World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions for New and Emerging Renewable Energy Technologies
Chairperson & Managing Director of Indian Renewable Energy Development Agency Ltd. (IREDA) Pradip Kumar Das participated in a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”, at the 26th edition of World Energy Congress in Rotterdam, Netherlands.
During the discussion, the IREDA CMD shared insights into India’s journey towards energy transition and underscored IREDA’s crucial role in advancing renewable energy adoption within the country. He said that India’s ambitious goal of achieving 500 GW of non-fossil-fuel energy capacity by the year 2030 positions it as a beacon of hope in the global fight against climate change. He also highlighted India’s commitment to achieving Net Zero emissions by the year 2070. He pointed out that with rapid progress in renewable energy sector, India stands fourth globally in renewable energy installed capacity.
As the largest pure-play green financing NBFC of the country, IREDA plays a pivotal role in expediting energy transition. The CMD emphasized IREDA’s efforts in facilitating financing for energy transition projects, through utilization of innovative financial instruments to mitigate risks and encouraging private sector involvement in the renewable energy sector.
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The World Energy Congress panel also discussed the ongoing global energy crisis, with the CMD stressing the importance of diversification and robust infrastructure to ensure energy security. He emphasized the significance of integrating regional markets through strong power networks. He also proposed the mandate of allocating 4%-5% of Assets Under Management (AUM) from domestic pension / insurance funds into renewable energy bonds, to deepen the bond market and increase additional global and local investments.
In conclusion, the CMD reaffirmed IREDA’s constant commitment to a green economy. The company continues to attract investments, foster technological advancements, and advocate for policy reforms. The CMD said that as India progresses towards achieving Net Zero emissions by 2070, IREDA remains at the forefront, guiding the way towards a sustainable and secure energy future.
Senior Vice President, Europe & Head of Country, UK, bp, Ms. Louise Kingham CBE; Global Energy & Resources Strategy Leader, EY, Mr. Andy Brogan; and Administrator, Panama Canal Authority, Mr. Ricuarte Vásquez Morales were the other participants in the panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”, held on 24th April, 2024.
(With inputs from PIB)
