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ONGC plans to invest Rs 1 trillion to increase its renewable portfolio to 10 GW by 2030

Aug 18, 2023

By: BlinkX Research Team

Oil and Natural Gas Corporation (ONGC) has a roadmap for opportunities in the renewable energy and low-carbon sectors, and it intends to increase its renewable energy capacity from 189 megawatts (MW) to 10 gigawatts (GW) by 2030.

The state-owned energy giant also anticipates substantially increasing its investment in green programs to reduce its carbon footprint as part of a bigger effort to achieve net zero for scope-1 and scope-2 emissions by 2038.

As per an official statement by the company, “ONGC is investing around Rs 1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030.” 

Key players in the energy sector are collaborating on a range of low-carbon energy alternatives, including renewable energy, green hydrogen, green ammonia, and various derivatives of green hydrogen.

The corporation claims that during the past five years, a 17% reduction in scope-1 and scope-2 emissions has been made possible by incorporating sustainable practices into core business activities. Additionally, it stated that in FY23, emissions fell by 2.66 percent.

To lower emissions from current operations, ONGC has intensified its focus on R&D in carbon capture, utilisation, and storage (CCUS) technology. Additionally, ONGC intends to construct two new oil-to-chemical (O2C) facilities in India.

Source: Media Reports