India needs Rs 30-lakh-cr investment during FY 2024-2030 to meet COP climate pledges: IREDA CMD – EQ
In Short : To fulfill COP climate pledges, India requires a substantial investment of Rs 30 lakh crore between FY 2024-2030, as stated by the CMD of IREDA. This highlights the significant financial commitment needed to meet climate targets during this period.
In Detail : India needs investments worth Rs 30 lakh crore over six fiscal years to meet its carbon emission reduction commitments made at the UN climate change conference, an official statement said on Thursday. India has set the target of having 50 per cent of its power generation capacity from non-fossil fuel sources. The government also aims to become a net zero carbon emitting country by 2070. Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA) Pradip Kumar Das addressed an international webinar organized by The World Bank, on the occasion of the release of the latest South Asia Development Update “Toward Faster, Cleaner Growth”, on February 14, 2024. In his address, CMD, IREDA underscored the critical need for substantial investment to meet Indias Nationally Determined Contributions (NDC) goals by 2030, stating that the investment required is estimated to be Rs. 30 lakh crores over the period FY 2024-2030. Investment is required in manufacturing of capacity for Solar, Electrolysers, Wind & Battery; Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors, he added.
