India needs Rs 30 lakh cr investments in 6 years to meet its emission cut commitment: IREDA chief

The country 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.

The investments would be required in manufacturing of capacity for solar, electrolysers, wind and battery, transmission, green hydrogen, solar, hydro, wind, and waste to energy sectors, said Pradip Kumar Das, CMD of Indian Renewable Energy Development Agency, at a webinar organized by the World Bank.

Indian Renewable Energy Development Agency (IREDA) is a state-owned renewable energy sector non-banking financial company.

"CMD underscored the critical need for substantial investment to meet India's 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," the power ministry said in a statement.

It also said that the 'PM Surya Ghar Muft Bijli Yojana' launched by Prime Minister Narendra Modi is a "visionary project", backed by an investment exceeding Rs 75,000 crore, and aims to solarize 1 crore households and provide each of them up to 300 units of free electricity every month.

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, Das said.

"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 per cent of this demand is expected to be met through renewable sources," he said.