Oil India intends to invest $2 billion in projects to reach net zero by 2040

11 Sep 2023 , 09:10 AM

According to news reports, Oil India Ltd expects to invest 165 billion rupees ($1.98 billion) in clean energy projects to achieve its 2040 net zero carbon emissions objective.

In order to reach zero emissions by 2070, one of the world’s largest producers of greenhouse gases, the firms are investing billions of dollars in projects targeted at lowering emissions.

Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil and Natural Gas Corp, state-run energy corporations, have already declared their intention to reach net zero emissions.

The six state-run energy corporations will to invest 6.38 trillion rupees alongside Oil India, according to the reports.

According to the reports, the government-run Oil India aims to invest around 90 billion rupees in projects to produce 1,800 megawatts of solar and onshore wind energy and 30 billion rupees in a project to produce green hydrogen.

The majority of Oil India’s operations are located in northeast India. Reports claimed that through its subsidiary, Numaligarh Refinery Ltd, it built green hydrogen and compressed biogas plants.

For carbon capture, utilization, and storage (CCUS) projects, it will invest 10 billion rupees.

State-run ONGC, India’s leading explorer, recently declared that it will invest 2 trillion rupees by 2038 to achieve net zero emissions.

According to the presentation, ONGC intends to invest 400 billion rupees in solar and onshore wind projects and 800 billion rupees in green hydrogen and ammonia projects to acquire 7 gigawatts of capacity.

ONGC also plans to invest 495 billion rupees in projects that would produce 2 gigawatts of offshore wind power.

For feedback and suggestions, write to us at [e-mail]