A to Zero (Accelerate to Net Zero) ASEAN Summit

06.10.2023

A to Zero (Accelerate to Net Zero) ASEAN Summit , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow 

Why in news?

The Indian Renewable Energy Development Agency Limited (IREDA) Pavilion was inaugurated by the Deputy Prime Minister of Malaysia at the A to Zero (Accelerate to Net Zero) ASEAN Summit to be held from 4 to 6 October 2023.

     important point:

• The Deputy Prime Minister of Malaysia, Mr Datuk Seri Fadillah Yusof, inaugurated the pavilion on October 5, 2023 in Kuala Lumpur, Malaysia.

About A to Zero (Accelerate to Net Zero) ASEAN Summit:

• A to Zero was inaugurated by the Prime Minister of Malaysia YAB Dato Seri Anwar Ibrahim in conjunction with the ASEAN Summit and Exhibition (AtoZero ASEAN).
• Accelerate to Net Zero”, is a new series of events that brings together key decision makers and change-makers to comprehensively explore pathways, policies and business opportunities that will catalyze the acceleration of net zero pathways.
• The A to Zero ASEAN Summit was co-located with the 14th International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM) from 4 to 6 October 2023 at the Kuala Lumpur Convention Center (KLCC).
• Developed countries have set a target of achieving net zero by 2050, while India has set a target of net zero by 2070.

Importance of IREDA Pavilion:

• The IREDA Pavilion showcases the company's achievements, expertise and contribution in the renewable energy sector.
• It will provide an opportunity for delegates, industry experts and stakeholders to engage in discussion, explore collaborations and gain insight into the future of the renewable energy sector.
• The pavilion serves as a platform to collaborate with international partners and showcase the country's progress in renewable energy development.

About Indian Renewable Energy Development Agency:

• IREDA is committed to promote renewable energy solutions in line with the goals and vision of the Government of India.
• IREDA has recently been upgraded from 'Schedule B' to 'Schedule A' category of Central Public Sector Enterprises.
• Presently IREDA has the status of Mini Ratna (Category-I).
• In 2015, it was awarded "Mini Ratna" (Category-I) status by the Ministry of New and Renewable Energy.
• Indian Renewable Energy Development Agency Limited is a public limited government company under the administrative control of the Ministry of New and Renewable Energy.
• It is notified as a "Public Financial Institution" under Section 4'A' of the Companies Act, 1956.
• It was established in 1987 as a non-banking financial institution.

Objectives of Indian Renewable Energy Development Agency:

• To provide financial assistance to schemes and projects generating energy or power through renewable sources and conserving energy through efficient use.
• To strengthen its position as a leading organization for efficient and effective financing of renewable energy conservation projects.
• To improve systems, processes and resources to increase efficiency of services.
• To strive to become a competitive organization through customer satisfaction.