India needs 30 lakh crores investment to meet its COP Climate Pledges
16 February 2024, New Delhi: Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA) Shri 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, Shri 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, Ms. Maria Dimitriadou; Chief Economist, South Asia Region, World Bank, Ms. Franziska Ohnsorge; Economist, Prospects Group, World Bank, Mr. Philip Kenworthy; and Green Technology and Research manager, WIPO GREEN, Mr. Peter Oksen are other speakers who addressed the webinar.
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