New Delhi, Aug 29: Oil and Natural Gas Corporation (ONGC) will invest about Rs 2 lakh crore to achieve its net-zero targets by 2038, Chairman Arun Kumar Singh said on Tuesday.
He said that while the oil major is planning to invest Rs 1 lakh crore by 2030 to set up 10 GW of Renewable Energy (RE) capacity, green ammonia plant, offshore wind energy projects, another Rs 1 lakh crore will be spent in the years leading up to 2038. The company will first target to cut Scope-I emissions, followed by Scope-II, Singh told the media at a press interaction.
During a press conference at the company’s annual general meeting (AGM), Singh informed reporters that Rs 1 lakh crore would be required by 2030 to accomplish multiple green initiatives, with another 1 lakh crore to be allocated by 2038.
The state-run ONGC has established goals to reach net-zero emissions for Scope-1 and Scope-2 by 2038.
“Your Company is devising a roadmap for opportunities in renewable energy and low-carbon sectors. It aims to expand its renewable portfolio to 10 GW by 2030. We are dedicated to investing around ₹1 lakh crore by 2030 to realize our various green initiatives and achieve Scope-I & Scope-II emission targets by 2038,” stated Singh at the AGM.
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