State-owned power company NTPC Ltd. and oil explorer Oil India declared they had signed a Memorandum of Understanding to explore working together on projects for decarbonization, renewable energy, green hydrogen, and its derivatives.
The MoU will also make it easier for people to exchange information and expertise about emerging decarbonization technologies like carbon sequestration. "The two Maharatna giants, through this MoU, intend to enhance their footprint in Renewable Energy domain and foray into sustainable solutions to advance the efforts towards achieving the nation's Net-Zero targets," the firms stated in a statement.
In addition to their respective functional directors, the agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director (CMD), NTPC, and Ranjit Rath, CMD, OIL. According to NTPC, it is determined to reach 60 GW of renewable energy capacity by 2032 and establish itself as a prominent leader in the fields of green hydrogen technology and energy storage. The corporation is undertaking a number of projects to reduce carbon emissions, including fuel cell buses, hydrogen blending, and carbon capture.
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