ONGC lines up Rs 2-trn investment for net zero mission

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs2 lakh crore in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. The company, which produces about two-thirds of India's crude oil and about 58 per cent of natural gas, on Tuesday released a 200-page document, detailing its path to achieving net zero emissions. It listed clean energy projects even as it looks to boost its hydrocarbon output to meet the country’s energy needs.

ONGC will invest Rs97,000 crore by 2030 in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant and offshore wind project, according to the document. Another Rs65,500 crore will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining Rs38,000 crore by 2038, primarily in setting up 1GW of offshore wind projects. These projects will help the firm offset 9 million tonnes of carbon emissions it is directly (Scope-1 emissions) or indirectly (Scope-2 emissions).