India’s RE vision spotlighted at World Energy Congress

IREDA CMD outlines India’s 500GW goal, Net Zero commitment, and financial innovation for renewables.

Chairperson and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), Pradip Kumar Das, took part in a panel discussion titled “The New Interdependencies: Trust, Security, and Climate Resilience” at the 26th edition of the World Energy Congress in Rotterdam, Netherlands.

During the discussion, the CMD shared insights into India’s journey towards energy transition and underscored IREDA’s crucial role in advancing renewable energy adoption within the country. He stated that India’s ambitious goal of achieving 500 GW of non-fossil-fuel energy capacity by 2030 positions it as a beacon of hope in the global fight against climate change. Additionally, he highlighted India’s commitment to achieving Net Zero emissions by 2070 and noted that with rapid progress in the renewable energy sector, India ranks fourth globally in renewable energy installed capacity.

As the largest pure-play green financing NBFC in the country, IREDA plays a pivotal role in expediting the energy transition. The CMD emphasised IREDA’s efforts in facilitating financing for energy transition projects, utilising innovative financial instruments to mitigate risks, and encouraging private sector involvement in the renewable energy sector.

The panel also discussed the ongoing global energy crisis, with the CMD stressing the importance of diversification and robust infrastructure to ensure energy security. He emphasised the significance of integrating regional markets through strong power networks and proposed mandating the allocation of 4 percent-5 percent of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds to deepen the bond market and attract additional global and local investments.

In conclusion, the CMD reaffirmed IREDA’s constant commitment to a green economy. The company continues to attract investments, foster technological advancements, and advocate for policy reforms. He stated that as India progresses towards achieving Net Zero emissions by 2070, IREDA remains at the forefront, guiding the way towards a sustainable and secure energy future.

The other participants in the panel discussion on “The New Interdependencies: Trust, Security, and Climate Resilience,” held on 24th April 2024, were Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp; Andy Brogan, Global Energy & Resources Strategy Leader, EY; and Ricuarte Vásquez Morales, Administrator, Panama Canal Authority.