ONGC to Invest ₹1 Trillion in Renewables to Achieve Net-Zero by 2038
The company plans to increase renewable electricity generation to 1 GW by 2030
In a significant move towards sustainable energy practices, Oil and Natural Gas Corporation (ONGC), India’s oil and gas major, has announced plans to invest ₹1 trillion (~$12 billion) by 2030 in renewable energy transition projects.
To accelerate its renewable energy portfolio, ONGC plans to increase electricity generation from renewable sources from the existing 189 MW to 1 GW by 2030.
Furthermore, the company has a substantial pipeline of projects, with 5 GW planned in Rajasthan, and is exploring opportunities in offshore wind farms.
ONGC also intends to establish a green ammonia plant with an annual capacity of 1 million tonnes in Mangalore.
“We have done our internal workings and are now confident that we can achieve net zero for Scope-1 and Scope-2 emissions by 2038. We are focused on the round-the-clock (RTC) issue,” said Chairman Arun Kumar Singh.
Singh emphasized that the cumulative investments required for these initiatives would amount to approximately ₹ 1 trillion (~$12 billion).
The ONGC is an Indian multinational crude oil and gas corporation, a state-owned enterprise under the administrative control of the Ministry of Petroleum and Natural Gas.
ONGC aims to meet its objectives, such as de-risking the portfolio against long-term disruptions and reducing its carbon footprint by moving into renewables.
Last year, ONGC signed a memorandum of understanding (MoU) with Greenko ZeroC to pursue opportunities in renewables, green hydrogen, green ammonia, and other derivatives of green hydrogen.
Earlier in the year, ONGC signed a memorandum of understanding with Equinor, the Norwegian state-owned multinational energy company, to collaborate in the field of upstream oil and gas, midstream, marketing, and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilization and Sequestration (CCUS) opportunities in India.