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New Delhi: Oil and Natural Gas Corporation Ltd (ONGC) has announced plans to invest Rs 1 lakh crore in renewable energy to scale up its renewable energy capacity to 10 gigawatts (GW) by 2030, compared to its current capacity of 189 MW at the end of 2022-23.
This investment aligns with India’s ambitious target to achieve net-zero carbon dioxide emissions by 2070. While Chairman Arun Kumar Singh acknowledges that India’s overall energy demand will continue to rise, ONGC recognises the need to prioritise green energy efforts to achieve the net-zero goal by 2070.
ONGC intends to focus on round-the-clock renewable energy projects, which require reliable power generation and storage solutions. The company’s research centre is working on developing such solutions, including exploring both battery and non-battery options.
Singh mentioned that non-battery solutions, although capital-intensive, are a viable option for ONGC, given its financial capabilities.
In pursuit of its renewable energy goals, ONGC has signed an agreement with the Rajasthan government to set up 5 GW of renewable energy projects. Besides, the company is actively seeking opportunities to develop another 5 GW of renewable energy capacity.
ONGC is also exploring offshore wind energy projects and is interested in establishing a 1 million tonne per annum capacity for Green Ammonia production.
Alongside its renewable energy investments, ONGC also plans to continue its traditional business in the oil and gas sector. For the fiscal year 2023-24, the company plans a capital expenditure of Rs 30,125 crore, primarily funded through internal accruals.