BENGALURU: Karnataka is on track to become a major energy hub in the coming years, Energy Minister K J George said on Thursday at the Global Investors’ Meet: Invest Karnataka 2025.
The minister participated in a panel discussion at the Global Investors Meet-Invest Karnataka 2025 on ‘Australia-India Bilateral Opportunities for Global Market Needs in the Clean Energy and Green Economic Sectors”.
He emphasised that Karnataka is a land of opportunities, particularly in the renewable energy sector, and is actively seeking significant investments and advanced technologies. The state is ready with the right policies to attract investments and establish itself as an energy hub, he added.
“While Kerala is known as ‘God’s own country’, Karnataka is known for God’s own people and hospitality. I invite you to invest and become a part of Karnataka’s growth story in the energy sector,” Minister K J George said.
The theme for the panel discussion highlighted and explored the Australia India Bilateral Clean Energy and Green Economy Collaboration opportunity, which has been strengthened by the Establishment of the India-Australia Renewable Energy Partnership between the governments of India and Australia.
“Karnataka is one of the top five states in the country with the highest installed capacity for renewable energy. The state ranks third in the country in terms of solar and wind power generation capacity. There are investment opportunities in the renewable energy sector, and Australian companies should come forward to invest in Karnataka”, Gaurav Gupta, Additional Chief Secretary to the Ministry of Energy, Government of Karnataka, said.
The partnership with Australia will not only facilitate technology transfer and collaboration but also explore bilateral investment opportunities that support mutual interests in these sectors and identify commercialisation prospects in clean energy, renewables, and green hydrogen, Gaurav Gupta added.
In October 2024, the Karnataka government signed a Memorandum of Understanding with Australia to advance clean energy and green hydrogen initiatives. This collaboration will strengthen Karnataka’s ties with Australian companies and open up new investment opportunities, he said.
As part of the MoU, Karnataka Renewable Energy Development Limited (KREDL) of the Government of Karnataka will promote and support the integration of Australian technologies into local markets, the release added. Additionally, KREDL will identify suitable partners for technology collaboration in Karnataka and facilitate access to local investment networks and resources.
“Both the countries (India and Australia) also have emphasised the importance of private sector participation in promoting renewable energy investment and technology commercialisation. The countries also recognise that climate change is one of the defining challenges of this century and stress their commitment to mitigate its impacts and contribute to international efforts to achieve the Paris Agreement and accelerate global decarbonisation efforts”, Irfan Malik, Australia India Business Council National Associate Chair and President New South Wales University at the Global Investors’ Meet: Invest Karnataka 2025.
“They highlighted that close bilateral, regional and multilateral cooperation will be important to delivering these commitments while maximising the economic opportunities presented by the transition”, he added. (ANI)