During the session, Sh. Dewangan emphasised the crucial role that sustainable financing has in achieving the nation’s climate goals. Elaborating on REC’s leadership in driving India’s energy transition, Sh. Dewangan highlighted that REC has set a target of attaining a green finance loan portfolio of Rs. 3 lakh crore by FY 2030. This target would increase the share of renewables from the current 8% to 30% by 2030.

Sh. Dewangan also discussed the vast potential of Rajasthan, which is being boosted by REC through various projects. Recently, REC has signed an MoU with the Rajasthan government to finance Rs. 50,000 Cr annually till FY 2030 in a range of projects, including renewables and the non-power infrastructure sector in the state.

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Bengaluru, 10^th December 2024 : Shri Pradip Kumar Das, Chairman & Managing Director, Indian Renewable Energy Development Agency Limited (IREDA), shared his insights on India’s renewable energy prospects during the Rising Rajasthan Global Investment Summit 2024 in Jaipur. Speaking at the session on “Indo-German Cooperation in Renewable Energy Sector: Current Initiatives and Future Opportunities,” organized by Germany, Shri Das emphasized Rajasthan’s critical role in advancing India’s renewable energy goals and outlined immense investment opportunities for Germany in the sector.

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“All the successful countries of the world have developed due to below-the-ground resources. We should also move forward on that path. There are three times more building stone reserves here than Italy. Rajasthan can get a lot of benefit by being a neighbour of the most industrialized state Gujarat, which also has a port. There is oil, gas, potash, rock phosphate, lead, zinc, silver here. If you invest in Rajasthan, you will get profitability quickly,” he said in his speech.

During his speech, Mr. Agarwal announced that Vedanta will invest an additional Rs 1 lakh crore in the state in the coming years. He also announced plans to set up a non-profit zinc park that will provide land, raw materials, and energy supply to hundreds of SMEs, thereby fostering the establishment of around 500 new industries.

Vedanta’s strong and longstanding commitment to the state of Rajasthan has played a key role in driving its industrial and economic growth and is powering Rajasthan’s ambition of becoming a US$350 billion economy by 2030, further strengthening its position as a global hub for metals, minerals, and industrial innovation.

Highlighting their own contribution to Rajasthan’s growth, he shared, “Since 2002, we have invested over ₹1 lakh crore in Rajasthan, creating over 1 lakh jobs and supporting the growth of more than 5,000 companies. We are proud to be the largest taxpayer in Rajasthan, contributing ₹50,000 crore annually to the National Exchequer. We aim to triple this contribution in the coming years.”

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