India’s ONGC pledges $12bn investment in renewable energy, eyes offshore wind project

India's leading oil and gas explorer Oil and Natural Gas Corporation (ONGC) said it will invest around ?1 trillion (over $12 billion) in renewable energy by 2030 as it plans to become net zero by 2038.

"We have been working on it (energy transition) and are now confident that we can achieve net zero for Scope-1 and Scope-2 emissions by 2038," ONGC chairman Arun Kumar Singh, told media persons on Monday.

ONGC's ambitious renewable energy expansion

Singh said the company plans to increase its renewable energy generation capacity from the current 189 MW to 10 GW by 2030. It has already planned to set up 5 GW of renewable energy projects in Rajasthan.

"We are also planning a 1 million tonne per annum green ammonia plant in Mangalore. Overall, the investments will be in the range of `1 trillion," he said.

Singh also indicated that the company has plans for some offshore wind farms also.

ONGC, however, is still grappling with the issue of how to supply renewable energy around the clock (RTC).

It has formed a team to do the research and development on the issue looking at both the battery and non-battery solutions.

"We have cash flow. In comparison to others, we may have it a little easy as we can take some risks," the chairman said.

Along with the new investment plans in renewables, the company will also continue investing in fossil fuels as the demand for fossil fuel will continue to rise till 2040, Singh said.