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IREDA to Establish Retail Subsidiary

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Indian Renewable Energy Development Agency Limited (IREDA) has plans to establish a wholly-owned retail subsidiary for its retail business.

The retail subsidiary will offer products and solutions for PM-Suryaghar (Rooftop Solar), PM-KUSUM schemes and B2C segments in RE and Emerging RE sector including EVs, Energy Storage, Green Technologies, Sustainability, Energy Efficiency, etc.

IREDA has received in-principle approval from the Department of Investment and Public Asset Management (DIPAM) for the same.

Commenting on the development, Mr Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “This new retail subsidiary marks a significant milestone in our journey towards fostering sustainable energy solutions at the grassroots level. By extending our expertise in renewable energy finance to the retail market, we will provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints.”

This expansion aligns with the Government of India ’s vision to accelerate renewable energy adoption across the nation and create new opportunities in the clean energy sector, he said.


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BMC Debuts Climate Budget with Rs 10,000 Crore Outlay

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The Brihanmumbai Municipal Corporation (BMC) has introduced its inaugural climate budget for 2024-25.

The climate budget which represents 32.18% of the total capital expenditure, has been integrated into BMC’s existing fiscal framework. The aim is to prioritize environmental sustainability across various civic departments.

Budgetary allotment:

The BMC is committed to developing diverse, environment-friendly infrastructure in line with the Paris Agreement on climate change.

• Rs 2,163.8 crore towards activities that integrate components of the Mumbai Climate Action Plan (MCAP), such as LED lights, plantations, rooftop solar, and sewage treatment plants in new constructions. This makes up 6.81% of the capital expenditure budget
• Highest allocation—Rs 9,707.97 crores accounting for 32.18% toward the urban flooding and water resource management
• Rs 262.16 crores for sustainable waste management
• Rs. 177.84 crores for urban greening and biodiversity
• Rs 35.38 crores for air quality management

Additional municipal commissioner Ashwini Joshi who released the report said, “… the BMC is acutely aware of this duty. In line with the Paris Agreement on climate change, it is essential to develop diverse, environment-friendly infrastructure. The stormwater drainage, sewerage projects and operations, the Mumbai sewage disposal project, water supply projects, and the solid waste management departments are directly and indirectly linked to the environment. The primary objective of this budget report is to advocate and prioritize projects that are eco-friendly and are being undertaken by these departments.”

The C40 impact:

The city is part of the global C40 Program for climate budgeting, which focuses on fighting the climate crisis and driving urban action to reduce greenhouse gas emissions and climate risks.

The BMC prepared this climate budget report as part of the C40 Cities’ climate budget pilot program, which began in September 2021.

Mumbai’s climate budgeting process is led by BMC’s Environment Department and supported by WRI India and C40 Cities.


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