The Chairman and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), highlighted the imperative nature of renewable energy. He expressed his views in a panel discussion at the “Future Energy Asia 2023 Exhibition and Summit” in Bangkok, Thailand. He emphasized that renewable energy is no longer a mere choice but a necessity, considering the detrimental effects associated with conventional fossil fuel-based energy generation and consumption.
As the largest dedicated funding Non-Banking Financial Company (NBFC) for renewable energy projects in India, IREDA has played a vital role in facilitating the growth of the sector. Shri Das stressed the significance of collaborative efforts among stakeholders to encourage the holistic development of the renewable energy sector. He also emphasized the importance of technological advancements and innovative financing mechanisms for the successful execution and operation of renewable energy projects.
Furthermore, Shri Das underscored the need to generate power as close to the consumption location as possible to reduce transmission losses and enhance overall efficiency. He also discussed India’s contributions to achieving a regional balance in the renewable energy supply chain through its involvement with the International Solar Alliance (ISA). The ISA’s mission is to unlock $1 trillion of investments in solar energy by 2030 while reducing technology costs and financing.
India has been actively engaging in energy transactions with other Asian countries like Bhutan, Nepal, Myanmar, and Bangladesh, signing multiple Memorandums of Understanding (MoUs) to promote renewable energy growth and optimize resource utilization throughout the continent. India’s remarkable progress in the renewable energy sector has surpassed the global average growth rate, with IREDA playing a significant role in this achievement.
