In an address during an international webinar organized by The World Bank, Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), Pradip Kumar Das, emphasized the critical need for substantial investment to meet India’s Nationally Determined Contributions (NDC) goals by 2030.
Addressing a diverse audience including representatives from the World Bank and other esteemed organizations, CMD Pradip Kumar Das highlighted the necessity of investing an estimated Rs. 30 lakh crores over the period FY 2024-2030. These investments, he stressed, are crucial for advancing manufacturing capacities in sectors such as Solar, Electrolysers, Wind, Battery, Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy.
Furthermore, CMD Pradip Kumar Das commended the visionary initiative of Prime Minister Narendra Modi with the launch of the “PM Surya Ghar Muft Bijli Yojana” on February 13, 2024. This scheme, backed by an investment exceeding Rs. 75,000 crores, aims to solarize 1 crore households by providing up to 300 units of free electricity every month. He asserted that this initiative not only signifies a substantial leap in the Rooftop Solar sector but also plays a pivotal role in fostering awareness about renewable energy among the masses.
Underlining India’s commitment to achieving Net-Zero emissions by 2070 and Energy Independence by 2047, CMD Pradip Kumar Das emphasized the nation’s exemplary efforts in renewable energy development. He cited various government initiatives including Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, PLI scheme for Solar PV manufacturing, and facilitating up to 100% FDI under the automatic route for renewable energy.
In his address, CMD Pradip Kumar Das also projected that approximately 90% of India’s energy demand will be met through renewable sources in the coming years.
