PIB Summary- 20th February, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

IREDA’s Contribution to World Bank Webinar on India’s Renewable Energy Landscape

Context
The Indian Renewable Energy Development Agency (IREDA) recently participated in an international webinar organized by the World Bank. The session focused on India’s renewable energy scenario, highlighting its ambitious targets to address climate change and ensure energy security.

Key Points from IREDA’s World Bank Webinar Address

• India’s Nationally Determined Contributions (NDCs) for 2030 entail investments of Rs 30 lakh crore.
• Goals include a 45% reduction in emissions intensity of GDP by 2030 and achieving 50% cumulative electric power capacity from non-fossil fuel sources.

Diversified Investment Areas:

• Investments are needed in solar power, electrolysers, wind and battery space, power transmission, Green Hydrogen, hydro power, and waste-to-energy sectors.

PM Surya Ghar Muft Bijli Yojana:

• IREDA emphasized the importance of this rooftop solar scheme.
• Aiming to solarize 1 crore households, it involves an investment exceeding Rs. 75,000 crores.
• Provides up to 300 units of free electricity monthly, promoting awareness of renewable energy.

Renewable Energy Meeting Energy Demand:

• India’s energy demand, driven by government plans, will largely be met through renewable sources.
• Approximately 90% of the increased energy demand is expected to come from renewables.
• Thermal energy will be developed alongside until sufficient energy storage for renewables is achieved.

Indian Renewable Energy Development Agency (IREDA)

• IREDA was established in 1987 as a specialized non-banking finance agency.
• It is a Public Limited Government Company functioning as a Non-Banking Financial Institution.
• Recognized as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956.
• Registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).

Purpose and Scope:

• IREDA focuses on promoting, developing, and providing financial assistance for projects related to renewable energy sources and energy efficiency/conservation.

Objectives:

• Financial Support: IREDA aims to provide financial assistance for specific projects and schemes involved in electricity and/or energy generation through new and renewable sources.
• Leading Role: IREDA strives to maintain its position as a leading organization in offering efficient and effective financing for renewable energy and energy efficiency/conservation projects.

SUFALAM 2024

Context
Start Up Forum for Aspiring Leaders and Mentors (SUFALAM) 2024 concluded with a take home message that Innovations, Collaborations and advanced technologies in different facets of Food Processing are the key drivers for transforming Start-ups in food processing domain to established food businesses. 

SUFALAM 2024: Transforming Food Processing through Innovation

Inauguration:

• Inaugurated by the Union Ministry of Food Processing Industries, SUFALAM 2024 aimed to catalyze transformative discussions and collaborations in the food processing industry.

Knowledge Sessions:

• The event featured knowledge sessions covering startup overviews, food regulations, and business and financial modeling for startups.

Panel Discussion on Transforming Food Systems:

• Focused on diversification of raw materials, climate-resilient options, and creative entrepreneurship to meet food safety standards and optimize supply chains.

Encouraging Startup Initiatives:

• Startups were urged to proactively engage in sourcing quality raw materials, collaborating with farmers, and exploring innovations in protein-rich foods and sustainable packaging.

Pitching Sessions:

• Two pitching sessions provided startups with opportunities to present their ideas to an expert panel, facilitating mentorship and support for their ventures.