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Yahoo
a day ago
- Business
- Yahoo
Oil companies change tune after realizing potential of hidden underground energy source: 'Now eyeing'
For years, Indonesia's vast geothermal reserves have simmered below the surface, overlooked by major energy players. Now, some of the world's biggest fossil fuel companies — including Chevron and INPEX — are lining up to invest, reported Indonesia Business Post. Indonesia's Ministry of Energy and Mineral Resources (ESDM) confirmed that global firms are showing growing interest in the country's geothermal sector, with 10 new project sites expected to be auctioned off between July and September. The planned expansion is part of the nation's ambitious target to install 5.15 gigawatts of geothermal energy by 2030, a 50% increase from 3.35 GW in the previous plan. "They need 'green' initiatives to qualify for green investments. That's why foreign fossil energy players are now eyeing geothermal development in Indonesia," said Eniya Listiani Dewi, director general of New, Renewable Energy, and Energy Conservation at ESDM. Geothermal energy harnesses the Earth's natural heat to generate electricity without needing to rely on the sun or wind. For countries like Indonesia, which sits on a volcanic ring, that makes geothermal a stable, homegrown alternative to imported dirty energy sources like oil or gas. For oil companies, it presents an easier transition: The drilling methods are similar, and the optics are greener. Chevron, long criticized for its record on climate and greenwashing, is reportedly seeking to expand its geothermal footprint and has already partnered with PT Pertamina Geothermal Energy on a new 55-megawatt plant in Wai Ratai, per Indonesia Business Post. The company also plans to bid on additional zones once the auction window opens later this year. Before that can happen, Indonesia is moving to slash red tape that's long stalled geothermal investment. A revision to Government Regulation No. 7/2017 is in the works, aiming to make projects more financially viable by improving the internal rate of return to around 10% to 11% — a key threshold for investors. "Some WKPs [geothermal working areas] are ready for auction, but we're still awaiting the minister's decision," Eniya said. "Some of the burdens on geothermal projects are embedded in the current regulation. These need to be removed to enhance project viability." Expanding geothermal energy in Indonesia isn't just about cleaner power; it also has the potential to lower electricity costs, improve air quality, and ease the country's reliance on dirty energy. If successful, it could serve as a blueprint for other countries with geothermal resources to build more resilient, affordable energy systems. Should the government provide incentives to buy EVs? Absolutely Depends on the incentives Depends on if it's federal or states Absolutely not Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
New Indian Express
02-08-2025
- Business
- New Indian Express
CM Siddaramaiah, Dy CM DK Shivakumar invite global investors to Karnataka
BENGALURU: Chief Minister Siddaramaiah and Deputy Chief Minister DK Shivakumar on Friday invited global industry leaders to invest in Karnataka. They were speaking in New Delhi at the high- level diplomatic dialogue 'Bridge to Bengaluru', aimed at strengthening international collaboration in innovation, technology and investment ahead of Karnataka's flagship technology event, Bengaluru Tech Summit 2025, scheduled to be held from November 18 and 20 at BIEC in Bengaluru. Siddaramaiah said that Karnataka has sectoral policies across ESDM, AVGC, green hydrogen, tourism, electric mobility and renewables which are designed to create a robust ecosystem for responsible and resilient growth. 'Karnataka welcomes the world not just as investors but as partners. We believe global relationships are built on shared trust, common goals, and mutual benefit. Whether it is through technology, tourism, trade, or talent, we see global engagement not as an option, but as a pathway to shared progress,' he said. Shivakumar said, 'Bengaluru's strength lies not just in its infrastructure or policy incentives, it lies in its people. With the highest concentration of engineering, science, and design talent in India, the city is now ranked among the top 5 AI talent cities globally, second only to San Francisco in emerging AI hubs'. 'From Centres of Excellence in AI to a growing semiconductor ecosystem, we are building the deep tech capital of South Asia, powered by strategic partnerships and government-backed innovation,' he said. Minister for Information Technology & Biotechnology and RDPR Priyank Kharge emphasized that Karnataka is global by design. 'Our innovation ecosystem thrives on intent, inclusion and impact. Through platforms like the Global Innovation Alliance and Bengaluru Tech Summit, we are forging long-term partnerships that transcend borders. With BTS 2025, we invite the world to co-create solutions, scale ideas, and shape a shared future. 'Bridge to Bengaluru' is not just a dialogue, it's a doorway to collaboration, investment and collective progress,' he said. Ministers Laxmi Hebbalkar and Byrati Suresh, state's special representative in New Delhi TB Jayachandra, CM's legal adviser A C Ponnanna were also present. The event hosted by the Karnataka government was attended by ambassadors and high commissioners of various countries.
