India needs ₹30-32 lakh cr for energy transition by 2030: IREDA CMD

Pradip Kumar Das emphasised the necessity of a globally harmonised green taxonomy to streamline and increase capital inflows into India’s renewable energy sector.

India will require investments ranging from ₹30-32 lakh crore by 2030 for its energy transition, underscored Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA). Speaking at a high-level panel discussion on “Financing Mechanism for Energy Transition” during the 24th Foundation Day of the Petroleum Planning & Analysis Cell (PPAC), Das highlighted the critical need for strategic policy interventions to attract both domestic and international investments.

Das emphasised the necessity of a globally harmonised green taxonomy to streamline and increase capital inflows into India’s renewable energy sector. He also proposed introducing asset under management (AUM)-linked investment obligations for domestic pension and insurance funds and mandating green financing for banks to strengthen the country’s green capital market.

The discussion, moderated by Gurpreet Chugh, MD-India, ICF, featured a distinguished panel, including Praveena Rai, MD & CEO of MCX; Rajasree, Economic Advisor, MoEFCC; and Vibhuti Garg, Director (South Asia), IEEFA. The session delved into key aspects of financing India’s energy transition, including the required scale of investment, available funding sources, and major challenges in mobilising capital.

Das highlighted that with the right credit appraisal expertise, risks in renewable energy projects can be effectively managed, citing IREDA’s minimal write-offs since inception as proof. He concluded by urging stakeholders to pass on awareness to future generations about sustainability and the need to protect the environment.