India's Vadodara Municipal Corporation issued an INR1 billion ($12 million) certified green municipal bond to develop two sewage treatment plants. The plants will have a combined capacity of 121 million litres per day (MLD) and an auxiliary pumping station.

The issuer says this serves as a scalable model for other municipalities in India and across Asia, showcasing the potential of green finance in transforming urban infrastructure.

"This is an all-around excellent example of innovative financing in an Asia emerging market for adaptation finance in public water infrastructure that sets a model, especially given the nature of the issuer," said one Sustainable Debt Awards judge. "The additional capacity building infrastructure, public outreach, and knowledge sharing is also noteworthy."

"Financing a significant project with high impact. I like the involvement with so many relevant stakeholders while ensuring global standards. This should become a leading example for the region," added another.