Karnataka to come out with policy to tap investment and generate opportunities in green energy sector

Government in Karnataka plans to boost green energy sector with new policies and investments, aiming for sustainable growth.

Large and Medium Industries Minister M.B. Patil on Tuesday (October 22, 2024) said the Government would formulate a policy to effectively capitalise on investment and generation opportunities in the green energy sector in Karnataka.

At a meeting with the State’s Vision Group for Green Energy, Mr. Patil emphasised that achieving the State’s green energy goals would require close coordination between the departments of Large and Medium Industries and Energy. He said a meeting would soon be held with Energy Minister K.J. George, alongside industrialists and potential investors, to discuss the way forward.

“Experts have provided insights on various aspects, including demand, favourable policies, and incentive measures. The government is clear in its intent to facilitate the growth of this sector,” Mr. Patil explained.

Kishor Nair, CEO of Avaada Energy, pointed out that his company had signed an MoU with the Government worth ₹45,000 crore for green hydrogen production. He said, “We can focus on electrolyte and battery production if the government introduces the right policies and incentives.”

Mr. Nair highlighted that Karnataka, with its vast sugarcane cultivation, could prioritise the production of green methanol and green hydrogen. He noted that States like Maharashtra and Rajasthan have already implemented policies in this regard.

Responding to this, Mr. Patil said a location within a 20-km radius of Mangaluru port would be ideal for green ammonia and green hydrogen production as per the experts’ opinion. “If realised, these projects would boost the State’s green energy output,” he opined.