ONGC's Bold Investment in Green Energy to Achieve Net-Zero by 2038

ONGC will invest Rs 2 lakh crore in renewable energy projects and green hydrogen plants to achieve its 2038 net-zero carbon emission goal. Detailed planning involves setting up 5 GW renewable energy capacity by 2030, with further investments in offshore wind, green hydrogen, and storage solutions.

State-owned Oil and Natural Gas Corporation (ONGC) has announced a significant investment plan amounting to approximately Rs 2 lakh crore. The investment aims to set up renewable energy sites and green hydrogen plants, alongside reducing gas flaring to zero, to achieve its net-zero carbon emission target by 2038.

According to a detailed 200-page document, the company plans to invest Rs 97,000 crore by 2030 to develop 5 gigawatts of renewable energy capacity, including solar parks, wind energy turbines, and green hydrogen projects. An additional Rs 65,500 crore will be allocated by 2035, primarily for green hydrogen and ammonia plants, followed by Rs 38,000 crore by 2038 for offshore wind projects.

In its bid to offset 9 million tonnes of Scope 1 and Scope 2 carbon emissions, ONGC will also invest Rs 5,000 crore to eliminate gas flaring by 2030. Further investment will be channeled into biogas, carbon capture, and other clean energy initiatives, as the company continues its hydrocarbon production activities to meet energy demands.

(With inputs from agencies.)