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ONGC plans Rs 350 bn investment for 5 GW RE Capacity by 2030
Industry News- Dec 12,23
ONGC is actively exploring various avenues, including pumped storage with a two GW capacity, five GW of solar and onshore wind capacity, and offshore wind with a one GW capacity, all to be realized by 2035.
Oil and Natural Gas Corporation (ONGC) is set to invest between Rs 300 billion and Rs 350 billion in the initial phase by 2030, aiming to achieve a five GW capacity for solar and wind energy projects. This substantial investment will be implemented in phases leading up to 2038, with milestones set for 2030, 2035, and 2038, ultimately working towards net-zero Scope-1 and Scope-2 emissions.
ONGC is actively exploring various avenues, including pumped storage with a two GW capacity, five GW of solar and onshore wind capacity, and offshore wind with a one GW capacity, all to be realized by 2035. The company is committed to investing in diverse technological areas. To reach its target of 10 GW of renewable energy (RE) capacity by 2030, ONGC anticipates a total investment of Rs one lakh crore.
In addition to this ambitious initiative, ONGC has developed a comprehensive strategy to combat climate change by transitioning to renewable energy. The company has outlined a roadmap with the goal of achieving a net-zero status for Scope-1 and Scope-2 emissions by 2038.
As of March 31, 2023, ONGC's total installed RE capacity was 189.52 MW, consisting of 36.52 MW of solar energy and 153 MW of wind energy. Through these endeavours, ONGC is actively working towards reducing carbon emissions, ensuring the provision of sustainable and low-carbon products.
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