India’s state-controlled Oil & Natural Gas Corporation (ONGC) is planning to invest $12.09 billion by 2030 on energy transition projects, aimed at achieving net zero carbon emissions by 2038, chief executive Arun Kumar Singh said.
“We have done our internal workings and are now confident that we can achieve net zero for Scope1 and Scope 2 emissions by 2038,” Singh told the local media on Monday.
ONGC is aiming to increase electricity generation from renewable resources to 1 gigawatt by the end of this decade, significantly higher than its current 189 megawatts capacity, it said.
The Indian giant noted it is also exploring opportunities in the offshore wind farm sector, but did not further reveal which projects are being targeted.
ONGC also aims to set up a 1 million tonnes per annum green ammonia plant at Mangalore.
“Overall, the investments (in energy transition projects) will be of the order of 1000 billion Indian rupees ($12.1 billion),” Singh noted.
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Reducing emissions
The Indian giant has cut the carbon emissions intensity of its operations by more than 12% since 2016 as part of ongoing efforts to make its operations more sustainable, it previously said.
India’s public-sector undertakings are under increasing pressure from the government to scale down emissions and reduce their carbon footprint in line with global practices.
The nation’s Power and Renewables Ministry earlier unveiled a proposal that could compel oil refineries and fertiliser plants in India to use green hydrogen to secure a world-leading market scale for the key energy transition fuel while lowering their own carbon footprints.
While ONGC has been predominantly focusing on its oil and gas operations, it has registered 15 clean development mechanism (CDM) projects with the United Nations Framework Convention on Climate Change under the Kyoto Protocol as a part of its sustainability drive.
ONGC’s CDM portfolio is said to include several solar-power projects along with plans for wind power and carbon capture, utilisation and storage projects.