CMD of IREDA Addresses World Bank Webinar on India’s Renewable Energy Goals

New Delhi:  The Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), Shri Pradip Kumar Das, delivered a keynote address at an international webinar organized by The World Bank. The event marked the release of the latest South Asia Development Update, titled “Toward Faster, Cleaner Growth,” on February 14, 2024.

CMD Shri Pradip Kumar Das highlighted the critical need for substantial investments to achieve India’s Nationally Determined Contributions (NDC) goals by 2030. He emphasized that an estimated investment of Rs. 30 lakh crores over the period FY 2024-2030 is required. The investments will focus on manufacturing capacity for Solar, Electrolysers, Wind & Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors.

Addressing the recently launched “PM Surya Ghar Muft Bijli Yojana,” a rooftop solar scheme initiated by Prime Minister Shri Narendra Modi on February 13, 2024, CMD Shri Pradip Kumar Das expressed his optimism. He stated, “This visionary project, backed by an investment exceeding Rs. 75,000 crores, aims to solarize 1 crore households by providing up to 300 units of free electricity every month.” He highlighted the scheme’s potential to propel the Rooftop Solar sector to unprecedented heights and contribute significantly to India’s ambitious goals of achieving Net-Zero emissions by 2070 and Energy Independence by 2047.

The CMD praised India’s exemplary role in Renewable Energy development worldwide and credited various government initiatives, including Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, PLI scheme for Solar PV manufacturing, and the allowance of up to 100% FDI under the automatic route for renewable energy. He emphasized that 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 energy demand.

Shri Pradip Kumar Das also acknowledged the significant role played by IREDA in nurturing the Renewable Energy sector in India over the last 37 years.

Other notable speakers at the webinar included 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. The discussions reflected a collective commitment to advancing sustainable and cleaner growth in the South Asian region.