At the 26th World Energy Congress in Rotterdam, Netherlands, Pradip Kumar Das, Chairperson & MD of Indian Renewable Energy Development Agency Ltd. (IREDA) shared insights into India’s journey towards energy transition.

During a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”, Das 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. Presently, India stands fourth globally in renewable energy installed capacity.

He also underscored IREDA’s crucial role in advancing renewable energy adoption within the country. 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.

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.