ONGC backs its net zero goal with ₹2 tn

State-owned ONGC plans to invest around ₹2 trillion towards its energy transition efforts until 2038, said chairman and chief executive Arun Kumar Singh.

At a press briefing following its annual general meeting, Singh said it is focussing on many aspects of energy transition, including green hydrogen, offshore endeavors, and solar initiatives. 

The company had announced its plans to invest ₹1 trillion over the next seven years on energy transition initiatives.

The company currently has 189 MW of capacity to generate electricity from renewable sources. It is targeting 10 GW by 2030. 

The firm already has signed MoU for 5 GW in Rajasthan and is scouting for projects for similar size, he said.

Besides, it wants to set up 25 compressed bio gas plants that will convert agri-residue into gas that can be used to run automobiles (CNG) or used in industries to generate electricity and fertilizer.

The company is also scouting for opportunities to set up a 1 million tonnes per annum green ammonia plant, he said.

The firm is in an advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.