IREDA CMD Calls for Rs. 30 Lakh Crore Investment in Renewable Energy at World Bank Webinar

In a recent international webinar organized by The World Bank’s Geneva office, Shri Pradip Kumar Das, Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), addressed the urgent need for substantial investment to achieve India’s Nationally Determined Contributions (NDC) goals by 2030. He highlighted that an estimated investment of INR 30 lakh crore is necessary between FY 24-30 across various sectors, including manufacturing investments such as solar, electrolyzer, wind, and battery technologies, alongside transmission, green hydrogen, and traditional sectors like solar, hydro, wind, and waste-to-energy.

Shri Das also emphasized the importance of the “PM Surya Ghar Mu Bijli Yojana,” a rooftop solar scheme launched by Prime Minister Shri Narendra Modi. This initiative, backed by an investment exceeding Rs. 75,000 crores, aims to solarize 1 crore households, providing up to 300 units of free electricity every month. He highlighted its potential to revolutionize the rooftop solar sector and raise awareness about renewable energy, aligning with India’s ambitious goals of achieving Net-Zero emissions by 2070 and Energy Independence by 2047.

Furthermore, Shri Das underscored India’s global leadership in renewable energy development, citing various government initiatives such as Renewable Purchase Obligations (RPO), the 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.

As India aims to become the third-largest economy in the next three years and a developed country by 2047, Shri Das emphasized the significant role of renewable sources in meeting approximately 90% of the country’s energy demand. Until sufficient energy storage for renewable energy is achieved, thermal energy will also be developed alongside.

Shri Das highlighted IREDA’s pivotal role in nurturing the renewable energy sector in India over the last 37 years.

The webinar also featured other notable speakers such as Ms. Maria Dimitriadou and Ms. Franziska Ohnsorge from the World Bank, alongside Mr. Philip Kenworthy and Mr. Peter Oksen, addressing various aspects of renewable energy and economic development in the South Asia region.