Mumbai: Mr Pradip Kumar Das, Chairman & Managing Director of the Indian Renewable Energy Development Agency (IREDA), participated in the RBI Policy Seminar on Climate Change Risks and Finance today, where he outlined his vision for strengthening India’s green financing ecosystem.
The seminar, which convened key financial leaders and regulators, focused on addressing the challenges faced by Regulated Entities (REs) in mitigating climate change risks and financing sustainable projects. Shri Das highlighted the urgent need for substantial investments in India’s renewable energy sector, estimating that the country would require up to ₹40-46 lakh crore (including e-mobility and related infrastructure) by 2030. He emphasized that policies aimed at attracting global funds and deepening the domestic green financing market are crucial for meeting these targets.
Shri Das also underscored the pivotal role of specialized green financing agencies like IREDA in managing appraisal risks. He pointed out that IREDA, with over ₹1.43 lakh crore in cumulative disbursements, has maintained a remarkably low write-off rate of less than ₹200 crore, demonstrating its effective risk management strategies.
In his address, the CMD stressed the importance of a collaborative approach among developers, lenders, regulators, and policymakers to create an optimal ecosystem that accelerates renewable energy (RE) and climate financing. He proposed the creation of a unified, single-window platform to streamline the borrowing process for stakeholders involved in renewable energy projects across India.
Additionally, Shri Das called for streamlining insurance solutions to de-risk project cash flows and enhance their financial viability. He also advocated for leveraging cutting-edge technologies such as satellite imagery, artificial intelligence (AI), and big data by the Government and research institutions to predict climate risks and improve the sector’s resilience to extreme weather events.
Further elaborating on the need for innovation, Shri Das highlighted the importance of fostering research and development (R&D) labs and startups to create India-specific solutions, including temperature-resistant solar modules, reinforced wind turbine blades, and advanced weather monitoring technologies.
Concluding his address, Shri Das emphasized the importance of developing a globally standardized green taxonomy to attract larger investments into the renewable energy sector. He also suggested introducing Asset Under Management (AUM) obligations for domestic pension funds, insurance funds, and investment mandates for banks, which could further deepen the domestic green capital markets and expedite India’s clean energy transition.
The panel discussion, moderated by Mr. J.K. Dash, Executive Director, RBI, featured distinguished speakers, including Shri Shaji K. V., Chairman of NABARD; Shri K. Satyanarayana Raju, MD & CEO of Canara Bank; Shri Rajkiran Rai G., MD of NaBFID; Shri Debdatta Chand, MD & CEO of Bank of Baroda; and Dr. Ashu Bharadwaj, Programme Director for Climate Change at NITI Aayog.
The seminar was inaugurated by the Governor and Deputy Governor of the Reserve Bank of India (RBI), with RBI Governor Shri Sanjay Malhotra delivering the keynote address.
