India’s non-fossil-fuel energy capacity vision is a hope in climate change fight: IREDA CMD

India’s non-fossil-fuel energy capacity vision is a hope in climate change fight: IREDA CMD

India’s ambitious goal of achieving 500 GW of non-fossil-fuel energy capacity by the year 2030, positions it as a beacon of hope in the global fight against climate change, said Chairperson & Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd (IREDA) Pradip Kumar Das.

Speaking at a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”, at the 26th edition of World Energy Congress in Rotterdam, Netherlands, CMD Das shared insights into India’s journey towards energy transition and underscored IREDA’s crucial role in advancing renewable energy adoption within the country.

He also highlighted India’s commitment to achieving Net Zero emissions by the year 2070, and pointed out that with rapid progress in the renewable energy sector, India stands fourth globally in renewable energy installed capacity.

At the World Energy Congress, the CMD emphasised IREDA’s efforts in facilitating financing for energy transition projects, through utilisation of innovative financial instruments to mitigate risks and encouraging private sector involvement in the renewable energy sector.

As the largest pure-play green financing NBFC of the country, IREDA plays a pivotal role in expediting energy transition.

The World Energy Congress panel also discussed the ongoing global energy crisis, with the CMD stressing the importance of diversification and robust infrastructure to ensure energy security.

He emphasised the significance of integrating regional markets through strong power networks. He also proposed the mandate of allocating 4-5 per cent of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds, to deepen the bond market and increase additional global and local investments.

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