India Will Need Rs 32 Lakh Crore For Renewable Energy By 2030, Says IREDA MD

India will require about Rs 32 lakh crore of investment in the renewable energy sector by 2030 to meet its targets, Indian Renewable Energy Development Agency's Chairman & Managing Director Pradip Kumar Das said on Monday.

Speaking at the 23rd India Power Forum 2024, Das called on lenders to adopt a more customer-centric and sector-focused approach, emphasizing the need for timely financial solutions and innovative offerings tailored to the renewable energy sector.

He stressed the pivotal role of renewable energy in India's journey towards creating a net-zero-compliant power sector.

Das pointed out that India will require an estimated investment of approximately Rs 32 lakh crore in the renewable energy sector by 2030 to meet its targets.

This phase will focus on ramping up renewable energy generation to meet immediate needs.

From 2031 to 2047, the focus will shift towards developing the necessary infrastructure to support a fully decarbonized economy, creating a strong and sustainable pathway to a ‘Viksit Bharat’ (Developed India) by 2047.

This roadmap will ensure a resilient and sustainable transition to net-zero emissions by 2070.

Das also underlined the significance of emerging renewable technologies such as Green Hydrogen, Offshore Wind, and E-Mobility, noting that they will also play a central role in reaching these ambitious goals.

"Decarbonization is not just essential for addressing climate change, but it is also crucial for securing our future generations," Das said adding that by adopting clean energy, India has the opportunity to unlock new economic avenues and strengthen its energy security for the long term.