India Requires 8.5 Million Renewable Energy Jobs by 2050; ?30 Lakh Crore Investment Needed by 2030: IREDA

23 Dec 2024

By 2050, India will require 8.5 million jobs in the renewable energy sector, which will contribute to the global need for 43 million jobs, according to Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA). In his address at the 39th Indian Engineering Congress in Kolkata, he highlighted the growing need for skilled professionals in the industry.

India is presently ranked fourth globally in renewable energy employment, with approximately one million jobs out of the 16 million worldwide. He highlighted the growing demand for engineers, skilled and semi-skilled workers, and administrative personnel in the renewable energy sector. To address this need, he suggested a comprehensive five-step strategy, encompassing skill mapping, training, job matching, awareness initiatives, and global talent exchange.

India's transition to green energy, in line with its Nationally Determined Contributions (NDC) targets, is projected to require investments totalling around ?30 lakh crore between FY 2024 and FY 2030. He mentioned that IREDA has already disbursed ?1.36 lakh crore and approved ?2.08 lakh crore for green initiatives to date.

IREDA has introduced pioneering financing products for emerging renewable technologies, including ethanol, electric vehicle fleets, pumped storage hydropower, and green ammonia. The organisation seeks to contribute 10-15% of India's renewable energy debt financing. He highlighted IREDA's dedication to advancing India's renewable energy sector and underscored the essential role of both financial investment and a skilled workforce in achieving the nation's green energy objectives.