India’s journey towards fulfilling its COP climate pledges requires a substantial financial commitment. According to Pradip Kumar Das, CMD of IREDA, India will need a staggering Rs 30 lakh crores in investment during the financial years spanning 2024-2030. This monumental figure underscores the gravity of the task at hand and highlights the critical importance of mobilizing resources to meet the nation’s ambitious climate goals.
Das outlined the critical sectors necessitating investment, emphasizing the pivotal role of manufacturing capacity for Solar, Electrolysers, Wind, and Battery technologies. Additionally, he stressed the importance of investment in Transmission, Green Hydrogen, Solar, Hydro, Wind, and Waste to Energy sectors to effectively address India’s climate commitments.
Rooftop Solar Scheme and Energy Independence
The recent launch of the “PM Surya Ghar Muft Bijli Yojana” marks a significant step towards empowering communities and promoting energy independence. With an investment exceeding Rs 75,000 crores, this initiative aims to illuminate 1 crore households by providing up to 300 units of free electricity every month.
Highlighting the transformative potential of this scheme in elevating the Rooftop Solar sector and fostering widespread awareness about renewable energy, it’s essential to underscore the importance of community engagement and participation. Empowering communities to invest in and benefit from renewable energy installations not only contributes to energy independence but also strengthens grassroots support for sustainable development.
Government Initiatives and India’s Renewable Energy Leadership
Commending India’s exemplary progress in Renewable Energy development, Das underscored the significance of various government initiatives. These include policies such as Renewable Purchase Obligations (RPO), PM-KUSUM scheme, and facilitation of up to 100 per cent Foreign Direct Investment (FDI) in renewable energy.
In addition to these initiatives, exploring innovative financing mechanisms such as green bonds, carbon pricing mechanisms, and public-private partnerships could further bolster India’s ability to meet its climate pledges. Highlighting the importance of such mechanisms underscores the diverse strategies being employed to tackle climate change and mobilize additional funds for renewable energy projects.
He emphasized that these initiatives play a crucial role in propelling India towards becoming the third-largest economy by 2027 and a developed country by 2047. With renewable sources projected to meet approximately 90 per cent of the energy demand, India’s leadership in renewable energy is poised to drive sustainable growth and development.
India’s Comprehensive Climate Pledge
India’s commitment to climate action was reaffirmed at COP26 through its comprehensive “Panchamrit” pledge. This pledge encompasses ambitious targets such as reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
In addition to mitigation efforts, addressing the impacts of climate change through resilience and adaptation measures is equally important. Incorporating strategies to enhance the resilience of vulnerable communities to climate-related risks, such as extreme weather events and sea-level rise, can complement mitigation efforts and ensure a more holistic approach to climate action.
Furthermore, India’s role in international climate negotiations, its partnerships with other nations, and its contributions to global climate funds are vital for global climate action. Emphasizing the interconnected nature of climate challenges and the need for collective action reinforces the urgency of addressing climate change on a global scale.
