ONGC's Path to Net-Zero: Investing in Renewable Energy and Green Hydrogen in India
Key Ideas
  • State-owned ONGC plans to invest Rs 2 lakh crore in renewable energy and green hydrogen projects to achieve net-zero carbon emissions by 2038.
  • By 2030, ONGC aims to set up 5 GW of renewable energy capacity, green hydrogen plants, biogas projects, and offshore wind turbines.
  • The company will spend Rs 5,000 crore to eliminate gas flaring by 2030 and invest in technologies like solar parks and wind energy to reduce carbon emissions.
  • ONGC's strategy includes investments in green hydrogen, ammonia projects, and offshore wind energy to align with global efforts to transition away from fossil fuels.
The Oil and Natural Gas Corporation (ONGC) in India, a major producer of crude oil and natural gas, has unveiled a comprehensive plan to achieve net-zero carbon emissions by 2038. ONGC will invest approximately Rs 2 lakh crore in renewable energy sites and green hydrogen plants as part of this ambitious goal. The company's detailed document outlines investments in clean energy projects, including 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects by 2030. By 2035, ONGC plans to further invest in green hydrogen and ammonia projects, and by 2038, in offshore wind projects. The strategy also includes allocating funds to reduce gas flaring to zero by 2030 through technological advancements. ONGC aims to set up solar parks and wind turbines to harness solar and wind energy, thus offsetting millions of tonnes of carbon emissions. Additionally, the company plans to enhance its renewable energy capacity with the installation of solar and onshore wind projects by 2035 and 2038. Investments in green hydrogen and ammonia projects are pivotal to ONGC's long-term plan. Moreover, ONGC is exploring offshore wind energy opportunities by installing turbines to generate electricity, aiming to reach 1.5 GW capacity by 2035 and 2.5 GW by 2038. Pump storage plants are also part of the strategy to meet electricity demands during low renewable energy availability. The company's commitment to clean energy projects aligns with the global shift towards sustainable practices and reducing reliance on fossil fuels.
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