- IREDA Chief highlights need for Innovative Funding for Renewable Tech at World Energy Congress
- India aims for 500 GW non-fossil-fuel energy capacity by 2030, Net Zero emissions by 2070
- IREDA plays crucial role in financing energy transition projects and promoting private sector involvement
- Emphasis on diversification, robust infrastructure, and integration of regional markets for energy security
- Proposal to allocate 4%-5% of Assets Under Management into renewable energy bonds to attract investments
IREDA Chief Emphasises Innovative Funding for Renewable Tech
In a dynamic world where the call for sustainable energy solutions grows louder, Pradip Kumar Das, the Chairperson and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), has emerged as a leading voice advocating for innovative financing mechanisms to propel the adoption of new and emerging renewable energy technologies. At the 26th edition of the World Energy Congress held in Rotterdam, Netherlands, Das underscored the critical need for Innovative Funding Solutions, positioning IREDA at the forefront of India’s energy transition journey.
India’s Ambitious Renewable Energy Goals
Pradip Kumar Das outlined India’s ambitious objective of achieving 500 GW of non-fossil-fuel energy capacity by 2030, positioning the country as a global leader in combating climate change. With a commitment to achieving Net Zero emissions by 2070, India has rapidly ascended to the fourth position globally in renewable energy installed capacity. This remarkable progress has been underpinned by a concerted focus on fostering renewable energy adoption and driving technological advancements in the sector.
IREDA’s Role in Energy Transition
As the foremost pure-play green financing Non-Banking Financial Company (NBFC) in India, IREDA plays a pivotal role in expediting the energy transition. The CMD highlighted IREDA’s efforts in facilitating financing for energy transition projects, leveraging innovative financial instruments to mitigate risks, and encouraging private sector participation in the renewable energy domain. By championing green financing initiatives, IREDA is instrumental in driving investments towards sustainable energy solutions and advancing India’s green economy objectives.
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Addressing Global Energy Challenges
The panel discussion at the World Energy Congress also delved into the ongoing global energy crisis, with Pradip Kumar Das emphasizing the importance of diversification and robust infrastructure to ensure energy security. He advocated for the integration of regional markets through resilient power networks, proposing innovative strategies such as allocating a percentage of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds. These measures aim to deepen the bond market and attract additional investments, both globally and locally, into the renewable energy sector.
Pradip Kumar Das reaffirmed IREDA’s unwavering commitment to spearheading technological advancements, attracting investments, and advocating for policy reforms that will drive India towards a sustainable and secure energy future. As India strides towards its Net Zero emissions target by 2070, IREDA stands poised at the vanguard, guiding the nation towards a greener tomorrow.
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