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 Climate Change

Renewable Energy
Published on: Oct. 5, 2022, 4:52 p.m.
UP’s green sector attracts investors
  • The green energy universe will play a major role in reducing carbon emissions

By Business India Editorial

Giving a fillip to the renewable energy plans of government of Uttar Pradesh, private firms have promised to invest nearly Rs19,000 crore in the state’s green energy sector.

It is reported that Greenco and JSW Group will invest Rs13,000 crore and Rs5,900 crore respectively in the renewable energy projects. This is the first time that the nascent green energy sector in the state has received such large investment proposals.

A senior government official said that the state is aligning with the overarching target of the Centre to achieve a 450 gigawatt (Gw) in renewable energy and 500 Gw in non-fossil energy capacity by 2030.

“The green energy universe will play a major role in reducing carbon emissions and curbing environmental pollution in future,” he said. It is part of India’s commitment to meeting its international climate and green energy goals.

In the run-up to the “UP Global Investor Summit 2023” slated for next year, the Yogi Adityanath government is pulling all stops to attract the private sector companies in an array of sectors, including green energy.

JSW representative Jyoti Prakash Panda said the company was investing in UP to contribute towards the state’s energy sector road map.

The state is targeting to net Rs10 lakh crore in fresh investment proposals from domestic and multinational companies (MNC) at the high ticket event in January 2023.

Over the last six months, the state has claimed to have received total investment proposals worth Rs45,000 crore from 55 private sector companies, including MNCs. These include the projects in the green energy sector.

For example, the Causis Group has proposed to invest Rs6,000 crore in green mass transit projects, while Varun Beverages will pump in about Rs3,600 crore in four beverage projects.

Similarly, JK Paints and Keyaan Distilleries will invest Rs600 crore and Rs500 crore respectively, it is reported.


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