India needs more than 10 lakhs additional engineers by 2050 for RE Vision: IREDA CMD

New Delhi: The Indian Renewable Energy Development Agency Limited's (IREDA) Chairman and Managing Director (CMD) Pradip Kumar Das addressed the visionary talk hosted by the 39th Indian Engineering Congress at Kolkata on December 20. In his address, CMD spoke about the critical need for talent to drive the Renewable Energy sector both in India and globally.

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Currently, India is the 4th largest country in terms of jobs in the renewable energy sector with ~1 million jobs of the ~16 million jobs globally. By 2050, ~43 million jobs will be needed in the RE sector globally with ~8.5 million jobs in India alone.

The renewable energy sector will require ~20 percent engineers and researchers, ~50 percent skilled workers with 1-2 years of vocational training, ~25 percent semi-skilled workers and ~5 percent marketing & admin personnel. This implies a substantial need for manpower across the skill spectrum necessitating a 5-pronged approach across awareness, skill mapping, trainings & certifications, job matching as well as integrated migration and visa strategy to attract and share talent globally.

In addition to the requirement of manpower, CMD spoke about the substantial investment needed to meet India’s Nationally Determined Contributions (NDC) goals by 2030, estimated at Rs 30 lakh crores over the period FY 2024-2030.

Till date, IREDA has disbursed over Rs 1.36 Lakh crores and sanctioned over Rs 2.08 lakh crores towards green projects. IREDA has also spearheaded the market formation for emerging RE technologies through its first-to-market financing products for emerging RE sectors such as Ethanol, EV fleet financing, Pumped Storage Hydropower, Green Ammonia amongst others.

In conclusion, Das underscored IREDA's commitment towards continuing to play a catalytic role in the growth of India's Green Sector with a target of 10-15 percent contribution to India's renewable debt financing space.

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