State-owned oil and gas company, ONGC, has announced plans to invest anywhere between ₹30,000-35,000 crore to develop 5 GW of solar and wind capacity by 2030. Moreover, the organization aims to build a renewable energy portfolio of 10 GW in the next seven years, which would require an investment of ₹1 lakh crore.
Mr. Harsh Nupur, Group General Manager of ONGC has stated that the organization is exploring several RE options and has set ambitious targets for the same. ONGC will develop 2 GW of pump storage capacity, 5 GW of solar and onshore wind capacity by 2030, and offshore wind with 1 GW capacity by 2035.
He further clarified that although the company intends to invest in various energy sources, a predominant portion of the investment will be directed towards solar and solar-wind hybrid capacity in the coming years.
ONGC has an installed renewable energy capacity of 189.52 MW, out of which solar accounts for 19.2% (36.52 MW). Additionally, the organization is preparing a roadmap to achieve net-zero status for Scope-1 and Scope-2 emissions by 2038.
Numerous prominent entities within the oil and gas sector are actively expanding their renewable energy portfolios, driven by the Indian government’s initiative to reduce carbon emissions. Additionally, in November 2023, Coal India revealed its intentions to establish 3 gigawatts of solar capacity by the fiscal year 2025-26.
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Resource: ET Energy
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