ONGC plans for dedicated green energy entity with 10 GW target by 2030

14 Dec 2023 CW Team

The state-owned oil and gas giant, ONGC, is in advanced stages of planning to establish a distinct entity dedicated to its green business ventures. These plans encompass various segments of renewable energy, including green hydrogen, green ammonia, storage, offshore wind, and CBG.

While emphasising that the primary focus in India will continue to be on oil and gas, Harsh Nupur Joshi, ONGC's Group General Manager and Head of New Energy and Renewables, highlighted the necessity of diversifying revenue streams. The uncertainty surrounding future restrictions on fossil fuels is a driving force behind significant investments in new energy initiatives.

Joshi emphasised the rapid decision-making required in the renewable energy sector due to shorter project gestation periods and evolving policies. ONGC aims to establish a separate company specifically for its green business, with plans at an advanced deliberation stage.

Acknowledging the challenges posed by venturing into a new domain, Joshi emphasised the need for ONGC to develop expertise in renewable energy projects. Drawing inspiration from similar initiatives by state-run PSUs like NTPC, which launched NTPC Green as a separate entity for its green energy ventures, ONGC envisions achieving a renewable energy capacity of 10 GW by 2030, with a planned investment of Rs 1 trillion.

As part of its broader strategy, ONGC is actively addressing climate change concerns by working towards achieving net-zero status for Scope-1 and Scope-2 emissions by 2038. The company recognises the significance of contributing to sustainability efforts and reducing carbon emissions, aligning with the broader movement towards providing low-carbon and sustainable products. As of March 31, 2023, ONGC's total installed renewable energy capacity stands at 189.52 MW, comprising 36.52 MW of solar energy and 153 MW of wind energy.

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