Carbon & Green Certificate Markets
For Developers: Can your project generate eligible carbon credits? Use the additionality-screened calculator below. For DFI Analysts: Nepal's carbon market infrastructure is nascent — here is the honest status.
I-REC Status: Awaiting First Issuances
Nepal is approved for I-REC issuance. GCC confirmed as issuer. ProClime holds exclusive mandate for 2,000 MW pipeline. However, the projected July 2025 first issuance date has passed without confirmed public record of large-scale issuances. Do not assume an active market.
Market Status
First Listed Green Bond (NIFRA)
Source: NIFRA / SEBON · Updated: 2025-06-01
First Green Bond (NMB/IFC/BII)
Source: IFC · Updated: 2025-04-01
I-REC Issuance Status
Source: I-REC Standard / ProClime · Updated: 2026-05-26
Carbon & Green Market Development
Key milestones in Nepal's carbon and green certificate market evolution.
National Carbon Registry Launched
Government establishes National Carbon Registry framework. Zero projects registered.
First Green Bond — NMB/IFC/BII
NMB Bank issues Nepal's first green bond (USD 60M), anchored by IFC and BII.
First Listed Green Bond — NIFRA
NIFRA Green Energy Bond (NPR 5B, 6% coupon, 7-year tenure). Oversubscribed 3.8x.
I-REC Target Date Passed
Projected first I-REC issuance date passed. No confirmed large-scale issuances.
GCC Confirmed as Nepal Issuer
Green Certificate Company confirmed as I-REC issuer for Nepal. ProClime holds exclusive 2,000 MW mandate.
Carbon Credit Prices by Market
Nepal's projected I-REC/carbon credit prices compared to regional and international benchmarks.
Source: Market data compilation · Updated: 2026-05-26
Nepal Green Bond Market
Two distinct green bond records — both must be cited accurately. DFI analysts who worked on the NMB deal will spot incorrect attribution immediately.
| Instrument | Distinction | Value | Date | Anchor/Method | Status |
|---|---|---|---|---|---|
| NMB Bank Green Bond | First Green Bond | USD 60M | April 2025 | IFC, BII | Issued |
| NIFRA Green Energy Bond | First Listed Green Bond | NPR 5B | June 2025 | Public offering | Oversubscribed 3.8x |
Source: IFC, NIFRA, SEBON · Updated: 2026-05-26
Carbon Benefit-Sharing Calculator
This calculator screens your project for additionality BEFORE showing revenue projections. Grid RoR hydro with India export PPA and high IRR faces significant eligibility challenges.
Carbon Benefit-Sharing Calculator
Screen your project for carbon credit eligibility before estimating revenue. Not all project types qualify — additionality requirements vary by methodology.
Important context: LDC graduation (if deferral is not approved by November 2026) removes the automatic additionality shield for carbon credits. Timing a project's carbon registration before graduation may be strategically important. Contact our ESG Committee for guidance.