ONGC's ₹2 Lakh Crore Plan for Net-Zero Carbon Emissions by 2038

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Synopsis:

ONGC plans to invest ₹2 lakh crore by 2038 in renewable energy, green hydrogen, and cutting gas flaring to zero. Initiatives include 5 GW of renewable capacity by 2030 and offshore wind projects, aiming to offset 9 million tonnes of carbon emissions.

ONGC News Today

State-owned Oil and Natural Gas Corporation (ONGC) has unveiled a comprehensive strategy aimed at achieving net-zero carbon emissions by 2038. This includes a substantial investment plan of approximately ₹2 lakh crore, focusing on renewable energy projects, green hydrogen production, and reducing gas flaring.

Explore: OIL AND NATURAL GAS CORP.

Renewable Energy Initiatives

ONGC plans to invest ₹97,000 crore by 2030 to establish 5 gigawatts (GW) of renewable energy capacity. This includes solar parks, onshore wind projects, pump storage plants, biogas facilities, and offshore wind turbines.

By 2035, an additional ₹65,500 crore will be allocated primarily for green hydrogen and green ammonia plants, followed by ₹38,000 crore by 2038 for expanding offshore wind energy projects.

Zero Gas Flaring by 2030

Recognizing the environmental impact of gas flaring, ONGC plans to invest ₹5,000 crore in technology-driven interventions to eliminate gas flaring entirely by 2030. This initiative is expected to significantly reduce methane emissions, contributing to the company's sustainability goals.

Offshore Wind Energy Expansion

ONGC intends to install offshore wind turbines capable of generating 0.5 GW of electricity by 2030, with plans to double this capacity by 2035. By 2038, an additional 1 GW of offshore wind energy capacity will be added, amounting to a total investment of ₹25,000 crore.

Continued Hydrocarbon Production

While advancing its green initiatives, ONGC remains committed to sustaining hydrocarbon production to meet India's energy demands. This includes ongoing efforts to enhance crude oil and natural gas output from its offshore and onshore installations.

Environmental Impact and Scope

The initiatives aim to offset 9 million tonnes of carbon emissions (both Scope-1 and Scope-2) generated directly or indirectly by ONGC. Scope-1 emissions stem from direct sources under the company's control, while Scope-2 emissions result from purchased energy consumption.

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