ONGC Targets 10 GW Renewable Energy and Green Initiatives by 2030

16 Aug 2023 , 10:37 AM

ONGC, the state-owned Oil and Natural Gas Corporation, aims to achieve a 10 GW renewable energy portfolio by 2030. The company plans to establish two green-field O2C (oil-to-chemical) plants within India, demonstrating its commitment to sustainability.

ONGC is investing approximately Rs 1 trillion in its green initiatives by the end of the decade, focusing on scaling up its renewable portfolio. The company is actively seeking partnerships with industry leaders to explore opportunities in low-carbon energy sectors such as renewables, green hydrogen, and green ammonia.

ONGC is in alignment with India’s goals, aiming to reduce carbon emissions by 1 billion tons and carbon intensity by 45% by 2030. During FY 2022-23, ONGC achieved a 2.66% reduction in emissions and plans to allocate significant funds for green initiatives to further minimize its carbon footprint.

Alongside renewable energy, ONGC is committed to advancing research in carbon capture, utilization, and storage (CCUS) technologies. While embracing sustainability, ONGC emphasizes that oil and gas exploration and production (E&P) remains a core aspect of its energy business. ONGC is set to expand its exploration activities under the ‘Future Exploration Strategy,’ targeting 5 lakh square kilometers for active exploration and investing Rs 10,000 crore annually in exploration by 2025.

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