ONGC commits $24.2 bln towards clean energy assets

ONGC has set plans to spend USD 24.2 billion on clean energy projects under its drive to have net-zero carbon emissions by 2038, the company’s Chairman and CEO Arun Kumar Singh announced on Tuesday.

Under the plan, USD 12.1 billion will be spent on green energy projects by 2030 with the aim of increasing its renewables capacity to 10 GW from its current capacity of 189 MW.

Singh outlined ONGC’s current roadpath, including a 5-GW solar farm in the desert state of Rajasthan that is under construction and plans to set up offshore wind facilities.

The company is currently looking for a partner to set up a 1-million-tonne-per-year ammonia plant.

“ONGC is actively exploring collaborations with leading players to leverage various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen,” said Singh.

ONGC is India’s top exporter and produces around two-thirds of the country’s oil production and around 58% of its gas production.