ONGC targets 10 GW renewable portfolio by 2030
It is also exploring carbon capture, utilisation and storage development.
India’s Oil and Natural Gas Corporation (ONGC) is investing around $12b (INR1t) by the end of the decade as it aims to ramp up its renewable energy portfolio to 10 gigawatts by 2030 in line with its goals to lower its carbon emissions.
In a statement, ONGC said that as part of the country’s aim to reduce carbon intensity by 45% in 2030, it is also planning to venture into other low-carbon sectors including green hydrogen, green ammonia, and other green hydrogen derivatives.
The company is also prioritising research and development in carbon capture, utilisation and storage technologies.
It added that it plans to build two green-field oil-to-chemical plants in India.
ONGC has also engaged in various decarbonisation measures, reducing its scope-1 and scope-2 emissions by 17% in the last five years. It aims to attain net-zero emissions by 2038.
Despite this, the company said that oil and gas exploration will still be the “cornerstone” of its energy business.
$1 = INR83.12