Rs.75,000+ crore required to solarize one crore households
The Indian Renewable Energy Development Agency Ltd (IREDA) CMD Pradip Kumar Das says Rs.30 lakh crore investment is critically needed in 2024-30 for India’s Nationally Determined Contributions (NDC) goals by 2030.
“Investment is required in manufacturing of capacity for Solar, Electrolysers, Wind & Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors,” he told an international webinar organized by The World Bank on 14 Feb 2024.
More than Rs.75,000 crore investment is needed to solarize 1 crore households for providing up to 300 units of free electricity every month, he said.
Das elaborated on the “PM Surya Ghar Muft Bijli Yojana”, the rooftop solar scheme launched by Prime Minister Narendra Modi on 13 Feb 2024. “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.”
The CMD said that India’s rise has been a role model for Renewable Energy development worldwide.
He listed RE supporting initiatives of the government such as 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% FDI under the automatic route for renewable energy.
“As India aims to become the third-largest economy in next three years and a developed country by 2047, there will be a significant energy demand to achieve energy security and energy-independence.
“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.”
The CMD also spoke of the motherly role that IREDA has played over the last 37 years in nurturing the Renewable Energy sector in India.
A report on South Asia Development Update ‘Toward Faster, Cleaner Growth’, was released at the Webinar. Fiinews.com
