New Delhi: India needs Rs. 30 lakh crore investment during the Financial Years 2024-2030 to meet its COP climate pledges and complete the country’s Nationally Determined Contributions (NDC) goals by 2030.
Investment is required in the manufacturing of capacity for Solar, Electrolysers, Wind & Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors, Pradip Kumar Das, Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA) said while addressing an international webinar organized by The World Bank, on the occasion of the release of the latest South Asia Development Update “Toward Faster, Cleaner Growth”, on February 14, 2024.
Das referred to “PM Surya Ghar Muft Bijli Yojana“, the rooftop solar scheme launched by Prime Minister Narendra Modi on February 13, 2024. He said this 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 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 said.
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. Das said 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,” he added.
– global bihari bureau
