ONGC to invest $109.4M in renewable energy research

India’s ONGC will invest US$109.4 million on research and development of non-conventional energy sources.

According to the Business Standard, Oil and Natural Gas Corporation chairman and managing director R. S. Sharma stated that India has only 0.5 per cent of the world's hydrocarbon reserves and will find it difficult to meet its growing energy demand without utilising alternative and renewable sources.

The firm is currently engaged in tapping non-conventional energy sources like solar, thermal energy, light-emitting diode and fuel cells that emit less carbon.

ONGC has also set up a 150MW wind power plant and has approved the development of another 100MW wind energy plant.