The Chairman and Managing Director (CMD) of Navaratna PSU Indian Renewable Energy Development Agency Limited (IREDA), Mr. Pradip Kumar Das, emphasized the vital role of renewable energy in India’s efforts to establish a net-zero power sector. Speaking at the 23rd India Power Forum 2024, he urged lenders to adopt a more customer-centric and sector-focused approach, highlighting the need for timely financial solutions and innovative offerings tailored to the renewable energy industry.
Mr. Das noted that this strategic shift is essential for accelerating the growth of the renewable energy sector, driving India towards its vision of a “Viksit Bharat” (Developed India) by 2047 and achieving its net-zero target by 2070. He also stressed the importance of emerging renewable technologies such as Green Hydrogen, Offshore Wind, and E-Mobility, which will play a key role in realizing these ambitious goals.
According to Das, India will need an estimated investment of around Rs 32 lakh crore in the renewable energy sector by 2030 to meet its targets. The immediate focus will be on ramping up renewable energy generation, while the period from 2031 to 2047 will shift towards developing the infrastructure necessary for a fully decarbonized economy. This approach will create a sustainable pathway to a “Viksit Bharat” by 2047 and ensure a resilient transition to net-zero emissions by 2070.
“Decarbonization is not only vital for combating climate change but also essential for securing the future of upcoming generations,” Das stated. “By embracing clean energy, India can unlock new economic opportunities and enhance its long-term energy security.”