Time of India
01-08-2025
- Business
- Time of India
Karnataka opens global bridge to Bengaluru ahead of flagship tech summit
Bengaluru/New Delhi: In a high-powered diplomatic outreach, the state govt hosted 'Bridge to Bengaluru', a first-of-its-kind international dialogue in New Delhi Friday, to attract global collaboration in innovation, technology and investment ahead of the Bengaluru Tech Summit 2025 (BTS), scheduled for Nov 18-20 in Bengaluru. Diplomats from over 60 countries — including the US, UK, Finland, Australia, Japan, Argentina, Vietnam and Sri Lanka — engaged with Karnataka's top political and administrative brass during a closed-door session. The event is part of the state's Global Innovation Alliance (GIA) initiative, launched in 2017, which now spans 35 nations. Participating in the programme, chief minister Siddaramaiah said Karnataka seeks to build global ties on shared trust, common goals, and mutual benefit. "Karnataka welcomes the world not just as investors, but as partners," he said. "Our sectoral policies across ESDM, AVGC, green hydrogen, tourism, electric mobility, and renewables are designed to create a robust ecosystem for responsible and resilient growth. Whether it is through technology, tourism, trade, or talent, we see global engagement not as an option, but as a pathway to shared progress." You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Echoing the sentiment, deputy chief minister DK Shivakumar said, "Bengaluru's strength lies not just in its infrastructure or policy incentives, it lies in its people. With the highest concentration of engineering, science, and design talent in India, the city is now ranked among the top 5 AI talent cities globally, second only to San Francisco in emerging AI hubs." IT-BT minister Priyank Kharge added: "Our innovation ecosystem thrives on intent, inclusion, and impact. Through platforms like the Global Innovation Alliance and Bengaluru Tech Summit, we are forging long-term partnerships that transcend borders. With BTS 2025, we invite the world to co-create solutions, scale ideas, and shape a shared future. Bridge to Bengaluru is not just a dialogue, it's a doorway to collaboration, investment and collective progress. " BTS 2025 will be held at Bangalore International Exhibition Centre for the first time and is expected to draw over one lakh attendees, 20,000 startup founders, more than 600 speakers, and representatives from all 36 Indian states and Union territories.
News18
30-07-2025
- Business
- News18
Ministers Patil, Kharge to meet CM on Karnataka investment promotion policy
Last Updated: Bengaluru, Jul 30 (PTI) Karnataka Minister for Large and Medium Industries M B Patil and IT/BT Minister Priyank Kharge will soon discuss the investment promotion incentive policy report with Chief Minister Siddaramaiah, officials said on Wednesday. The report is being prepared by the Principal Secretaries of the Industry and IT/BT departments, and the meeting with the CM is scheduled shortly after its submission, they said. According to an official statement, the two ministers held a crucial meeting earlier in the day to deliberate on projects that require joint implementation by both departments, as well as initiatives that necessitate inter-departmental coordination. The policy framework for incentives and concessions for several key industries, including the proposed Space Park and Electronic Components Manufacturing Park, is currently in the preparatory stage. 'The IT Department is formulating a special incentive policy for the ESDM (Electronic System Design and Manufacturing) sector. Complementing this, the Industries Department is also expected to develop a strategy to attract investments in the electronic manufacturing sector," the statement said. 'In some cases, overlaps in incentives offered by both departments have been observed. It is learnt that the meeting felt the need to eliminate such overlaps to ensure better coordination," it added. These include a 100-acre Space Park either at Adinarayana Hosahalli near Doddaballapura or at ITIR near Devanahalli, a 150-acre PCB Park at Kochanahalli in Mysuru, 100 acres each for a Global Innovation City at KWIN City/Adakanahalli-Kochanahalli, a 20-acre Drone Testing Centre at Hesaraghatta, and a 100-acre KEONICS Plug-and-Play facility at Adakanahalli/Kochanahalli. The Department of Large and Medium Industries has been requested to allocate land for these proposed projects. The Minister noted that there is a norm for drone testing centres to be located in relatively isolated areas. Since Hesaraghatta has now become part of the capital city, this may pose a challenge. During such a scenario, efforts will be made to identify alternative suitable locations, he added. Regarding data science centres and manufacturing plants, Minister Patil said these industries require substantial power and water supply. 