India Requires Rs 30 Lakh Crore Investment for Climate Pledges by 2030: IREDA CMD at World Bank Webinar

India's ambitious climate pledges under the Paris Agreement, encapsulated in its Nationally Determined Contributions (NDCs), require substantial investments totaling Rs 30 lakh crore by 2030, as articulated by Pradip Kumar, Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Limited (IREDA).

Speaking at an international webinar organized by the World Bank on February 15, Kumar outlined the critical sectors necessitating investment to meet these targets, including manufacturing and capacity enhancement for solar power, electrolysers, wind energy, battery technology, power transmission infrastructure, green hydrogen, hydro power, and waste-to-energy initiatives.

India's NDC goals entail a 45 percent reduction in emissions intensity of its GDP by 2030, compared to 2005 levels, and the attainment of approximately 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy sources by the same year.

Kumar underscored the significance of Prime Minister Narendra Modi's rooftop solar scheme, which seeks to revolutionize the sector with an investment exceeding Rs 75,000 crore.
"This visionary initiative aims to solarize one crore households, providing up to 300 units of free electricity monthly, thereby not only delivering tangible benefits but also fostering awareness about renewable energy among the populace" Kumar Added

India's burgeoning energy demand, driven by the government's ambitious plans, will predominantly be met through renewable sources, with an estimated 90 percent of the increased demand being catered to by renewables. Until adequate energy storage solutions for renewable energy are established, thermal energy will continue to complement renewable sources; said Pradeep Kumar

Commending the government's slew of initiatives in the renewable energy sphere, Kumar asserted that these efforts have positioned India as a global exemplar for renewable energy development. He lauded India's trajectory toward becoming a role model in this arena, attributing it to the government's proactive policies and initiatives.
The concerted focus on renewable energy and the substantial investments earmarked for its development underscore India's commitment to combating climate change and transitioning toward a sustainable, low-carbon future.

This robust initiatives in place and significant investments poised to flow into the renewable energy sector, India is poised to accelerate its transition to clean energy and emerge as a global leader in the fight against climate change.