Daily News Wrap-Up: Canada Launches $1.1 Billion Critical Minerals Development Fund

Karnataka halves additional surcharge for green energy open access consumers

November 27, 2023


Canada’s Ministry of Energy and Natural Resources has launched a CA$1.5 billion (~$1.1 billion) fund to develop critical minerals infrastructure to be spent over seven years. The fund aims to address infrastructure gaps and support clean energy and electrification. The ministry has issued a call for proposals with a deadline of February 29, 2024, to submit applications.

Karnataka Electricity Regulatory Commission has approved an additional surcharge of ₹1.40 /kWh (~$0.017) for consumers availing power through open access for the financial year (FY) 2023-24. The Commission has brought down the additional surcharge for all open access consumers procuring electricity from renewable sources from ₹1.48 (~$0.018)/kWh to ₹0.70 (~$0.0084)/kWh). The additional surcharge does not apply to captive consumption.

The European Commission has launched the European Hydrogen Bank auction with an initial allocation of €800 million (~$872.5 million). Renewable hydrogen producers can participate in the pilot auction, bidding for financial support presented as a set premium for each kilogram of hydrogen they produce. Bidders must submit their applications by February 8, 2024.

The European Commission has invited proposals for the Innovation Fund, with a record budget of €4 billion (~$4.3 billion) to support innovative decarbonization technologies. Funded by the European Union Emissions Trading System, the Commission has increased the available funds and doubled the budget allocated for cleantech manufacturing projects. A total of €1.4 billion ($1.52 billion) has been earmarked to strengthen industrial manufacturing capacity, technology leadership, and supply chain resilience in Europe.

The Deendayal Port Authority in Kandla, Gujarat, has received 13 expressions of interest (EoI) to a global call for applications to develop a green hydrogen hub at the port. At a meeting to review the progress of various maritime activities by the Ministry of Ports, Shipping & Waterways, presided over by Ports and Shipping Minister Sarbananda Sonowal, it was revealed that the EoI is for 7 million metric tons per annum (MMTPA) of green ammonia production, catering to a global demand of 1.4 MMTPA of green hydrogen.