Kolkata: Underscoring the vital role of Eastern India in India’s energy transition, Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), emphasized the region’s strategic importance in achieving the country’s ambitious clean energy goals. He was addressing the CEO’s Roundtable on “Financing Viksit Bharat: An Eastern Region Perspective”, held as part of the 18th CII Banking Colloquium in Kolkata today.
Mr. Das highlighted that renewable energy comprises only about 20% of Eastern India’s total installed power capacity as of July 2025 — significantly lower than the national average of approximately 48%. Despite this, the region holds immense untapped potential in solar energy, pumped hydro storage, battery storage systems, and green hydrogen, he said.
“Eastern India can be a game-changer in India’s clean energy journey. The region’s natural resources and skilled youth offer an opportunity for green industrialization, innovation, and job creation,” Mr. Das stated.
Robust Governance and Financial Discipline
IREDA’s success, Mr. Das noted, lies in its strong governance framework and prudent financial practices. Over its 38-year journey, IREDA has disbursed more than ₹1.63 lakh crore in clean energy financing, while keeping cumulative write-offs limited to just ₹135 crore, showcasing robust recovery and risk management capabilities.
“Growth must come with governance. Our strength lies in qualitative project appraisal, especially in emerging sectors like green hydrogen and battery storage, where conventional risk parameters may not be fully defined,” he added.
IREDA, a Mini Ratna under the Ministry of New and Renewable Energy (MNRE), has financed over 30 GW of renewable energy capacity, making it the largest green-focused NBFC in India. The institution plays a pivotal role in de-risking innovative technologies and catalyzing private sector participation in the clean energy space.
₹30 Lakh Crore Investment Needed by 2030
Looking ahead, Mr. Das said that India’s target of achieving 500 GW of non-fossil fuel-based capacity by 2030 will require an estimated investment of ₹30 lakh crore. Eastern India is expected to play a strategic role in contributing to this vision — not just in energy generation, but also in green manufacturing, renewable energy exports, and youth-led entrepreneurship.
He also emphasized the importance of a comprehensive green taxonomy framework, currently in advanced stages of formulation. The framework will provide statutory clarity for sustainable finance, enabling investors to confidently back clean and green projects.
“A robust green taxonomy will help align financial flows with sustainability goals and support India’s growing ESG ecosystem,” he remarked.
Industrial Transition and ESG Imperatives
Mr. Das also pointed out that carbon-intensive industries such as steel and cement will increasingly need to integrate green power and adopt decarbonization pathways. Strengthening Environmental, Social, and Governance (ESG) reporting will be critical for corporates to demonstrate measurable progress toward sustainability.
He concluded with a strong reaffirmation of IREDA’s commitment:
“With the intent, strength, and spirit of MNRE and IREDA, we will continue to catalyze sustainable growth, support emerging technologies, and play a central role in India’s journey toward Viksit Bharat by 2047.”
About IREDA
The Indian Renewable Energy Development Agency Ltd. (IREDA), under the Ministry of New and Renewable Energy, is a public financial institution dedicated to financing and promoting clean energy projects across India. With over three decades of experience, IREDA has emerged as a key player in driving the country’s green energy transition through financial innovation and sectoral expertise.
Read also: IREDA CMD Calls for Policy, Financing and Systemic Reforms to Fast-Track India’s Clean Energy Goals
