ONGC to Invest Rs 1000bn by 2030 to Transform into Low-Carbon Energy Player

State-owned Oil and Natural Gas Corporation (ONGC) is investing Rs 1000 billion by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen as it looks to transform into a low-carbon energy player, the company said.

In a statement, India's largest crude oil and natural gas producer said it has detailed a "roadmap to scale up its low-carbon energy portfolio significantly".

"ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by 1 billion tonne and simultaneously reduce carbon intensity by 45 per cent by 2030," it said.

It said the firm has adopted various de-carbonization levers resulting in significant emission reductions over years.

"Integrating sustainable practices into core operations has enabled a reduction in Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has reduced its emissions by 2.66 per cent in FY23 (April 2022 to March 2023 fiscal year).

"ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as a broader effort to achieve net-zero for Scope-1 and Scope-2 emissions by 2038," the statement said.