IREDA CMD Pradip Kumar Das Addresses World Energy Congress, Advocates for Renewable Energy Adoption

Rotterdam, Netherlands: Pradip Kumar Das, Chairperson & Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), participated in a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience” at the 26th edition of the World Energy Congress in Rotterdam, Netherlands.

During the discussion, Das shared valuable insights into India’s remarkable journey towards energy transition and emphasized IREDA’s pivotal role in advancing renewable energy adoption within the country. He highlighted India’s ambitious goal of achieving 500 GW of non-fossil-fuel energy capacity by 2030, positioning the nation as a beacon of hope in the global fight against climate change. Das also underscored India’s commitment to achieving Net Zero emissions by 2070, marking significant progress in renewable energy development with India standing fourth globally in renewable energy installed capacity.

As the largest pure-play green financing NBFC in the country, IREDA plays a crucial role in expediting the energy transition. Das emphasized IREDA’s efforts in facilitating financing for energy transition projects, utilizing innovative financial instruments to mitigate risks, and encouraging private sector involvement in the renewable energy sector.

The panel discussion also addressed the ongoing global energy crisis, with Das stressing the importance of diversification and robust infrastructure to ensure energy security. He highlighted the significance of integrating regional markets through strong power networks and proposed allocating 4%-5% of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds to deepen the bond market and attract additional global and local investments.

In conclusion, Das reaffirmed IREDA’s unwavering commitment to a green economy. The company continues to attract investments, foster technological advancements, and advocate for policy reforms. As India progresses towards achieving Net Zero emissions by 2070, Das emphasized that IREDA remains at the forefront, guiding the way towards a sustainable and secure energy future.

The panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience” took place on April 24, 2024, and included participation from esteemed industry leaders such as Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp; Andy Brogan, Global Energy & Resources Strategy Leader, EY; and Ricuarte Vásquez Morales, Administrator, Panama Canal Authority.