ONGC plans to invest Rs. 35,000 cr for renewable energy projects

Indian Central Public Sector governed under the ownership of Ministry of Petroleum and Natural Gas, ONGC (Oil and Natural Gas Corporation) plans to spend Rs.  30,000 crore to Rs. 35,000 crore for five GW capacity of solar and wind energy projects in the first stage by the year 2030.

The process of investment will be implemented in consecutive phases with respect to the years 2030, 2035, and 2038, till it achieves the net-zero status for Scope-1 and Scope-2.

The company ONGC is discovering the different options by 2035. For instance, pumped storage with two GW capacity, solar & onshore wind capacity of about five GW, and offshore wind with one GW capacity.

In addition, the company proposes to invest in all the possible areas of technology. On the factor achieving 10 GW of renewable energy (RE) capacity by 2030, ONGC will require total investment amount of Rs. 1 lakh crore.

Furthermore, the company ONGC has been setting up an approach to address the change in climate through the transition to Renewable Energy and a clear outline to achieve net-zero status for Scope-1 and Scope-2 emission by the year 2038. As of the time on 31 March 2023, the total installed capacity of ONGC’s Renewable Energy was 189.52 MW encompassing 36.52 MW of solar energy and 153 MW of wind energy. Within these initiatives by ONGC, the company is building efforts towards minimizing the carbon emissions by providing products with sustainable and minimal-carbon.