ONGC to invest ₹2 lakh cr to meet net zero emission target

ONGC to invest ₹2 lakh crore in renewable energy, green hydrogen, and zero gas flaring to achieve net-zero emissions.

State-owned Oil and Natural Gas Corporation (ONGC) will invest about ₹2 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% of natural gas, on July 9 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 ₹97,000 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 ₹65,500 crore will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining ₹38,000 crore by 2038, primarily in setting up 1 GW 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 ₹5,000 crore to cut gas flaring to zero by 2030 through technological intervention. The firm released into the atmosphere 554 million cubic metres of methane in 2021-22 (base year), mostly because it was an incidental by-product of oil or the quantity was not economical enough to pipe it to consumers.