Pradip Kumar Das, the Chairperson and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), highlighted the need for Innovative Financing Solutions for New and Emerging Renewable Energy Technologies at the 26th edition of the World Energy Congress in Rotterdam, Netherlands. Participating in a panel discussion titled “The New Interdependencies: Trust, Security, and Climate Resilience,” Pradip Kumar Das illuminated India’s strides in energy transition and underscored IREDA’s pivotal role in fostering renewable energy adoption within the nation.

In his discourse, the IREDA CMD delineated India’s ambitious objective of attaining 500 GW of non-fossil-fuel energy capacity by 2030, positioning the nation as a beacon of hope in combating climate change globally. Furthermore, he accentuated India’s commitment to achieving Net Zero emissions by 2070, highlighting the country’s ascent to the fourth position globally in renewable energy installed capacity, propelled by rapid progress in the renewable energy sector.

As the foremost pure-play green financing Non-Banking Financial Company (NBFC) in India, IREDA assumes a critical role in expediting the energy transition. The CMD underscored IREDA’s endeavors in facilitating financing for energy transition projects, leveraging innovative financial instruments to mitigate risks, and fostering private sector participation in the renewable energy domain.

The panel discussion also delved into the ongoing global energy crisis, with Pradip Kumar Das emphasising the imperatives of diversification and robust infrastructure to ensure energy security. He advocated for the integration of regional markets through robust power networks. He proposed allocating 4%-5% of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds to deepen the bond market and attract additional global and local investments.

In his closing remarks, the CMD reaffirmed IREDA‘s unwavering commitment to a green economy, attracting investments, spearheading technological advancements, and advocating for policy reforms. As India strides towards achieving Net Zero emissions by 2070, IREDA stands steadfast at the forefront, guiding the trajectory towards a sustainable and secure energy future.

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