CMD IREDA's new financing for renewable tech

29 Apr 2024 CW Team

At the 26th World Energy Congress in Rotterdam, Netherlands, the Chairman and Managing Director of the Indian Renewable Energy Development Agency (IREDA), Pradip Kumar Das, proposed innovative financing solutions to bolster the adoption of new and emerging renewable energy technologies. He emphasized the need for strategic investment to accelerate India?s energy transition towards renewable sources.

Das highlighted IREDA?s pivotal role in the renewable sector, detailing how the agency is leveraging advanced financial instruments to mitigate risks and attract private sector investment in renewable energy projects. He stated, ?We are committed to shaping a sustainable future through robust financial frameworks that support the development of cutting-edge renewable technologies.?

Furthermore, CMD IREDA suggested that domestic pension and insurance funds allocate 4-5% of their assets under management to renewable energy bonds. He explained that this move would deepen the bond market and increase funding avenues for renewable energy, furthering India?s commitment to achieving its ambitious target of 500 GW of non-fossil fuel energy capacity by 2030.

Das?s proposals were made at a critical time as nations globally focus on enhancing energy security and sustainability through diversified energy sources and strong infrastructure. His participation at the congress was part of a broader discussion that included global energy leaders who are navigating the complexities of climate resilience and energy transitions.

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