IREDA CMD calls for green taxonomy to boost sustainable investments

Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency Limited (IREDA) highlighted the strategic importance of Eastern India in achieving India’s clean energy targets. He highlighted the region’s untapped potential in solar, pumped storage, battery storage and green hydrogen.

Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency Limited (IREDA), highlighted the strategic significance of Eastern India in achieving India’s clean energy targets during the CEO’s Roundtable on “Financing Viksit Bharat: An Eastern Region Perspective” at the 18th CII Banking Colloquium in Kolkata.

Das noted that renewable energy accounts for only 20 percent of Eastern India’s installed capacity as of July 2025, compared to the national average of ~48 per cent. He pointed to the region’s untapped potential in solar, pumped storage, battery storage, and green hydrogen.

Das said, “Governance is the cornerstone of growth; we have significantly strengthened its governance framework. We have disbursed over ₹1.63 lakh crore while limiting write-offs to just about ₹135 crore, underscoring its robust recovery practices. Recovery is key; growth must come with governance. Our strength lies in qualitative project appraisal, where we take prudent calls even in sectors where risk is not fully known, such as green hydrogen, battery storage, and solar manufacturing.”

He added that achieving India’s 500 GW non-fossil capacity target by 2030 will require mobilising ~₹30 lakh crore in investments, with Eastern India expected to play a strategic role in green manufacturing, exports, and youth entrepreneurship.

CMD, IREDA also underlined the need for a comprehensive green taxonomy framework, which is currently in advanced stages, to provide statutory clarity on sustainable investments. He highlighted that sectors like steel and cement will increasingly rely on green power, and corporates will need to strengthen ESG reporting to demonstrate measurable sustainability progress.

Reflecting on IREDA’s role, he said, “We are India’s largest green NBFC, having financed over 30 GW of renewable energy capacity. With the intent, strength, and spirit of MNRE and IREDA, we will continue to catalyse sustainable growth, de-risk emerging technologies, and support India’s journey to Viksit Bharat 2047.”