Monday, July 15, 2024
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Focus on green hydrogen, biogas and other projects: ONGC to invest Rs 2 lakh crore to meet net zero emission target

State-owned Oil and Natural Gas Corporation (ONGC) plans to invest around Rs 2 lakh crore in establishing renewable energy sites, green hydrogen plants and cutting gas flaring to zero, aiming to achieve its goal of net-zero carbon emissions by 2038. The company, responsible for about two-thirds of India’s crude oil and 58% of natural gas production, unveiled a comprehensive 200-page document on Tuesday outlining its strategy for achieving this milestone while also enhancing hydrocarbon output to meet national energy demands.

According to the document, ONGC will allocate Rs 97,000 crore by 2030 towards developing 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects. An additional Rs 65,500 crore will be invested by 2035, primarily in green hydrogen or green ammonia facilities, with the remaining Rs 38,000 crore earmarked by 2038 for setting up 1 gigawatt 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) responsible for. ONGC said it will invest Rs 5,000 crore to cut gas flaring to zero by 2030 through technological intervention.

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