India needs INR 30 lakh crore investment during FY 2024-30 to meet its COP Climate Pledges: IREDA CMD

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Chairman and managing director (CMD) of Indian Renewable Energy Development Agency Ltd (IREDA) Pradip Kumar Das has underscored the critical need for substantial investment to meet India’s Nationally Determined Contributions (NDC) goals by 2030, stating that the investment required is estimated to be INR 30 lakh crore over the period FY 2024-30. The investment is required in building capacities in solar, hydro, wind, and waste-to-energy sectors, green hydrogen (including electrolyzers), batteries, and transmission.

Das was addressing an international webinar organized by The World Bank, on the occasion of the release of the latest South Asia Development Update “Toward Faster, Cleaner Growth.”

Das said, PM Surya Ghar Muft Bijli Yojana, the residential rooftop solar scheme launched by Prime Minister Narendra Modi, is poised to elevate the rooftop solar sector to unprecedented heights in the country. The scheme will not only provide substantial benefits but also foster awareness about renewable energy among the people-at-large, contributing to India’s ambitious goal of achieving net-zero emissions by 2070 and energy independence by 2047.

PM Surya Ghar Muft Bijli Yojana, with an investment of over INR 75,000 crores, aims to light up 10 million households by providing up to 300 units of free electricity every month.

Das said, India’s rise has been a role model for renewable energy development worldwide, with several initiatives of the government such as Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘must-run’ status for RE assets, PLI scheme for solar PV manufacturing, and the allowance of up to 100% FDI under the automatic route for renewable energy.

“As India aims to become the third-largest economy in next three years and a developed country by 2047, there will be a significant energy demand to achieve energy security and energy-independence. Approximately 90% of this demand is expected to be met through renewable sources. Until sufficient energy storage for renewable energy is achieved, thermal energy will also be developed alongside,” he added.

 

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