Illuminating India’s Renewable Energy Landscape

  • The Indian Renewable Energy Development Agency (IREDA) recently came into the spotlight when it discussed India’s renewable energy landscape at an international webinar organised by the World Bank.
  • IREDA outlined India's ambitious targets, aimed at combating climate change while ensuring energy security.

Key Highlights from IREDA’s Address

1. Investing Immensely for Climate Goals:

  • India's Nationally Determined Contributions (NDC), constituting self-guided climate pledges under the Paris Agreement, necessitate investments up to Rs 30 lakh crore by 2030.
  • As per India's NDC objectives, India pledges to curtail emission intensity of its GDP by 45% by 2030, starting from 2005 levels, and obtain about 50% cumulative electric power installed capacity from non-fossil-fuel-based energy resources by 2030.
  • Major investment requirements lie within hydro power, waste-to-energy sectors, Green Hydrogen, power transmission, wind and battery space, manufacturing and solar power capacity build-up.

2. Enhancing the Rooftop Solar Sector:

  • Under the spotlight was the PM Surya Ghar Muft Bijli Yojana, a roof-top solar scheme poised to power 1 crore households, backed by an investment exceeding Rs. 75,000 crores.
  • This scheme not only offers key benefits but also promotes awareness regarding renewable energy, contributing to India's goal of attaining Net-Zero emissions by 2070 and Energy Independence by 2047.

3. Growth of Energy Demand:

  • India’s energy demand is projected to surge considerably due to ambitious government plans and maximum energy demand will be met via renewable sources.
  • About 90% of this demand is anticipated to be fulfilled by renewable sources but until efficient energy storage for renewable energy is reached, thermal energy will also be concurrently developed.

IREDA and Government Interventions

  • Established in 1987, IREDA is a 'mini ratna' company under the Ministry of New and Renewable Energy (MNRE). It specialises in renewable energy project financing, encouraging other financial institutions/banks to contribute to the sector.
  • The Government has launched several initiatives like the Renewable Purchase Obligations, PM-KUSUM scheme, PLI scheme for Solar PV manufacturing, and 100% FDI under automatic route for renewable energy.

Concluding Remarks on International Energy Agency (IEA)

  • The IEA, an autonomous forum providing analysis, policy recommendations, and data, helps countries secure sustainable energy. Founded in 1974 post major oil crisis, its focus areas now include energy security, economic development, environmental awareness, and global engagement.
  • Based in Paris, France, the IEA consists of 31 member countries, 13 associate countries including India, and 4 candidate countries. Membership to the IEA requires being a part of the OECD.