IREDA Chairman Addresses Global Energy Forum, Advocates for Renewable Energy Transition

Shri Pradip Kumar Das, the Chairman & Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), took part in a panel discussion titled “The New Interdependencies: Trust, Security and Climate Resilience” at the 26th World Energy Congress held in Rotterdam, Netherlands, on April 24, 2024.

During the session, Shri Das provided valuable insights into India’s strides towards energy transition, highlighting IREDA’s pivotal role in propelling renewable energy adoption within the country. India’s ambitious target of achieving 500 GW of non-fossil fuel energy capacity by 2030 positions it as a global leader in combating climate change, with a commitment to achieving net-zero emissions by 2070. India currently ranks 4th globally in Renewable Energy Installed Capacity.

As the nation’s largest pure-play green financing Non-Banking Financial Company (NBFC), IREDA plays a crucial role in accelerating the energy transition. Shri Das underscored IREDA’s efforts in facilitating financing for energy transition projects, leveraging innovative financial instruments to mitigate risks and encourage private sector participation in the renewable energy sector.

The panel also deliberated on the ongoing global energy crisis, emphasizing the need for diversification and resilient infrastructure to ensure energy security. Shri Das stressed the importance of integrating regional markets through robust power networks. He proposed the allocation of 4-5% of Asset Under Management (AUM) from domestic pension/insurance funds into Renewable Energy (RE) bonds to deepen the bond market and attract additional global/local investments.

In conclusion, Shri Das reaffirmed IREDA’s steadfast commitment to a green economy, attracting investments, fostering technological advancements, and advocating for policy reforms. As India progresses towards achieving net-zero emissions by 2070, IREDA remains at the forefront, guiding the path towards a sustainable and secure energy future.

Other notable speakers in the panel discussion included Ms. Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp; Mr. Andy Brogan, Global Energy & Resources Strategy Leader, EY; and Mr. Ricuarte Vásquez Morales, Administrator, Panama Canal Authority.