Renewable energy sector to generate 43 mn jobs in India by 2050: CMD, IREDA

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Renewable energy sector to generate 43 mn jobs in India by 2050: CMD, IREDA

Renewable energy sector to generate 43 mn jobs in India by 2050: CMD, IREDA

Industry News
Dec 23,24

While delivering the Visionary Talk hosted by the 39th Indian Engineering Congress at Kolkata on December 20, 2024, Pradip Kumar Das spoke about the critical need for talent to drive the renewable energy sector both in India and globally.

Renewable energy sector to generate 43 mn jobs in India by 2050: CMD, IREDA

Kolkata

India Needs more than 10 lakhs additional engineers by 2050 for renewable energy (RE) vision, stated Pradip Kumar Das, Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd (IREDA), while delivering the Visionary Talk hosted by the 39th Indian Engineering Congress at Kolkata on December 20, 2024. In his address, Das spoke about the critical need for talent to drive the renewable energy sector both in India and globally.

Currently, India is the 4th largest country in terms of jobs in the renewable energy sector with about 1 million jobs of the 16 million jobs globally. By 2050, about 43 million jobs will be needed in the RE sector globally with 8.5 million jobs in India alone.

The renewable energy sector will require about 20 per cent engineers and researchers, 50 per cent skilled workers with 1-2 years of vocational training, 25 per cent semi-skilled workers and about 5 per cent marketing & admin personnel. This implies a substantial need for manpower across the skill spectrum necessitating a 5-pronged approach across awareness, skill mapping, trainings & certifications, job matching as well as integrated migration and visa strategy to attract and share talent globally.

In addition to the requirement of manpower, CMD, IREDA spoke about the substantial investment needed to meet India’s Nationally Determined Contributions (NDC) goals by 2030, estimated at Rs 30 trillion over the period FY 2024-2030. Till date, IREDA has disbursed over Rs 1.36 trillion and sanctioned over Rs 2.08 trillion towards green projects. IREDA has also spearheaded the market formation for emerging RE technologies through its first-to-market financing products for emerging RE sectors such as ethanol, EV fleet financing, pumped storage hydropower, green ammonia amongst others.

In conclusion, Das underscored IREDA's commitment towards continuing to play a catalytic role in the growth of India's green sector with a target of 10-15 per cent contribution to India's renewable debt financing space.