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At the 26th edition of the World Energy Congress in Rotterdam, Netherlands, Shri Pradip Kumar Das, the Chairperson & Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), participated in a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”. During this insightful discussion, Shri Das shed light on India’s remarkable journey towards energy transition and highlighted IREDA’s pivotal role in driving renewable energy adoption within the country.
India’s Ambitious Goals:
Shri Das emphasized India’s ambitious target of achieving 500 GW of non-fossil-fuel energy capacity by 2030, positioning the nation as a beacon of hope in the global fight against climate change. Additionally, he underscored India’s commitment to achieving Net Zero emissions by 2070. With rapid progress in the renewable energy sector, India currently stands fourth globally in renewable energy installed capacity.
IREDA’s Crucial Role:
As the largest pure-play green financing NBFC in the country, IREDA plays a vital role in expediting the energy transition process. Shri Das highlighted IREDA’s efforts in facilitating financing for energy transition projects by utilizing innovative financial instruments to mitigate risks and encourage private sector involvement in the renewable energy sector.
Addressing Global Energy Challenges:
The panel discussion also delved into the ongoing global energy crisis, with Shri Das emphasizing the importance of diversification and robust infrastructure to ensure energy security. He stressed the significance of integrating regional markets through strong power networks. Additionally, he proposed allocating 4%-5% of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds to deepen the bond market and attract additional global and local investments.
IREDA’s Commitment to a Green Economy:
In conclusion, Shri Das reaffirmed IREDA’s unwavering commitment to a green economy. The organization continues to attract investments, foster technological advancements, and advocate for policy reforms. 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.
Other Participants:
Joining Shri Pradip Kumar Das in the panel discussion were esteemed participants including Ms. Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp; Mr. Andy Brogan, Global Energy & Resources Strategy Leader, EY; and Mr. Ricuarte Vásquez Morales, Administrator, Panama Canal Authority. Together, they explored the crucial interdependencies of trust, security, and climate resilience in shaping the future of global energy systems.
