India’s clean energy goals on track despite global uncertainty, says IREDA chief

India’s clean energy ambitions remain firmly on track despite global geopolitical uncertainty and shifting climate priorities in major economies such as the United States, according to Pradeep Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency (IREDA). Responding to questions on whether evolving US climate positions could prompt India to reconsider its own goals, Das said the country’s targets, while ambitious, are well within reach.

“I think you have asked multiple questions, not one question, which involve global economy, geopolitical conditions and the renewable as well as India’s ambitions,” Das said. He clarified that India’s non-fossil fuel targets should be viewed in the context of progress already achieved. “It is ambitious, but not extremely ambitious,” he noted.

India has set a goal of achieving around 500 gigawatts of non-fossil fuel capacity, including approximately 485 GW of renewable energy and 15 GW of nuclear power. Das recalled that when the target was first announced, it was widely seen as unrealistic. “At a global level, people used to ask what kind of target it is and whether it is doable,” he said. However, India has already built about 267 GW of renewable energy capacity, significantly changing perceptions.

Das highlighted recent capacity additions as evidence of momentum. The Ministry of New and Renewable Energy had announced plans to add 50 GW of renewable capacity through competitive bidding and other routes. “As a matter of fact, in 2025, 49.12 gigawatt was achieved,” he said. This progress came despite increasingly complex geopolitical conditions, including the Russia–Ukraine conflict and political changes in the US. “Things are moving in a quite unpredictable manner,” Das said, but added that India has continued to deliver on its commitments.

A key driver of this growth, he said, is private sector participation. “It is not the government who is facilitating the investment. They are only enabling it,” Das said. Nearly 80% of current renewable energy development is being driven by private companies, with the remaining share coming from public sector undertakings that operate under strong corporate governance standards. “In a sense, it is purely developed by private corporates,” he said.

On the question of financing, Das acknowledged the scale of the challenge. India will need around $350 billion in funding to build the remaining capacity required to reach its non-fossil targets. “This funding has to be mobilised by 2028 or 2029, not 2030,” he said, noting that project execution takes time. While mobilising such capital is demanding, Das expressed confidence based on the sector’s track record.

Over the past five years, India’s renewable energy capacity has grown at a compound annual growth rate of 22.6%, a pace unmatched by most industries. “No industry probably has delivered this kind of growth where largely private players are investing,” Das said, reinforcing optimism that capital will continue to flow into the sector.