Innovative Financing Needed To Boost Renewable Energy Solutions: IREDA Chief
Date
4/26/2024 2:31:24 PM
(MENAFN- KNN India) New Delhi, Apr 26 (KNN) The Chairperson and Managing Director (CMD) of Indian renewable energy Development Agency Ltd. (IREDA) has underscored the need for innovative financing solutions to accelerate the adoption of new and emerging renewable energy technologies.
In a panel discussion at the 26th World Energy congress in Rotterdam, Pradip Kumar Das emphasised IREDA's efforts to facilitate financing for transition projects through innovative financial instruments that mitigate risks and encourage private sector participation.
He proposed allocating 4–5 per cent of domestic pension and insurance funds' assets under management to renewable energy bonds to deepen the market and attract more investments.
Addressing energy security concerns amid the global crisis, the IREDA chief stressed the importance of diversification, robust infrastructure and integrated regional power markets.
The CMD highlighted India's ambitious target of 500 GW of non-fossil fuel capacity by 2030 and commitment to net zero emissions by 2070 as beacons in the global fight against climate change.
With India already ranking fourth globally in installed renewable energy capacity, he said IREDA as the country's largest green financing institution is playing a crucial role in expediting the energy transition.
"As India progresses towards net zero by 2070, IREDA remains at the forefront, guiding the way towards a sustainable and secure energy future through investments, technological progress and policy advocacy," Das affirmed.
The panel also featured bp's Louise Kingham, EY's Andy Brogan and Panama Canal administrator Ricaurte Vásquez discussing new interdependencies around trust, security and climate resilience.
(KNN Bureau)
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