste management but also aligns with the Government of India’s vision for a circular economy and green infrastructure.

Sushil Sharma, another key player in this project, noted, “This project aims to address these challenges by enabling the scientific reuse of foundry sand in road construction, thereby converting waste into a valuable infrastructure resource.” This reflects a growing recognition of the need for sustainable practices in infrastructure development, which is vital for the future of urban planning in India.

Reaction from the field

The collaborative efforts between CSIR, IIF, and other stakeholders are expected to set a precedent for future projects aimed at sustainability. As these initiatives unfold, they will likely inspire further research and development in the field of sustainable materials and technologies. However, details remain unconfirmed regarding the full impact and scalability of these projects.

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“The Green Infrastructure Bond issue marks a significant milestone for Bank of Baroda and a defining moment for India’s domestic ESG bond market,” said Debadatta Chand, a key participant in the bond issuance.

In a landmark move, Bank of Baroda has raised ₹100 billion through its Series I Long-Term Green Infrastructure Bonds, aimed at supporting long-term funding for renewable energy and sustainable infrastructure projects. This issuance has garnered significant interest, receiving total bids of ₹164.15 billion, which is over three times the base issue size of ₹50 billion.

The bonds, which will run for seven years, were issued through the National Stock Exchange’s Electronic Book Platform. Investors can expect an annual interest rate of 7.1% on these bonds, making them an attractive option for those looking to invest in green initiatives.

The proceeds from the green infrastructure bonds will be allocated to eligible green projects that align with Bank of Baroda’s Green Financing Framework. This initiative underscores the bank’s commitment to promoting sustainable development and addressing climate change.

Bank of Baroda has made history by becoming the first Indian bank to issue long-term green infrastructure bonds locally. The bond issue has been assigned ‘AAA’ ratings with a stable outlook by CARE Ratings and ICRA Limited, further enhancing its credibility in the market.

Prior to this bond issuance, Bank of Baroda introduced the bob Green Hydrogen Financing Scheme, which supports green hydrogen production facilities for captive usage. This initiative reflects the bank’s broader strategy to invest in sustainable and innovative energy solutions.

The overwhelming response to the bond issue, with bids worth ₹16,415 crore, indicates a strong market appetite for green financing options. This trend is expected to continue as more investors seek to align their portfolios with environmental, social, and governance (ESG) criteria.

As the market for green bonds continues to evolve, Bank of Baroda’s successful issuance could pave the way for other financial institutions in India to explore similar opportunities. The next expected development will be the deployment of the raised funds into eligible projects, which will be closely monitored by stakeholders.

Details remain unconfirmed regarding the specific projects that will receive funding from these bonds, but the bank’s commitment to green financing is clear.

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