State-owned Oil and Natural Gas Corporation Ltd (ONGC) aims to invest Rs 1 lakh crore to ramp up its renewable energy capacity to 10 gigawatts (GW) by 2030, according to Chairman Arun Kumar Singh. ONGC intends to align itself with India’s ambitious target of achieving net-zero carbon dioxide emissions by 2070.
Singh emphasized that while fossil fuel demand may decrease for other countries by 2030, India’s demand is expected to continue growing until 2040. Nonetheless, ONGC recognizes the need to accelerate its efforts in green energy to achieve net-zero emissions by 2070. The company aims to prioritize round-the-clock renewable energy projects and its research center is actively exploring innovative solutions in this domain.
ONGC has already signed an agreement with the Rajasthan government to establish 5 GW of renewable energy projects and is actively seeking opportunities to develop an additional 5 GW. The company is also exploring offshore wind energy projects and expresses a keen interest in setting up a 1 million tonne per annum capacity for Green Ammonia production.
In its traditional business, ONGC plans a capital expenditure of Rs 30,125 crore in the upcoming fiscal year, primarily financed through internal accruals. The company remains committed to balancing its investments in both traditional and renewable energy sectors as it forges ahead with its green energy ambitions.
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