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ONGC to Invest ₹2 Lakh Crore for Net-Zero Emissions by 2038

10 July 20243 mins read by Angel One
ONGC will invest around ₹2 lakh crore to achieve net-zero carbon emissions by 2038 to focus on renewable energy sites, green hydrogen plants, and eliminating gas flaring.
ONGC to Invest ₹2 Lakh Crore for Net-Zero Emissions by 2038
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India’s energy giant, the Oil and Natural Gas Corporation (ONGC), has unveiled a bold plan to achieve net-zero carbon emissions by 2038. This 200-page roadmap outlines a two-pronged approach: aggressively investing in clean energy sources while simultaneously curbing its environmental footprint from existing operations.

Investing in a Greener Future

  • ₹2 Lakh Crore Commitment: ONGC will dedicate a staggering ₹2 lakh crore (approximately $25 billion) over the next 15 years to develop a robust clean energy portfolio.
  • Renewable Energy Focus: A significant portion (₹97,000 crore by 2030) will be directed towards establishing 5 gigawatts (GW) of renewable energy capacity. This includes solar parks, wind farms, and a pioneering offshore wind project.
  • Green Hydrogen and Biogas Push: ONGC plans to invest ₹80,000 crore by 2035 in green hydrogen/ammonia production and biogas initiatives, promoting cleaner alternatives for the future.
  • Energy Storage Solution: Recognising the intermittent nature of renewables, ONGC will invest ₹20,000 crore in 3 GW of pump storage plants to ensure grid stability.

Cleaning Up Existing Operations

  • Zero Gas Flaring by 2030: ONGC has committed to eliminating the environmentally harmful practice of gas flaring by 2030 through technological advancements. This will reduce methane emissions, a potent greenhouse gas.
  • Carbon Capture Exploration: The company is exploring carbon capture technologies to further minimise its carbon footprint.

Transparency and Scope

The document meticulously outlines the company’s emissions profile, differentiating between Scope 1 (direct emissions from sources owned or controlled by ONGC) and Scope 2 (indirect emissions from purchased electricity). Additionally, it details the projected offset of 9 million tonnes of carbon emissions through its clean energy initiatives.

About Oil and Natural Gas Corporation

ONGC was established in 1956 by the Government of India for oil exploration. ONGC is the largest crude oil and natural gas Company in India, contributing around 71 % to Indian domestic production.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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