IREDA stresses innovative financing solutions for India’s transition to renewable energy

New Delhi: The Indian Renewable Energy Development Agency (IREDA) has stressed the need for innovative financing solutions to facilitate the transition to renewable energy in India. This was stated by the IREDA CMD Pradip Kumar Das during a panel discussion on The New Interdependencies: Trust, Security and Climate Resilience at the 26th edition of the World Energy Congress held in Rotterdam, Netherlands.

The CMD highlighted India’s ambitious goal of achieving 500 GW of non-fossil-fuel energy capacity by 2030, which makes it a global leader in the fight against climate change. The country is also committed to achieving Net Zero emissions by 2070, he said, adding that the rapid progress in the renewable energy sector has made India one of the top four countries in the world in terms of renewable energy installed capacity.

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

The CMD also emphasized the importance of diversification and robust infrastructure to ensure energy security in the current global energy crisis. The panel also discussed the proposal of allocating 4-5 percent of the assets under management (AUM) of domestic pension/insurance funds into renewable energy bonds to enhance the bond market and attract more global and local investments.

The CMD reaffirmed its constant commitment to the development of a sustainable and secure energy future for India as it progresses towards achieving its goal of Net Zero emissions by 2070.