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ONGC Aims to Expand its Renewable Energy Portfolio to 10 GW by 2030

State-run ONGC aims to scale up its renewable energy portfolio to 10 GW by 2030.

 

The oil explorer is planning to set up two green-field O2C (oil-to-chemical) plants in India. ONGC is charting a roadmap for opportunities in renewable energy and low-carbon sectors.

 

"ONGC is investing around Rs. 1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030," it said

 

The Maharatna company is also 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, the statement added.

 

The company said that it has aligned itself with India's ambitious goals and is contributing to the nation's aim to curtail carbon emissions by 1 billion tons and simultaneously reduce carbon intensity by 45% by 2030.

 

ONGC has reduced its emissions by 2.66% in FY’23. 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, it said.

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