The Tamil Nadu state government has authorised the issuance of green municipal bonds to fund the Greater Chennai Corporation’s (GCC) project to reclaim land and manage legacy waste at the Kodungaiyur dump yard in North Chennai.

The project, which involves scientific excavation and processing of 66.52 lakh tonnes of accumulated waste over 252 acres, is aimed at environmental restoration and waste management improvements. The initiative will be financed under the Swachh Bharat Mission 2.0 with an estimated cost of Rs 646.38 crore, with contributions from the Central Government (25 percent), State Government (16 percent), and GCC (59 percent).

The proceeds from the green bonds will play a critical role in expediting the biomining process and the reclamation of the site, which is currently underway. The project is expected to significantly improve Chennai's waste disposal and environmental landscape.