ONGC plans ₹1 tn investment to cut carbon emissions

Oil and Natural Gas Corp. (ONGC) will spend ₹1 trillion on green initiatives by 2030 to reduce its carbon footprint as part of a broader effort to achieve net-zero emissions by 2038.

- Rituraj Baruah

ONGC’s chairman and managing director Arun Kumar Singh, told reporters on Monday that the oil explorer has set an ambitious net-zero target and aims to cut both Scope 1 and Scope 2 emissions. Scope 1 emissions are from sources that an organization controls directly, such as fuel used in its operations or in running vehicles, while Scope 2 emissions refer to emissions from, for instance, the electricity it purchases.

According to the company’s presentation, ONGC has a renewable energy portfolio of 189 megawatt (MW) as of FY23, with plans to augment it to 10 gigawatt (GW) by 2030. The energy major plans to venture into offshore wind and green ammonia production, targeting 1 million tonnes per annum (mtpa) of capacity by the same year. “The investments will be in the order of ₹1 trillion," Singh said.