Future Energy Asia 2023: IREDA Chief advocates localized power generation for enhanced efficiency

New Delhi/ Thailand: Indian Renewable Energy Development Agency Limited's (IREDA) Chairman & Managing Director (CMD) Pradip Kumar Das expressed his views in a panel discussion at the prestigious “Future Energy Asia 2023 Exhibition and Summit” in Bangkok, Thailand on Wednesday. The panel discussion was focused on “The Importance of Regional Partnerships to Support Energy Transition and Manage Supply Chain Complexity.”

He emphasized the criticality of Renewable Energy as a necessity rather than a mere choice or preference. He shed light on the extensive harmful effects associated with the generation and utilization of energy from conventional fossil fuel-based sources, urging for a paradigm shift towards sustainable energy practices.

As the largest dedicated renewable energy funding non-banking financial company (NBFC), IREDA has played a pivotal role in facilitating the growth of renewable energy projects in India. Das stressed the importance of stakeholders working together in a holistic, collaborative, and cohesive manner to encourage the development of RE sector. He emphasized that both technological advancements and innovative financing mechanisms are vital for the successful execution and operation of renewable energy projects.

CMD underlined the need to generate power as close to the consumption location as possible, reducing transmission losses and increasing overall efficiency.

Das also discussed the role of the International Solar Alliance (ISA) and India's contribution to achieving a regional balance in the Renewable Energy supply chain. The ISA's mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of technology and its financing. The alliance has grown significantly, with 114 member countries, compared to 61 when it was first established in 2018.

India has been actively discussing energy transactions with other Asian countries like Bhutan, Nepal, Myanmar and Bangladesh, including signing of several MoUs to advance Renewable Energy growth and optimal utilization of available resources and energy consumption in the entire continent. India's remarkable progress in the RE sector surpasses the world average growth rate, and IREDA has been a major contributor to this achievement.

The panel discussion also featured CEO of Gentari Sushil Purohit; Vice President of Energy Solutions at ABB Vinesh Krishnan; CEO of InnoPower Athip Tantivorawong; Vice President of Oil & Gas Climate Initiative Julien Perez and Head of Asia Pacific at S&P Global Nirmal Shani.

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