IREDA wants innovative financing for India's green future

The Indian Renewable Energy Development Agency (IREDA) has highlighted the need for innovative financing solutions to promote the growth of renewable energy in the country. The IREDA CMD stated this during its participation in a panel discussion on “The New Interdependencies: Trust, Security and Climate Resilience”, at the 26 edition of the World Energy Congress in Rotterdam, Netherlands.

During the discussion, the CMD emphasised the importance of IREDA’s efforts in facilitating financing for energy transition projects through the utilisation of innovative financial instruments to mitigate risks and promote private sector involvement in the renewable energy sector. In this regard, it was highlighted by the IREDA CMD that with rapid progress in the renewable energy sector, India currently stands fourth globally in terms of renewable energy installed capacity.

The CMD also emphasised the importance of developing strong power networks through regional markets to deal with the ongoing global energy crisis. In addition, to deepen the bond market and increase additional global and local investments, the CMD has proposed to allocate 4-5% of assets under management (AUM) from domestic pension/insurance funds into renewable energy bonds.

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