In a pivotal international forum convened by The World Bank, Shri Pradip Kumar Das, Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), delivered a compelling address underscoring the imperative for substantial investment to propel India’s ambitious renewable energy agenda forward. The occasion marked the release of the latest South Asia Development Update titled “Toward Faster, Cleaner Growth,” symbolizing a concerted global effort towards sustainable development.
CMD Pradip Kumar Das highlighted the critical need for substantial investment to fulfill India’s Nationally Determined Contributions (NDC) goals by 2030, emphasizing that an estimated investment of Rs. 30 lakh crores over the period FY 2024-2030 is imperative. This investment is earmarked for bolstering manufacturing capacity across sectors such as Solar, Electrolysers, Wind & Battery, Transmission, Green Hydrogen, and Waste to Energy, among others.
Commending the visionary “PM Surya Ghar Muft Bijli Yojana,” inaugurated by Prime Minister Shri Narendra Modi, CMD Das elucidated its transformative impact on the rooftop solar sector. Backed by an investment exceeding Rs. 75,000 crores, this groundbreaking initiative aims to solarize 1 crore households by providing up to 300 units of free electricity every month.
CMD Das underscored the scheme’s potential to revolutionize renewable energy adoption while fostering awareness among citizens, contributing to India’s ambitious goals of achieving Net-Zero emissions by 2070 and Energy Independence by 2047.
Reflecting on India’s exemplary trajectory in renewable energy development, CMD Das lauded government initiatives such as Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, and the PLI scheme for Solar PV manufacturing. Emphasizing India’s ascent as a global renewable energy leader, he articulated a vision where renewable sources would meet approximately 90% of the nation’s energy demand by leveraging innovative strategies and fostering investment.
The webinar featured distinguished speakers including Ms. Maria Dimitriadou, Special Representative to the UN and the WTO, World Bank; Ms. Franziska Ohnsorge, Chief Economist, South Asia Region, World Bank; Mr. Philip Kenworthy, Economist, Prospects Group, World Bank; and Mr. Peter Oksen, Green Technology and Research Manager, WIPO GREEN. Their insights underscored the collaborative efforts required to accelerate renewable energy adoption and pave the way for a sustainable future.
As India continues its steadfast march towards energy security and sustainability, IREDA’s pivotal role in nurturing the renewable energy sector over the last 37 years stands as a testament to its unwavering commitment to catalyzing India’s renewable energy revolution.
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