NewKerala.com

India's Renewable Energy Growth Sets Global Benchmark at Davos Summit

At the World Economic Forum in Davos, IREDA's CMD Pradeep Kumar showcased India's renewable energy ecosystem as a global model, noting an impressive 22.5% compound annual growth rate over five years. He emphasized that this growth environment is attracting significant foreign investment, with IREDA being the country's leading pure-play green finance company. Meanwhile, Union Minister Ashwini Vaishnaw clarified that Davos serves primarily for panels and bilateral discussions rather than formal trade negotiations. The progress of the Indian economy under Prime Minister Narendra Modi's leadership is a key topic among world leaders at the summit.

Key Points: India's Renewable Energy Model a Global Example: IREDA at Davos

  • 22.5% CAGR in renewables
  • IREDA as leading green finance agency
  • India's ecosystem attracts global investors
  • Davos as forum for idea-sharing
  • Tech and inclusive growth focus
2 min read

"The way renewables have grown in India is an example for any global player," says IREDA CMD Pradeep Kumar

IREDA CMD highlights India's 22.5% CAGR in renewables, positioning the country as a leading destination for global green investment at WEF.

"The way renewables have grown in India... is an example for any global player. - Pradeep Kumar"

Davos, January 21

At the ongoing Davos summit, the head of the Indian Renewable Energy Development Agency, Pradeep Kumar, on Wednesday said that a strong clean energy system built by the Indian government over the last decade is now a model for the rest of the world. Speaking at the World Economic Forum, he highlighted that India has created a perfect environment for international companies to invest in green power projects.

Explaining the success of the Indian model, the Chairman & Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), Pradeep Kumar, said, "We have come here to share the information, the ecosystem which the government of India has built in the last 10-11 years, in particular. The way renewables have grown in India over the last decade, and more, is an example for any global player to learn from the ecosystem the government of India has built. The CAGR (Compound Annual Growth Rate) over the last five years is 22.5 per cent. We will not find such a CAGR growth in any industry. Many foreign investors are investing in India, and IREDA is the leading agency for RE financing in the country. We are the largest pure-play green finance company in the country."

Meanwhile, Union Minister Ashwini Vaishnaw on Wednesday said that while India is in constant touch with major world powers, the World Economic Forum is primarily a forum for sharing ideas rather than for formal group-to-group trade meetings.

On being asked if India will be having a meeting with the US delegation, Ashwini Vaishnaw said, "The format of Davos is a format where we generally do panels and bilaterals. The trade meetings take place according to the country's own schedules and negotiations. They are deeply engaged with all the major economies on practically all fronts at this point in time. This is not the forum in which we meet delegation to delegation."

The progress of the Indian economy under the leadership of Prime Minister Narendra Modi has become a top subject of debate among world leaders in Switzerland. Union Minister Ashwini Vaishnaw on Wednesday (Indian Standard Time) shared that the Indian team is present at all major meetings to explain how the country is combining modern technology with fair growth for all citizens.

- ANI

Share this article:

Reader Comments

P
Priya S
Great to hear, but I hope this growth is equitable. Are we ensuring that the benefits of green energy and the jobs created are reaching smaller towns and villages, not just the big industrial corridors?
V
Vikram M
The focus on creating an ecosystem for investment is key. Foreign companies need policy stability, and it seems we are providing that. More investment means faster transition and hopefully, cheaper power for us consumers.
S
Sarah B
As someone working in the sustainability sector, India's renewable energy story is indeed a case study. The scale and pace are remarkable. The world has a lot to learn from the Indian model of public-private partnership in this space.
R
Rohit P
All this is good, but what about the existing thermal power plants and the people employed there? The transition must be just. We can't leave behind entire communities that depended on coal.
K
Karthik V
The numbers speak for themselves. 22.5% growth is phenomenal. This is the kind of development that builds long-term energy security and tackles climate change. Jai Hind!

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50