ONGC to spend $12 billion on green initiatives by 2030
The state-run explorer Oil and Natural Gas Corp. Ltd (ONGC) aims to achieve an installed renewable energy (RE) capacity of 10 GW by 2030 and 1 million tonnes per annum capacity of green ammonia production as part of its efforts to reduce its carbon footprint.
Oil and Natural Gas Corp. Ltd (ONGC) plans to spend INR 1 trillion ($12 billion) on green initiatives by 2030 as it targets net zero (Scope-1 and Scope-2) emissions by 2038. The company has revealed an ambitious plan to achieve an installed renewable energy (RE) capacity of 10 GW by 2030 and 1 million tonnes per annum capacity of green ammonia production. Additionally, it aims to source 50% of its energy from renewable sources by 2030.
ONGC’s total installed capacity of renewable energy as on March 31, 2023 was about 189.53 MW (36.53 MW solar and 153 MW wind).
The company is continuously increasing its presence in renewable energy. It is identifying suitable locations at various work centers, to install around 100 MW solar power plant in the near term. ONGC is exploring the feasibility of offshore wind power. The company has signed a memorandum of understanding (MoU) for 5 GW of renewable energy projects in Rajasthan and is scouting for another project with the same capacity.
To support its sustainability goals, ONGC has developed an internal hydrogen roadmap and is pursuing opportunities in the field of renewable energy. The company is also prioritizing Carbon Capture, Utilization, and Storage (CCUS) as a major lever for decarbonization.