ONGC plans to up renewable capacity to 10 GW by 2030

Oil and Natural Gas Corporation (ONGC) is strategically planning to enhance its presence in the renewable energy and low-carbon sectors. The company aims to ramp up its renewable energy capacity from 189 MW to 10 GW by 2030, signalling a substantial shift in its approach.

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With a focus on renewable energy and low-carbon sectors, Oil and Natural Gas Corporation (ONGC) is set to boost its renewable energy capacity from 189 MW to 10 GW by 2030, as part of its opportunity-driven roadmap.

The energy corporation under state ownership is also looking to substantially boost its expenditure on environmentally friendly projects. This move is in line with its larger goal of achieving net-zero status for scope-1 and scope-2 emissions by 2038 as part of its carbon footprint reduction efforts.

“ONGC is investing around Rs 1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030,” the company said in a statement.

At an advanced level of progress, the organization is actively working on forming alliances with participants in the energy industry. These partnerships are centred on different prospects within low-carbon energy, which encompass renewables, green hydrogen, green ammonia, and various derivatives stemming from green hydrogen.

Incorporating sustainable approaches into fundamental operations has led to a 17% decrease in scope-1 and scope-2 emissions over the past five years. There was a reduction of emissions by 2.66% in the fiscal year 2023.

ONGC, which also intends to establish two new oil-to-chemical (O2C) plants in India, has heightened its emphasis on research and development in technologies related to carbon capture, utilization, and storage (CCUS) to mitigate emissions from existing processes.