India Requires Rs 32 Lakh Crore Investment in Renewable Energy by 2030: IREDA Chief

New Delhi, Oct 22 (KNN) India will need approximately Rs 32 lakh crore investment in the renewable energy sector by 2030 to achieve its ambitious energy transition goals, according to Pradip Kumar Das, Chairman & Managing Director of the Indian Renewable Energy Development Agency (IREDA).

Das made these remarks during the 23rd India Power Forum 2024, urging financial institutions to adopt sector-specific strategies to better support the renewable industry’s growth.

Speaking at the forum, Das emphasised the urgent need for financial solutions that are timely, innovative, and customer-centric. He highlighted that a robust financial framework will be crucial to building the foundation for India’s long-term energy transition and achieving a net-zero-compliant power sector.

The energy transition plan is divided into two key phases. By 2030, the focus will be on accelerating renewable energy production to meet India’s immediate energy needs and climate targets.

Post-2030, the focus will shift towards building essential infrastructure to enable a fully decarbonized economy by 2047, aligning with India’s vision of becoming a 'Viksit Bharat' (Developed India) by the country’s centenary of independence.

Das reiterated the government’s commitment to achieving net-zero emissions by 2070, ensuring a resilient and sustainable future. “Decarbonisation is not just essential for addressing climate change, but it is also crucial for securing our future generations,” he said.

Das highlighted the strategic role of emerging technologies such as Green Hydrogen, Offshore Wind, and E-Mobility in India’s transition journey. These technologies, he noted, will unlock new economic opportunities while strengthening India’s energy security.

The IREDA chief called for greater collaboration between public and private lenders to catalyse investment flows and meet India’s renewable targets. “By adopting clean energy, India has the opportunity to open new economic avenues and fortify its energy independence,” Das added.

With increasing emphasis on renewables, India is positioning itself as a global leader in clean energy. However, the realisation of these ambitious goals will depend on cohesive policy frameworks, innovative financing, and the successful integration of new technologies over the next two decades.

This investment blueprint reflects India's commitment to align economic growth with environmental sustainability, setting a model for other nations to follow.

(KNN Bureau)