Arun Kumar Singh, the chairman of Oil and Natural Gas Corporation (ONGC), stated on Monday that the business expects to invest approximately Rs 1 trillion in renewable energy by 2030 in order to reach net zero by 2038.
At a news conference after the financial results on Friday, Singh stated, “We have been working on it (the energy transition) and are now convinced that we can achieve net zero for Scope-1 and Scope-2 emissions by 2038.
As part of the Prime Minister’s goal to have a net zero country by 2070 to combat climate change, the nation’s leading oil and gas producer is creating a pathway for net zero emissions. By 2030, the corporation wants to boost its renewable energy-producing capacity from 189 MW to 10 GW. It already has plans in place to build 5 GW worth of renewable energy projects in Rajasthan.
“We also have a 1 million tonne per year green ammonia plant planned for Mangalore. According to Singh, the total investment will be around $1 trillion, and offshore wind farms are also a possibility.
How to provide renewable energy around-the-clock (RTC) is the only problem that concerns ONGC. A team from ONGC has been assembled to do research and development on the problem, looking at both battery- and non-battery-based solutions.
“Cash is flowing in. We may be in a better position than others because we can take more chances, the chairman remarked. Due to its highly engaged workforce, ONGC feels it is prepared to start the energy transition.
However, Singh stated that the corporation would keep investing in fossil fuels because they will continue to be in demand through the year 2040. Similar to the previous year, ONGC anticipates spending Rs 30,125 crore on capital in FY24.
