'Karnataka to launch new Green energy policy, invest Rs 45,000 crore in Hydrogen': Minister MB Patil
By Vinaykumar Patil | First Published Oct 23, 2024, 3:04 PM ISTKarnataka's Industries Minister M.B. Patil announced plans to formulate a new policy for green energy production, collaborating with the Energy Department. The government is set to invest Rs 45,000 crore in green hydrogen, establish a green industrial zone, and offer GST concessions for renewable energy manufacturing.
Karnataka is set to formulate a new policy focused on green energy production, according to Industries Minister MB Patil. Speaking at a vision group meeting dedicated to green energy and core production sectors at Mineral Bhavan on Tuesday, Patil emphasized the state's potential for investment in the environmentally friendly energy sector.
The minister announced that his department will collaborate with the Energy Department to discuss and devise an effective policy aimed at promoting green energy. Energy Minister KJ George also highlighted the government's plans to convene a meeting with business leaders and investors to discuss strategies for enhancing the green energy sector's growth.
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Kishore Nair, CEO of Avada, revealed that the state government has committed to an investment of Rs 45,000 crore for green hydrogen production. He noted that the government should prioritize appropriate incentive structures and policy implementations to attract investment. Nair suggested leveraging Karnataka's abundant sugarcane production to focus on eco-friendly ethanol and green hydrogen production.
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In response to these insights, Minister Patil expressed the idea of establishing a green industrial zone in the state, stating that such an initiative could attract significant investment. He pointed to Andhra Pradesh's effective policies in this sector as a model for Karnataka. To facilitate this, the government is offering GST concessions for the establishment of hydrogen and solar cell manufacturing units, and further effective measures will be implemented to support the green energy initiative.
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