India needs Rs 30 lakh crores investment during FY 2024-2030 to meet its COP Climate Pledges says IREDA CMD at World Bank Webinar
“India has been a role model for Renewable Energy development worldwide”
Chairman and Managing Director (CMD) of Indian Renewable
Energy Development Agency Ltd. (IREDA) Pradip Kumar Das
addressed an international webinar organized by The World Bank, on the occasion
of the release of the latest South Asia Development Update "Toward Faster,
Cleaner Growth", on February 14, 2024.
In his address, CMD, IREDA
underscored the critical need for substantial investment to meet India’s Nationally Determined Contributions
(NDC) goals by 2030, stating that the investment required is
estimated to be Rs. 30 lakh crores over the period FY 2024-2030. Investment is
required in manufacturing of capacity for Solar, Electrolysers, Wind &
Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy
sectors, he added.
Speaking about the
significance of "PM Surya Ghar Muft Bijli Yojana", the rooftop
solar scheme launched by Prime Minister, Narendra Modi on 13th February
2024, the CMD said: “This visionary project, 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. This initiative is poised to elevate the
Rooftop Solar sector to unprecedented heights in the country. The scheme will
not only provide substantial benefits but also foster awareness about renewable
energy among the people-at-large, contributing to India's ambitious goal of
achieving Net-Zero emissions by 2070 and Energy Independence by 2047.”
The CMD said that India's rise has been a role model for
Renewable Energy development worldwide, several initiatives of the government
such as Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE
assets, PLI scheme for Solar PV manufacturing,
and the allowance of up to 100% FDI under the automatic route for renewable energy.
“As India aims to become the third-largest economy in next three years and a
developed country by 2047, there will be a significant energy demand to achieve
energy security and energy-independence. Approximately 90% of this demand is
expected to be met through renewable sources. Until sufficient energy storage
for renewable energy is achieved, thermal energy will also be developed
alongside.” The CMD also spoke of the motherly role that IREDA has played over
the last 37 years, in nurturing the Renewable Energy sector in India.
Special
Representative to the UN and the WTO, World Bank, Maria Dimitriadou; Chief
Economist, South Asia Region, World Bank, Franziska Ohnsorge; Economist,
Prospects Group, World Bank, Philip Kenworthy; and Green Technology and
Research manager, WIPO GREEN, Peter Oksen also addressed the webinar.