IREDA CMD Addresses World Bank Webinar, Stresses Significant Investments for India’s Renewable 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 on the release of the latest South Asia Development Update, titled “Toward Faster, Cleaner Growth.”

Highlighting the critical need for substantial investments to meet India’s Nationally Determined Contributions (NDC) goals by 2030, Shri Pradip Kumar Das emphasized that an estimated investment of Rs. 30 lakh crores is required over the period FY 2024-2030. This investment is crucial for various sectors, including Solar, Electrolysers, Wind & Battery manufacturing, Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy.

Shri Pradip Kumar Das specifically discussed the significance of the “PM Surya Ghar Muft Bijli Yojana,” Prime Minister Narendra Modi’s rooftop solar scheme launched on February 13, 2024. With an investment exceeding Rs. 75,000 crores, the visionary project aims to solarize 1 crore households by providing up to 300 units of free electricity every month. The CMD stated that this initiative will not only provide substantial benefits but also raise awareness about renewable energy, contributing to India’s ambitious goals of achieving Net-Zero emissions by 2070 and Energy Independence by 2047.

The CMD acknowledged India’s exemplary role in global renewable energy development, citing initiatives such as Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, PLI scheme for Solar PV manufacturing, and allowing 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, meeting approximately 90% of its energy demand through renewable sources is crucial.

Shri Pradip Kumar Das also highlighted the pivotal role played by IREDA over the last 37 years in nurturing the Renewable Energy sector in India. Other distinguished 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.