Government requires Rs 30 lakh crore investments for climate commitments

Government's climate commitments: The government needs investments totaling Rs 30 lakh crore over six fiscal years to fulfil its commitments to reduce carbon emissions, as stated in an official announcement on Thursday.

The country has pledged to generate 50 per cent of its power generation capacity from non-fossil fuel sources and aims to achieve net-zero carbon emissions by 2070.

These investments are essential for manufacturing capacity in solar, electrolysers, wind, battery, transmission, green hydrogen, solar, hydro, wind, and waste-to-energy sectors, according to Pradip Kumar Das, CMD of the Renewable Energy Development Agency (IREDA), a state-owned, non-banking financial company in the renewable energy sector, speaking at a webinar organised by the World Bank.

Need for investment

CMD Das emphasised the critical need for investment to meet the Nationally Determined Contributions (NDC) goals by 2030, estimating the required investment at Rs 30 lakh crores over the FY 2024-2030 period, as per the power ministry's statement.

The ministry also highlighted the 'PM Surya Ghar Muft Bijli Yojana' launched by Prime Minister Narendra Modi as a visionary project, supported by an investment exceeding Rs 75,000 crore. The initiative aims to solarize 1 crore households and provide each with up to 300 units of free electricity every month, elevating the rooftop solar sector in the country.

Das stated that this scheme will not only provide significant benefits but also raise awareness about renewable energy, contributing to the goal of achieving net-zero emissions by 2070 and energy independence by 2047.

"As India aims to become the third-largest economy in the next three years and a developed country by 2047, there will be a significant energy demand to achieve energy security and independence. Approximately 90 per cent of this demand is expected to be met through renewable sources," he added.

(with PTI inputs)