Pradip Kumar Das, CMD of the Indian Renewable Energy Development Agency Ltd. (IREDA), highlighted the importance of reducing carbon emissions by minimizing the generation and use of power from conventional sources. He made these remarks at the CEO round table during the Future Energy Asia (FEA) 2023 event, sponsored by the Asia Natural Gas and Energy Association.
Das emphasized that India has made remarkable progress in the Renewable Energy (RE) sector, surpassing the global average growth rate. IREDA has played a significant role in achieving this milestone. He further pointed out that despite having the world's largest population, India's per capita energy consumption and carbon emission intensity are considerably lower than the global average and other developed nations.
Das stated that India is committed to reducing the Emissions Intensity of its GDP by 45% by 2030, based on the 2005 level. The country also aims to achieve approximately 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
India, through the International Solar Alliance (ISA), is actively engaging with other Asian countries like Bhutan, Nepal, Myanmar, and Bangladesh to promote renewable energy. This includes signing several MoUs to advance RE growth and optimize the utilization of available resources and energy consumption.
Das highlighted that India's installed capacity for non-fossil fuel-based energy has increased by 396% in the last 8.5 years, with solar energy capacity growing 24.4 times in the last 9 years. In line with the 'One Sun One World One Grid' initiative by the Prime Minister of India, comprehensive and collaborative efforts are needed at all levels of the value chain to ensure effective implementation and utilization of Carbon Capture Storage and Sequestration (CCSS) globally.
He emphasized the importance of creating awareness among power consumers and citizens about optimal CCSS practices. Additionally, capacity building among stakeholders throughout the value chain is crucial. Establishing well-timed and well-designed policies for effective CCSS implementation is expected to yield the best results.
The round table event was attended by senior representatives from the Ministry of Energy of the Kingdom of Thailand, as well as CEOs and heads of various international organizations in the energy sector. Discussions revolved around financing economic and operational challenges faced by CCUS projects, including the high costs associated with carbon capture.
