India requires ₹30 lakh crore investment for COP climate pledges: IREDA CMD

Addressing a world bank webinar, IREDA CMD Pradip Kumar Das emphasised the need for substantial investments to meet India’s Nationally Determined Contributions (NDC) goals by 2030. He was speaking at the launch of the latest South Asia Development Update titled "Toward Faster, Cleaner Growth," on February 14, 2024.

He stressed that an estimated investment of ₹ 30 lakh crores, equivalent to approximately $4 trillion, is imperative between fiscal years 2024-2030. These funds are vital for bolstering manufacturing capacities across various sectors including solar, electrolysers, wind, battery, transmission, green hydrogen, solar, hydro, and waste to energy sectors.

Das also underscored the significance of the "PM Surya Ghar Muft Bijli Yojana," a rooftop solar scheme recently launched by Prime Minister Narendra Modi on February 13, 2024. This ambitious project, backed by an investment exceeding ₹ 75,000 crores, aims to solarize 1 crore households by providing up to 300 units of free electricity every month.

Das highlighted India's leading role in global renewable energy development. He pointed out several government initiatives such as renewable purchase obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, PLI scheme for Solar PV manufacturing, and allowing up to 100% FDI under the automatic route for renewable energy. He stressed that as India aims to become the third-largest economy in the next three years and a developed country by 2047, there will be a substantial energy demand, with about 90% of it expected to be met through renewable sources.

The webinar was attended by distinguished figures including 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.