Indian Renewable Energy Development Agency (IREDA) addressed an international webinar organised by the World Bank (WB), shedding light on India’s Renewable Energy landscape and its ambitious targets to combat Climate Change while ensuring energy security.
Key Highlights of the IREDA’s Address at Webinar
Huge Invests to Meet Climate Goals
- India’s Nationally Determined Contributions (NDCs), or its self-defined climate pledges under the Paris Agreement, for 2030 would require Rs 30 lakh crore of investments.
- According to India’s NDC goals, India pledges to reduce emissions intensity of its GDP (Gross Domestic Product) by 45% by 2030, from 2005 level and achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
- The investment is required in manufacturing and capacity build-up for solar power, electrolysers, wind and battery space, power transmission, Green Hydrogen, hydro power and waste-to-energy sectors.
Elevation of Rooftop Solar Sector
- IREDA highlighted the significance of the “PM Surya Ghar Muft Bijli Yojana,” a rooftop solar scheme.
- This visionary project, backed by an investment exceeding Rs. 75,000 crores, aims to solarize 1 crore households by providing up to 300 units of free electricity every month.
- The scheme not only provides substantial benefits but also fosters awareness about renewable energy, contributing to India’s ambitious goal of achieving Net-Zero emissions by 2070 and Energy Independence by 2047.
Increase in Energy Demand
- India’s energy demand would increase significantly due to the ambitious plans of the government for the country and maximum energy demand would be met through renewable sources.
- Approximately 90% of this demand is expected to be met through renewable sources.
- Until sufficient energy storage for renewable energy is achieved, thermal energy will also be developed alongside.
IREDA
- IREDA is a mini ratna company under the Ministry of New and Renewable Energy (MNRE).
- It was set up in 1987 as a specialised non-banking finance agency for the renewable energy sector.
- IREDA plays a key role in renewable energy project financing which gives confidence to the financial institutions/banks to lend in the sector.