MoUs Worth Rs 1.3 Lakh Crore Signed by Karnataka in the Renewable Energy Space

On 15th September 2022, the honourable Chief Minister of Karnataka announced that the State has signed MoUs worth 1.3 Lakh Crore in the renewable energy sector, in a bid to expand its renewable energy portfolio. The Chief Minister was speaking at the inaugural function of the Indian Manufacturing Show-2022, organised by the ‘Laghu Udyog Bharati’ at the Bengaluru International Exhibition Centre.

The Chief Minister stated that Karnataka will explore the possibilities of establishing a hydrogen fuel sector as part of its renewable energy portfolio expansion. In view of the same, he added that the State Government intends to set up renewable energy industries all along Karnataka’s Mumbai-Chennai corridor stretch and that there will be a production of biofuel, solar, and hydrogen. The State is also going to produce ammonia from the sea (water), and support industries, businesses and entrepreneurs in the space in terms of capital and skill. These matters shall be an essential part of the Government’s agenda.

The signing of the memoranda of understanding is evidence of India’s intent to move from conventional sources to renewable energy sources to meet the country’s increasing energy needs. While the fine print of the memoranda is unavailable, it is plausible to conclude from the statements made by the Chief Minister that the focus of Karnataka’s Government in the medium to long term will primarily be on wind energy and hydrogen energy.