India will need an investment of around Rs 32 lakh crore in its renewable energy sector by 2030 to meet its ambitious targets, according to Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency (IREDA). Speaking at the 23rd India Power Forum 2024, Das emphasised the importance of timely financial solutions and innovative approaches tailored specifically to the renewable energy sector. He urged financial institutions to adopt a more customer-focused and sector-centric approach, recognising the need for a robust financial framework to support this critical transition.

Das highlighted the significant role renewable energy will play in transforming India’s power sector into one that aligns with the country’s net-zero goals. He outlined the investment requirements for the sector, estimating that approximately Rs 32 trillion will be needed by 2030 to meet the renewable energy targets.

The journey towards a sustainable energy future will unfold in two distinct phases. The first phase, which will last until 2030, will concentrate on scaling up renewable energy generation to address the country’s immediate energy demands. From 2031 to 2047, the focus will shift towards building the necessary infrastructure to fully support a decarbonized economy. This long-term vision is expected to pave the way for a “Viksit Bharat” (Developed India) by 2047, ensuring a resilient and sustainable pathway to achieving net-zero emissions by 2070.

Also Read | Renewable Energy Growth to Outpace Overall Energy Expansion in India by 2030: CRISIL Report

Das also underscored the critical role of emerging technologies in this transition, citing Green Hydrogen, Offshore Wind, and E-Mobility as key components in achieving India’s renewable energy objectives. He stressed that decarbonization is not only vital for addressing the pressing challenge of climate change but also essential for securing the future of generations to come. By embracing clean energy, India has the opportunity to open new economic avenues and enhance its long-term energy security.

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