'At present, industries in Bengaluru are provided 2–3 TMC of water, whereas other regions lack such access. To address this, the government is considering formulating an Industrial Water Security Policy and promoting alternative power generation," he said. The government plans to supply 50 per cent of the required water to industries, while the remaining 50 per cent is expected to be managed through recycling by the industries themselves. A comprehensive plan has been drawn up to supply water to KIADB (Karnataka Industrial Areas Development Board) facilities across the state at an estimated cost of Rs 3,750 crore, Patil added. PTI AMP ROH view comments First Published: July 30, 2025, 22:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
30-07-2025
- Business
- Time of India
Karnataka may offer sops to step up smartphone production, exports
Academy Empower your mind, elevate your skills Karnataka may come up with specific concessions to scale up smartphone manufacturing and step up the state's share in smartphone minister MB Patil and IT/BT minister Priyank Kharge felt the need for such an incentive package. The two ministers held a meeting with officials in Bengaluru in this regard, where they discussed projects that require joint implementation by both their present, 44% of smartphones manufactured in India are exported to the US. China's share in smartphone exports to the US has dropped from 61% to 25%. Vietnam, however, commands half of this export market. Karnataka needs to gear up to face this competition by scaling up its production capacities, the ministers felt at the meeting, according to an official Patil and Kharge felt the state would have to offer certain specific concessions to scale up smartphone exports. Principal secretary (industries) S Selvakumar; IT/BT secretary Ekroop Kaur; industries commissioner Gunjan Krishna; KIADB CEO Mahesh, and IT/BT director Rahul Sankanur were present at the and Kharge also decided to discuss with chief minister Siddaramaiah about the investment promotion incentive policy being prepared by the industry & IT/BT policy framework for incentives and concessions for several key industries, including the proposed Space Park and Electronic Components Manufacturing Park, was in the preparatory stage. The IT department was formulating a special incentive policy for the Electronic System Design and Manufacturing (ESDM) sector, Patil industries department is also expected to develop a strategy to attract investments in the electronic manufacturing sector. In some cases, overlaps in incentives offered by both departments have been observed, the minister said, adding that the government would work to remove IT/BT department, Kharge said, was keen on establishing several upcoming projects. These include a 100-acre Space Park either near Doddaballapura or at ITIR near Devanahalli, a 150-acre PCB Park at Kochanahalli in Mysuru, 100 acres each for a Global Innovation City at KWIN City/Adakanahalli-Kochanahalli, a 20-acre drone testing centre at Hesaraghatta, and a 100-acre KEONICS plug-and-play facility at Adakanahalli/Kochanahalli. He added that he has requested the industries department to allocate plots of land for these government may identify alternative sites for drone testing since Hesarghatta has now become part of Bengaluru. Such a facility can come up only in isolated for data science centres and manufacturing plants, minister Patil said these industries required substantial power and water supply. At present, industries in Bengaluru are being provided with two to three thousand million cubic feet (tmc) of water, whereas other regions lack such access to water. To address this, the government is considering formulating an Industrial Water Security Policy and promoting alternative power government plans to supply half the required water to industries, while the industries must manage the remaining half by using recycled water. The government has drawn up a plan to supply water to the Karnataka Industrial Areas Development Board (KIADB) facilities at an estimated cost of Rs 3,750 crore, Patil said.
