MoNRE: IREDA CMD advocates innovative financing solutions at World Energy Congress 2024
Apr 26, 2024
New Delhi [India], April 26 : Pradip Kumar Das, Chairperson and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), took centre stage at the 26th edition of the World Energy Congress in Rotterdam, Netherlands.
According to a press release by the Ministry of New and Renewable Energy (MoNRE), participating in a panel discussion on "The New Interdependencies: Trust, Security and Climate Resilience", Das highlighted the critical need for innovative financing solutions to drive the adoption of new and emerging renewable energy technologies.
During the discussion, Das shared insights into India's ambitious energy transition journey and underscored IREDA's pivotal role in advancing renewable energy adoption within the country.
He emphasized India's commitment to combating climate change by aiming for 500 GW of non-fossil-fuel energy capacity by 2030 and achieving Net Zero emissions by 2070.
Das said, "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 the renewable energy sector, India stands fourth globally in renewable energy installed capacity."
India's rapid progress in the renewable energy sector has positioned it as the fourth-largest globally in terms of installed capacity.
As the largest pure-play green financing Non-Banking Financial Company (NBFC) in India, IREDA plays a crucial role in expediting the energy transition.
Das highlighted IREDA's efforts in facilitating financing for energy transition projects through innovative financial instruments aimed at mitigating risks and encouraging private sector involvement in the renewable energy sector.
The panel also discussed the ongoing global energy crisis, with Shri Das stressing the importance of diversification and robust infrastructure to ensure energy security.
He emphasized the significance of integrating regional markets through strong power networks. Additionally, he proposed allocating 4 per cent-5 per cent of Assets Under Management (AUM) from domestic pension and insurance funds into renewable energy bonds to deepen the bond market and attract additional global and local investments.
Das reaffirmed IREDA's unwavering commitment to a green economy. The company 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.
Joining Das in the panel discussion were esteemed participants including Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp; Andy Brogan, Global Energy & Resources Strategy Leader, EY; and Ricuarte Vasquez Morales, Administrator, Panama Canal Authority.
