ONGC Plans to Outlay INR 2 lakh Crore in Various Green Initiatives by 2030, Says Chairman
The state-run ONGC has set goals to attain net-zero emissions for Scope-1 and Scope-2 by 2038.
August 30, 2023. By EI News Network
At the company’s annual general meeting (AGM), Singh informed that INR 1 lakh crore would be needed by 2030 to accomplish diverse green initiatives, with another INR 1 lakh crore to be allocated by 2038.
The state-run ONGC has set goals to attain net-zero emissions for Scope-1 and Scope-2 by 2038.
Arun Kumar Singh addressed shareholders and investors, “Your Company is devising a roadmap for opportunities in renewable energy and low-carbon sectors. It aims to expand its renewable portfolio to 10 GW by 2030. We are dedicated to investing around ₹1 lakh crore by 2030 to realize our various green initiatives and achieve Scope-I & Scope-II emission targets by 2038.”
He also added that ONGC is diligently exploring collaborations with firms on various low-carbon energy alternatives, comprising renewables, green hydrogen, green ammonia, and other by-products of green hydrogen.
In order to offset emissions from current processes, ONGC is focusing even more on research and development in the field of carbon capture, utilization, and storage (CCUS) technology.
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