Oil and Natural Gas Corporation (ONGC) is planning to invest approximately ₹2 lakh crore in renewable energy projects and green hydrogen facilities as part of its mission to achieve net-zero carbon emissions by 2038.
By 2030, ONGC will allocate ₹97,000 crore towards establishing five GW of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects. An additional ₹65,500 crore will be invested by 2035, focusing primarily on green hydrogen or green ammonia plants, with the final ₹38,000 crore earmarked for creating one GW of offshore wind projects by 2038. The initiatives are expected to reduce the firm’s scope-1 and scope-2 carbon emissions by nine million tons.
Furthermore, ONGC will spend ₹5,000 crore to eliminate gas flaring by 2030 using advanced technologies. It plans to invest ₹30,000 crore in establishing five GW of solar parks and an additional ₹10,000 crore by 2035 and 2038 to add one GW each of solar and onshore wind capacity.
Significant investments are also planned in the Arabian Sea and Bay of Bengal, where ONGC aims to install offshore wind turbines generating 0.5 GW of electricity by 2030 and double this capacity by 2035.
The initial 0.5 GW offshore wind project is projected to cost ₹12,500 crore, with the next phase estimated at ₹12,000 crore. By 2038, the company intends to add another one GW of offshore wind capacity with a ₹25,000 crore investment.
As reported by projectstoday.com, in addition, ONGC may invest ₹20,000 crore in developing three GW of pump storage plants to meet energy needs, alongside other investments in biogas, carbon capture, and diverse clean energy projects.
