ONGC to invest Rs 2 trillion to reach net zero emissions by 2038
OIL & GAS

ONGC to invest Rs 2 trillion to reach net zero emissions by 2038

Oil and Natural Gas Corporation (ONGC), India's largest producer of crude oil and natural gas, has unveiled ambitious plans to invest approximately Rs 2 trillion in renewable energy infrastructure and green hydrogen projects as part of its strategy to achieve net zero carbon emissions by 2038.

In a comprehensive 200-page document, ONGC outlined its roadmap towards sustainability, emphasising the development of clean energy projects alongside efforts to enhance hydrocarbon output to meet national energy demands.

By 2030, ONGC aims to invest Rs 970 billion to establish 5 gigawatts (GW) of renewable energy capacity, including green hydrogen, biogas, pump storage plants, and offshore wind projects. An additional Rs 655 billion will be allocated by 2035, primarily towards green hydrogen and green ammonia facilities, with the remaining Rs 380 billion earmarked by 2038 for offshore wind projects totalling 1 GW.

These initiatives are projected to offset approximately 9 million tonnes of carbon emissions annually, encompassing both direct emissions (Scope-1) and those indirectly linked to its operations (Scope-2).

ONGC also aims to eliminate gas flaring entirely by 2030, investing Rs 50 billion in advanced technologies to achieve this goal. The company released 554 million cubic metres of methane into the atmosphere in 2021-22, largely due to incidental by-products of oil production or uneconomical quantities.

Furthermore, ONGC plans to invest Rs 300 billion in developing 5 GW of solar parks and wind turbines by 2030, with additional capacities of 1 GW each of solar and onshore wind by 2035 and 2038, respectively.

Offshore wind energy is set to play a crucial role in ONGC's renewable energy portfolio, with plans to install 0.5 GW of capacity by 2030 and scale it to 1 GW by 2035, involving investments totalling Rs 125 billion and Rs 120 billion, respectively. By 2038, an additional 1 GW of offshore wind capacity is planned, requiring an investment of Rs 250 billion.

Additionally, ONGC is exploring investments of Rs 200 billion in 3 GW of pump storage plants to ensure electricity supply during periods of low renewable energy availability, complemented by investments in biogas, carbon capture technologies, and other clean energy initiatives.

While advancing its sustainability agenda, ONGC remains committed to its core operations of oil and gas exploration and production, crucial for meeting India's energy demands. Amid global shifts towards cleaner energy sources, ONGC's strategic investments underscore its proactive approach in aligning with future energy trends and environmental goals. (Source: ET)

Oil and Natural Gas Corporation (ONGC), India's largest producer of crude oil and natural gas, has unveiled ambitious plans to invest approximately Rs 2 trillion in renewable energy infrastructure and green hydrogen projects as part of its strategy to achieve net zero carbon emissions by 2038. In a comprehensive 200-page document, ONGC outlined its roadmap towards sustainability, emphasising the development of clean energy projects alongside efforts to enhance hydrocarbon output to meet national energy demands. By 2030, ONGC aims to invest Rs 970 billion to establish 5 gigawatts (GW) of renewable energy capacity, including green hydrogen, biogas, pump storage plants, and offshore wind projects. An additional Rs 655 billion will be allocated by 2035, primarily towards green hydrogen and green ammonia facilities, with the remaining Rs 380 billion earmarked by 2038 for offshore wind projects totalling 1 GW. These initiatives are projected to offset approximately 9 million tonnes of carbon emissions annually, encompassing both direct emissions (Scope-1) and those indirectly linked to its operations (Scope-2). ONGC also aims to eliminate gas flaring entirely by 2030, investing Rs 50 billion in advanced technologies to achieve this goal. The company released 554 million cubic metres of methane into the atmosphere in 2021-22, largely due to incidental by-products of oil production or uneconomical quantities. Furthermore, ONGC plans to invest Rs 300 billion in developing 5 GW of solar parks and wind turbines by 2030, with additional capacities of 1 GW each of solar and onshore wind by 2035 and 2038, respectively. Offshore wind energy is set to play a crucial role in ONGC's renewable energy portfolio, with plans to install 0.5 GW of capacity by 2030 and scale it to 1 GW by 2035, involving investments totalling Rs 125 billion and Rs 120 billion, respectively. By 2038, an additional 1 GW of offshore wind capacity is planned, requiring an investment of Rs 250 billion. Additionally, ONGC is exploring investments of Rs 200 billion in 3 GW of pump storage plants to ensure electricity supply during periods of low renewable energy availability, complemented by investments in biogas, carbon capture technologies, and other clean energy initiatives. While advancing its sustainability agenda, ONGC remains committed to its core operations of oil and gas exploration and production, crucial for meeting India's energy demands. Amid global shifts towards cleaner energy sources, ONGC's strategic investments underscore its proactive approach in aligning with future energy trends and environmental goals. (Source: ET)

Next Story
Real Estate

CREDAI-MCHI to Host 10th Design & Construction Conference

CREDAI-MCHI will host the 10th anniversary edition of its Design & Construction Conference on August 19, 2026, at the Jio World Convention Centre in Mumbai.The event is expected to bring together more than 500 procurement leaders, construction heads, architects, consultants and senior real estate decision-makers, alongside over 50 construction and ancillary brands.The conference will feature product launches, technology showcases, knowledge sessions, strategic business-to-business networking and recognition of procurement professionals contributing to the transformation of the construction..

Next Story
Infrastructure Energy

BorgWarner Wins Extension for High-Voltage Inverter Programmes

BorgWarner has secured a major extension of several high-volume high-voltage inverter programmes from a leading European automotive manufacturer.The contracts cover updated inverter designs for plug-in hybrid and 800V battery-electric vehicle applications. Production is scheduled to begin in 2029.Isabelle McKenzie, President and General Manager, BorgWarner PowerDrive Systems, said the programme extensions demonstrate the company’s position in power electronics and reflect the strength of its technology, in-house expertise and customer relationships.For plug-in hybrid vehicles, BorgWarner wil..

Next Story
Infrastructure Urban

Castrol India Q2 Profit Rises 43% to Rs 3.48 bn

Castrol India reported a 43 per cent year-on-year increase in profit after tax to Rs 3.48 billion for the quarter ended June 30, 2026, supported by growth across its consumer, industrial and institutional businesses.Revenue from operations increased 25 per cent to Rs 18.71 billion during the second quarter of 2026, compared with Rs 14.97 billion in the corresponding period of 2025. EBITDA rose 41 per cent to Rs 4.94 billion from Rs 3.50 billion.Sequentially, revenue increased from Rs 15.45 billion in the first quarter of 2026, while EBITDA rose from Rs 3.29 billion. Profit after tax increased ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement