Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency Ltd. (IREDA), emphasized the imperative need for significant investment to achieve India's Nationally Determined Contributions (NDC) goals by 2030.
Speaking at an international webinar hosted by the World Bank on February 14, 2024, coinciding with the release of the latest South Asia Development Update "Towards Faster, Cleaner Growth", Das outlined the estimated requirement of Rs. 30 lakh crores investment over the fiscal years 2024-2030.
During his address, CMD Das highlighted the sectors crucial for investment, including manufacturing capacities for solar, electrolysers, wind, and batteries, along with transmission, green hydrogen, solar, hydro, wind, and waste-to-energy.
Das commended Prime Minister Narendra Modi's initiative, the "PM Surya Ghar Muft Bijli Yojana," a rooftop solar scheme launched on February 13, 2024. Backed by an investment exceeding Rs. 75,000 crores, the scheme aims to solarize 1 crore households by providing up to 300 units of free electricity every month.
Das said, "This initiative will significantly elevate the rooftop solar sector in India while contributing to the country's ambitious goals of achieving Net-Zero emissions by 2070 and Energy Independence by 2047"
Highlighting India's exemplary role in renewable energy development, CMD Das mentioned various government initiatives such as Renewable Purchase Obligations (RPO), the PM-KUSUM scheme, 'Must-run' status for renewable energy assets, PLI scheme for Solar PV manufacturing, and allowing up to 100% FDI under the automatic route for renewable energy.
"As India aims to become the third-largest economy in the next three years and a developed country by 2047, renewable sources are expected to meet approximately 90% of the country's energy demand", he added.
In addition to CMD Das, other notable speakers at the webinar included Special Representative to the UN and the WTO, World Bank, Maria Dimitriadou; Chief Economist, South Asia Region, World Bank, Franziska Ohnsorge; Economist, Prospects Group, World Bank, Philip Kenworthy and Green Technology and Research manager, WIPO GREEN, Peter Oksen.
Das concluded by acknowledging IREDA's pivotal role over the last 37 years in nurturing the renewable energy sector in India, underscoring the agency's commitment to driving sustainable development and achieving climate targets.
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