New Delhi: Indian Renewable Energy Development Agency (IREDA) Chairman & Managing Director (CMD) Pradip Kumar Das participated in the Reserve Bank of India's (RBI) Policy Seminar on Climate Change Risks and Finance. The seminar convened key financial leaders to deliberate on the challenges faced by Regulated Entities (REs) in mitigating climate change risks and mobilizing green finance.
Addressing the gathering, Das emphasized that India’s renewable energy expansion would require an investment of approximately Rs 40-46 lakh crore by 2030, including e-mobility and related infrastructure. He underscored the necessity of policies aimed at attracting global funds and deepening the domestic green financing market to support this transition. Highlighting IREDA’s role in managing appraisal risks, Das noted that despite cumulative disbursements exceeding Rs 1.43 lakh crore since inception, the agency's total write-offs remain below Rs 200 crore.
Das stressed the importance of a collaborative approach involving developers, lenders, regulators, and policymakers to create a robust ecosystem for accelerating renewable energy and climate finance. He proposed the establishment of a unified, single-window platform to streamline and simplify the borrowing process for stakeholders engaged in renewable energy projects across the country.
Additionally, he called for the streamlining of insurance solutions to mitigate project cash flow risks and ensure financial viability. He further suggested that the Government and research institutions leverage satellite technology, artificial intelligence (AI), and big data to enhance climate risk prediction, thereby strengthening the sector's resilience against extreme weather events. Moreover, Das highlighted the significance of fostering research and development (R&D) initiatives and startups to develop India-specific solutions, such as temperature-resistant solar modules, reinforced wind turbine blades, and advanced weather monitoring technologies.
Concluding his address, Das emphasized the need for a globally standardized green taxonomy to attract larger investments into the renewable energy sector. He also advocated for the introduction of asset under management (AUM) obligations for domestic pension funds, insurance funds, and investment mandates for banks to further deepen India’s green capital markets and accelerate the clean energy transition.
The panel discussion, moderated by RBI's Executive Director JK Dash featured distinguished speakers, including NABARD's Chairman Shaji KV; Canara Bank's MD & CEO K Satyanarayana Raju; NaBFID MD Rajkiran Rai G; Bank of Baroda's MD & CEO's Debdatta Chand; and Dr Ashu Bharadwaj, Programme Director for Climate Change at NITI Aayog.
The policy seminar was inaugurated by the Governor and Deputy Governor of RBI, with a keynote address delivered by RBI Governor Sanjay Malhotra.
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