NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) will invest `1 lakh crore in low-carbon energy opportunities, including renewables and green hydrogen by the end of this decade, the company said.
The country’s largest crude oil and natural gas producer said it has detailed a road map to scale up its low-carbon energy portfolio significantly. The company said it has adopted various de-carbonisation levers, resulting in significant emission reductions over years.
“ONGC has aligned itself with India’s ambitious goals and is wholeheartedly contributing to the nation’s aim to curtail carbon emissions by 1 billion tonnes and simultaneously reduce carbon intensity by 45% by 2030,” the company said in a statement.
“ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as a broader effort to achieve net-zero for Scope-1 and Scope-2 emissions by 2038,” it said. The company 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.
It is also actively exploring collaborations with leading players to leverage various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.