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ONGC to invest Rs 2L crore to achieve net-zero carbon emission by 2038

BNE News Desk , July 10, 2024
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New Delhi: The Oil and Natural Gas Corporation (ONGC) has set ambitious goals to reach net-zero carbon emissions by 2038 by making significant investments of around Rs 2 lakh crore.

The company outlined its plan in a lengthy 200-page report, detailing investments in renewable energy sites, green hydrogen plants, and strategies to stop gas flaring. ONGC has plans to invest Rs 97,000 crore by 2030 in order to set up 5 gigawatts (GW) of renewable energy capacity, including solar parks, wind turbines, biogas projects, pump storage plants, and offshore wind installations.

By 2035, an additional Rs 65,500 crore will be designated, mainly for the development of green hydrogen and green ammonia plants. In 2038, an extra Rs 38,000 crore will be allocated for installing 1 GW of offshore wind projects.

ONGC plans to completely stop gas flaring by 2030 to reduce environmental impact, investing Rs 5,000 crore in technological improvements. During the 2021-22 fiscal year, the company emitted 554 million cubic meters of methane into the air, mainly as a result of incidental oil extraction or amounts unsuitable for consumer use.

The renewable energy projects involve investing Rs 30,000 crore in building 5 GW of solar parks and onshore wind farms. There are also plans to add 1 GW of capacity for each by 2035 and 2038, requiring Rs 5,000 crore each.