ONGC to invest 2 trillion for net zero emissions by 2038

Oil and Natural Gas Corporation (ONGC) chairman and CEO Arun Kumar Singh stated at a news conference following the company's annual general meeting that the company expects to invest Rs 2 trillion to reach Scope-I and Scope-II emission objectives by 2038.

"We have stated that we will shift to Scope-I and Scope-II by 2038. By 2030, our several green efforts will cost Rs 1 trillion. Green ammonia, hydrogen, solar, PSP, and offshore turbines are only a few of the components, he claimed. In order to take advantage of numerous low-carbon energy options, such as renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen, ONGC is aggressively investigating partnerships with top players.

The state-owned business has implemented a number of decarbonization strategies that have allowed it to reduce its Scope-I and Scope-II emissions by 17% over the past five years. From 9.14 MMTCO2e in FY22 to 8.89 MMTCO2e in FY23, it decreased emissions by 2.66%. By 2030, it wants to increase the size of its renewable energy portfolio to 10 GW. To reduce emissions from current processes, more attention is being paid to research and development in carbon capture, utilisation, and storage (CCUS) systems.

Given the impending carbon market, Singh said it made excellent financial sense to invest in green activities. Green products also provide a significant export opportunity, and they may be financed at significantly reduced costs. In Rajasthan, ONGC has already agreed to build 5 GW of solar power capacity, and it is looking to add a another 5 GW of renewable energy capacity. For the sake of achieving its 10 GW goal, it is open to all possibilities, including wind energy and acquisitions.