Shri Pradip Kumar Das, Chairman & Managing Director of Indian Renewable Energy Development Agency (IREDA), participated in a panel discussion on “The New Interdependencies: Trust, Security, and Climate Resilience” on 24th April 2024 at 26th World Energy Congress held in Rotterdam, Netherlands.
Throughout the conversation, Shri Das provided insightful commentary on India’s energy transition path and emphasized the critical role IREDA plays in pushing the use of renewable energy in the nation.
India is viewed as a ray of light in the worldwide battle against climate change because of its audacious target of generating 500 GW of non-fossil fuel energy capacity by 2030.
Additionally, he emphasized India’s pledge to achieve net-zero emissions by 2070. India now ranks fourth in the world for installed capacity of renewable energy due to its remarkable growth in this field.
IREDA, the largest pure-play green finance non-bank financial institution in the country, is essential to accelerating the energy transition.
Shri Das highlighted the work done by IREDA to support finance for energy transition projects, using cutting edge financial tools to reduce risks and promote private sector participation in the renewable energy industry.
The current global energy crisis was also discussed by the panel, with Shri Das emphasizing the need for diversification and strong infrastructure to guarantee energy security. The need of connecting regional markets through robust electricity networks was underscored by him.
In order to strengthen the bond market and boost more local and international investment, CMD, IREDA further suggested mandating that 4-5% of AUM from domestic pension and insurance funds be allocated to RE bonds.
Shri Das concluded by restating IREDA’s unwavering dedication to the green economy.
The business still draws capital, supports technology breakthroughs, and pushes for legislative changes. IREDA continues to lead the way in India’s efforts to achieve net-zero emissions by 2070, paving the path for a safe and sustainable energy future.
Andy Brogan, Global Energy & Resources Strategy Leader, EY; Ricuarte Vásquez Morales, Administrator, Panama Canal Authority; and Ms. Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK, bp were among the other eminent speakers who took part in the panel discussion.
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