IREDA CMD Highlights India's Renewable Energy Leadership at World Energy Congress 2024

Pradip Kumar Das, the Chairperson & Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), recently engaged in a compelling panel discussion at the 26th World Energy Congress held in Rotterdam. The session, themed "The New Interdependencies: Trust, Security and Climate Resilience," spotlighted pivotal insights on India's strides towards energy transition and IREDA's integral role in propelling renewable energy adoption within the nation.

During the dialogue, CMD Pradip Kumar Das articulated India's ambitious vision of achieving 500 gigawatts (GW) of non-fossil-fuel energy capacity by 2030, positioning the country as a beacon of hope in the global fight against climate change. Emphasizing India's commitment to achieving Net Zero emissions by 2070, CMD Das highlighted the nation's commendable progress, placing India fourth globally in terms of renewable energy installed capacity.

IREDA's Role in Energy Transition

As the largest pure-play green financing Non-Banking Financial Company (NBFC) in India, IREDA assumes a pivotal role in expediting energy transition. CMD Das underscored IREDA's proactive efforts in facilitating financing for energy transition projects, leveraging innovative financial instruments to mitigate risks, and encouraging private sector participation in the renewable energy sector.

The panel also deliberated on the ongoing global energy crisis, with CMD Das stressing the importance of diversification and robust infrastructure to ensure energy security. He highlighted the significance of integrating regional markets through strong power networks and proposed allocating 4%-5% of Assets Under Management (AUM) from domestic pension/insurance funds into renewable energy bonds, aimed at deepening the bond market and attracting additional global and local investments.

CMD Pradip Kumar Das reaffirmed IREDA's unwavering commitment to fostering a green economy. The agency continues to attract investments, drive technological advancements, and advocate for policy reforms. CMD Das reiterated that as India moves towards achieving Net Zero emissions by 2070, IREDA remains at the forefront, guiding the nation towards a sustainable and secure energy future.

Alongside CMD Pradip Kumar Das, the panel featured esteemed participants such as Louise Kingham CBE, Senior Vice President, Europe & Head of Country, UK at bp; Andy Brogan, Global Energy & Resources Strategy Leader at EY; and Ricuarte Vásquez Morales, Administrator of the Panama Canal Authority, enriching the discussion with diverse perspectives on trust, security, and climate resilience.