IREDA to Create a Green Window for Green Energy Finance

Indian Renewable Energy Development Agency (IREDA), is planning to set up a dedicated “Green Window to serve the unserved segments of renewable energy.” Renewable energy is increasingly cheaper and better for the strategic interests of India, and the IREDA Green Window would provide a significant boost to the renewable energy market.

Daily Current Affairs Quiz 2019

IREDA is India’s leading financial institution dedicated to clean energy expansion. Since its founding under MNRE in 1987, IREDA has financed the largest share of renewable energy projects in India. India is one of the top three nations leading global renewable energy growth. As of October 2019, India’s installed capacity renewable capacity has already met about half of its 2022 target of 175 GW. Achieving the 175 GW goal would increase green energy access for millions of Indians and, additionally, could create up to 1 million job opportunities for over 300,000 workers in the country by 2022.

Green windows, like green banks, are public entities created to work with the private sector to increase investment in green energy and bring clean energy financing into the mainstream. They are innovative and new tools that have been successful in the United Kingdom, Australia, Japan, Malaysia and the United States.