The Gujarat International Finance Tec or GIFT City is fast becoming the main destination for companies planning to issue environmental, social, and governance (ESG) securities. This is primarily due to tax efficiencies and a stronger investor base.The share of ESG securities in total debt issuances in Gift City increased to 24% during April-January from 18% in FY23. Companies have raised $16.8 billion as of January-end in ESG-labeled debt, with around 60% in green bonds, 23% in social bonds, and 15% in sustainability bonds. The issuances have grown 56% in the last two years. Companies raised debt securities worth $69.7 billion through Gift City as of January-end.