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

10 Jul 2024 CW Team

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)

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