India needs Rs 30-lakh crore investment during FY 2024-2030 to meet its COP Climate Pledges, said Pradip Kumar Das, chairman and managing director (CMD) of the Indian Renewable Energy Development Agency Ltd (IREDA) at an international webinar organised by the World Bank.

“Investment is required in manufacturing of capacity for Solar, Electrolysers, Wind & Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors,” Pradip Kumar Das said.

The CMD contended that India’s rise has been role model for Renewable Energy development worldwide through several initiatives of the government. The initiatives are Renewable Purchase Obligations (RPO), PM-KUSUM scheme, ‘Must-run’ status for RE assets, PLI scheme for Solar PV manufacturing, and the allowance of up to 100 per cent FDI under the automatic route for renewable energy.

“As India aims to become the third-largest economy in the next three years and a developed country by 2047, there will be a significant energy demand to achieve energy security and energy independence,” he added.

“Approximately 90 per cent 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,” the CMD while lauding the motherly role played by the IREDA over the last 37 years nurturing the Renewable Energy sector in India.

Speaking about the significance of “PM Surya Ghar Muft Bijli Yojana”, the rooftop solar scheme launched by Prime Minister Narendra Modi, he said, “This visionary project, backed by an investment exceeding Rs. 75,000 crore, aims to solarise 1 crore households by providing up to 300 units of free electricity every month. This initiative is poised to elevate the Rooftop Solar sector to unprecedented heights in the country.”

“The scheme will not only provide substantial benefits but also foster awareness about renewable energy among the people-at-large, contributing to India’s ambitious goal of achieving Net-Zero emissions by 2070 and Energy Independence by 2047,” he added.

The international webinar organised by The World Bank, on the occasion of the release of the latest South Asia Development Update “Toward Faster, Cleaner Growth”.